Loading...
O-984-96 05/13/96VILLAGE OF LEMONT ORDINANCE NO. /e AN ORDINANCE SPECIFYING MAXIMUM AMOUNTS FOR FACADE GRANTS, SIGN GRANTS AND LOW INTEREST LOAN PROGRAM GRANTS WITHIN THE DOWNTOWN TIF DISTRICT ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT This 13th day of May , 1996. Published in pamphlet form by authority of the President and Board of Trustees of the Village of Lemont, Counties of Cook, Will, and DuPage, Illinois this 13th day of May , 1996 ORDINANCE ft- ORDINANCE SPECIFYING MAXIMUM AMOUNTS FOR FACADE GRANTS, SIGN GRANTS AND LOW INTEREST LOAN PROGRAM GRANTS WITHIN THE DOWNTOWN TIF DISTRICT WHEREAS, on May 22, 1995 the Village of Lemont adopted Ordinance 885 creating programs for downtown facade grants and low interest loans; and WHEREAS, on August 14, 1995 the Village of Lemont adopted Ordinance 896 creating a grant program for private signs; and WHEREAS, these programs have been successfully utilized by a number of businesses to improve, renovate and otherwise enhance the downtown business community; and WHEREAS, in an effort to preserve the funding availability for these programs the Village seeks to designate a maximum amount ($10,000) which may be received for a single building. NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Lemont, Counties of Cook, DuPage, and Will, Illinois: SECTION 1: Ordinance 885 is hereby amended through the adoption of the revised program guidelines for facade grants and low interest loans attached as exhibit "A." SECTION 2: Ordinance 896 is hereby amended through the adoption of the revised program guidelines for signage grants attached as exhibit "B." SECTION 3: This ordinance shall be in full force and effect from and after its passage, approval and publication provided by law. PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, DU PAGE AND WILL, ILLINOIS, on this /. day of 1996. AYES NAYS PASSED ABSENT V v U V Barbara Buschman Alice Chin Keith Latz Connie Markiewicz Richard Rimbo Ralph Schobert Approved by me this Pybe CHARLENE SMOLLEN, Village Clerk day of A 722e 1996. it -LW CHARLENE SMOLLEN, Village Clerk D A. KWASNESKI, Village President EXHIBIT A FACADE PROGRAM VILLAGE OF LEMONT FACADE IMPROVEMENT GRANT PROGRAM AGREEMENT THIS AGREEMENT, entered into this day of , 19 the Village of Lemont, Illinois (hereinafter referred to as the "Village ") and the following designated OWNER/LESSEE, to wit: Owner's/Lessee's Name: Address: City: State: Zip Code: Name of Business: Project Address(es) WITNES SETH Whereas, the VILLAGE has established a Facade Improvement Grant Program for application within certain designated commercial rehabilitation areas of the VILLAGE known as the Tax Increment Financing District; and Whereas, said Facade Improvement Grant Program is administered by the VILLAGE and is funded from District Revenues for purposes of control and prevention of blight, dilapidation and deterioration of designated areas within the District, and Whereas, pursuant to said Program the VILLAGE has agreed to participate, subject to its sole discretion, in sharing the cost of Facade Improvements to commercial establishments within the District up to a maximum of one -half (1/2) of the approved contract cost of such improvement but in no event shall the total Village participation exceed Ten Thousand Dollars ($10,000.00) for construction and architectural cost. Architectural fees shall be limited to a One Thousand Dollar ($1,000.00) reimbursement; and Whereas, the OWNER's/LESSEE's property is located within the. Tax Increment Financing District/Downtown, a designated rehabilitation area, and the OWNER/LESSEE desires to participate in the Facade Improvement Grant Program pursuant to the terms and provisions of this agreement. NOW, THEREFORE, in consideration of the mutual covenants and agreement obtained herein, the VILLAGE and OWNER/LESSEE do hereby agree as follows: 2 SECTION 1: COST SHARING - The VILLAGE shall share in the facade improvement cost and architect fee cost for the OWNER's/LESSEE's property up to fifty percent (50 %), up to a maximum amount not exceeding Ten Thousand Dollars ($10,000.00) for construction and architectural cost. Architectural reimbursement shall be One Thousand Dollars ($1,000.00) . The actual amount per this agreement shall not exceed $ for construction cost and $ for architect fees. The facade improvement /historic preservation costs which are eligible for VILLAGE participation include all labor, materials, equipment and other contract items necessary for the proper execution and completion of the work as designated from the design drawings approved by the VILLAGE. Said design drawings and specifications are attached hereto as Exhibit IV. SECTION 2: DESIGN APPROVAL - No facade improvement or historic preservation work shall be undertaken until the design therefore has been submitted to and approved by the Building Department. Following approval, the OWNER/LESSEE shall contract for the work and shall commence and complete all such work within one