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HomeMy WebLinkAboutOrdinance #1996ORDINANCE NO. 19 9 6 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. 19 9 6 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 Ciry 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 BY THE MAYOR AND 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 Ciry said Redevelopment Agreement and City Clerk of the Ciry 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 City Council of the City 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 / Ald.Jorge Rivero / Ald. Eric Schenck / Ald. Rick Reed / TOTAL VOTES: 8 0 0 0 APPROVED: % J ,~/ l/'/ ~ v~ Hon. Kevin Meade, Mayor, City of Canton ATTEST: Ms. Nancy Whi s, Clerk, City of Canton EXHIBITS ATTACHED: A. TIF Redevelopment Agreement by and between the City 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