HomeMy WebLinkAboutRESOLUTIONS-1999-075-R-9910/21 /99, 10/26/99
0 75-R-99
A RESOLUTION
Authorizing City Manager to Negotiate
a $25,000,000.00 Payment Guaranty in Favor of
Harris Trust and Savings Bank to enable
AHC Evanston, LLC to borrow $25,000,000.00 for the
Construction of the Church/Maple Parking Garage
WHEREAS, the City of Evanston has determined that the southern portion of the
Research Park should be redeveloped with commercial activities; and -- - --
WHEREAS, the Northwestern University Evanston Research Park Board issued
Requests For Proposals for the redevelopment of the southern portion of the Research
Park; and
WHEREAS, said Requests For Proposals set forth a desired development
• project to include a multi -screen cinema, a hotel, retail, commercial, a senior center and
public parking garage; and
WHEREAS, AHC Evanston, LLC, an Illinois LLC, was designated as the
developer pursuant to 96-R-97 and 16-R-98; and
WHEREAS, pursuant to Resolution 68-R-98 the City entered into a
Redevelopment Agreement with AHC Evanston, LLC, an Illinois LLC, for the Research
Park; and
WHEREAS, pursuant to 75-R-98 a First Amendment was made to the
Redevelopment Agreement; and
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WHEREAS, pursuant to 30-R-99, a Second Amendment was made to the is
Redevelopment Agreement; and
WHEREAS, pursuant to the Redevelopment Agreement as amended AHC
Evanston, LLC, is to build as part of the Public Development a Parking Garage known
as the Church/Maple Parking Garage; and
WHEREAS, the City Council pursuant to Resolution 34-R-99 did authorize the
City Manager to enter into a Construction Agreement with AHC Evanston, LLC for the
aforesaid parking garage; and
WHEREAS, AHC Evanston, LLC has requested the Harris Trust and Savings
Bank to make a credit facility available in the aggregate amount not to exceed
$25,000,000.00 in order to construct the Church/Maple Parking Garage; and •
WHEREAS, Harris Trust and Savings Bank is unwilling to make such credit
facility available and enter into a loan agreement with AHC Evanston, LLC unless the
City of Evanston executes and delivers a Payment Guaranty to the Bank; and
WHEREAS, the Payment Guaranty in the amount -of $25,000,000.00 is essential
to the availability of the $25,000,000.00 construction loan for the Church/Maple Parking
Garage Construction Project; and
WHEREAS, the Church/Maple Parking Garage is essential to the success of the
Development as proposed in the Redevelopment Agreement as Amended from time to
time; and
WHEREAS, the Church/Maple Parking Garage is necessary to provide off street •
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75-R-99
• parking for the aforesaid Development and for various office buildings and proposed
Hotel in the Research Park; and
WHEREAS, pursuant to the terms of the Redevelopment Agreement the City will,
purchase Church/Maple Parking Garage; and
WHEREAS, it is imperative that construction on the Church/Maple Parking
Garage commence forthwith in order that the City fulfill its obligations under the
Redevelopment Agreement,
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 $25,000,000.00 Payment Guaranty with Harris Trust and Savings Bank to
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enable AHC Evanston, LLC to borrow $25,000,000.00 for the construction of the
Church/Maple Parking Garage.
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. ;
;'Mayor
ATTEST:
_i hll
it Clerk
Adopted: ��`. ;� ��t �� ti �. `3 , 1999
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