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HomeMy WebLinkAboutResolution # 3760~"' RESOLUTION NO. 3760 A RESOLUTION APPROVING A DEVELOPMENT AGREEMENT BETWEEN THE CITY OF CANTON AND WAL-MART REAL ESTATE BUSINESS TRUST AND WAL- MART STORES, INC. AND AUTHORIZING AND DIRECTING THE MAYOR AND CITY CLERK OF THE CITY OF CANTON TO EXECUTE SAID DEVELOPMENT AGREEMENT ON BEHALF OF THE CITY OF CANTON WHEREAS, the Wal-Mart Real Estate Business Trust and Wal-Mart Stores, Inc. (collectively, "Wal-Mart") has entered into negotiations with the City of Canton, Illinois relative to the development of a twenty-four (24) hour Wal-mart Supercenter retail department store which would require certain public roadway and water main improvements by the City of Canton; and WHEREAS, the City Council of the City of Canton, Illinois has reviewed the terms of the proposed Development Agreement, a copy of which is attached hereto and incorporated herein as Exhibit A; and WHEREAS, the City Council of the City of Canton, Illinois has determined that it is desirable and in the best interest of the City of Canton to approve said Development Agreement; and WHEREAS, on May 2, 2006 the City Council of the City of Canton, Illinois, voted seven (7) to one (1) in favor of approving said Development Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, ILLINOIS, AS FOLLOWS: 1. That the Development Agreement between the City of Canton and Wal-Mart, which is attached hereto and incorporated herein as Exhibit A, is hereby approved in the form attached as Exhibit A, said Development Agreement to be subject to and effective pursuant to the terms and conditions set forth therein. ~+ w 2. That the Mayor and the City Clerk of the City of Canton, Illinois are hereby authorized and directed to execute said Development Agreement on behalf of the City of Canton. 3. 'That this Resolution shall be in full force and effect immediately upon its passage by the City Council of the City of Canton, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Illinois at a regular meeting this 6th day of June , 2006 upon a roll call vote as follows: AYES: ~-dermen Harttard., West, Sarff, Carl, Schenck, Reed. NAYS: None, ABSENT: Alde~nen Berardi, Meade. APPROVED: ., Rodney W. Heinze Mayor ATTEST: l Nancy S. es City Clerk