hundred eighty (180) days from the date of such approval. SECTION 3: REVIEW OF PROJECT - The Economic Development Coordinator shall periodically review the progress of the contractor's work on the facade improvement and historic preservation pursuant to this Agreement. Such inspections shall not replace any 3 required permit inspection by Village Inspectors. All work which is not in conformance with the approved drawings and specifications shall be immediately remedied by the OWNER/LESSEE and deficient or improper work shall be replaced and made to comply with the approved drawings, specifications, and terms of this Agreement. SECTION 4: DOCUMENTATION REQUIREMENTS - Upon completion of the facade improvement /historic preservation and upon its final inspection and approval by the Building Department, the OWNER/LESSEE shall submit to the VILLAGE a properly executed and notarized contractor statement and architect fee statement showing the full cost of the work as well as each separate component amount due to the contractor and each and every subcontractor involved in furnishing labor, materials, or equipment in the work. In addition, the OWNER/LESSEE shall submit to the VILLAGE proof of payment of the contract cost pursuant to the contractor's and architect's statements. The VILLAGE shall, within thirty (30) days of receipt of the contractor's statement and proof of payment issue a check to the OWNER/LESSEE in payment of: one -half of the approved cost or Ten Thousand Dollars ($10,000.00) whichever is less. In no case shall the amount paid to the OWNER/LESSEE exceed the amount specified in this Agreement or in the contractor's or architect's statements. At the time of reimbursement and throughout the term of this agreement, the land use and signage under the control of the OWNER/LESSEE shall be in conformance with zoning and sign code provisions. 4 SECTION 5: FAILURE TO COMPLETE WORK - If the OWNER/LESSEE or his contractor fail to complete the facade improvement/historic preservation work provided for herein in conformity with the plans, specifications and all terms of this Agreement, the Agreement shall terminate and the financial obligation on the part of the VILLAGE shall cease and become null and void. SECTION 6: FILING OF LIEN /MAINTENANCE OF IMPROVEMENT - Upon completion of the facade improvement work pursuant to this Agreement and for a period of three (3) years thereafter, the OWNER/LESSEE shall be responsible for properly maintaining such facade improvement/historic preservation in its finished form and without change or alteration thereto, as provided in this Agreement, and for the said period of three (3) years following completion of the construction thereof, the OWNER/LESSEE shall not enter into any Agreement or contract or take any other steps to alter, change or remove such facade, or the approved design thereof, nor shall OWNER/LESSEE undertake any other changes, by contract or otherwise, to the improvement provided for in this Agreement unless such changes are first submitted to the Economic Development Coordinator, and any additional review body or commission for approval; which approval shall not be unreasonably withheld if the proposed changes do not substantially alter the original design concept of the facade as specified in the drawings and plans approved pursuant to this Agreement. In addition to this section, a lien on the OWNER/LESSEE property shall be filed prior to the final payout of the program reimbursement. 5 SECTION 7: UNRELATED IMPROVEMENTS - Nothing herein is intended to limit, restrict or prohibit the OWNER/LESSEE from undertaking any other work in or about the subject premises which is unrelated to the facade improvement provided for in this Agreement. SECTION 8: AGREEMENT APPLICABLE TO FUTURE OWNERS - This Agreement shall be binding upon the VILLAGE OF LEMONT and upon the OWNER/LESSEE and its successors, to said property for a period of three (3) years from and after the date of completion and approval of the facade improvement provided for herein. It shall be the responsibility of the OWNER/LESSEE to inform subsequent OWNER(s)/LESSEE(s) of Section 6 of this Agreement. SECTION 9: MAXIMUM GRANT AWARDS - Nothing in this Agreement shall prohibit a business or property owner from applying for more than one Grant. However, a Ten Thousand Dollar ($10,000.00) total limitation shall apply to all Sign Grants, Facade Grants or Interest Rate Program Awards made to a single building and /or lot within any three (3) year period. For the purpose of calculating the three (3) year period, the date of the last Village payment shall be considered the start of the three (3) year period. 