HomeMy WebLinkAboutRESOLUTIONS-1999-051-R-99•
7/20/99
51-R-99
A RESOLUTION
Authorizing the City Manager to Sign a
Letter of Agreement with 630 Davis Street LLC
to Provide Assistance for the
Construction of Chandler Plaza
WHEREAS, the Chandler Property, which is one of the most visible corner locations
in Downtown Evanston, is undergoing substantial rehabilitation after three years of vacancy
and deterioration; and
WHEREAS, an economically obsolescent three-story building with substantial code
violations was demolished to enhance the rehabilitation of the landmark five-stor/ building
• known as the Chandler Building; and
WHEREAS, the developer of the Chandler Property is willing to construct an attractive
brick plaza for public use on the former site of the three-story building; and
WHEREAS, the developer has demonstrated, based on a rate of return analysis, a need
for City assistance with the cost of construction of the Plaza; and - -
WHEREAS, the Economic Development Committee, during its meeting of June 24,
1999, unanimously recommended that the City Council agree to the provision of up to
$85,000 (eighty-five thousand dollars) in support of the development of the plaza which is to
be included as part of the redevelopment of the Chandler Property: $35,000 (thirty-five
thousand dollars) to be provided upon completion of the Plaza and up to $50,000 (fifty
• thousand dollars) to be provided in the form of a sales tax rebate from revenue generated by
the development; and
51-R-99 •
WHEREAS, support for the construction of the Chandler Plaza is in the best interest of
the City,
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,
a Letter of Agreement by and between the City of Evanston and 630 Davis Street LLC for
the construction of the Chandler Plaza. 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 is
any additional conditions of the 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 its
passage and approval in the manner provided b aw.
Mayor
ATTEST:
�ftlra'U4 1:)C"'
C,"erk
Adopted: �, /)At 2 tb , 1999
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