HomeMy WebLinkAboutRESOLUTIONS-2002-097-R-02•
12/11 /2002
97-R-02
A RESOLUTION
Authorizing the City Manager to Execute
Amendment No. 1 to Agreement Between City of
Evanston ("COE") and Evanston Environmental
Association ("EEA") Dated May 14, 2001
Regarding Major Capital Improvements to the
Evanston Ecology Center ("Center"), Project No. 00-98
WHEREAS, the City and the EEA entered into an Agreement dated May 14, 2001
setting forth their respective rights and obligations in connection with renovation and
expansion (collectively, "construction") of the Center, located at 2024 McCormick
Boulevard in Evanston; and
• WHEREAS, paragraph 4 of said Agreement, "Project Funding",
g p g � g, provided for
$13,000.00- from the City, $364,000.00 from the EEA, a $250,000.00 line of credit from the
EEA, and an Illinois Department of National Resources ("IDNR") Grant of $73,000.00 to
fund the estimated total cost of construction of $655,682.00; and
WHEREAS, Change Order No. 1 increased the Project Cost by $11,516.00, for a
total of $667,198.00; and
WHEREAS, the funds received and paid out to date are IDNR Phase I grant
($73,000.00), IDNR Phase 2 grant ($97,200.00), individual fundraisers ($65,000.00), EEA
contribution ($300,066.22) and City ($13,000.00); and
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97-R-02
WHEREAS, the EEA obtained a line of credit ("LOC") no. 9001, dated April 23, 2001 •
in the amount of $250,000.00, with First Bank and Trust, 828 Church Street, Evanston,
Illinois, Exhibit A attached hereto and made a part hereof; and
WHEREAS, the EEA has repaid approximately $18,000.00 of the $137,000.00
drawn from the aforedescribed LOC no. 9001 to date; and
WHEREAS, the EEA's successful fundraising has made unnecessary the borrowing
of more than the $137,000.00 drawn on LOC no. 9001; and
WHEREAS, the EEA owes a balance of $118,931.78 on LOC no. 9001 as of
December 5, 2002; and
WHEREAS, the maturity date of LOC no. 9001 was November 1, 2002; and
WHEREAS, the EEA and First Bank and Trust have extended LOC no. 9001 for
one year, to expire on October 31, 2003; and
WHEREAS, the interest rate of LOC no. 9001 is the prime rate, which varies each
month; and
WHEREAS, the prime rate on April 23, 2001, the date the EEA and First Bank and
Trust executed the LOC no. 9001 Agreement, was 7.5%; and
WHEREAS, the prime rate between April 23, 2001 and November 25, 2002 has not
been below 4.25%; and
WHEREAS, the EEA is desirous of reducing the amount of interest rate to finance
the Project; and
WHEREAS, the Center, with the financial assistance and efforts of the EEA,
provides environmental education programs and services to the Evanston Community; and •
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• WHEREAS, the EEA's undertaking of a contribution of $787,000.00 to renovate and
expand the Center provides significant monetary, social, and environmental benefits to the
citizens of Evanston; and
WHEREAS, the City is desirous of assisting the EEA with reducing the amount of
interest paid to finance the Project; and
WHEREAS, interest monies saved are available for future EEA contributions to
Ecology Center programs; and
and
WHEREAS, such contributions are in the best interests of the citizens of Evanston;
WHEREAS, the estimated savings to the EEA with an interest rate of 3% instead
of the "baseline" 4.25% on a principal amount of $120,000.00 over a two-year period is
• approximately $4,000.00; and
WHEREAS, the City is desirous of entering into an Agreement with the EEA for an
Amendment no. 1 to the May 14, 2001 Agreement, which Amendment no. 1 provides for
the loan of $120,000.00 to the EEA for two (2) years at a fixed rate of three percent (3%)
per annum; and
WHEREAS, the EEA is desirous of entering into such an agreement with the City
whereby the City will pay First Bank and Trust the sum of $118,931.78 plus interest
accrued to the date of execution of this Amendment no. 1, which sum represents the final
amount due on LOC no. 9001; and
WHEREAS, execution of the aforedescribed Amendment no. 1 is in the best
• interests of the citizens of Evanston,
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY •
OF EVANSTON, COOK COUNTY, ILLINOIS:
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,
the Amendment no. 1 to Agreement Between the City and the EEA dated May 14, 2001
regarding Major Capital Improvements to the Evanston Ecology Center, Project no. 00-98,
in substantial conformity with that marked as Exhibit A attached hereto and incorporated
herein by reference.
SECTION 2: That the City Manager is hereby authorized and directed to negotiate
any additional terms and conditions of the Amendment no. 1 as may be determined to be
in the best interests of the City.
SECTION 3: This Resolution shall be in full force and effect from and after its •
passage, approval, and publication in the manner provide by law.
Mayor
ATTEST:
r
' Clerk
Adopted:.'Jam_, 2002
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