6 SECTION 10: VILLAGE INDEMNIFICATION REGARDING CONSTRUCTION - The owners of the subject property agree to defend and hold harmless the Village from any and all claims which may arise out of said owners' construction activities under this Agreement. SECTION 11: GENERAL INDEMNIFICATION - In the event that, as a result of this Agreement, or actions taken as required hereunder, the Village is made a party defendant in any litigation arising by reason of this Agreement, and development activities contemplated hereunder, the owners agree to defend and hold harmless the Village, the mayor, trustees, officers and agents thereof, individually and collectively, from any suits and from any claims, demands, setoff or other action including but not limited to judgments arising therefrom. The obligation of the owners hereunder shall include and extend to payment of reasonable attorneys' fees for the representation of the Village and its said officers and agents in such litigation and includes expenses, court costs and fees; it being understood that the owners where there shall be no applicable standards provided therein, shall have the right to employ all such attorneys to represent the Village and its officers and agents in such litigation, subject to the approval of the corporate authorities of the Village, which approval shall not be unreasonably withheld. The owners shall have the right to appeal to courts of appellate jurisdiction any judgment taken against the Village or its officers or agents in this respect, and the Village shall join in any such appeal taken by the owners. 7 SECTION 12: PERFORMANCE OF AGREEMENT - It is agreed that the parties hereto may in law or in equity, by suit, action, mandamus, or any other proceeding, including specific performance, enforce or compel the performance of this Agreement, which shall include the right of the parties to recover a judgment for monetary damages against each other, provided, however, that the owners shall not have a right to recover a judgment for monetary damages against any elected or appointed official of the Village for any breach of any of the terms of this Agreement. The Village reserves the right to maintain an action to recover damages or any sums which owners have agreed to pay pursuant to this Agreement and which have become due and remained unpaid. SECTION 13: EXHIBITS It is agreed that Exhibits I through VII shall be considered part of this agreement. SECTION 14: DISPLAY OF VILLAGE FUNDING PROMOTIONAL MATERIAL - All program participants shall be required to prominently display a poster identifying the property as receiving Village funding. The sign will be provided by the Village and shall be displayed from the date the Application is approved, to no less than thirty (30) days after final approval and reimbursement is made. 8 IN WITNESS THEREOF, the parties hereto have executed this Agreement on the date first appearing above. OWNERS/LESSEE Program Participant DATE: Property Owner DATE: 9 •4ILfA a, --'resident LAGE OF LEMONT DATE: DATE: 5-73 -� �D EXHIBITS EXHIBIT I PROOF OF OWNERSHIP EXHIBIT II EXECUTED LEASE EXHIBIT III COPY OF APPLICATION EXHIBIT IV RENOVATION PLANS EXHIBIT V CONTRACTOR'S AGREEMENT EXHIBIT VI ARCHITECT'S AGREEMENT EXHIBIT VII SAMPLE LIEN Applicant Name: File Number: VILLAGE OF LEMONT FACADE IMPROVEMENT GRANT PROGRAM APPLICATION Project Address(es): Building Owner: Store /Company Name: Name of Tenant: Lease Expiration Date: Year Purchased: Applicant Name: Applicant Business Address: Applicant Business Phone: Home Phone: Applicant(s): Building Owner: Tenant: Number of Store Fronts: Total Anticipated Budget: Total Anticipated Grant Request: $ Description of Proposed Improvements: * * Attach elevations of proposed improvements (if available) Applicant Name: File Number: PICTURE OF STORE FRONT: 8 1/2" X 10" PHOTO Applicant Name: File Number: BUDGET (anticipated) ACTIVITY ESTIMATED COST Total Anticipated Grant Request: $ Architect for the Project: Name: Address: Phone: Contractor for the Project: Name: Address: Phone: Application will be reviewed by the Economic Development Coordinator , Building Department, and Community Development Director. Applicant Name: File Number: hereby make application to the Village of Lemont for a Facade Improvement Grant Program in the anticipated amount of $ . I understand that my application must be approved by the Village and that it must conform to established design guidelines, as well as, specific design recommendations of the Village of Lemont. I have read a copy of the Facade Improvements Grant Program Agreement and lien provisions. If approved, I understand that all work performed is subject to development, building, permit, and agreement provisions. Applicant Signature Date Building Owner Date Please return the completed application to: Economic Development Coordinator Village of Lemont 418 Main Street Lemont, IL 60439 If you need assistance with the application and/or have general inquiries, please contact the Economic Development Coordinator at (708) 257 -6440. EXHIBIT B SIGN PROGRAM VILLAGE OF LEMONT PRIVATE SIGNAGE IMPROVEMENT PROGRAM AGREEMENT THIS AGREEMENT, entered into this day of , 19 the Village of Lemont, Illinois (hereinafter referred to as the "Village ") and the following designated OWNER/LESSEE, to wit: Owner's/Lessee's Name: Name of Business: Address: City: State: Zip Code: WITNES SETH Whereas, the VILLAGE has established a Private Signage Improvement Program for application within certain designated commercial rehabilitation areas of the VILLAGE known as the Tax Increment Financing District; and Whereas, said Private Signage Improvement Program is administered by the VILLAGE and is funded from District Revenues for purposes of control and prevention of blight, dilapidation and deterioration of designated areas within the District, and Whereas, pursuant to said Program the VILLAGE has agreed to participate, subject to its sole discretion, in sharing the cost of Signage Improvements to commercial establishments within the District up to a maximum of one -half (1/2) of the approved contract cost of such improvement but in no event shall the total Village participation exceed Two Hundred Fifty Dollars ($250) per sign for sign design and sign procurement; and Whereas, the OWNER's/LESSEE's property is located within the Tax Increment Financing District/Downtown, a designated rehabilitation area, and the OWNER/LESSEE desires to participate in the Private Signage Improvement Program pursuant to the terms and provisions of this agreement. NOW, THEREFORE, in consideration of the mutual covenants and agreement obtained herein, the VILLAGE and OWNER/LESSEE do hereby agree as follows: SECTION 1: COST SHARING - The VILLAGE shall share in the signage design and procurement costs for the OWNER's/LESSEE's property up to fifty percent (50 %), up to a maximum amount not exceeding Two Hundred Fifty Dollars ($250) per sign. The actual amount per this agreement shall not exceed $ . The signage design and procurement costs which are eligible for VILLAGE participation include all labor, 2 materials, equipment and other contract items necessary for the proper execution and completion of the work as designated from the design drawings approved by the VILLAGE. Said design drawings and specifications are attached hereto as Exhibit IV. SECTION 2: DESIGN APPROVAL - No private signage work shall be undertaken until the design therefore has been submitted to and approved by the Building Department. Following approval, the OWNER/LESSEE shall contract for the work and shall commence and complete all such work within one hundred eighty (180) days from the date of such approval. SECTION 3: REVIEW OF PROJECT - The Economic Development Coordinator shall periodically review the progress of the contractor's work on the signage pursuant to this Agreement. Such inspections shall not replace any required permit inspection by Village Inspectors. All work which is not in conformance with the approved drawings and specifications shall be immediately remedied by the OWNER/LESSEE and deficient or improper work shall be replaced and made to comply with the approved drawings, specifications, and terms of this Agreement. SECTION 4: DOCUMENTATION REQUIREMENTS - Upon completion of the signage improvement and upon its final inspection and approval by the Building Department, the OWNER/LESSEE shall submit to the VILLAGE a properly executed and notarized 3 contractor statement showing the full cost of the work as well as each separate component amount due to the contractor and each and every subcontractor involved in furnishing labor, materials, or equipment in the work. In addition, the OWNER/LESSEE shall submit to the VILLAGE proof of payment of the contract cost pursuant to the contractor's statements. The VILLAGE shall, within thirty (30) days of receipt of the contractor's statement and proof of payment issue a check to the OWNER/LESSEE in payment of one -half of the approved cost or Two Hundred Fifty Dollars ($250) whichever is less. In no case shall the amount paid to the OWNER/LESSEE exceed the amount specified in this Agreement or in the contractor's statements. At time of reimbursement and throughout the term of this agreement, all signage under the control of the OWNER/LESSEE shall be in conformance with Village sign code provisions. SECTION 5: FAILURE TO COMPLETE WORK - If the OWNER/LESSEE or his contractor fail to complete the signage improvement work provided for herein in conformity with the plans, specifications and terms of this Agreement, the Agreement shall terminate and the financial obligation on the part of the VILLAGE shall cease and become null and void. SECTION 6: MAINTENANCE OF IMPROVEMENTS - Upon completion of the signage improvement work pursuant to this Agreement and for a period of three (3) years thereafter, the OWNER/LESSEE shall be responsible for properly maintaining such signage 4 improvement in its finished form and without change or alteration thereto, as provided in this Agreement, and for the said period of three (3) years following completion of the construction thereof, the OWNER/LESSEE shall not enter into any Agreement or contract or take any other steps to alter, change or remove such signage, or the approved design thereof, nor shall OWNER/LESSEE undertake any other changes, by contract