HomeMy WebLinkAboutOrdinance #3071 ,
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CERTIFICATE
THE LJNDERSIGNED 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 1 ST DAY OF NLY,
2014 ADOPTED ORDINANCE NO. 3071, A TRUE AND CORRECT COPY OF WHICH IS
CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 2ND DAY OF NLY, 2014.
(SEAL)
/
� �-�
NA PAVLEY-ROCK
CITY CLERK
CITY OF CANTON
ORDINANCE NO. 3071
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON
AND
LUCAS SUBWAY,INC.
AND
SCOTT W. LUCAS III
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON
THE 1 ST DAY OF JULY, 2014
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
THIS 1 ST DAY OF JULY, 2014
EFFECTIVE JULY 1, 2014
CITY OF CANTON
FULTON COUNTY, ILLINOIS
ORDINANCE NO. 3071
CANTON 1 -DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
LUCAS SUBWAY, INC.
and
SCOTT W. LUCAS III
ADOPTED BY THE CORPORATE AUTHORITIES
OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
ON THE 1ST DAY OF JULY,2014.
CITY OF CANTON, ILLINOIS: ORDINANCE NO. 3071
CANTON 1 -DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
LUCAS SUBWAY, INC.
and
SCOTT W. LUCAS III
BE IT ORDAINED BY THE CITY OF CANTON THAT:
1. The Redevelopment Agreement by and between the City of Canton, Fulton County,
Illinois and Lucas Subway, Inc. and Scott W. Lucas III (F:chi6itA attached) 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 Redevelopment Agreement and the Ciry Clerk
of the City of Canton is hereby authorized and directed to attest such execution.
3. The Redevelopment Agreement shall be effective the date of its approval on the 1S`
day of July,2014.
4. This Ordinance shall be in full force and effect from and after its passage and
approval as required by law.
�T'he remainder of thi.r page i.r itttentzonally blank.J
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PASSED,APPROVED AND ADOPTED by the Corporate Authorities of the City of
Canton, Fulton Counry,Illinois, on the 1"day of July,A.D., 2014, and deposited and filed in the
Office of the Ciry Clerk of said City on that date.
ALDERMEN AYE VOTE NAY VOTE ABSTAIN /ABSENT
Alderman Lovell X
Alderman Ellis X
Alderman Justin Nelson X
Alderman Pickel X
Alderman Jim Nelson X
Alderman Putrich X
Alderman West X
TOTAL VOTES 6 0 1
APPROVED: � ,Date �/ �/ 2014
Jeff ' , ayor of Canton
!
A'I'TEST: G� - C ,Date:�/ � / 2014
na Pavley-Roc , City Clerk, City of Canton
ATTACHMENT:
EXHIBIT A: Redevelopment Agreement by and between the City of Canton,Fulton County,Illinois and Lucas Subway,
Inc.and Scott W.Lucas III.
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EXHIBIT A
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
LUCAS SUBWAY, INC.
and
SCOTT W. LUCAS III
CANTON 1-DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
-5-
CANTON 1- DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING DISTRICT
TIF REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
LUCAS SUBWAY, INC.
and
SCOTT W. LUCAS III
JULY 2014
TIF REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
LUCAS SUBWAY, INC.
and
SCOTT W. LUCAS III
THIS AGREEMENT (including Exhibit 1) is entered into this � day of July, 2014,by and
between the CITY OF CANTON("City"),an Illinois Municipal Corporation,Fulton County,Illinois;
and LUCAS SUBWAY, INC., an Illinois Corporation and SCOTT W. LUCAS III individually
(collectively the "Developer").
