HomeMy WebLinkAboutORDINANCES-1994-052-O-94r.
.• 5-5-94
• 52-0-94
AN ORDINANCE
Approving the Redevelopment Agreement for
2301-2323 Oakton Street, Evanston
WHEREAS, the Economic Development Committee has considered
the development of the property commonly known as 2301-23 oakton
Street, (the "Property") Evanston, Illinois and legally described
as set forth in Exhibit A attached hereto and incorporated herein
by reference; and
WHEREAS, Home Depot Center, Inc. as developer has submitted
proposals to the Economic Development Committee for the
development of said Property; and
WHEREAS, after public hearings the City Council determined
• that it was in the best interest of the citizens of Evanston that
a Business Redevelopment District be created.
WHEREAS, the City Council has adopted ordinance 113-0-93
which created a Business Redevelopment District which includes
the Property.
WHEREAS, the City Council on October 25, 1993 adopted
Resolution 100-R-93, which authorized the City Manager to
negotiate a Redevelopment Agreement; and
WHEREAS, the City Council adopted the business principles
set forth herein as the basis for the negotiation of a
Redevelopment Agreement with Home Depot, Inc. for the development
of the Property.
• 1. The City will reimburse Home Depot for actual documented
costs to a maximum of $2,532,000 ("pay-as-you-go") minus
$500,000 which will be retained by the City for
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neighborhood improvement projects. No interest will be •
paid on this reimbursement. The reimbursement will be in •
accordance with the sales tax receipts set forth in the
proforma and no funds will be reimbursed if the sales tax
receipts are not available.
2. The City will not enter into a redevelopment agreement
without a letter duly authorized and executed by Rust-
Oleum Corporation addressing some of the environmental
issues.
3. Home Depot will not sell the Evanston store to any
entity without the City's reasonable consent during the
term of the reimbursement.
4. Home Depot will repay the City of Evanston all money
disbursed according to the formula in the event Home
Depot closes the Evanston store within five years.
5. The City will deduct an annual payment (to a maximum of
$83,000 per year) for a neighborhood improvement fund.
The neighborhood fund total will be $500,000. The City
Council will determine the use of the neighborhood funds
in conjunction with input from the community. Typical
projects for this fund may be:
a) Left turn lane for east and west bound traffic at
Dodge and oakton. •
b) Paving of alley north of oakton.
c) Construction of sidewalks on Oakton (Dodge to Canal).
d) Resident only parking district.
e) Enhanced landscaping on site and Hartrey.
The actual boundaries of the "neighborhood" must be
determined.
6. MBE/WBE/EBE: In the construction of the center, a target
goal of 25% of the contracts for goods and services will
be let to Minority/Women/Evanston businesses. In
addition, the general contractor hired by Home Depot
will hire, train, and retain at least three Evanston
laborers during the term of the contract.
7. Hiring: Home Depot agrees to work with the City of
Evanston and other appropriate agencies to assure maximum
employment opportunities for Evanston residents. This
will include but not be limited to a minimum of three
weeks of exclusive advertizing in Evanston.
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8. Oakton/Main: If the City determines that it is in the
City's best interest to develop a connection between
Main Street and Oakton Street, Home Depot will agree to
consider the project and donate the land necessary to
implement the project.
9. Home Depot will agree to develop an action plan to
establish and fund a housing rehabilitation project in
the City of Evanston.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY ILLINOIS:
SECTION 1: That the City Council approves the
Redevelopment Agreement as set forth in Exhibit B attached hereto
and incorporated herein by reference.
SECTION 2: That the City Manager be authorized to execute
the Redevelopment Agreement once it has been executed by Home
Depot.
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 following its passage, approval and publication in the
manner provided by law, and upon execution by Home Depot and the
City of Evanston.
Introduced: �lI�Z , 1994
Adopted: , 1994
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Approved: , 1994
Mayor
ATTEST:
City C rk
A r ved as to
orporation Counsel
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