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O-81-10 Ord 2nd Amend. Redevelopment Agreement MarquetteVILLAGE OF LEMONT ORDINANCE 0 - °01 - 6 D ORDINANCE APPROVING THE SECOND AMENDMENT TO A REDEVELOPMENT AGREEMENT BY AND BETWEEN THE VILLAGE OF LEMONT, ILLINOIS AND MARQUETTE PROPERTY INVESTMENTS, INC. IN CONNECTION WITH DOWNTOWN CANAL DISTRICT I REDEVELOPMENT PROJECT AREA, AND RELATED MATTERS ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT This 25th day of October , 2010 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 25th day of October , 2010 ORDINANCE Q- bt - 1 O AN ORDINANCE APPROVING THE SECOND AMENDMENT TO A REDEVELOPMENT AGREEMENT BY AND BETWEEN THE MUNICIPALITY OF LEMONT, ILLINOIS AND MARQUETTE PROPERTY INVESTMENTS, INC., IN CONNECTION WITH DOWNTOWN CANAL DISTRICT I REDEVELOPMENT PROJECT AREA, AND RELATED MATTERS WHEREAS, MP Lemont, LLC (the "Townbuilder "), and the Village of Lemont, Illinois (the "Municipality "), in connection with the redevelopment of a part of the Municipality's Downtown Canal District I Redevelopment Project Area (the "Redevelopment Project Area ") entered into a Redevelopment Agreement dated as of May 15, 2006 (including all exhibits and attachments in connection therewith, as supplemented and amended, including as herein provided, the "Redevelopment Agreement," with respect to which undefined terms herein shall have the meaning therein) concerning redevelopment incentives and assistance related to the preservation, development and redevelopment of a part of the Redevelopment Project Area; and WHEREAS, the Municipality and the Townbuilder have previously entered into a First Amendment to Redevelopment Agreement (the "First Amendment "); and, WHEREAS, as a result of economic conditions, the provisions of the First Amendment are no longer capable of being implemented in the manner and schedule set forth in the First Amendment; and, WHEREAS, the Municipality and the Townbuilder have agreed to delete all provisions of the First Amendment and have negotiated and now desire to enter into a Second Amendment to the Redevelopment Agreement (the "Second Amendment "); and, WHEREAS, the Municipality and the published in the South Town Star the Notice of Intent to Sell Real Estate and to request alternative proposals related to the proposed disposition of municipally owned property under Section 11- 74.4 -4(c) of the Tax Increment Allocation Redevelopment Act. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, AS FOLLOWS: Section 1- Approval. The Second Amendment, in substantially the form thereof presented before the meeting of the President and Board of Trustees at which this ordinance is adopted, shall be and is hereby ratified, confirmed and approved, and the Village President and Village Clerk are authorized to execute and deliver the Amendment for and on behalf of the Municipality, with such modifications and revisions therein as the Municipality's officers executing the Second Amendment shall approve, such approval to be conclusively evidenced by execution and delivery, with no further authorization required other than this ordinance; and upon the execution thereof by the Municipality and the Townbuilder, the appropriate officers, agents, attorneys and employees of the Municipality are authorized to take all supplemental actions, including (i) the issuance from time to time of TIF Notes and /or Refunding TIF Notes under the Redevelopment Agreement and related Authenticating Orders from time to time, and (ii) the execution and delivery of related supplements and amendments and related supplemental approvals and consents, obligations (including TIF Notes, Refunding TIF Notes and Authenticating Orders) opinions, certificates, agreements (including Parking Agreements), instruments not inconsistent with the Redevelopment Agreement and the Amendment, desirable or necessary to implement and otherwise give full effect to the Redevelopment Agreement and the Amendment (and including without limitation the TIF Notes, and /or Refunding TIF Notes, as the case may be, and related Authenticating Orders). Upon full execution thereof, the Second Amendment shall be attached as an exhibit to this ordinance, but any failure to so attach shall not abrogate, diminish or impair the effect of the Redevelopment Agreement as fully executed. Section 2. Conveyance of Real Estate. The Municipality is authorized to convey real estate (i.e. that part of the Canal District I Redevelopment Project Area north of Front Street, west of Stephens Street, east of Ed Bossert Street