HomeMy WebLinkAboutRESOLUTIONS-2006-061-R-060
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10/18/2006
61-R-06
A RESOLUTION
Authorizing City Manager to execute consent documents for the
transfer of property from Sherman Plaza, LLC, to Inland Real
Estate
WHEREAS, the City of Evanston and Sherman Plaza Partners LLC
(Developer) entered into a Redevelopment Agreement on July 9, 2001 as amended
for the redevelopment of the block bounded by Sherman Avenue, Davis Street,
Benson Avenue, and Church Street; and
WHEREAS, Section 31 of the Redevelopment Agreement provides for
the opportunity for Sherman Plaza Partners, LLC to sell and/or transfer with the City's
consent; and
WHEREAS, Sherman Plaza Partners, LLC has entered into a contract
for the sale of said retail with Inland Real Estate Group, and
WHEREAS, in accordance with Section 31 of the Redevelopment
Agreement, Inland Real Estate Group has agreed to assume the future obligations of
Sherman Plaza Partners LLC as outlined in the recorded covenant and attached
heretofore as Exhibit A, and
WHEREAS, the conditions of Section 31 are outlined below and the City
believes that Inland Real Estate Group meets the said conditions;
1. The proposed transferee of Developer shall have the experience and
0 financial responsibility necessary to fulfill the obligations undertaken by the Developer
in the Redevelopment Agreement attributable to the parcel being conveyed.
2. The proposed transferee shall have expressly assumed the future
obligations of Developer attributable to the parcel being conveyed to the proposed
transferee in writing.
the City.
3. The proposed transferee shall not be in default on any obligation to
4. A copy of the proposed deed and transfer declaration involved and
affecting any such transfer from the Developer to any transferee shall be submitted to
the City for review; and
WHEREAS, prior to the closing of said real estate transaction between
Sherman Plaza Partners, LLC and Inland Real Estate Group, the City of Evanston will
review all of the necessarydocuments to assure compliance with Section 31 of the •
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Redevelopment Agreement as amended;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: The City of Evanston does approve Sherman Plaza
Partners, LLC proposed sale of the retail/commercial component of the Sherman
Plaza project to Inland Real Estate Group in accordance to Section 31 of the
Sherman Plaza Redevelopment Agreement; and
SECTION 2: That this Resolution shall be in full force and effect from
and after its passage and approval in the manner provided by law.
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L rraine H. Morton, Mayor
Attest:
Ma City Clerk
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Adopted: o ^ J-2 , 2006
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