HomeMy WebLinkAbout016-R-20 Authorizing the City Manager to Negotiate a TIF Forgivable Loan Agreement with Zipaktil LLC for the Interior Renovation of a Commercial Property at 1813 Dempster Street1 /27/2020
16-R-20
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Authorizing the City Manager to Negotiate a TIF Forgivable Loan
Agreement with Zipaktli LLC for the Interior Renovation of a
Commercial Property at 1813 Dempster Street
WHEREAS, the City of Evanston, Cook County, Illinois (the "City"), is a
home -rule municipality pursuant to Article VII of the Illinois Constitution of 1970; and
WHEREAS, the City previously established the West Evanston TIF District
(the "Redevelopment Project Area"), and authorized tax increment finance pursuant to
the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as
supplemented and amended, including the predecessor Act thereof (the "TIF Act"); and
WHEREAS, the City seeks to develop vacant commercial spaces with
retail and food establishments in order to diversify the tax base and support future
development in the Redevelopment Project Area with TIF Funds; and
WHEREAS, Zipaktli LLC, an Illinois limited liability company, seeks to
renovate a vacant commercial space located at 1813 Dempster Street (the "Subject
Properties") that has been vacant for six months and exhibiting poor physical
conditions as the result of years of deferred maintenance; and
WHEREAS, the City seeks to support the renovation of the vacant
commercial space into a sales tax and job producing enterprise with TIF funds,
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
16-R-20
SECTION 1: The City Manager is hereby authorized and directed to
execute a TIF Forgivable Loan Agreement ("Agreement") between the City and Zipaktli
LLC, attached hereto as Exhibit 1" and incorporated herein by reference is the
Agreement.
SECTION 2: The City Manager is hereby authorized and directed to
negotiate any additional conditions of the Agreement as she may determine to be in the
best interests of the City.
SECTION 3: This Resolution 16-R-20 shall be in full force and effect
from and after its passage and approval in the manner provided by law.
Stephen H. Hagerty, Mayor
Attest: Approved as to form:
Devon Reid, City Clerk Kelley A. Gandurski, Corporation Counsel
Adopted: January 27 , 2020
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16-R-20
EXHIBIT 1
TIF FORGIVABLE LOAN AGREEMENT
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