or otherwise, to the improvement provided for in this Agreement unless such changes are first submitted to the Economic Development Coordinator, and any additional review body or commission designated for approval; which approval shall not be unreasonably with held if the proposed changes do not substantially alter the original design concept of the signage as specified in the drawings and plans approved pursuant to this Agreement. SECTION 7: UNRELATED IMPROVEMENT - Nothing herein is intended to limit, restrict or prohibit the OWNER/LESSEE from undertaking any other work in or about the subject premises which is unrelated to the signage improvement provided for in this Agreement. SECTION 8: AGREEMENT APPLICABLE TO FUTURE OWNERS - This Agreement shall be binding upon the VILLAGE OF LEMONT and upon the OWNER/LESSEE, to said property for a period of three (3) years from and after the date of completion and approval of the signage improvement provided for herein. It shall be the responsibility of 5 the OWNER/LESSEE to inform subsequent OWNER(s)/LESSEE(s) of Section 6 of this Agreement. SECTION 9. MAXIMUM GRANT AWARDS - Nothing in this Agreement shall prohibit a business property owner from applying for more than one Grant. However, a Ten Thousand Dollar ($10,000.00) limitation shall apply to all Sign Grants, Facade Grants, or Interest Rate Program Awards made to a single building and/or lot within any three (3) year period. For the purpose of calculating the three (3) year period, the date of the last Village payment shall be considered the start of the three (3) year period. SECTION 10: CONSTRUCTION INDEMNIFICATION - The owners of the subject property agree to defend and hold harmless the Village from any and all claims which may arise out of said owners' construction activities under this Agreement. SECTION 11: GENERAL INDEMNIFICATION - In the event that, as a result of this Agreement, or actions taken as required hereunder, the Village is made a party defendant in any litigation arising by reason of this Agreement, or the construction and development activities contemplated hereunder, the owners agree to defend and hold harmless the Village, the mayor, trustees, officers and agents thereof, individually and collectively, from any suits and from any claims, demands, setoff or other action including but not limited to judgments arising therefrom. The obligation of the owners hereunder shall include and 6 extend to payment of reasonable attorneys' fees for the representation of the Village and its said officers and agents in such litigation and includes expenses, court costs and fees; it being understood that the owners where there shall be no applicable standards provided therein, shall have the right to employ all such attorneys to represent the Village and its officers and agents in such litigation, subject to the approval of the corporate authorities of the Village, which approval shall not be unreasonably withheld. The owners shall have the right to appeal to courts of appellate jurisdiction any judgment taken against the Village or its officers or agents in this respect, and the Village shall join in any such appeal taken by the owners. SECTION 12: PERFORMANCE OF AGREEMENT - It is agreed that the parties hereto may in law or in equity, by suit, action, mandamus, or any other proceeding, including specific performance, enforce or compel the performance of this Agreement, which shall include the right of the parties to recover a judgment for monetary damages against each other, provided, however, that the owners shall not have a right to recover a judgment for monetary damages against any elected or appointed official of the Village for any breach of any of the terms of this Agreement. The Village reserves the right to maintain an action to recover damages or any sums which owners have agreed to pay pursuant to this Agreement and which have become due and remained unpaid. 7 SECTION 13: EXHIBITS - It is agreed that exhibits I through V shall be considered part of this agreement. SECTION 14: DISPLAY OF VILLAGE FUNDING PROMOTIONAL MATERIAL - All program participants shall be required to prominently display a poster identifying the property as receiving Village funding. The sign will be provided by the Village and shall be displayed from the date the application is approved, to no less than thirty (30) days after final approval and reimbursement is made. 8 IN WITNESS THEREOF, the parties hereto have executed this Agreement on the date first appearing above. OWNERS/LESSEE LAGE OF LEMONT Program Participant DATE: DATE: Property Owner DATE: 9 Village President ATTEST: DATE: illage Clerk 13 -F 6 EXHIBITS EXHIBIT I PROOF OF OWNERSHIP EXHIBIT II EXECUTED LEASE EXHIBIT III COPY OF APPLICATION EXHIBIT IV SIGNAGE PLANS EXHIBIT V CONTRACTOR'S AGREEMENT Applicant Name: File Number: VILLAGE OF LEMONT PRIVATE SIGNAGE IMPROVEMENT GRANT APPLICATION Project Address(es): Building Owner: Year Purchased: Store /Company Name: Name of Tenant: Lease Expiration