R-209-92 Resolution Authorizing Execution Of An Agreement To Participate In Funding4,
ITEM VI.B.1
RESOLUTION _i01_
RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT
TO PARTICIPATE IN FUNDING A TIF FEASIBILITY STUDY
WHEREAS, the Village of Lemont seeks to participate in a
cooperative Agreement to provide 50% funding to accomplish a TIF
Feasibility Study for the area north of Chicago - Joliet Road and
west of Rout 83; and
WHEREAS, the Attached agreement will provide such terms and
conditions governing the cost participation, and identify those
owners of property who choose to fund the remaining amount of the
study; and
WHEREAS, the contribution required by the Village for this
partnership is a maximum of $5,000.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of
Trustees that the Agreement attached as Exhibit "A" be executed by
the Village President and attested by the Village Clerk.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND DU PAGE,
ILLINOIS, on this ;43 day of ;j ��� , 1992.
AYES NAYS PASSED ABSENT
Ken Bromberek
Barbara Buschman ✓
Bert Ercoli
Rick Kwasneski V
William Margalus ✓
Ralph Schobert V
Approved by me this
Attest:
I3
72
Charlene M. Smollen, Village Clerk
day of 744.4 , 1992
Jga�eph %: Fotzley President
Charlene M. Smollen, Village Clerk
AGREEMENT TO FUND
TAX INCREMENT FINANCING FEASIBILITY STUDY
WHEREAS, the consulting firm of Trkla, Pettigrew, Allen & Payne, has agreed to
assist the Village of Lemont in preparing a study for the establishment of a Tax Increment
Financing (TIF) Redevelopment Project located west of Route 83 between Chicago /Joliet
Road and the Illinois Michigan Canal, in the Village of Lemont.
WHEREAS, the Village of Lemont and certain property owners lying within the
study area are desirous of entering into an agreement to share the cost of a Feasibility
Study.
WHEREAS, the property owners will upon execution hereof, deposit a total of Five
Thousand Dollars ($5,000.00) with the Village of Lemont to pay fifty percent (50 %) of the
estimated cost of a Feasibility Study.
NOW, IN CONSIDERATION of the mutual promises and covenants, the parties
agree as follows:
1. Joint Deposit: The undersigned property owners hereby jointly deposit the sum
of Five Thousand Dollars ($5,000.00) with the Village of Lemont for the purpose of paying
fifty percent (50 %) of the cost (not to exceed a total of Ten Thousand Dollars ($10,000.00))
of a TIF Feasibility Study prepared by Trkla, Pettigrew, Allen & Payne for the area located
west of Route 83 between Chicago /Joliet Road and the Illinois Michigan Canal in the
Village of Lemont. Any unearned portion of the deposit shall be returned to the property
owners in proportion to the amount deposited with the Village.
2. Study to be Performed: Upon receipt of Five Thousand Dollars ($5,000.00) from
the property owners, the Village will engage the services of Trkla, Pettigrew, Allen & Payne
to prepare the Feasibility Study which will include Tax Increment Financing Management,
Project Eligibility Survey, Project Development and Potential Preliminary Financing
Analysis and Progress Meetings.
3. Payment of Study: Upon completion of the Feasibility Study and receipt of
invoice, the Village shall pay not more than Five Thousand Dollars ($5,000.00) from its own
funds, and Five Thousand Dollars ($5,000.00) from the property owners funds, to Trkla,
Pettigrew, Allen & Payne. In the event the Study is less than Ten Thousand Dollars
($10,000.00) each party, including the Village, shall prorate the cost and return any unused
portion to the contributor.
4. Limitation /Reimbursement: The parties hereby acknowledge that this Agreement
is limited to the Feasibility Study and any further action or costs shall not be binding on
the parties to this Agreement, except that, in the event the Village elects to form a TIF
District and receives incremental tax revenue, the Village shall reimburse the parties to this
Agreement in proportion to the amount contributed.
5. Property Owners: The property owners and the voluntary contributors are
identified as follows:
Property Owner
Bruce MacNeal
John Marich
Joe Meno
John Bencsik
Peter Hoekstra
Frank Lonielo
Amount Contributed
833.35
833.33
833.33
833.33
833.33
833.33
6. Binding Effect: This Agreement shall be binding upon and inure to the benefit
of the parties as well as their respective heirs, personal representatives, successors and
assigns.
7. Complete Understanding. This Agreement constitutes the complete
understanding among the parties relating to the subject matter of the contemplated
Feasibility Study. No alteration or modification of any of this Agreement's provisions shall
be valid unless made in writing and signed by all of the parties.
Dated:
Attest:
343/1a,_
Charlene Smollen, Village Clerk
PROPERTY OWNERS:
B: \VILLAGE \TIF.AGR
VILLAGE OF LEMONT
By
Village esiVnt