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HomeMy WebLinkAbout04-310 � f ` I Resolution No. 04-310 RESOLUTION AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT WITH DC ENTERPRISES OF ILLINOIS LLC FOR THE DEVELOPMENT OF 18 VILLA COURT BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS,that Ed Schock, Mayor, and Dolonna Mecum, City Clerk,be and are hereby authorized and directed to execute a Development Agreement on behalf of the City of Elgin with DC Enterprises of Illinois LLC for the renovation and redevelopment of commercial property at 18 Villa Court to office space, a copy of which is attached hereto and made a part hereof by reference. s/Ed Schock Ed Schock, Mayor Presented: November 17, 2004 Adopted: November 17, 2004 Omnibus Vote: Yeas: 6 Nays: 0 Attest: s/Dolonna Mecum Dolonna Mecum, City Clerk DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT made and entered into this E5/day of November, 2004, by and between the CITY OF ELGIN, an Illinois municipal corporation, (hereinafter referred to as the "City") , and DC ENTERPRISES OF ILLINOIS LLC, an Illinois limited liability company, (hereinafter referred to as the "Developer") . WITNESSETH WHEREAS, the Developer is the owner of the property commonly known as 18 Villa Court, Elgin, Illinois, with such property being legally described in Exhibit A attached hereto (hereinafter referred to as the "Subject Property") ; and WHEREAS, the Subject Property is improved with an older building which is currently dilapidated and in a state of disrepair; and WHEREAS, Developer, after consultations and negotiations with the City concerning certain development assistance, has determined to proceed with the renovation and redevelopment of the Subject Property; and WHEREAS, Developer' s proposed renovation and redevelopment of the Subject Property is currently estimated to represent a $1 . 4 million dollar investment resulting in the creation of approximately 16, 500 square feet of new renovated office space; and WHEREAS, it is unlikely that such redevelopment of the Subject Property will occur in the absence of limited economic assistance; and WHEREAS, the City providing development assistance to the Developer for the redevelopment of the Subject Property will result 1 in increases in the City' s tax base and provide new and additional employment opportunities in the City of Elgin; and WHEREAS, in order to provide for the continued development of the City including the redevelopment of the Subject Property by the Developer the City has agreed to provide certain development assistance as hereinafter described; and WHEREAS, the Subject Property is located within the Elgin Central Area Tax Increment Financing District and the redevelopment of the Subject Property as hereinafter described will further the goals and objectives of the Elgin Central Area Tax Increment Financing District Redevelopment Plan and Project; and WHEREAS, the City of Elgin is a home rule unit authorized to exercise any power and perform any function relating to its government and affairs; and WHEREAS, redevelopment of property within the Elgin Central Area Tax Increment Financing District which furthers the goals and objectives of the Elgin Central Area Tax Increment Financing District Redevelopment Plan and Project and the economic development initiatives as provided herein resulting in significant increases in the City' s tax base and employment opportunities within the City of Elgin are matters within the government and affairs of the City of Elgin. NOW, THEREFORE, for and in consideration of the mutual promises and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1 . That the foregoing recitals are incorporated into this agreement in their entirety. 2 f i ti • 2. That the Developer shall renovate and redevelop the Subject Property in accordance with the plans and specifications entitled "Elks Club Renovation" dated November 3, 2004, prepared by Perihelion, Limited, Architecture and Design, attached hereto and made a part hereof as Exhibit B (such renovation and redevelopment of the Subject Property is hereinafter referred to as the "Subject Redevelopment of the Subject Property") . For the purposes of clarification, and not as a limitation, the improvements to the Subject Property to be completed by the Developer as part of the Subject Redevelopment of the Subject Property shall include the complete renovation and redevelopment of the existing commercial buildings on the Subject Property resulting in the creation of approximately 16, 500 square feet of new office space. The plans and specifications for the Subject Redevelopment of the Subject Property attached hereto as Exhibit B shall be amended as directed by the City if necessary to comply with ordinances, building codes or other requirements of law. All costs and expenses relating to the Subject Redevelopment of the Subject Property shall be the responsibility of and shall be paid for by the Developer. 