HomeMy WebLinkAboutOrdinance #3085CERTIFICATE
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 2ND DAY OF
DECEMBER, 2014 ADOPTED ORDINANCE NO. 3085, A TRUE AND CORRECT COPY OF
WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 4TH DAY OF DECEMBER, 2014.
(SEAL)
CITY CLERK
CITY OF CANTON
ORDINANCE NO. 3085
AN ORDINANCE APPROVING AND AUTHORIZING
THE SECOND AMENDMENT TO A REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON
AND
COOK CANTON REAL ESTATE, LLC.
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON
THE 2ND DAY OF DECEMBER, 2014
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
THIS 4TH DAY OF DECEMBER, 2014
EFFECTIVE DECEMBER 2, 2014
CITY OF CANTON
FULTON COUNTY, ILLINOIS
ORDINANCE NO. 3085
CANTON 1— DOWNTOWN /5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE SECOND AMENDMENT TO A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
COOK CANTON REAL ESTATE, LLC.
ADOPTED BY THE CORPORATE AUTHORITIES
OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
ON THE 2ND DAY OF DECEMBER, 2014.
CITY OF CANTON, ILLINOIS: ORDINANCE NO. 3085
CANTON 1— DOWNTOWN /5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE SECOND AMENDMENT TO A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
COOK CANTON REAL ESTATE, LLC.
BE IT ORDAINED BY THE CITY OF CANTON THAT:
1. The Second Amendment to a Redevelopment Agreement originally approved on
September 20, 2011 by and between the City of Canton, Fulton County, Illinois and
Cook Canton Real Estate, LI.0 (Exhibit 1 attached) is hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of
the City said Second Amendment to the Redevelopment Agreement and the City
Clerk of the City of Canton is hereby authorized and directed to attest such
execution.
3. The Redevelopment Agreement as amended shall be effective the date of its
approval on the 2 °d day of December, 2014.
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 2nd day of December, A.D., 2014, and deposited and filed in
the Office of the City Clerk of said City on that date.
CITY COUNCIL
AYE
NAY
ABSTAIN
ABSENT
Ward 1 Alderman Jim Nelson
X
Ward 1 Alderman Dave Pickel
X
Ward 2 Alderman Craig West
X
Ward 2 Alderman Tad Putrich
X
Ward 3 Alderman Gerald Ellis
X
Ward 3 Alderman Justin Nelson
X
Ward 4 Alderman John Lovell
X
Ward 4 Alderwoman Angela Hale
X
TOTAL VOTES
6
0
1
1
APPROVED:
Jeff
Date // c>-g / 2014
ATTEST: , Date: 42—/ / 2014
DNna Pavley -Ro tty erl , City of Canton
ATTACHMENT:
EXHIBIT 1. Second Amendment to a Redevelopment Agreement originally approved on September 20, 2011 by and
between the City of Canton, Fulton County, Illinois and Cook Canton Real Estate, LLC.
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EXHIBIT 1
CANTON 1— DOWNTOWN /5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
SECOND AMENDMENT TO A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
COOK CANTON REAL ESTATE, LLC.
&I
CITY OF CANTON 1- DOWNTOWN /5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
SECOND AMENDMENT TO THE
TIF REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
COOK CANTON REAL ESTATE, LLC.
DECEMBER 2, 2014
CITY OF CANTON 1- DOWNTOWN /5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
SECOND AMENDMENT TO THE
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
COOK CANTON REAL ESTATE, LLC.
THIS SECOND AMENDMENT TO THE REDEVELOPMENT AGREEMENT is
entered into this 2nd day of December, 2014, by and between the CITY OF CANTON ( "City"), an
Illinois Municipal Corporation, Fulton County, Illinois; and COOK CANTON REAL ESTATE,
LLC. ( "Developer ") (collectively the "Parties ").
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
ei 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 (j); and
WHEREAS, pursuant to 65 II.CS 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, 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, approved a Redevelopment Plan and Projects, designated a Redevelopment Project Area and
adopted Tax Increment Financing under the Act for the Canton 1 - Downtown /5th Avenue TIF
District (f /k /a the "Canton International Harvester Site Project Area TIF District ") (the "TIF
District "); and
WHEREAS, on November 22, 2011, the City approved the First Amendment to the TIF District
Redevelopment Plan and Projects to add private projects and add and further designate private TIF
Eligible Project Costs to further authorize the City to provide incentives to induce owners of real
property to proceed with private redevelopment projects and to rename the TIF District; and
WHEREAS, on February 6, 2012, the City approved the Second Amendment to the TIF District
Redevelopment Project Area, Plan and Projects to remove parcels from the Redevelopment Project
Area; and
WHEREAS, on September 20, 2011, the Parties entered into a Redevelopment Agreement
(Exhibit A), wherein the City agreed to extend incentives to provide reimbursement of certain
Redevelopment Project Costs ( "TIF Eligible Project Costs ") for the Developer's Project including
property to be acquired by the Developer in 2011 located at 225 S. 3`1 Avenue, Canton, Illinois, and
assembled from portions of real estate tax property identification numbers 09- 08 -34- 232 -001 and 09-
08-27- 441 -001 (the "Property "); and
WHEREAS, on January 21, 2014, the Parties approved the First Amendment to the original
Redevelopment Agreement (Exhibit for the sole purpose of redefining the "Property" located at
225S.3 d Avenue, Canton, Illinois as real estate tax property identification numbers 09- 08 -34- 232 -001,
09- 08 -34- 232 -002 and 09- 08 -27- 441 -003; and
WHEREAS, based on incentives offered by the City, the Developer proceeded with plans to
prepare the site and construct a 7,000 square foot manufacturing facility (the "Cook Polymer
Technology - Canton Plant" or the "Facility"), which Property and Facility is collectively defined as the
"Project" or "Developer's Project "; 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 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 -40);
and
WHEREAS, the Parties agree to further Amend the terms of the original Redevelopment
Agreement executed on September 20, 2011 and amended on January 21, 2014, as set forth below.
SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT
Section C(1) of the original Redevelopment Agreement as Amended by the First Amendment is hereby
replaced and amended as follows:
SECTION C. INCENTIVES
In consideration for the Developer having purchased the Property and completing the Project
substantially as set forth in Exhibit 1 of the Original Redevelopment Agreement as Amended by the First
Amendment attached hereto as Exhibit B, the City agrees to extend to the Developer the following
incentives to assist Developer's Project:
1. A maximum of twenty -five percent (25 %) of the incremental increases in real estate taxes
derived from this Developer's Project during the remaining life of the Canton IH TIF District,
not to exceed a total reimbursement of One Million Four Hundred Eighteen Thousand
Four Hundred Seventy Two Dollars ($1,418,472.00) of the Developer's TIF Eligible Project
Costs (see Exhibit 1 of the Original RedevelopmentAgreement as Amended by the FirstAmendment) plus
interest costs, if any, calculated herein. The City will establish a separate account within the
Special Tax Allocation Fund for this Canton 2 - Downtown /5th Avenue TIF District (formerly
known as Canton IH TIF District) Project designated as the "Cook Polymer Technology -
Canton Plant "( "Special Account "). All monies deposited to this Special Account shall be used
exclusively by the City for the purposes set forth in this Agreement.
a. The Developer agrees to defer the reimbursement of real estate tax increment payable by
the City to the Developer for tax year 2013 payable 2014 only. Said deferred
reimbursement amount is Fifty -Seven Thousand One - Hundred Thirty-Six and
06/100 Dollars ($57,136.06) as described in the Tax Year 2013 Payable 2014 Developer
Reimbursement Calculation attached hereto as Exhibit C and shall, upon execution of this
Second Amendment to the Redevelopment Agreement, become payable by the City to the
Developer as follows:
i. Fifty- Percent (50 %) of said deferred reimbursement amount, including interest at
the rate of Three - Percent (3.0 %) per annum from the date of full execution of this
Second Amendment to the Redevelopment Agreement, shall become due and
payable by the City to the Developer on or before November 1, 2015; and
ii. The remaining Fifty- Percent (50 %) of said deferred reimbursement amount,
including interest at the rate of Three - Percent (3.0 %) per annum from the date of
the full execution of this Second Amendment to the Redevelopment Agreement,
shall become due and payable by the City on or before November 1, 2016.
iii. Payments due the Developer from the City per Section C (1) (a) (i) and (ii)are to
be paid pursuant to the Estimated Payment Scbedule attached hereto as Exhibit D,
unless paid earlier as follows:
The Parties agree the City may at any time prior to November 1, 2016 pay
the Developer the balance due per Section (C)(1) (a) without further interest
or penalty.
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PRIOR AGREEMENT TERMS APPLY
All terms of the Original Redevelopment Agreement as Amended by the First Amendment
(Exhibit B) shall apply to this Second Amendment and remain effective unless specifically modified
by this Second Amendment to the Redevelopment Agreement.
IN WITNESS WHEREOF the City of Canton and Cook Canton Real Estate, LLC have caused
this Second Amendment to the Redevelopment Agreement to be executed by their duly authorized
officers on the above date at Canton, Illinois.
CITY
CITY OF CANTON,
an Illinois Municipal Corporation:
BY:
BY:
Mayor, City of Canton Date
City Clerk, City of Canton Date
FiVIOWU4026MIAUCI
1 '
COOK CANTON REAL ESTATE, LLC.
an Illinois Limited Liability Company:
BY:
Nance
Awf4:34c
Exhibit A. Original Redevelopment Agreement
Exhibit B. First Amendment to Redevelopment Agreement.
Exhibit C. Tax Year 2013 Payable 2014 Developer Reimbursement Calculation.
Exhibit D. Estimated Payment Schedule Per Section (C)(1)(a).
Date
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Real I•;atatc I.U.' 2nd An- wndment to RI)A_28 Oct 21)14.,.ed _
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PRIOR AGREEMENT TERMS APPLY
All terms of the Original Redevelopment Agreement as Amended by the First Amendment
(Exhibit B) shall apply to this Second Amendment and remain effective unless specifically modified
by this Second Amendment to the Redevelopment Agreement.
IN WITNESS WHEREOF the City of Canton and Cook Canton Real Estate, LLC have caused
this Second Amendment to the Redevelopment Agreement to be executed by their duly authorized
officers on the above date at Canton, Illinois.
CITY
CITY OF CANTON,
an Illinois Municipal Corporation:
BY: l,.: v
Mayor, eily of on Date
ATTES
BY:
Ca erk, i of C Date
ATTACHMENTS:
DEVELOPER
COOK CANTON REAL ESTATE, LLC.
an Illinois Limited Liability Company:
BY:
14`19
Name Date
Name Date
Exhibit A. Original Redevelopment Agreement
Exhibit B. First Amendment to Redevelopment Agreement.
Exhibit C. Tax Year 2013 Payable 2014 Developer Reimbursement Calculation.
Exhibit D. Estimated Payment Schedule Per Section (C)(1)(a).
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2
EXHIBIT A
ORIGINAL REDEVELOPMENT AGREEMENT