PREAMBLE
WHEREAS, the Ciry has the authority to promote the health, safery, and welfare of the Ciry 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
ea.req.,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 (j); and
WHEREAS,the City,recognizing the need to foster the development,expansion and revitalization
of certain properties which are vacant,underutilized or obsolete or a combination thereof,adopted Tax
Increment Financing and created a Tax Increment Allocation Redevelopment Area under the Act
known as the Canton International Harvester Site Project Area TIF District (the "Canton IH TIF
District"currently known as the"Canton 1-Downtown/5th Avenue TIF Distriet")on July 6,2004
by Ordinance No. 1807; and
WHEREAS, pursuant TIF Act, the Ciry approved the First Amendment to the Canton IH TIF
District on November 22,2011 by Ordinance No. 2052; and
WHEREAS,included in the Redevelopment Project Area is a property acquired by the Developer
that is located at 445 E.Linn St.,Canton,Illinois,real estate tax property identification numbers 09-08-
35-118-013 and 09-08-35-118-014 (the "Property");and
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WHEREAS, based on incentives offered by the City,the Developer proceeded to redevelop said
Property by removing e�sting structures and undertaking site improvements for the operation of a new
Subway restaurant faciliry (the "Project");and
WHEREAS,the Developer indicated the Project required a total investment of$348,377 and will
result in a minimum of ten(10) full-time or Full-Time Equivalent("FTE") jobs in connection with the
operation of the faciliry during the term of this Agreement;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 Tax Increment Financing District; and
WHEREAS, the Developer's Project is consistent with the land uses of the City as adopted; 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 11-74.4-4(j);
and
WHEREAS, pursuant to 65 ILCS 5/8-1-2.5 a municipality may expend funds for economic
development purposes to commercial enterprises that are necessary or desirable for the promotion of
economic development within the municipality; and
WHEREAS,the City has determined that this Developer's Project requires the incentives requested
as set forth in Exhibit 1 and that said Developer's Project will,as part of the Plan,promote the health,
safery and welfare of the City and its citizens by attracting private investment to prevent blight and
deterioration and to provide employment for its citizens and generally to enhance the economy of the
Ciry; and
WHEREAS, the City and Developer (the "Parties") have agreed to segregate within the Canton
1 -Downtown/5th Avenue Special Tax Increment Redevelopment Fund the following: Twenty-five
pereent(25%)of the net incremental increases in real estate taxes derived from this Developer's Project
through the life of the TIF District, tax year 2027 payable 2028, up to a total reimbursement not to
exceed Sixry-Five Thousand and 00/100 Dollars ($65,000.00) of the Developer's TIF Eligible
Project Costs(see F_xhibit 1). "Net Increment"is defined as increases in annual real estate tax increment
derived from the Developer's Redevelopment Project after payment for a proporuonate amount of
administrative fees and costs and payments pursuant to Intergovernmental Agreements,if any.The Ciry
will establish a separate account within the Special Tax Allocation Fund for the TIF District designated
as the "Lucas Subway, Ine. Special Account"("Special Account"). All monies deposited to this
Special Account shall be used exclusively by the City for the purposes set forth in this Agreement;and
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WHEREAS, in consideration of the execution of this Agreement, the Developer shall agree to
create and maintain a minimum of ten (10) full-time or FTE jobs during the term of this Agreement;
and
WHEREAS, the City is entering into this Agreement having encouraged and induced the
Developer to redevelop the Property and create said new jobs.
AGREEMENTS
NOW,THEREFORE,in consideration of the mutual promises contained herein and other good
and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:
A. PRELIMINARY STATEMENTS
1. The Parties agree that the matters set forth in the recitals above are true and correct and form
a part of this Agreement.
2. Any terms which are not defined in this Agreement shall have the same meaning as they do
in the Act,unless indicated to the contrary.
3. The City is extending incentives for the Developer's Project in anticipation of the expected
completion of the Project as set forth herein.
4. Each of the Parties represents that it has taken all actions necessary to authorize its
representatives to execute this Agreement.
B.ADOPTION OF TAX INCREMENT FINANCING
The City has created the TIF District which includes Developer's Property. The Ciry has previously
assisted certain Redevelopment Projects using tax increment financing incentives and now intends to
provide such assistance to the Developer's Project.