3. That the Developer agrees to and shall commence with the Subject Redevelopment of the Subject Property within sixty (60) days of the entry into this Development Agreement and shall complete the Subject Redevelopment of the Subject Property on or before April 30, 2005 (such completion date is hereinafter referred to as the "Completion Date") . 4 . That the Developer shall following the completion of the Subject Redevelopment of the Subject Property occupy and commence operations of its company at the Subject Property. The Developer shall continue with its operations at the Subject Property for a 3 period of two years following the Developer completing the Subject Redevelopment of the Subject Property and occupying and commencing such operations on the Subject Property. 5. That in consideration of the Developer undertaking and completing the Subject Redevelopment of the Subject Property and relocating its operations to the Subject Property the City agrees to provide the economic development assistance to the Developer as set forth in this paragraph to be used by the Developer for costs associated with the Subject Redevelopment of the Subject Property. Such economic development assistance from the City to the Developer shall be in the total amount not to exceed $211, 200. Such funds shall be paid by the City to the Developer upon the completion of the Subject Redevelopment of the Subject Property and the issuance of a final occupancy permit for the entire renovated and redeveloped Subject Property. 6. That the parties understand and agree that the economic development assistance being provided by the City to the Developer set forth herein is expressly contingent upon the Developer' s Subject Redevelopment of the Subject Property as set forth herein. In the event the Developer fails to complete the Subject Redevelopment of the Subject Property on or before the Completion Date as required in the preceding Paragraph 3 hereof, and/or in the event the Developer fails to occupy and commence operations as required in the preceding Paragraph 4 hereof, and/or in the event the Developer fails to continue with operations at the Subject Property as required in the preceding Paragraph 4 hereof, the parties understand and agree that the City will not be providing any economic development assistance to the Developer for the Subject Redevelopment of the Subject Property pursuant to this agreement or otherwise, and that the 4 . Developer shall reimburse the City in full any funds distributed to the Developer under the economic development grant provided for in the preceding Paragraph 5 hereof. 7. That notwithstanding anything to the contrary provided in this agreement, exterior facade improvements to the Subject Property shall be consistent with the City of Elgin' s Center City Facade Program Guidelines requirements. 8 . That Developer does hereby further covenant and agree that for a period of twenty (20) years following the final payout pursuant to this Development Agreement not to contest, protest, object to or otherwise challenge any real estate taxes levied against the Subject Property including but not limited to the rate thereof or the assessed valuation of the Subject Property. 9. That in consideration of the development assistance being provided by the City Developer does hereby covenant and agree that the Developer shall not apply for and that the Subject Property shall not be eligible to obtain any further or additional grants or incentives from the City for the redevelopment or maintenance of the Subject Property, including but not limited to, any grants or incentives pursuant to the City' s Center City Facade Improvement Program or the City' s e-elgin Incentive Program. It is further agreed and understood that tenants of the Subject Property shall not be eligible to obtain grants or incentives for any improvements referenced in the Plans, including but not limited to any such grants or incentives pursuant to the City' s e-elgin Incentive Program. 