HomeMy WebLinkAboutResolution # 3874RESOLUTION NO. 3 8 7 4
A RESOLUTION APPROVING A DEVELOPMENT AGREEMENT BETWEEN THE
CITY OF CANTON AND WHITE OAK AP, INC. AND AUTHORIZING AND
DIRECTING THE MAYOR AND CITY CLERK OF THE ICTY OF CANTON TO
EXECUTE SAID DEVELOPMENT AGREEMENT ON BEHALF OF THE CITY OF
CANTON
WHEREAS, White Oak Tap, Inc. is in the process of constructing a new tavern in the
City's downtown Tax Increment Finance (TIF) district which would require certain public right
of way improvements for sidewalks and lighting; and
WHEREAS, in addition to public right of way improvements, White Oak Tap, Inc. has
requested that they be reimbursed twenty percent (20%) of the TIF increment generated by their
project for the life of the TIF; 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
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 White Oak Tap, Inc.
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.
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 18th
day of November ~ 2008 upon a roll call vote as follows:
AYES: Aldermen Schenck, Berardi, West, Nidiffer, Ihnes, Strand-
berg, Lewis.
NAYS: Alderman Sarf f .
ABSENT: None .
APPROVED:
Kevin R. Meade
Mayor
ATTEST:
f C~~ ~ ~ r
Nancy S. ites
City Clerk