HomeMy WebLinkAboutRESOLUTIONS-1999-012-R-99• 2/1 1 /99
12-R-99
A RESOLUTION
Authorizing the City Manager to Execute
a Redevelopment Agreement
For 1880 Oak Avenue, Evanston, Illinois
WHEREAS, pursuant to the terms of a Redevelopment Plan entitled "Downtown II
Redevelopment Plan and Redevelopment Project" which was adopted on January 28, 1985,
as ordinance 152-0-84, (hereinafter referred to as the "Redevelopment Plan"), the City
designated a certain area within its municipal limits for redevelopment and revitalization with
the development of office and related uses. The site proposed for the redevelopment and
revitalization that is the subject of the Agreement (hereinafter referred to a ("Subject
• Property"), is le all described in Exhibit A which is attached hereto and made a art hereof;
legally p
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and
WHEREAS, on January 28, 1985, Ordinance No. 153-0-84 designating the Downtown
II Redevelopment Project Area was adopted. The Subject Property is within said Area; and
WHEREAS, on January 28, 1985, Ordinance No. 154-0-84 adopting tax increment
financing ("TIF") pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS
5/11/74-.4-2 et seq.) (hereinafter referred to as the "Act") was adopted, and
WHEREAS, the corporate authorities of the City, after due and careful consideration,
have concluded that the development of the Subject Property as provided in this Agreement
and in the Redevelopment Plan will further the growth of the City, facilitate the redevelopment
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of the Redevelopment Area, improve the environment of the City, increase the assessed
valuation of the real estate situated within the City, increase the assessed valuation of the real •
estate situated within the City, increase the sale tax revenues realized by the City, foster
increased economic activity within the City, enable the City to control the development of the
property designated in exhibit A, and otherwise be in the best interests of the City.
WHEREAS, the Economic Development Committee has recommended that the City
Council approve the Redevelopment Agreement; and
WHEREAS, the City Council of the City, after due and careful consideration, have
concluded that the development of the subject property as provided in the Redevelopment
Agreement and in the Redevelopment Plan will further the growth of the City; facilitate the
redevelopment of the Redevelopment Area, improve the environment of the City, increase the
assessed valuation of the real estate situated within the City, increase the sales tax revenues •
realized by the City, foster and increase economic activity within the City, enable the City to
control the development of the subject property and otherwise be in the best interests of the
City; and
WHEREAS, the City, pursuant to the terms of the Redevelopment Agreement agrees to
provide certain assistance to the Developer and the Developer and the City agree that but for
the assistance and revenue from the City as provided herein, the Developer would not and
could not proceed with the Development; and
WHEREAS, the Development of the subject property pursuant to the Redevelopment
Agreement and the fulfilment generally of the Agreement are in the vital and best interests of
the City and the health, safety and welfare of the residents and taxpayers. •
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
• EVANSTON, COOK COUNTY, ILLINOIS:
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SECTION 1: That the City Manager is hereby authorized and directed to sign and the
City Clerk, hereby authorized and directed to attest on behalf of the City of Evanston, a
Redevelopment Agreement with the 1880 Oak LLC, an Illinois Limited Liability Company
for the Downtown Development, attached hereto as Exhibit B.
SECTION 2: That the City Manager is hereby authorized and directed to negotiate any
additional conditions of the Redevelopment Agreement as may be determined to be in the
best interests of the City.
SECTION 3: That this Resolution shall be in full force and effect from and after the date
of its passage and approval in the manner required by law.
1 Mayor
ATTEST:
City Cferl�
Adopted: 1999
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