10. That in the event of any conflict between the terms of this agreement and the plans and specifications for the Subject Redevelopment of the Subject Property attached hereto as Exhibit B, the terms of this agreement shall control . 5 11 . That this agreement shall not be deemed or construed to create an employment, joint venture, partnership or other agency relationship between the parties hereto. 12, That all notices or other communications hereunder shall be in writing and shall be deemed given if personally delivered sent by overnight courier or mailed by registered or certified mail, return receipt requested, to the parties at the following addresses, or at such other addresses for a party as shall be specified by a like notice and shall be deemed received on the date which said notice is hand delivered or the second business day following the date on which so mailed: TO THE CITY: TO THE DEVELOPER: City of Elgin DC Enterprises of Illincis LLC 150 Dexter Court 1 Douglas Avenue, Suite 200 Elgin, IL 60120-5555 Elgin, IL 60120 Attention: City Manager Attention: Charles Falls 13. That the failure by a party to enforce any provision of this agreement against the other party shall not be deemed a waiver of the right to do so thereafter. 14 . That this agreement may be modified or amended only in writing signed by both parties hereto, or their permitted successors or assigns, as the case may be. 15. That this agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter as set forth herein, all prior agreements and understandings having been merged herein and extinguished hereby. 6 16. That this agreement is and shall be deemed and construed to be a joint and collective work product of the City and Developer and, as such, this agreement shall not be construed against the other party, as the otherwise purported drafter of same, by any court of competent jurisdiction and in order to resolve any inconsistency, ambiguity, vagueness or conflict, if any, in the terms or provisions contained herein. 17. That the City and Developer agree that, in the event of a default by the other party, the other party shall, prior to taking any such action as may be available to it, provide written notice to the defaulting party stating that they are giving the defaulting party thirty (30) days within which to cure such default. If the default shall not be cured within the thirty (30) day period aforesaid, then the party giving such notice shall be permitted to avail itself of remedies to which it may be entitled 'ender this agreement . 18 . That notwithstanding any other provision of this agreement it is expressly agreed and understood by the Developer and the City that the Subject Redevelopment of the Subject Property by the Developer and the use of the Subject Property shall be in accordance and compliance with all applicable federal, state, city an other requirements of law. The Developer shall also at its expense procure all permits and licenses, pay all charges and fees, and give all other notices necessary and incident to the due and lawful prosecution of the work necessary to provide for the redevelopment of the Subject Property as described in this agreement. 19. That to the fullest extent permitted by law, the Developer agrees to and shall indemnify, defend and hold harmless the City, its officers, employees, agents, boards and commissions from and against 7 • any and all claims, suits, judgments, costs, attorneys fees, damages or other relief, including but not limited to worker' s compensation claims, in any way resulting from or arising out of negligent actions or omissions of the Developer in connection herewith, including negligence or omissions of employees or agents of the Developer arising out of the performance of this agreement, and/or resulting from or arising out of an alleged breach of this agreement by the Developer or the Developer' s employees or agents . In the event of any action against the City, its officers, employees, agents, boards or commissions, covered by the foregoing duty to indemnify, defend and hold harmless, such action shall be defended by legal counsel of the City' s choosing. The provisions of this paragraph shall survive any termination and/or expiration of this agreement. 