C. INCENTIVES
In consideration for the Developer having purchased the Property and completing the Project
substantially as set forth herein,the City agrees to extend to the Developer the following incentives to
assist Developer's Project:
1. Twenty-five percent(25%) of the net incremental increases in real estate taxes derived from
this Developer's Project for the life of the TIF District, through tax year 2027 payable 2028,
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up to a total reimbursement not to exceed Sixry-Five Thousand and 00/100 Dollars
($65,000.00) of the Developer's TIF Eligible Project Costs (see Exhibit 1). "Net Increment"
is defined as increases in annual real estate tax increment derived from the Developer's
Redevelopment Project after payment for a proportionate amount of administrative fees and
costs and payments pursuant to Intergovernmental Agreements,if any.The City will establish
a separate account within the Special Tax Allocation Fund for the TIF District designated as the
"Lucas Subway, Inc. Special Account"("Special Account"). All monies deposited to this
Special Account shall be used exclusively by the Ciry for the purposes set forth in this
Agreement.
a. The Developer hereby certifies that the Project will require a minimum of ten (10) full-
time or Full-Time Equivalent ("FTE") employees in connection with the operation of
the facility during the term of this Agreement.
b. Each full-time or FTE employee created in connection with the operation of the facility
during the term of this Agreement shall receive wages which are commensurate with the
skill and educational level required for the position. For purposes of this Agreement,
a full-time or FTE job is defined as: A full-time equivalent (FTE) is the number of
hours that represent what a full time employee works during a twelve (12) month
period. Assuming the Subway Restaurant operates 52 weeks each year and a normal
work week is 40 hours, then there is a total of 2,080 hours allocated to one full-time
employee per year. One person working 40 hours per week would be one full-time
equivalent (FTE). However, if there are two employees that both work 20 hours in a
week, that total is also 40 hours per week or 2,080 hours annually, and this also
represents one FTE.
D. LIMITATION OF INCENTIVES TO DEVELOPER
1. Total cumulative reimbursement of TIF Eligible Project Costs from the City to the Developer
shall not exceed in total $65,000.00.
2. The Developer shall be reimbursed by the City for all Eligible Project Costs permitted by the
Act(subject to a limitation of$65,000.00) as set forth herein,but only as set forth above and
only from the Property included in this Project and currently owned by the Developer at that
location.
3. It shall be the sole responsibiliry of the Developer to provide to the Ciry as requested the
following:
a, Copies of all PAID real estate ta�: bills, annually, for the Properry included in this
Project.
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b. Verification of TIF eligible project costs as required by Section E below.
c. Following completion of the Project and prior to requesting annual reimbursement of
TIF Eligible Project Costs during the term of this Agreement, the Developer shall
certify to the City the number of full-time or FTE employees continuously employed
in the operation of the facility from the date the facility opened for business or during
the previous twelve (12)months,whichever period is shorter. Continuous,full-time or
FTE employment shall mean the position has been occupied or open for hire at the
facility since the facility was originally opened and occupied or during the previous
twelve (12) months, whichever period is shorter. The form, content and scheduled
reporting dates of the employment information that is to be supplied by the Developer
shall consist of appropriate payroll records, independent verification by Developer's
accountant or tax preparer or a sworn affidavit attesting to the number of full-time or
FTE jobs maintained from the date the faciliry was originally constructed and occupied
or during the previous twelve (12) months,whichever period is shorter.
E. PAYMENT OF ELIGIBLE PROJECT COSTS
1. A request for payment to the Developer for TIF Eligible Project Costs as set forth by the Act
shall be made by a Requisition for Payment of Private Development Redevelopment Costs
(the "Requisition") as hereto attached as Fxhibit 2 and submitted by Developer to the City's
TIF Administrator Jacob & Klein, Ltd. and The Economic Development Group, Ltd.
(collectively the "TIF Administrator") or a successive TIF Administrator upon written
notification from the City.
