HomeMy WebLinkAboutOrdinance #4363 CERTIFICATE
THE UNDERSIGNED CERTIFIES THAT SHE IS THE CITY CLERK FOR THE CITY
OF CANTON, ILLINOIS, AND THAT THE CITY COUNCIL AT A REGULARLY
CONSTITUTED MEETING OF SAID CITY COUNCIL OF THE CITY OF CANTON ON THE
5TH DAY OF SEPTEMBER, 2023 ADOPTED ORDINANCE NO. 4363, A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 5TH DAY OF SEPTEMBER,2023.
(SEAL)
/NDREAWALTERS-SMITH
CITY CLERK
CITY OF CANTON,ILLINOIS
ORDINANCE NO. 4363
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON,FULTON COUNTY,ILLINOIS
AND
DANIEL LATTIMORE
AND
LATTIMORE PROPERTIES,LLC
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
ON THE 5"H DAY OF SEPTEMBER,2023.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
THIS 5TH DAY OF SEPTEMBER,2023.
EFFECTIVE: SEPTEMBER 5,2023
CITY OF CANTON,ILLINOIS: ORDINANCE NO.4363
CANTON 1—DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING(TIF)DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A FIRST AMENDMENT TO THE
TIF REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
DANIEL LATTIMORE
and
LATTIMORE PROPERTIES,LLC
BE IT ORDAINED BY THE CITY OF CANTON,FULTON COUNTY,ILLINOIS
THAT:
1. The First Amendment to the TIF Redevelopment Agreement with Daniel Lattimore and
Lattimore Properties,LLC (Exhib*A) attached hereto is hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of the City
said First Amendment to the TIF Redevelopment Agreement and the City Clerk of the City of Canton
is hereby authorized and directed to attest such execution.
3. The First Amendment to the TIF Redevelopment Agreement shall be effective the date of its
approval on the 5`s day of September,2023.
4. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
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PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,
Fulton County,Illinois,on the 5'b day of September,2023,and deposited and filed in the Office of the
City Clerk of said City on that date.
MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT
Angie Lingenfelter
Andra Chamberlin
Patrick Ketchum
Ralph Grimm
Greg Gossett
Justin Nelson
John Lovell
Angela Hale
Kent A.McDowell,Mayor
TOTAL VOTES 9 0 0
APPROVED: "a 0�') , Date: " / /2023
K nt A. McDowell,Mayor
ATTEST: r - Date:_�L/_;5--/2023
drea Walters-Smith, City Clerk
ATTACHMENTS:
EXHIBIT A. FIRST AMENDMENT TO TIF REDEVELOPMENT AGREEMENT BY AND BETWEEN THE
CITY OF CANTON AND DANIEL LAITIMORE AND LATTIMORE PROPERTIES,LLC.
• h
CITY OF CANTON
CANTON 1 - DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING DISTRICT
FIRST AMENDMENT TO THE
TIF REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
DANIEL LATTIMORE
and
LATTIMORE PROPERTIES, LLC
SEPTEMBER 5, 2023
CITY OF CANTON
CANTON 1-DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING(TIF) DISTRICT
FIRST AMENDMENT TO THE
TIF REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
DANIEL LATTIMORE AND LATTIMORE PROPERTIES, LLC
THIS FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT is
entered into this 5`h day of September,2023,by and between the CITY OF CANTON (the"City"),
an Illinois Municipal Corporation, Fulton County, Illinois; and DANIEL LATTIMORE AND
LATTIMORE PROPERTIES, LLC (collectively,the"Developer'.
PREAMBLE
WHEREAS, the City has the authority to promote the health, safety,and welfare of the City and
its citizens, and to prevent the spread of blight and deterioration and inadequate public facilities, by
promoting the development of private investment property thereby increasing the tax base of the City
and providing employment for its citizens; and
WHEREAS,pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4
et seq.,as amended(the"Act"),the City has the authority to provide incentives to owners or prospective
owners of real property to develop,redevelop,and rehabilitate such property by reimbursing the owner
for certain costs from resulting increases in real estate tax revenues and enter into contracts with
developers necessary or incidental to the implementation of its redevelopment plan pursuant to 65 ILCS
5/11-74.4-4(b) and 0);and
WHEREAS, pursuant to 65 ILCS 5/8-1-2.5 the City is authorized to appropriate and expend
funds for economic development purposes,including,without limitation,the making of grants to any
other governmental entity or commercial enterprise that are deemed necessary or desirable for the
promotion of economic development within the municipality; and
WHEREAS, on July 6, 2004, recognizing the need to foster the development, expansion and
revitalization of certain properties which are vacant,underutilized or obsolete or a combination thereof,
the City approved a Redevelopment Plan and Projects,designated a Redevelopment Project Area and
adopted Tax Increment Financing under the Act for the Canton International Harvestor Site Project
Area,(currently known as the Canton-I Downtown/5th Avenue TIF District) (the"TIF District");
and
WHEREAS, on August 2, 2022, the Parties entered into a Redevelopment Agreement (the
"Original Agreement"), wherein the City agreed to extend incentives to provide reimbursement of
certain TIF eligible project costs for property located at 24 and 36 South Main Street,Canton,Illinois
(PINS 09-08-27-414-018 and 09-08-27-414-030);and
WHEREAS,the Developer previously agreed to acquire the Property and undertake renovations
to the upper stories of the buildings for two or more new residential apartment units and install new
facades,windows and doors on the exteriors of the buildings for three separate, ongoing businesses
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currently operating on the ground-level spaces on the Property (the"Project") based upon incentives
made available by the City;and
WHEREAS,it is the intent of the City to encourage economic development which will increase
the real estate and municipal tax bases of the City and the tax bases of other taxing bodies, which
increased incremental taxes will be used,in part,to finance incentives to assist redevelopment projects
undertaken within the TIF District;and
WHEREAS, the City has the authority under the Act to incur Redevelopment Project Costs
("Eligible Project Costs") and to reimburse Developer for such costs pursuant to 65 ILCS 11-74.4-40);
and
WHEREAS,the Parties agree to Amend the terms of the Original Agreement as set forth below.