20. That this agreement is subject to and shall be governed by the laws of the State of Illinois. Venue for the resolution of any disputes or the enforcement of any rights pursuant to this agreement shall be in the Circuit Court of Kane County, Illinois. With the sole exception of an action to recover the monies the City has agreed to pay pursuant to the preceding Paragraph 5 hereof, and notwithstanding anything else to the contrary in this agreement, no action shall be commenced by the Developer against the City for monetary damages . In the event legal action is brought by the City for the enforcement of any of the obligations of Developer in this agreement and the City is the prevailing party in such action, the City shall also be entitled to recover from Developer reasonable interest and reasonable attorney' s fees. 21 . That this agreement shall be binding on the parties hereto and their respective successors and permitted assigns. This agreement and the obligations herein may not be assigned without the express 8 written consent of each of the parties hereto which consent may be withheld at the sole discretion of either of the parties hereto. 22. That the Developer shall upon request from the City provide the City reasonable data and records of the Developer whic)i documents the Developer' s compliance with this agreement. 23. That time is of the essence of this agreement. IN WITNESS WHEREOF, the parties hereto have entered into and executed this agreement on the date and year first written above. CITY OF ELGIN, a municipal DC ENTERPRISES OF ILLINOIS LLC corporation an Illinois limited liability company By By 6?-4\--/__A—et Mayor President Attest: City Clerk F:\Legal L',ept\Agreement\DeveloF.ment Ayr-DC Enterpriser:-18 Villa Court.duc 9 EXHIBIT A Legal Description of the Subject Property: Commonly known as 18 Villa Court, Elgin, Kane County, Illinois. Permanent Index Number: 06-13-302-015 THAT PART OF LOTS 8, 9 AND 10 IN BLOCK 11 OF THE ORIGINAL TOWN OF ELGIN, DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTH EAST CORNER OF SAID LOT 8; THENCE WEST ON THE SOUTH LINE OF SAID LOT 8, 25 FEET; THENCE NORTH AND PARALLEL WITH THE EAST LINE OF SAID LOT, 96.87 FEET, THENCE EAST AND PARALLEL WITH SAID SOUTH LINE 3 FEET, THENCE NORTH AND PARALLEL WITH SAID EAST LINE TO THE SOUTH LINE OF THE ALLEY AS ESTABLISHED BY CONDEMNATION SUIT IN THE COUNTY COURT OF KANE COUNTY, ILLINOIS (CASE NUMBER 2367) ON OCTOBER 5, 1915, THENCE EAST ALONG THE SOUTH LINE OF SAID ALLEY TO THE EAST LINE OF SAID LOT 10, THENCE SOUTH ON THE EAST LINE OF SAID LOT 10 TO THE SOUTH EAST CORNER THEREOF, THENCE WEST ALONG THE SOUTH LINE OF LOTS 10 AND 9, TO THE POINT OF BEGINNING, IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS. e' P r- d `c! 11 _1r..a [ 1 - r 00 i- oE — 410 C__ � I� IC I z � z 1- f l r-fl' will C D I 1 I' l•i !.U� /�+ 4 I1 1 11' ull n m O I oz O �,� vv p�� O 4,dy pqsio pOQ 4r.r . 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OF Fk 0 °""'"" c Memorandum a IUD^ %, City of Elgin ,,;;1,10 August 23, 2004 TO: Mayor and Members of the City Council FROM: David M. Dorgan, City Manager Raymond H. Moller, Director of Economic Development & Business Services SUBJECT: Additional Information regarding Development Proposal for 18 Villa Court Upon request fromCouncilman andor, enclosed is additional information regarding the development proposal for 18 Villa Court which is on the agenda for August 25th. This revised Committee of the Whole memo has been italicized and bolded for your convenience. Agy Revised G ' � ( 1� �1Fa i K< « •. J August 23, 2004 N ALIVE DOWNTOWN TO: Mayor and Members of the City Council FROM: David M. Dorgan, City Manager Raymond H. Moller, Director of Economic Development&Business Services SUBJECT: Revised Memo: Development Proposal for 18 Villa Court PURPOSE The purpose of this memorandum is to present the Mayor and members of the City Council with a request for financial assistance from the City of Elgin in order to facilitate the exterior and interior rehabilitation of office space located at 18 Villa Court. RECOMMENDATION It is recommended that the City Council authorize a $211,200 development assistance package with Charles Falls of Demi & Cooper Advertising for the redevelopment of 18 Villa Court (formerly The Elks Lodge). BACKGROUND Demi-Cooper Advertising moved to Elgin from Arlington Heights in 1999 and since then, has been located at One Douglas Avenue. Demi-Cooper desires to purchase 18 Villa Court and restore both the interior and exterior of the structure at a cost estimated at $1,408,000. At the present time, Demi-Cooper has thirteen employees with plans to employ twenty-five staff members in the future. 