HomeMy WebLinkAboutORDINANCES-2004-061-O-04•
5/20/04
61-0-04
- AN ORDINANCE- �^ _
Authorizing City Manager to Execute the
Third Amendment to the Redevelopment
Agreement with Sherman Plaza Venture, LLC
WHEREAS, pursuant to the terms of a First Amended Redevelopment Plan
entitled "Washington National Tax Increment Redevelopment Plan and Redevelopment
=Project"",Which_was-adopted==of--November;22,-1.999,: as-ordinance-129- r-99;_:.hereinafter - -
referred to as the "Redevelopment Plan"), the City designated a certain area within its
municipal limits for redevelopment and revitalization with the development of a new
public parking garage, a pedestrian oriented multi -use, multi -building retail and
• residential use.
WHEREAS, on November 22, 1999, Ordinance No. 130-0-99 designating the
Amended Washington National Redevelopment Project Area was adopted. The Subject
Property is within said Area.
WHEREAS, on -November -22,- 1999, Ordinance No. 131-0-99 confirming tax
increment financing ("TIF") pursuant to the Tax Increment Allocation Redevelopment
Act (65 ILCS 5/11-74 4-2 et seq.) (hereinafter referred to as the "Act") was adopted.
WHEREAS, the corporate authorities of the City, after due and careful
consideration, have concluded that the development of the Subject Property as
provided in Exhibit A and in the Redevelopment Plan will further the growth of the City,
facilitate the redevelopment of the Redevelopment Area, improve the environment of
the City, increase the assessed valuation of the real estate situated within the City,
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increase the sales tax revenues realized by the City, foster. increased economic activity
within the City, enable the City to control the development of the Subject Property and
otherwise be in the best interests of the City.
WHEREAS, the development pursuant to said Redevelopment Agreement, and
the fulfillment generally of the Agreement, are in the vital and best interests of the City,
and the health, safety and welfare of its residents and taxpayers.
:-.WHERE AS.;:th.e.Economk-Developr- nt_Committee:_held meetings to review and
discuss said proposal; take testimony from the community; review information from City
consultants; and the Redevelopment Agreement; and
WHEREAS, the Economic Development Committee recommended and City
Council approved the Redevelopment Agreement on July 10, 2001; and •
WHEREAS, the City Council approved the First Amendment to the
Redevelopment Agreement on October 22, 2001 by Ordinance 105-0-01; and
WHEREAS, the City Council approved the Second Amendment to the
Redevelopment_ Agreement on_October 28, 2002 by Ordinance 99-0702; and _
WHEREAS, the Economic Development Committee has recommended further
modifications to the Redevelopment Project; and
WHEREAS, the Economic Development Committee has recommended that the
City Council approve the Third Amendment to the Redevelopment Agreement,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF EVANSTON, COOK COUNTY, ILLINOIS:
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61-0-04
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, the Second Amendment to the Redevelopment Agreement with the Sherman
Plaza Venture, LLC, for the Downtown Development, attached hereto as Exhibit A.
SECTION 2: That the City Manager is hereby authorized and directed to
negotiate any additional terms and conditions of the Third Amendment to the
_- Redeveloprnenf-.Agreement`:7for-Sherman- Plaza�as maybe-determin6&are• in the -best -
interest of the City.
SECTION 3: That all ordinances or parts of ordinances in conflict herewith are
hereby repealed.
• SECTION 4: That this ordinance shall be in full force and effect from and after its
CJ
passage, approval, and publication in the manner provided by law.
Introduced: '1 , 2004
Adopted: /C" ! `� , 2004
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2004
Mayor
ATTEST:
i ty Clerk
Appra` a-d,as to --for
Corporation Counsel
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