2. The Requisition must be accompanied by verified bills or statements of suppliers,contractors,
or professionals relating to the Project, together with Mechanic's Lien Waivers, cancelled
checks or other acceptable proof of payment by the Developer as required by the Ciry's TIF
Administrator.
3. The Developer shall use such sums as reimbursements for eligible expenses only to the extent
permitted by law and the Act.
4. The TIF Administrator shall approve or disapprove the Requisition by written receipt to the
Developer within thirty (30) business days after receipt of the Requisition. Approval of the
Requisition will not be unreasonably withheld. If the Requisition is disapproved by the TIF
Administrator (or subsequendy by the Illinois Department of Revenue), the reasons for
disallowance will be set forth in writing and the Developer may resubmit the Requisition with
such additional information as may be required and the same procedures set forth herein shall
apply to such re-submittals.
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5. The Parties acknowledge that the determination of TIF Eligible Project Costs,and,therefore,
qualification for reimbursement hereunder are subject to changes or interpretation made by
amendments to the Act,administrative rules or judicial interpretation during the term of this
Agreement.
6. TIF Eligible Project Costs are broadly defined in the Redevelopment Plan to include all costs
defined in the Act as Redevelopment Project Costs.
7. The Developer may submit for prior approval by the City as TIF Eligible Project Costs under
the Act estimates of costs before they are incurred subject to later confirmation by actual bills.
F. LIMITED OBLIGATION
The City's obligation hereunder is to pay Developer for TIF Eligible Project Costs limited to
$65,000.00 as set forth above. Said obligation does not now and shall never constitute an indebtedness
of the Ciry within the meaning of any State of Illinois Constitutional or Statutory provision, and shall
not constitute or give rise to a pecuniary liability of the City or a charge or lien against the City's general
credit or taxing power.
G. LIMITED LIABILITY OF CITY TO OTHERS FOR
DEVELOPER'S EXPENSES
There shall be no obligation by the City to make any payments to any person other than Developer,
nor shall the City be obligated to make direct payments to any other contractor,subcontractor,mechanic
or materialman providing services or materials to Developer for the Developer's Project.
H. DEFAULT; CURE; REMEDIES
In the event of a default under this Redevelopment Agreement by any Parry hereto(the"Defaulting
Party"),which default is not cured within the cure period provided for below,then the other Party(the
"Non-defaulting Party") shall have an action for damages, or in the event damages would not fairly
compensate the Non-defaulting Parry's for the Defaulting Parry's breach of this Redevelopment
Agreement,the Non-defaulting Party shall have such other equity rights and remedies as are available
to them at law or in equity. Any damages payable by the City hereunder shall be limited to the real estate
tax increment payable to the Developer under the terms of this Agreement.
In the event a Defaulting Parry shall fail to perform a monetary covenant which it is required to
perform under this Redevelopment Agreement, it shall not be deemed to be in default under this
Redevelopment Agreement unless it shall have failed to perform such monetary covenant within thirty
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(30) days of its receipt of a notice from a Non-defaulting Party specifying that it has failed to perform
such monetary covenant. In the event a Defaulting Party fails to perform any nonmonetary covenant
as and when it is required to under this Redevelopment Agreement, it shall not be deemed to be in
default if it shall have cured such default within thirry (30) days of its receipt of a notice from a Non-
defaulting Party specifying the nature of the default, provided, however, with respect to those
nonmonetary defaults which are not capable of being cured within such thirry (30) day period,it shall
not be deemed to be in default if it commences curing within such thirty(30)days period,and thereafter
diligendy and continuously prosecutes the cure of such default until the same has been cured.
I. TIME; FORCE MAJEURE
For this Agreement,time is of the essence;provided however,the Developer and City shall not be
deemed in default with respect to any obligations of this Agreement on its part to be performed if either
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 and
wet soil condidons, failure or interruptions of power, restrictive governmental laws and regulations,
condemnation,riots,insurrections,war, fuel shortages, accidents, casualties,Acts of God, acts caused
direcdy or indirecdy by the City(or City's agents,employees or invitees)when applicable to Developer
or third parties, or any other cause beyond the reasonable control of Developer or City.
