HomeMy WebLinkAboutRESOLUTIONS-1999-040-R-99•
6/2/99
40-R-99
A RESOLUTION
Authorizing the City Manager to Enter Into
an Option Agreement (Mini Anchor)
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 Option Agreement (Mini Anchor) by and between the City of Evanston and
AHC Evanston L.L.C. Such Agreement shall be in substantial conformity with the Agreement
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 lease 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 its passage and approval in the ma ner vided by law.
't�GZ�J
Mayor
ATTEST:
i C erk
Adopted: 1 !999
•
/ I V'Z_�
v/1
Exhibit A
MINI -ANCHOR PARCEL OPTION AGREEMENT •
PREPARED BY
Mark Yates, Esq.
Sonnenschein Nath and Rosenthal
233 South Wacker
8000 Sears Tower
Chicago, IL 60606
AFTER RECORDING RETURN TO:
Herb Hill _
City of Evanston
2100 Ridge Avenue
Evanston, IL 60201
THIS OPTION AGREEMENT is made this _Tf_� day of June, 1999, by and between the
CITY OF EVANSTON, a municipal corporation (hereinafter referred to as "City") and
CHURCH STREET PLAZA LLC, an Illinois limited liability company (hereinafter referred to
as "Developer").
RECITALS •
A. A_HC Evanston LLC and the City have entered into that certain Redevelopment Agreement
dated October 23. 1998, as amended by that certain First Amendment to Redevelopment
Agreement dated November 23, 1998, and by that certain Second Amendment to
Redevelopment Agreement dated 'j-k ,c1 , 1999 (collectively. the "Redevelopment
Agreement"), pursuant to which AEC Evanston LLC has been given the right to purchase
and develop the Private Development, as that term is defined in the Redevelopment
Agreement.
B. AHC Evanston LLC and the City have entered into the above described Second Amendment
to Redevelopment Agreement under which they agreed to the phasing of the conveyancing
and constriction of the components of the Private Development and to the delivery of this
Option Agreement by the Developer to the City.
NNATNESSETH
1. Option. Developer. its successors or assigns under Paragraph 31 and, or paragraph
44 of the Redevelopment Agreement, hereby irrevocably grants to the City the exclusive option
("Option") to repurchase the property described in Exhibit "A" hereto (the "Mini- Anchor
Parcel").
2. Term. (a) Except as provided in sub -paragraph 2(b) below, the Option may be •
exercised for a period of twelve (12) months commencing on and
terminating on
(b) It is expressly understood and agreed by the parties hereto that, should construction
• commence (as evidenced by the commencement of the pouring of footings or
foundations) on the Mini -Anchor Parcel or should a construction loan encumbering
the Mini -Anchor Parcel for the purpose of constructing improvements on such parcel
close at any time prior to a closing hereunder, this Option will automatically
terminate.
(c) City shall exercise this Option during its term by providing notice of said exercise at
least ninety (90) days prior thereto.
3. Mini -Anchor Construction Completion Guaranty. The exercise of the Option by
the City shall automatically terminate the Mini -Anchor Completion Construction Guaranty
previously given to the City by the Developer, and the City shall promptly deliver said guaranty }
to the Developer.' I
e�.rbl ��fiq c�Sfi o
4 case Price. The purchase ce for the repurchase of the Mini-Anc cel
pu ant to this Option Agreement shall be , ' e
Zitherp +ter may ele in urritinrt t ++, 1
r" , .�...� ll,c Fu,�liaso 1`ii.0 ca�aLilailed b
;:sing the prc�> ' e nt C1
Agreement. ........ .
5. Conveyance. Developer shall convey the Mini -Anchor Parcel to the City by
Special Warranty Deed. Such conveyance shall be free and clear of any and all encumbrances
• which arose during the period of the Developer's ownership.
IN WITNESS WHEREOF, this Option has been executed on behalf of the Developer
and has been duly authorized and approved by the City Council of the City of Evanston, Cook
County, Illinois, and duly authorized, approved and executed by yR-1 C{ -
for the City and by the Developer as of this rZ-R day of June, 1999.
CHURCH STREET PLAZA LLC,
an Illinois limited liability company
By: AHC Management, Inc, an f v/4 sk
Illinois Corporation, Manager
If
Its:
CITY OF EVANSTON
CITY MANAGER
STATE OF ) •
) ss.
COUNTY OF r" )n r- )
a notary public in and for said County, in the State aforesaid, DO
HEREBY CERTIFY that personally known to me to be the
cores i d e h �- of AHC Management, Inc., an Illinois corporation, Manager of
Church Street Plaza, LLC, an Illinois limited liability company,- personally known to me to be the
same person whose name is subscribed to the foregoing instrument, appeared before me this day in person
and acknowledged that as such Jorc=,f i dig ✓, i' , that he signed and delivered the said instrument as
the free and voluntary act and deed of said city, for the uses and purposes therein set forth.
GIVEN under my hand and official seal this -1 day of ne 1999.
Notary Public
Commission expires V
OFFICIAL SEAL —
ELLEN LEBOWICZ
LNOTARY PUBLIC, STATE OF ILLINOIS
State of Illinois) MY COMMISSION EXPIRES 1.26-2002
SS:
County of Cook ) •
444 0 t,` tc Z a Notary Public in and for said County, in the state aforesaid, do hereby
certify that e=,es i' ur personally known to me to be thCt �U %'1C+,� c;c3 of The City of
Evanston, Illiribis, a home rule unit of local government located in C,ok County Illinois, personally
known to me to be the same person whose name is subscribed to the foregoing instrument, appeared
before me this day in person and acknowledged that as such C— f-q /{k,.cr,el; that he signed and delivered
the said instrument as their free and voluntary act, for the uses aricr purposes therein set forth, including
the release and waiver of the right of homestead.
Given my hand and notarial seal this / r day of 11—U rn f ,1999.
Notary Public
iVly commission expires:
OFFICIAL SEAL.A
ELLEN LEBOWICZ
NOTARY PUBLIC, STATE OF ILLINOIS
MY COMMISSION EXPIRES 1-26.2002 t
E