18 Villa Court is a three (3) story English Tudor building located at Villa and DuPage Streets. It was built in 1929 for use as an Elks Lodge. The building is currently vacant. The current owner had intended to convert the building to upscale apartments, but no longer wishes to pursue the residential use option. Demi-Cooper desires to purchase and rehabilitate the building and relocate their advertising business to the site. The interior of the building will be gutted and redesigned into loft-style office space; complete with high-speed internet access,beamed ceilings, and hardwood floors. The original brick walls will be exposed and the original windows will be restored. Other restoration work is as follows: CMO-Development of 18 Villa Street August 20, 2004 Page 2 1. Original staircases 2. Original radiator covers 3. Historically appropriate landscaping 4. Repair roof 5. Complete painting 6. New boiler 7. Central air conditioning 8. Restore parking lot The building has three levels. There is 10,000 sq. ft. on the lower level and it is accessible from DuPage Street. There is 5,000 sq. ft. on the main level which is accessible from Villa Court. Above the eastern portion of the main floor is a 1,500 sq. ft. mezzanine area. Demi-Cooper will occupy the main and top floors of the building. The lower level will be leased to a separate company in the future. With regard to ADA required accessibility for the structure, the following additional information is being provided: 1. The 10,000 sq.ft. lower level will be handicap-accessible. 2. The 5,000 sq.ft.first floor will not be handicap-accessible due to the fact that significant structural changes would have been required in the entryway, which are cost prohibitive. This exception is allowable for a historical structure of this age and proposed use. 3. The 1,500 sq.ft. mezzanine area will be private office space and storage area and is not require to have handicap accessibility. Demi-Cooper currently has the property under contract. A closing is anticipated in late August of 2004. Architectural plans should also be completed in August, and construction could begin in September of this year, pending approval of this development agreement. An occupancy date of February, 2005 is anticipated. A detailed estimate is provided in the attached project "Request for Assistance"submittal. A summary of costs and revenue services is as follows: Revenue Costs Owner direct involvement $ 239,360 Acquisition $550,000 Mortgage 957,440 Improvements $858,000 City Assistance 211,200 $1,408,000 $1,408,000 CMO-Development of 18 Villa Street August 20, 2004 Page 3 If authorized, the requested $211,200 would be paid out upon completion of the proposed improvements and subsequent issuance of an occupancy permit to Demi-Cooper for the project at 18 Villa Court. The incentive represents 15% of the total project costs. This level of participation by the City is consistent with previous redevelopment project incentives within the Center City( Highland Lofts, Leath Building, Burritt Building, Douglas Lofts, River Park Place, and Tower Square). The City's $211,200 in funding will provide assistance in the completion of the following elements of the project: Masonry Restoration/Tuckpointing $ 5,000 Roofing $ 13,500 Restoration of Windows $ 29,500 Fire Sprinkler System $ 29,000 Electrical system $132,500 $215,000 COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED None FINANCIAL IMPACT The proposed development agreement incentive with Charles Falls of Demi-Cooper would total $211,200. There is currently $905,000 budgeted and $300,440 available in the Riverboat Lease Fund, account number 276-0000-791.80-27, Economic Development Incentives, project number 039600, to enter into the proposed agreement with Demi-Cooper. Currently this parcel generates approximately $8,000 in total property taxes. As a result of