J. ASSIGNMENT
The rights and obligations of the Developer under this Agreement shall not be transferable or
assignable.
K. WAIVER
Any Party to this Agreement may elect to waive any remedy it may enjoy hereunder,provided that
no such waiver shall be deemed to exist unless the Party waiving such right of remedy does so in wriung.
No such waiver shall obligate such Party to waive any right of remedy hereunder, or shall be deemed
to constitute a waiver of other rights and remedies provided said Party pursuant to this Agreement.
L. SEVERABILITY
If any section, subsection, term or provision of this Agreement or the application thereof to any
Party or circumstance shall, to any extent, be invalid or unenforceable, the remainder of said section,
subsection,term or provision of this Agreement or the application of same to Parties or circumstances
other than those to which it is held invalid or unenforceable, shall not be affected thereby.
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M. NOTICES
All notices,demands,requests,consents,approvals or other instruments required or permitted by
this Agreement shall be in writing and shall be executed by the Parry or an officer,agent or attorney of
the Party, and shall be deemed to have been effective as of the date of actual delivery, if delivered
personally,or as of the third (3�d) day from and including the date of posting,if mailed by registered or
certified mail, return receipt requested,with postage prepaid addressed as follows:
CITY DEVELOPER
Ciry of Canton Lucas Subway, Inc.
% City Administrator Attn: Scott W. Lucas III
2 N. Main St. 420 Natchez Trace
Canton, IL 61520 Springfield,IL 62711
PH: (309) 647-0065 PH: (309) 370-7827
FAX: (309) 647-2348 FAX: (217) 726-5997
t.Y/inc�opy to:
Thomas N.Jacob &Associates, Ltd and I-Ylith copy to:
The Economic Development Group,Ltd.
1701 Clearwater Avenue
Bloomington,IL 61704
PH: (309) 664-7777
FAX: (309) 664-7878
N. SUCCESSORS IN INTEREST
Subject to the Provisions of Paragraph J,above, this Agreement shall be binding upon and inure to
the benefit of the Parties hereto and their respective successors.
O. NO JOINT VENTURE,AGENCY, OR PARTNERSHIP CREATED
Neither anything in this Agreement nor any acts of the Parties to this Agreement shall be construed
by the Parties or any third person to create the relationship of a partnership, agency, or joint venture
between or among such Parties.
P. INDEMNIFICATION OF CITY
Developer acknowledges that it is responsible for compliance with the Illinois Prevailing Wage Act,
to the extent such is applicable. Applicability is to be determined by Developer and Developer shall
indemnify and hold harmless the City, and all City elected or appointed officials, officers, employees,
agents, representatives, engineers, consultants and attorneys (collectively, the "Indemnified Parties"),
from any and all claims that may be asserted against the Indemnified Parties or one or more of them,
in connection with the applicabiliry,determination,and/or payments made under the Illinois Prevailing
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Wage Act(820 ILCS 130/0.01 et..req.),the Illinois Procurement Code,and/or any similar State or Federal
law or regulation. This obligation to indemnify and hold harmless obligates Developer to defend any
such claim and/or action,pay any liabilities and/or penalties imposed,and pay all defense costs of City,
including but not limited to the reasonable attorney fees of City.
Q. TERM OF THE AGREEMENT
This Agreement shall terminate upon the Developer ceasing operation at the facility located on the
Property,sale/transfer of ownership of the facility,bankruptcy,reimbursement of all of the Developer's
TIF Eligible Project Costs as provided in Section C,or the termination of the TIF District(tax year 2027
payable 2028),whichever occurs first.
R. WARRANTY OF SIGNATORIES
The signatories of Developer warrant full authoriry to both execute this Agreement and to bind the
entiry to which they are signing on behalf of.
IN WITNESS WHEREOF the City of Canton and Lucas Subway,Inc.,and Scott Lucas III have
caused this Agreement to be executed by their duly authorized officers on the above date at Canton,
Illinois.