and south of River Street, as legally described on the attached Exhibit A, the "Real Estate" constituting "Phase 1C Property "), in connection with and as provided in the Redevelopment Agreement and the Second Amendment. Section 3 - Reimbursements. The Municipality reserves the right, and intends to, reimburse itself from incremental property taxes (not pledged under the Redevelopment Agreement) for redevelopment project costs paid from the Municipality's local improvement fund or from general funds. Further, the Municipality reserves the right, but is not obligated, to reimburse itself from proceeds of tax - exempt obligations up to the amount of its contribution to redevelopment project costs as set forth in the Redevelopment Agreement, under Section 1.150 -2 of the Income Tax Regulations. Section 4 - Conflict. If any section of this Ordinance and or the Second Amendment are found to be in conflict with Lemont Resolution R -22 -10 — Repayment Agreement with MP Lemont, LLC, the provisions of Resolution R -22 -10 shall prevail Section 5 - Effective. This ordinance shall be in full force and effect in the manner provided by law. The Village Clerk of the Village of Lemont shall certify to the adoption of this Ordinance and cause the same to be published in pamphlet form. PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COOK, WILL AND DU PAGE COUNTIES ILLINOIS on this Day of L1-06r1/ , 2010 Debby Blatzer Paul Chialdikas Clifford Miklos Rick Sniegowski Ronald Stapleton Jeanette Virgilio AYES NAYS PASSED ABSENT Approved by me this 25th day of October, 2010 CHARLENE M. SMOLLEN, Village Clerk BRIAN REAVES, Village President EXHIBIT A Real Estate Legal Description Phase 1C Development Property / 240 River Road (south of the new south line of River Street) That part of the West 400.50 feet (as measured on the South line thereof) of that part of Lot 9 in County Clerk's Division of unsubdivided lands in Section 20, Township 37 North, Range 11 East of the Third Principal Meridian, lying South of the new right -of -way of the Atchison, Topeka and Santa Fe Railroad Company and Tying East of the East right -of -way for the new FAU Route 2612 as referred to in case 79L 11586, in Cook County, Illinois. Also, a tract of land in the Southwest 1/4 of Section 20, Township 37 North, Range 11 East of the Third Principal Meridian, described as follows: Commencing at a point on the south line of River Street 350.96 feet (356.7 feet, record) west of the west line of Stephen Street, said point being the northwest corner of Lot 10 of the County Clerk's Division of unsubdivided lands in said Section 20, said point also described in a Quit Claim Deed dated May 17, 1967 having a deed file number of 44618, said deed returned to the Secretary of the Atchison, Topeka and Santa Fe Railway Company; thence on an assumed bearing of South 75 degrees 38 minutes 21 seconds West, 116.00 feet; thence South 68 degrees 51 minutes 51 seconds West, 75.31 feet (78.00 feet, record) to the east line of the west 400.50 feet of Lot 9 in County Clerk's Division (as measured along the south line of Lot 9), said point being the point of beginning; thence South 00 degrees 34 minutes 56 seconds West along the aforesaid east line, 90.00 feet; thence North 88 degrees 43 minutes 12 seconds West along a line that is 60 feet north of and parallel with the north line of the Illinois and Michigan Canal Reserve, 219.22 feet to a point on a curve; thence northeast 107.30 feet along a curve to the left having a radius of 435.00 feet and a chord bearing North 72 degrees 25 minutes 47 seconds East, 107.03 feet; thence North 65 degrees 54 minutes 19 seconds East, 129.31 feet to the east line of the west 400.50 feet of Lot 9 in County Clerk's Division (as measured along the south line of Lot 9); thence South 00 degrees 34 minutes 56 seconds West along the aforesaid line, 1.35 feet to the point of beginning, excepting therefrom that part lying west of the East right -of -way for the new FAU Route 2612 as referred to in case 79L 11586, in Cook County, Illinois. STATE OF ILLINOIS COUNTY OF COOOK VILLAGE OF LEMONT SS. CERTIFICATION OF ORDINANCE I, Charlene M. Smollen, do hereby certify that I am the duly selected, qualified and acting Village Clerk of the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Municipality "), and as such official I am the keeper of the records and files of the Municipality and of its President and Board of Trustees (the "Corporate Authorities "). I do further certify that the attached ordinance constitutes a full, true and