Date: Applicant Name: Applicant Business Address: Applicant Business Phone: Home Phone: Applicant(s): Building Owner: Tenant: Number of Signs (max. three): Total Anticipated Budget: Total Anticipated Grant Request: $ Description of Proposed Signage:* * Signage placement on building Applicant Name: File Number: PICTURE OF STORE FRONT AND PLACEMENT OF SIGNAGE ON STOREFRONT: 8 1/2" X 10" PHOTO Applicant Name: File Number: BUDGET (anticipated) ACTIVITY ESTIMATED COST Total Anticipated Grant Request: $ Sign Designer for the Project: Name: Address: Phone: Contractor for the Project: Name: Address: Phone: Application will be reviewed by the Economic Development Coordinator, Building Department and Community Development Director. Applicant Name: File Number: I, , hereby make application to the Village of Lemont for a Private Signage Improvement Grant in the anticipated amount of $ I understand that my application must be approved by the Village and that it must conform to established design guidelines, as well as, specific design recommendations of the Village of Lemont. I have read a copy of the Signage Improvement Program Agreement. If approved, I understand that all work performed is subject to development, building, permit, and agreement provisions. Applicant Signature Date Building Owner Date Please return the completed application to: Economic Development Coordinator Village of Lemont 418 Main Street Lemont, IL 60439 If you need assistance with the application and/or have general inquiries, please contact the Economic Development Coordinator at (708) 257 -6440. EXHIBIT C LOAN PROGRAM VILLAGE OF LEMONT LOW INTEREST LOAN PROGRAM AGREEMENT THIS AGREEMENT, entered into this day of , 19 the Village of Lemont, Illinois (hereinafter referred to as the "Village ") and the following designated OWNER/LESSEE and LENDING INSTITUTION, to wit: Owner's/Lessee's Name: Name of Business: Address: City: State: Zip Code: Lending Institution: Address: City: State: Zip Code: WITNESSETH Whereas, the VILLAGE has established a Low Interest Loan Program for application within certain designated commercial rehabilitation areas of the VILLAGE known as the Tax Increment Financing District; and Whereas, said Low Interest Loan Program is administered by the VILLAGE and is funded from District Revenues for purposes of control and prevention of blight, dilapidation and deterioration of designated areas within the District, and Whereas, pursuant to said Program the VILLAGE has agreed to participate, subject to its sole discretion, in sharing the cost of loan interest for private property improvements to commercial establishments within the District. The Village shall buy down the interest up to a maximum of four (4) points, not to exceed Ten Thousand Dollars ($10,000) for a five (5) year maturity loan. In lieu of points, interest percentage points shall be bought up to a maximum of one (1) interest percentage point, not to exceed Ten Thousand Dollars ($10,000) for a five (5) year maturity loan. The following combination of points and interest percentage points can be used: three (3) points and one - quarter (.25 %) of an interest percentage point; two (2) points and one -half (.50 %) of an interest percentage point; and one (1) point and three- fourths (.75 %) of an interest percentage point, not to exceed Ten Thousand Dollars ($10,000); and Whereas, the OWNER's/LESSEE's property is located within the Tax Increment Financing District/Downtown, a designated rehabilitation area, and the OWNER/LESSEE desires to participate in the Low Interest Loan Program pursuant to the terms and provisions of this agreement. 2 NOW, THEREFORE, in consideration of the mutual covenants and agreement obtained herein, the VILLAGE and OWNER/LESSEE and LENDING INSTITUTION do hereby agree as follows: SECTION 1: COST SHARING - The VILLAGE shall share in the loan interest cost for the OWNER's/LESSEE's property improvement up to four (4) points or one (1) interest percentage point, not to exceed Ten Thousand Dollars for a five (5) year maturity loan. The actual amount per this agreement shall not exceed $ 10,000.00 for purchase of four (4) interest percentage points. The private property improvement costs which are eligible for VILLAGE participation include all labor, materials, equipment and other contract items necessary for the proper execution and completion of the work as designated from the design drawings approved by the VILLAGE. Said design drawings and specifications are attached hereto as Exhibit IV. The applicant shall be responsible for securing a Building Permit subject to application and plan review and any application fees. SECTION 2: LENDING INSTITUTION PAYMENT - The Village shall, within thirty (30) days of receipt of the approved loan, issue a check to the LENDING INSTITUTION in payment of four (4) points and /or one (1) interest percentage point, not to exceed Ten Thousand ($10,000) for the purchase of loan points or interest percentage points for a five 3 (5) year maturity loan. In