HomeMy WebLinkAboutOrdinance # 1200ORDINANCE NO. i z n n
CITY OF CANTON, ILLINOIS
AN ORDINANCE APPROVING AND AUTHORIZING THE
EXECUTION OF A TIF DISTRICT REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
JON M. AND KIMBERLEY A. NEWBURN
ADOPTED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
ON THE 19`'' DAY OF JANUARY, 2010
ORDINANCE NO. 12 0 0
CITY OF CANTON, ILLINOIS
AN ORDINANCE APPROVING AND AUTHORIZING THE
EXECUTION OF A TIF DISTRICT REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
JON M. AND KIMBERLEY A. NEWBURN
PREAMBLE
WHEREAS, the City of Canton, Fulton County, Illinois (the "City"), established a Tax
Increment Financing District known as the International Harvester (IH) Site Redevelopment Project
Area pursuant to the Tax Allocation Redevelopment Act (the "Act"), 65 ILCS 5/11-74.4-1 et. seg. on
July 6, 2004; and
WHEREAS, pursuant to the Act, the City has the authority to provide incentives to owners
or prospective owners of real property to acquire, develop, and /or improve such property by
reimbursing such owners for certain costs incurred in connection with the acquisition, development
and/or improvements from increases in real estate tax revenues ("real estate tax increment") resulting
therefrom or from other City revenues to the extent specified and agreed herein; and
WHEREAS, the City has determined that the TIF Redevelopment Agreement attached hereto
as Exhibit A is in the best interest of the citizens of the City of Canton;
NOW, THEREFORE, BE IT ORDAINED BYTHE MAYORAND CITY COUNCIL
OF THE CITY OF CANTON THAT:
1. The TIF Redevelopment Agreement hereto attached as Exhibit A by and between the City
of Canton, Fulton County, Illinois and Jon M. And Kimberley A. Newburn (the "Developer")
is hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of the City
said Redevelopment Agreement and City Clerk of the City of Canton is hereby authorized and
directed to attest such execution.
3. The TIF Redevelopment Agreement shall be effective the date ofits execution by all necessary
signatories.
4. This Ordinance shall be in full force and effect from and after its passage, publication and
approval as required by law.
PASSED, APPROVED AND ADOPTED by the Mayor and Ciry Council of the Ciry of
Canton on this 19`" day of January, 2010.
CITY ALDERMEN AYES NAYS ABSTAIN ABSENT
Ald. David Pickel /
Ald. James Hartford /
Ald. Larry Sarff /
Ald. Craig West /
Ald. Gerald Ellis /
A1d.Jorge Rivero /
Ald. Eric Schenck /
Ald. Rick Reed /
TOTAL VOTES: 8 0 0 0
APPROVED:
Hon. Kevin Meade, Mayor, Ciry of Canton
ATTEST:
Ms. Nancy Whi s, Clerk, City of Canton
EXHIBITS ATTACHED:
A. TIF Redevelopment Agreement by and between the Ciry of Canton and Jon M. and
Kimberley A. Newburn.
EXHIBIT A
TIF REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
JON M. AND KIMBERLEY A. NEWBURN