correct excerpt from the meeting and proceedings of the Municipality's Corporate Authorities held on October 25, 2010, insofar as same relates to the adoption of Ordinance No. entitled: AN ORDINANCE APPROVING THE SECOND AMENDMENT TO A REDEVELOPMENT AGREEMENT BY AND BETWEEN THE MUNICIPALITY OF LEMONT, ILLINOIS AND MARQUETTE PROPERTY INVESTMENTS, INC., IN CONNECTION WITH DOWNTOWN CANAL DISTRICT I REDEVELOPMENT PROJECT AREA, AND RELATED MATTERS, a true, correct and complete copy of which ordinance as adopted at such meeting appears in the minutes of such meeting and is hereto attached. Such ordinance was adopted and approved on the date thereon set forth by not less than a affirmative vote of a majority of the Corporate Authorities and approved by the Village President on the date indicated thereon. I do further certify that the deliberations of the Corporate Authorities on the adoption of the above ordinance were taken openly, that the vote on the adoption of such ordinance was taken openly and was preceded by a public recital of the nature of the matter being considered and such other information as would inform the public of the business being conducted, that such meeting was held at a specified time and place convenient to the public, that the Agenda for the meeting was duly posted at the Village Hall at least 48 hours prior to the meeting, that notice of such meeting was duly given to all of the news media requesting such notice, that such meeting was called and held in strict compliance with the provisions of the Illinois Municipal Code, as amended, and that the Corporate Authorities have complied with all of the applicable provisions of such laws and such Code and their procedural rules in the adoption of such ordinance. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village of Lemont, Illinois, this 25th day of October, 2010. (SEAL) illage Clerk SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT by and between the VILLAGE OF LEMONT, ILLINOIS, And MARQUETTE PROPERTY INVESTMENTS, INC., as Townbuilder dated as of , 2010 SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT THIS SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT (this "Second Amendment" (which together with the Redevelopment Agreement dated May 15, 2006 (the "Initial Agreement ") and the First Amendment to the Redevelopment Agreement dated (the First Amendment) are collectively the "Agreement ", is made and entered into as of this _ day of , 2010, by and between the Village of Lemont, ILLINOIS, a municipal corporation of the State of Illinois (the "Municipality'), and MARQUETTE PROPERTY INVESTMENTS, INC" an Illinois corporation (the " Townbuilder'). (Certain capitalized terms used herein shall have the meanings ascribed to them in the Initial Agreement, except as they may be defined elsewhere in this Amendment.) RECITALS WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, Chapter 65, Sections 5/1 1- 74.4 -1 through 5/1 1- 74.4 -11 of the Illinois Compiled Statutes, as supplemented and amended (the "Act), the President and Board of Trustees, by Ordinance Nos. 0- 37 -05, 0 -38- 05, and 0 -39 -05 adopted and approved on April 18, 2005 (as supplemented and amended, including by Ordinance No, 0- 33 -05, adopted April 11, 2005, collectively, the "Approving Ordinances "), (i) approved a redevelopment plan and project titled "Downtown Canal District [Redevelopment Plan and Project" (the "Redevelopment Plan, " and includes the related "Redevelopment Project "), (ii) designated the "Downtown Canal District I Redevelopment Project Area" within the Municipality (the "Redevelopment Area "), and (iii) adopted tax increment allocation finance ( "TIF ") for the Redevelopment Area, all as set forth in the Approving Ordinances and in accordance with the requirements of the Act; and WHEREAS, in furtherance of the redevelopment of a part of the Redevelopment Area, the Townbuilder commenced part of the first Phase ( "Phase 1A') of the Redevelopment Area, such Phase IA constituting a part of the Redevelopment Area to be owned, acquired, or otherwise controlled by the Townbuilder and developed and redeveloped as provided in the Agreement (the "Phase 1 Development Property," as described in Exhibit A to the Agreement, as supplemented and amended under the Agreement); and WHEREAS, under the Agreement the Townbuilder agrees to redevelop the Development Property and make certain infrastructure improvements as set forth in the Agreement, consistent with the Redevelopment Plan; and WHEREAS, pursuant to provisions of the Act, the