CITY DEVELOPER
CITY OF CANTON, an Illinois Municipal LUCAS SUBWAY, INC., an Illinois
Corporation: Corporation:
BY:
Mayor, Ci of an n BY•
ATTEST: �-
Cle , Ciry of Canton Title
SCOTT W. LUCAS III, individually:
B ��
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9
EXHIBIT 1
SUMMARY OF ESTIMATED TIF ELIGIBLE PROJECT COSTS
LUCAS SUBWAY, INC. PROJECT
Canton 1 - Downtown/5th Avenue TIF District in the City of Canton, Fulton Counry,Illinois
Project Description: Purchase of land, removal of existing structures and construction of new
Subway Restaurant facility located at 445 E. Linn St., Canton,Illinois.
PIN#: 09-08-35-118-013 and 09-08-35-118-014
Estimated Eligible Project Costs:
Land and buildings (acquisition costs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $185,000.00
Interestbuy-down . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,000
Total Estimated TIF Eligible Project Costs' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $275,000.00
� NOTE:Cumulauve Total Reimbursements of TIF Eligible Project Costs to Developer shall not exceed$65,000.
1�
CITY OF CANTON, ILLINOIS
CANTON 1 - DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING DISTRICT
PRIVATE PROJECT
REQUEST FOR REIMBURSEMENT
BY
LUCAS SUBWAY, INC.
Date
Attention: City Administrator, City of Canton
Re: TIF Redevelopment Agreement, dated
by and between the City of Canton, Illinois, and
Lucas Subway, Inc. (the "Developer")
The City of Canton is hereby requested to disburse funds from the Special Tax
Allocation Fund pursuant to the Redevelopment Agreement described above in the
amount(s), to Lucas Subway, Inc. and for the purpose(s) set forth in this Request for
Reimbursement. The terms used in this Request for Reimbursement shall have the
meanings given to those terms in the Redevelopment Agreement.
1. REQUEST FOR REIMBURSEMENT NO.
2. PAYMENT DUE TO: Lucas Subway, Inc.. Developer
3. AMOUNTS REQUESTED TO BE DISBURSED:
Description of TIF Eligible Project Cost Amount
Total
4. The amount requested to be disbursed pursuant to this Requestfor Reimbursementwill
be used to reimburse the Developer for Redevelopment Project Costs for the Project
detailed in "Exhibit 1" of the Redevelopment Agreement.
5. The undersigned certifies that:
(i) the amounts included in (3) above were made or incurred or financed and were
necessary for the Project and were made or incurred in accordance with the
construction contracts, plans and specifications heretofore in effect; and
(ii) the amounts paid or to be paid, as set forth in this Request for Reimbursement,
represent a part of the funds due and payable for TIF Eligible Redevelopment
Project Costs; and
(iii) the expenditures for which amounts are requested represent proper
Redevelopment Project Costs as identified in the "Limitation of Incentives to
Developer" described in Section D of the Redevelopment Agreement, have not
been included in any previous Request for Reimbursement, have been properly
recorded on the Developer's books and are set forth with invoices attached for all
sums for which reimbursement is requested, and proof of payment of the invoices;
and
(iv) the amounts requested are not greater than those necessary to meet obligations
due and payable or to reimburse the Developer for its funds actually advanced for
Redevelopment Project Costs; and
(v) the Developer is not in default under the Redevelopment Agreement and nothing
has occurred to the knowledge of the Developer that would prevent the
performance of its obligations under the Redevelopment Agreement.
6. Attached to this Request for Reimbursement is Exhibit 1 of the Redevelopment
Agreement, together with copies of invoices, proof of payment of the invoices, and
Mechanic's Lien Waivers relating to all items for which reimbursement is being
requested.
B . !�— (Developer)
ITLE: �lv� / ���.v1--
APPROVED: CITY OF CANTON, ILLINOIS
BY: ►
TITLE: ,.,�t�w�� DATE: %:�/���,y<
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