no case shall the amount paid to the LENDING INSTITUTION exceed the amount specified in this Agreement. SECTION 3: DESIGN APPROVAL - No private property improvement work shall be undertaken until the design therefore has been submitted to and approved by the Village Board. Following approval, the OWNER/LESSEE shall contract for the work and shall commence and complete all such work within one hundred eighty (180) days from the date of such approval. SECTION 4: REVIEW OF PROJECT - The Economic Development Coordinator shall periodically review the progress of the contractor's work on the property improvement pursuant to this Agreement. Such inspections shall not replace any required permit inspection by Village Inspectors. All work which is not in conformance with the approved drawings and specifications shall be immediately remedied by the OWNER/LESSEE and deficient or improper work shall be replaced and made to comply with the approved drawings, specifications, and terms of this Agreement. SECTION 5: DOCUMENTATION REQUIREMENTS - Upon completion of the property improvement and upon its final inspection and approval by the Building Department, the OWNER/LESSEE shall submit to the VILLAGE a properly executed and notarized contractor statement showing the full cost of the work as well as each separate 4 component amount due to the contractor and each and every subcontractor involved in furnishing labor, materials, or equipment in the work. In addition, the OWNER/LESSEE shall submit to the VILLAGE proof of payment to the contractor. At the time of project completion and throughout the term of this agreement, all land use and signage under the control of the OWNER/LESSEE shall be in conformance with zoning and sign code provisions. SECTION 6: FAILURE TO COMPLETE WORK - If the OWNER/LESSEE or his contractor fail to complete the property improvement work provided for herein in conformity with the plans, specifications and all terms of this Agreement, the agreement shall terminate and the OWNER/LESSEE shall reimburse the VILLAGE the actual amount paid to the LENDING INSTITUTION. SECTION 7: MAINTENANCE OF IMPROVEMENT - Upon completion of the property improvement work pursuant to this Agreement and for a period of three (3) years thereafter, the OWNER/LESSEE shall be responsible for properly maintaining such property improvement in its finished form and without change or alteration thereto, as provided in this Agreement, and for the said period of three (3) years following completion of the construction thereof, the OWNER/LESSEE shall not enter into any Agreement or contract or take any other steps to alter, change or remove such property improvement, or the approved design thereof, nor shall OWNER/LESSEE undertake any other changes, by 5 contract or otherwise, to the improvement provided for in this Agreement unless such changes are first submitted to the Economic Development Coordinator, and any additional review body or commission designated for approval; which approval shall not be unreasonably withheld if the proposed changes do not substantially alter the original design concept of the property as specified in the drawings and plans approved pursuant to this Agreement. SECTION 8: FILING OF LIEN - Prior to issuance of a check to the lending institution, a Lien shall be filed to guarantee compliance with Section 7. The Village's lien is after the lending institution lien. SECTION 9: UNRELATED IMPROVEMENTS - Nothing herein is intended to limit, restrict or prohibit the OWNER/LESSEE from undertaking any other work in or about the subject premises which is unrelated to the proprety improvement provided for in this Agreement. SECTION 10: AGREEMENT APPLICABLE TO FUTURE OWNERS - This Agreement shall be binding upon the VILLAGE OF LEMONT and upon the OWNER/LESSEE and its successors, to said property for a period of three (3) years from and after the date of completion and approval of the property improvement provided for herein, unless 6 foreclosure. It shall be the responsibility of the OWNER/LESSEE to inform subsequent OWNER(s)/LESSEE(s) of Section 6 of this Agreement. SECTION 11: MAXIMUM GRANT AWARDS - Nothing in this Agreement shall prohibit a business or property owner from applying for more than one Grant. However, a $10,000 total limitation shall apply to all Sign Grants, Facade Grants or Interest Rate Program Awards made to a single building and/or lot within any three (3) year period. For the purpose of calculating the three year period, the date of the last Village payment shall be considered the start of the three year period. SECTION 12: CONSTRUCTION INDEMNIFICATION - The owners of the subject property agree to defend and hold harmless the Village from any and all claims which may arise out of said owners' construction activities under this Agreement. SECTION 13: GENERAL INDEMNIFICATION - In the event that, as a result of this Agreement, or actions taken as required hereunder, the Village is made a party defendant in any litigation