HomeMy WebLinkAboutRESOLUTIONS-2003-066-R-03•
10/07/2003
66-R-03
A RESOLUTION
Authorizing the City Manager to Sign an
Estoppel Certificate Clarifying Terms and
Conditions of a Note Executed by the
City of Evanston Pursuant to the
Redevelopment Agreement for 909 Davis
WHEREAS, Davis Church Office Development, L.L.C. ("Davis Church") and the City
of Evanston ("City") entered into a Redevelopment Agreement on October 12, 2000, by
which Davis Church agreed to acquire from the City the property known as 909 Davis and
to construct a building at the site; and
• WHEREAS, pursuant to Section 9 (a) (7) of the Redevelopment Agreement, in
consideration for Davis Church's expenditure of funds for what otherwise would constitute
Tax Increment Financing eligible costs, the City executed and delivered the Note; and
and
WHEREAS, Davis Church intends to sell the Building at 909 Davis and the Note;
WHEREAS, in anticipation of such sale, Davis Church has requested that the City
sign this Estoppel Certificate to confirm and clarify certain terms and conditions of the
Note,
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, an
66-R-03
Estoppel Certificate clarifying the terms and conditions of the Note pursuant to the •
Redevelopment Agreement with Davis Church Office Development for 909 Davis, signed
October 12, 2002. Such Estoppel Certificate shall be in substantial conformity with the
Estoppel Certificate 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 conditions of the Estoppel Certificate 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 provided by law.
ATTEST:
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t Clerk
Adopted: Q &64V a7 , 2003
Mayor Pro Tem •
•
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