Municipality is authorized to make and enter into all contracts necessary or incidental to the implementation and furtherance of the Redevelopment Plan, to pay directly or to issue one or more TIF Notes (each a "TIF Note') or Refunding TIF Notes (each a "Refunding TIF Note ") as evidence of the Municipality's special and limited obligation to pay certain redevelopment project costs incurred in furtherance of the Redevelopment Plan (the "Redevelopment Project Costs'), and /or to apply Incremental Taxes and/or to pledge certain Incremental Taxes to the payment of the TIF Notes and /or the Refunding TIF Notes; and WHEREAS, in accordance with the Redevelopment Plan and the Act, the President and Board of Trustees adopted Ordinance No. 0 -28 -06 on May 15, 2006, authorizing the Initial Agreement; and, WHEREAS, the President and Board of Trustees adopted Ordinance No. 0 -88 -07 on October 22, 2007 authorizing a First Amendment to Redevelopment Agreement dated October 22, 2007 (the "First Amendment "); and, WHEREAS, as a result of economic conditions, the provisions of the First Amendment are no longer capable of being implemented in the manner and schedule set forth in the First Amendment; and, WHEREAS, the Municipality and the Townbuilder have agreed to delete all provisions of the First Amendment and have negotiated and now desire to enter into a Second Amendment to the Redevelopment Agreement (the "Second Amendment "); and, WHEREAS, the President and Board of Trustees adopted Ordinance No. 0- -10 on October 25, 2010 authorizing a Second Amendment to Redevelopment Agreement (the "Second Amendment "); and, WHEREAS, the President and Board of Trustees hereby ratifies and affirms its determination that the approval of the Redevelopment Plan and the fulfillment generally of the Agreement (which includes the First Amendment and this Second Amendment) are in the best interests of the Municipality, and the health, safety, morals and welfare of its residents, and in accordance with the public purposes set forth in the Redevelopment Plan and the Act. AGREEMENTS NOW, THEREFORE, IN CONSIDERATION OF THE ABOVE PREMISES AND THE PROMISES CONTAINED HEREIN AND OTHER GOOD AND VALUABLE CONSIDERATION, THE ADEQUACY AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, EACH PARTY HERETO HEREBY AGREES AS FOLLOWS: Section 1. First Amendment: The First Amendment shall be deleted in its entirety. Section 2. Second Amendment. The Initial Agreement is hereby amended by adding as a new part Phase 1C, the following: On or before December 1, 2010, the Municipality shall the convey real estate (i.e. that part of the Canal District I Redevelopment Project Area north of Front Street, west of Stephens Street, east of Ed Bossert Street and south of River Street, as legally described on the attached Exhibit A, the "Real Estate" constituting "Phase 1C Property "). In consideration thereof the Townbuilder shall: 1. Remediate the Phase 1C Property and adjoining property as required by the Municipality which will include but is not limited to demolition of existing structures, grading and drainage improvement, and landscaping. Provided, the total not to exceed budget for such remediation work shall not exceed $30,000. 2. At time of future development Townbuilder or October 25, 2015, whichever is sooner, Townbuilder or its successors and assignees shall pay $30,000 to the Municipality. This commitment shall run with the land until obligation has been fulfilled to the Municipality. The property adjacent to the Phase 1C Property: It is understood that the Phase 1C development includes the Phase 1C Property and adjacent parcels. The Phase 1C development is to include mixed use development consistent with the Unified Development Ordinance — Downtown District, with commercial development on the first floor. Not less than 15' of the east property line of Phase 1C will be dedicated to the Municipality for purposes of finishing a sidewalk. The purchaser will be responsible for streetscape work adjacent to project site consistent with established plans. In addition, the purchaser will be responsible for finishing required streetscape on the southern property line and for any cost overruns. Section 3. Agreement. This Second Amendment incorporates by reference all of the terms and provisions of the Initial Agreement, which together with this Second Amendment constitute, collectively, the Agreement. [The remainder of this page is intentionally blank.] EXHIBIT A Real Estate Legal Description Phase 1C Development Property / 240 River Road (south of the new south line of River Street) That part of the West 400.50 feet (as measured on the South line thereof) of that part of Lot 9 in County Clerk's Division of unsubdivided lands in Section 20, Township 37 North, Range 11 East of the Third Principal Meridian, lying South of the new right -of -way of the Atchison, Topeka and Santa Fe Railroad Company and lying East of the East right -of -way for the new FAU Route 2612 as referred to in case 79L 11586, in Cook County, Illinois. Also, a tract of land in the Southwest 1/4 of Section 20, Township 37 North, Range 11 East of the Third Principal Meridian, described as follows: Commencing at a point on the south line of River Street 350.96 feet (356.7 feet, record) west of the west line of Stephen Street, said point being the northwest corner of Lot 10 of the County Clerk's Division of unsubdivided lands in said Section 20, said point also described in a Quit Claim Deed dated May 17, 1967 having a deed file number of 44618, said deed returned to the Secretary of the Atchison, Topeka and Santa Fe Railway Company; thence on an assumed bearing of South 75 degrees 38 minutes 21 seconds West, 116.00 feet; thence South 68 degrees 51 minutes 51 seconds West, 75.31 feet (78.00 feet, record) to the east line of the west 400.50 feet of Lot 9 in County Clerk's Division (as measured along the south line of Lot 9), said point being the point of beginning; thence South 00 degrees 34 minutes 56 seconds West along the aforesaid east line, 90.00 feet; thence North 88 degrees 43 minutes 12 seconds West along a line that is 60 feet north of and parallel with the north line of the Illinois and Michigan Canal Reserve, 219.22 feet to a point on a curve; thence northeast 107.30 feet along a curve to the left having a radius of 435.00 feet and a chord bearing North 72 degrees 25 minutes 47 seconds East, 107.03 feet; thence North 65 degrees 54 minutes 19 seconds East, 129.31 feet to the east line of the west 400.50 feet of Lot 9 in County Clerk's Division (as measured along the south line of Lot 9); thence South 00 degrees 34 minutes 56 seconds West along the aforesaid line, 1.35 feet to the point of beginning, excepting therefrom that part lying west of the East right -of -way for the new FAU Route 2612 as referred to in case 79L 11586, in Cook County, Illinois. IN WITNESS WHEREOF, the Municipality and the Townbuilder have caused this Agreement to be executed in their respective names and caused their respective seals to be affixed thereto and attested as to the date first above written. This may be executed in counterparts. "MUNICIPALITY ": VILLAGE OF LEMONT, ILLINOIS (SEAL) By, Attest: Village Clerk STATE OF ILLINOIS COUNTY OF COOK -.5r;°.-- illage Presiders ACKNOWLEDGMENT SS. On this day "j of 61/4 INA 2010, before me, the undersigned, a Notary Public, appeared Brian K. Reaves and Charlene M. Smollen, to me personally known, who, being by me duly sworn, did say that they are the Village President and the Village Clerk, respectively, of the VILLAGE OF LEMONT, ILLINOIS, a body politic and corporate duly authorized, incorporated and existing under and by virtue of the laws of the State of Illinois, and that the seal affixed to the foregoing instrument is the corporate seal of such Municipality, and that such instrument was signed and sealed in behalf of the Municipality by authority of its President and Board of Trustees, and said officials acknowledged said instrument to be executed for the purposes therein stated and as the free act and deed of such Municipality. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal, the day and year last above written. Notary Publi OFFICIAL SEAL ROSEMAY YATES NOTARY PUBLIC, STATE OF ILLINOIS MY_ COMMISSION EXPIRES 8.13 -2012 (SEAL) "TOWNBUILDER ": MP Lemont, LLC By Its President, Nicholas M. Ryan ACKNOWLEDGMENT STATE OF ILLINOIS SS. COUNTY OF COOK On this day of 2010, before me, the undersigned, a Notary Public, appeared Nicholas M. Ryan, to me personally known, who, being by me duly sworn, did say that (s)he is President of MP Lemont, LLC duly authorized, established and existing under and by virtue of the laws of the State of Illinois, and that such instrument was signed and sealed in behalf of such limited liability company by authority of its board of directors, and such officer acknowledged said instrument to be executed for the purposes therein stated and as the free act and deed of said limited company. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal, the day and year last above written. Notary Public (SEAL)