the proposed purchase and renovation of the parcel by Demi-Cooper, it is estimated that approximately $29,000 would be generated in total property taxes. The property is located within the Central Area Tax Increment Financing (TIF)District. LEGAL IMPACT A development agreement with Charles Falls of Demi-Cooper Advertising would be required. ALTERNATIVES 1. The Council may authorize the development assistance for Demi-Cooper Advertising. • e CMO-Development of 18 Villa Street August 20, 2004 Page 4 2. The Council may choose not to authorize the development assistance with Demi-Cooper Advertising. Respectfully submitted for Council consideration. RHM:cf Attachments .40 ^ '� Agenda Item No. % - City of Elgin g 47 aribE G August 20, 2004 I ,,y TO: Mayor and Members tubers of the City Council ALIVE DOWNTc ,A/rI FROM: David M. Dorgan, City Manager Raymond H. Moller, Director of Ec omic Development & Business Services SUBJECT: Development Proposal for 18 Villa Court PURPOSE The purpose of this memorandum is to present the Mayor and members of the City Council with a request for financial assistance from the City of Elgin in order to facilitate the exterior and interior rehabilitation of office space located at 18 Villa Court. RECOMMENDATION It is recommended that the City Council authorize a $211,200 development assistance package with Charles Falls of Demi & Cooper Advertising for the redevelopment of 18 Villa Court (formerly The Elks Lodge). BACKGROUND Demi-Cooper Advertising moved to Elgin from Arlington Heights in 1999 and since then, has been located at One Douglas Avenue. Demi-Cooper desires to purchase 18 Villa Court and restore both the interior and exterior of the structure at a cost estimated at $1,408,000. At the present time, Demi-Cooper has thirteen employees with plans to employ twenty-five staff members in the future. 18 Villa Court is a three (3) story English Tudor building located at Villa and DuPage Streets. It was built in 1929 for use as an Elks Lodge. The building is currently vacant. The current owner had intended to convert the building to upscale apartments, but no longer wishes to pursue the residential use option. Demi-Cooper desires to purchase and rehabilitate the building and relocate their advertising business to the site. The interior of the building will be gutted and redesigned into loft-style office space; complete with high-speed interne access, beamed ceilings, and hardwood floors. • CMO-Development of 18 Villa Street August 20,2004 Page 2 The original brick walls will be exposed and the original windows will be restored. Other restoration work is as follows: 1. Original staircases 2. Original radiator covers 3. Historically appropriate landscaping 4. Repair roof 5. Complete painting 6. New boiler 7. Central air conditioning 8. Restore parking lot The building has three levels. There is 10,000 sq. ft. on the lower level and it is accessible from DuPage Street. There is 5,000 sq. ft. on the main level which is accessible from Villa Court. Above the eastern portion of the main floor is a 1,500 sq. ft. mezzanine area. Demi-Cooper will occupy the main and top floors of the building. The lower level will be leased to a separate company in the future. Demi-Cooper currently has the property under contract. A closing is anticipated in late August of 2004. Architectural plans should also be completed in August, and construction could begin in September of this year. An occupancy date of February, 2005 is anticipated. A detailed estimate is provided in the attached project "Request for Assistance" submittal. A summary of costs and revenue services is as follows: Revenue Costs Owner direct involvement $ 239,360 Mortgage 957,440 City Assistance 211,200 $1,408,000 $1,408,000 If authorized, the requested $211,200 would be paid out upon completion of the proposed improvements and subsequent issuance of an occupancy permit to Demi-Cooper for the project at 18 Villa Court. The incentive represents 15% of the total project costs. This level of participation by the City is consistent with previous redevelopment project incentives within the Center City ( Highland Lofts, Leath Building, Burritt Building, Douglas Lofts, River Park Place, and Tower Square). e CMO-Development of 18 Villa Street August 20,2004 Page 3 COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED None Ept. FINANCIAL