HomeMy WebLinkAboutS3-19 Ordinance No. S3-19
AN ORDINANCE
REPEALING ORDINANCE NO. S8-13 ORDINANCE OF THE CITY OF ELGIN, KANE AND
COOK COUNTIES, ILLINOIS PROVIDING FOR THE ISSUANCE OF A NOT TO EXCEED
$13,500,000 JUNIOR LIEN LIMITED REVENUE NOTE (BLUFF CITY QUARRY
PROJECT), AND A NOT TO EXCEED $8,100,000 SUBORDINATE LIEN LIMITED
REVENUE NOTE (BLUFF CITY QUARRY PROJECT), AND PLEDGING CERTAIN
INCREMENTAL PROPERTY TAX REVENUES TO THE PAYMENT THEREOF
WHEREAS,on June 13,2012,the City Council of the City of Elgin approved Ordinance No.
G35-12,providing for the approval of a Redevelopment and Financing Agreement between the City
of Elgin and Gifford 300, LLC, an Illinois limited liability company as Owner, and Bluff City
Materials, Inc., an Illinois corporation as Developer (hereinafter referred to as the "Subject
Redevelopment and Financing Agreement"); and
WHEREAS,the Subject Redevelopment and Financing Agreement provided in part for the
city to adopt a note ordinance in a form set forth in Exhibit C to the agreement; and
WHEREAS,on November 6,2013,the City Council of the City of Elgin adopted such note
ordinance pursuant to Ordinance S8-13; and
WHEREAS,the parties to the Subject Redevelopment and Financing Agreement determined
that it was in their mutual and respective best interests to amend the Subject Redevelopment and
Financing Agreement pursuant to an Amendment Agreement dated July 10,2019,which provides in
part for the repeal of the note ordinance pursuant to Ordinance No. S8-13.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, in the exercise of its home rule powers, as follows:
Section 1. That Ordinance No. S8-13, be and is hereby repealed.
Section 2. That all ordinances or parts of ordinance in conflict with the provisions of
this ordinance be and are hereby repealed to the extent of any such conflict.
Section 3. That this ordinance shall be in full force and effect upon its passage and
publication in the manner provided by law.
4 ,, ,
David J. K.:tain, ayor
Presented: July 10, 2019
Passed: July 10, 2019
Omnibus Vote: Yeas: 9 Nays: 0
Recorded: July 10, 2019
Published: July 12, 2019
Attest:
A•Gel-e-Z
K mberly Dewis, City k ' ' , }� -
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