FIRST AMENDMENT
A.AMENDED "A. PRELIMINARY STATEMENTS"
Section A(4)of the Original Agreement shall be deleted in its entirety and replaced with the following:
4. The Developer shall complete the Project within eighteen (18) months from the date this
Agreement is executed, subject to extension due to Force Majeure (defined below). The
Project shall be deemed to be complete when(1) the rehabilitation and reconstruction of the
new upper-level residential apartment units of the buildings are complete,(2)the rehabilitation
and renovation of the exterior facades,windows and doors have been complete, (3) the City
has issued a Certificate of Occupancy for both the upper level residential units and lower level
exterior improvements, (4) the Developer has achieved a minimum of Fifty Percent (50%)
occupancy of the new upper-level residential apartment units, and (5) the three (3) ground-
level commercial businesses continue to remain in operation.
B.AMENDED "C. INCENTIVES"
Section C(1)of the Original Agreement shall be deleted in its entirety and replaced with the following:
1. a. Upon(i) timely completion of the upper-level residential apartment space; (ii) the City
issuing a Certificate of Occupancy for not less than half of the new upper-level
residential apartment space; and (iii) the Developer having verified a minimum of
$20,000 of TIF eligible costs for rehabilitation,repairs and renovations incurred by the
Developer for the redevelopment of the Property, the City shall reimburse Developer
a single,lump-sum payment of Ten Thousand and 00/100 Dollars($10,000.00);and
b. Upon-the Developer having verified a minimum of$10,000 of additional TIF eligible
costs for rehabilitation, repairs and renovations incurred by the Developer for the
redevelopment of the Property,the City shall reimburse Developer a single,lump-sum
payment of Five Thousand and 00/100 Dollars ($5,000.00);and
C. Upon the Developer completing the remainder of the Project and remaining in
compliance with applicable City codes,the City shall annually reimburse the Developer
Ninety Percent (90%) of the annual incremental "net" increase in real estate tax
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revenues derived from the Developer's Project.
d. All said payments to the Developer by the City shall be reimbursements of the
Developer's verified TIF Eligible Project Costs as estimated and set forth in Exhibit"1"
attached hereto. Such reimbursements shall be payable pursuant to the terms herein
provided and only during the current remaining life of the TIF District (tax year 2027
payable 2028), or upon the Developer's receipt of the maximum, cumulative
reimbursement amount of Twenty-One Thousand and 00/100 Dollars ($21,000.00),
whichever occurs first.
C. "Net" real estate tax increment is defined as increases in annual real estate tax increment
derived from the Developer's Project after payment of the proportionate amount of
administrative fees and costs incurred by the City and payments pursuant to TIF District
Intergovernmental Agreements, if any. The Developer's proportionate amount is
calculated by dividing the increment generated by the Developer's Project by the total TIF
District increment and multiplying the result by such payments of administrative fees and
costs and payments pursuant to such TIF District intergovernmental agreements,if any.
C.AMENDED "M.TIME;FORCE MAJEURE
Section M of the Original Agreement shall be deleted in its entirety and replaced with the following:
For this Agreement, time is of the essence. The Developer agrees to complete this Project within
eighteen (18) months following the date of execution of this Agreement. Failure to do so shall be
cause for the City to declare the Developer in default and unilaterally terminate this Agreement.
However,the Developer and the City shall not be deemed in default with respect to any obligations of
this Agreement on its part to be performed if the Developer or City fails to timely perform the same
and such failure is due in whole,or in part,to any strike,lock-out,labor trouble(whether legal or illegal),
civil disorder, inability to procure materials, weather conditions wet soil conditions, failure or
interruptions of power, restrictive governmental laws and regulations, condemnation, riots,
insurrections,war, fuel shortages, accidents, casualties,Acts of God, acts caused directly or indirectly
by the City(or the City's agents,employees or invitees)when applicable to Developer or third parties,
or any other cause beyond the reasonable control of Developer or the City.
D. PRIOR AGREEMENT TERMS APPLY
All terms of the Original Agreement shall apply to this First Amendment and remain effective
unless specifically modified by this First Amendment to the Redevelopment Agreement.
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IN WITNESS WHEREOF the Parties hereto have caused this First Amendment to the
Redevelopment Agreement to be executed by their duly authorized officers on the above date at
Canton,Illinois.
CITY DEVELOPER
CITY OF CANTON, Lattimore Properties,LLC,an Illinois Limited
an Illinois Municipal Corporation: Liability Company:
BY: BY:
Mayor rr �^, ,,tt,
NAME: T�CLhie- ( L�GCi�I M D&-
ATTEST: TITLE:
City Clerk
AND
DANIEL LATTIMORE
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