arising by reason of this Agreement, or development activities contemplated hereunder, the owners agree to defend and hold harmless the Village, the mayor, trustees, officers, and agents thereof, individually and collectively, from any suits and from any claims, demands, setoff or other action including but not limited to judgments arising therefrom. The obligation of the owners hereunder shall include and extend to payment of 7 reasonable attorneys' fees for the representation of the Village and its said officers and agents in such litigation and includes expenses, court costs and fees; it being understood that the owners where there shall be no applicable standards provided therein, shall have the right to employ all such attorneys to represent the Village and its officers and agents in such litigation, subject to the approval of the corporate authorities of the Village, which approval shall not be unreasonably withheld. The owners shall have the right to appeal to courts of appellate jurisdiction any judgment taken against the Village or its officers or agents in this respect, and the Village shall join in any such appeal taken by the owners. SECTION 14: PERFORMANCE OF AGREEMENT - It is agreed that the parties hereto may in law or in equity, by suit, action, mandamus, or any other proceeding, including specific performance, enforce or compel the performance of this Agreement, which shall include the right of the parties to recover a judgment for monetary damages against each other, provided, however, that the owners shall not have a right to recover a judgment for monetary damages against any elected or appointed official of the Village for any breach of any of the terms of this Agreement. The Village reserves the right to maintain an action to recover damages or any sums which owners have agreed to pay pursuant to this Agreement and which have become due and remained unpaid. SECTION 15: EXIIIBITS - It is agreed that Exhibits I through VII shall be considered part of this agreement. 8 SECTION 16: DISPLAY FOR VILLAGE FUNDING PROMOTIONAL MATERIAL - Program Participants shall be required to prominently display a poster identifying the property as receiving Village funding. The sign will be provided by the Village and shall be displayed from the date the application is approved, to no less than thirty (30) days after final completion of the work. 9 IN WITNESS THEREOF, the parties hereto have executed this Agreement on the date first appearing above. OWNERS/LESSEE Program Participant DATE: Property Owner DATE: LENDING INSTITUTION Lending Institution Representative DATE: 10 GE OF LEMONT lage President DATE: DATE: 5-73- �/' EXHIBITS EXHIBIT I PROOF OF OWNERSHIP EXHIBIT II EXECUTED LEASE EXHIBIT III COPY OF APPLICATION EXHIBIT IV RENOVATION PLANS EXHIBIT V CONTRACTOR'S AGREEMENT EXHIBIT VI ARCHITECT'S AGREEMENT EXHIBIT VII SAMPLE LIEN Applicant Name: File Number: VILLAGE OF LEMONT LOW INTEREST LOAN PROGRAM APPLICATION Project Address(es): Building Owner: Store /Company Name: Name of Tenant: Lease Expiration Date: Year Purchased: Applicant Name: Applicant Business Address: Applicant Business Phone: Home Phone: Applicant(s): Building Owner: Tenant: Total Square footage: Total Anticipated Budget: $ Total Anticipated Loan Amount: $ Description of Proposed Improvements: * * Attach elevations of proposed improvements (if available) Applicant Name: File Number: PICTURES OF PROPERTY (INTERIOR AND EXTERIOR): Applicant Name: File Number: BUDGET (anticipated) ACTIVITY ESTIMATED COST Total Anticipated Loan: $ Architect for the Project: Engineer for the Project: Name: Name: Address: Address: City, St, Zip: City, St, Zip: Phone: Phone: Contractor for the Project: Proposed Lending Institution: Name: Name: Address: Address: City, St, Zip: City, St, Zip: Phone: Phone: Loans must be obtained from a lending institution located within the corporate limits of the Village of Lemont. Application will be reviewed by the Economic Development Coordinator , Building Department, and Community Development Director. Applicant Name: File Number: I, , hereby make application to the Village of Lemont for participation in the Low Interest Loan Program in the anticipated amount of $ for the purchase of 4 interest points, not to exceed $10,000. I understand that my application must be approved by the Village and that it must conform to established design guidelines, as well as, specific design recommendations of the Village of Lemont. I have read a copy of the Low Interest Loan Program Agreement and lien provisions. If the application is approved, I understand that all work performed is subject to applicable development, building, permit, and agreement provisions. Applicant Signature Date Building Owner Date Please return the completed application to: Economic Development Coordinator Village of Lemont 418 Main Street Lemont, IL 60439 If you need assistance with the application and/or have general inquiries, please contact the Economic Development Coordinator at (708) 257 -6440.