IMPACT The proposed development agreement incentive with Charles Falls of Demi-Cooper would total $211,200. There is currently $905,000 budgeted and $300,440 available in the Riverboat Lease Fund, account number 276-0000-791.80-27, Economic Development Incentives, project number 039600,to enter into the proposed agreement with Demi-Cooper. Currently this parcel generates approximately $8,000 in total property taxes. As a result of the proposed purchase and renovation of the parcel by Demi-Cooper, it is estimated that approximately $29,000 would be generated in total property taxes. The property is located within the Central Area Tax Increment Financing(TIF)District. rat EGAL IMPACT v `� A g development agreement with Charles Falls of Demi-Cooper Advertising would be required. P ALTERNATIVES 1. The Council may authorize the development assistance for Demi-Cooper Advertising. 2. The Council may choose not to authorize the development assistance with Demi-Cooper Advertising. Respectfully submitted for Council consideration. RI-IM:cf Attachments D E M I &COOPER ADVERTISING August 11, 2004 Dear Elgin City Council: Five years ago, I brought my company Demi & Cooper, Inc. to Elgin with the hopes of finding a friendly, professional home for my business. Due to many factors, including a rather negative image problem, we leased space at One Douglas Avenue for five years rather than buy a building in order to give the location and City a good try while keeping our future options open. My goal from the beginning has been to own a building. That has not changed. Now that our five year lease is about up, however, I am faced again with planning for the future. Fortunately, Elgin has proved to be an even nicer home than we expected. The downtown area has been excellent, and the people have been even better. The only complaint, which you've heard before, is the limited parking — and that's just a minor complaint. Now that I'm familiar with Elgin, my first choice is to purchase and renovate a building right here. And I come to you today with a full plan that will benefit the City of Elgin, it's businesses and residents, my company and myself. The building, at 18 Villa Court, is exactly what I've been hoping to find and exactly what I envision for my company's future. However, restoring this beautiful building to it's high status while renovating it to handle my business is a bit too expensive for me to do alone. That is the reason for the enclosed "Request for Assistance" package. It details everything we believe we need to do, as well as the costs associated with it and the assistance I seek. Please take a moment to consider the merits of this project. We greatly enjoy being a part of Elgin, and look forward to continuing to nurture our relationship by giving back more than we take in. We truly will take great pride in your assistance as we move forward. Thank you very much, DEMI & C OPER, INC. Charles Falls President ONE DOUGLAS A V E N U E , SUITE 2 0 0 , E L G I N , ILLINOIS 6 0 1 2 0 VOICE 8 4 7 . 9 3 1 . 5 8 0 0 FAX 8 4 7 . 9 3 1 . 5 8 0 1 • v- rh•d" ar: 7 .; r .a't rr .,,. .�, �• . -v9, ,.. ar zs k -. 7„",� V i m ii„, v 14i-5^, `• E`er • !" �: ., „y _ ;F: •�. • .,. +q'�Y.',�9 �m +�yic,� ; 'S'. r•`�,�,._ '�" , ,x* �'• ,r ,,.,��av 'vr`�'�.�5 _.,. > 1: .•,�`q•,�..�aa- !�:w.�' k�, s r 7r� �:a ..,dG•Y+' ' ..: },"" .. u?ik.r''''' „w .rs':' - •:�.,,.f.- � --; � .4"��'���: 4 om: .nf ,r-... •` •� :.• • .':�:� .. ... g hh1, • Imo` T• ,• � +�: - i }si r.,-• 1, all • w �. fY30'FM ; SSA. ;""aw'ratNL"':(,�7 !� -, - 18 Villa Court Elgin IlIinols f .iit "�Ar. .. Demi & Cooper4 11111) Advertising �y � $`���.�: ,�',.� r ,.. y,rpwv"'1Q�`. ` * a. k ' .� a�iL� ""�'`�,n;5�'�',y'�,�. 'ti- s..�,+,e• a. .. .. l 5._._., ,dY.. ,.' .,,�.. � ^..';i✓^ .of_�� 7«.,�,�.v..,3'. ,W�: .�. r.Cs :4: :W.- ''r,Tic: -nm ...�.' � .hi,w,q ��r'�'' r� �:yt+x ; 1, w�, �h}r�:5:i' +�. •... ,F, <`r r.r,�.. � .� : .,. •�'"` is;*.y ..y,,, yq .R ^F'�[^.. n�.:- � " •^'�, (: �aer.,`a�n�. +5"'*'. �� ��a�,� ��,�,.k .sr �,w!. .a+. 'my,R ,r'�� .:.fit''�i•. " '+fir.. ".'"3��"` ��j.,; '�p'wrs�a.; �",!:��^• Y �j'�"�C �'*�� -'�.��V,� » �74;v0,7'•.'t.�'�, 30.4,; ,�. �`.,i: +fir ����.: .7 .ty! .,..., z cq,� 'r„�"1> •r a�_yy. `, ..-4 �: .�# ,. _ .. __. .._r1r.N.aw....--. - �rv+wr�uwrr.,�_^C�" .__ _._.._.- •1Fr+Air+:.... - a'� 4: , wou e roec , .,, r q ' ��- "' 18 Villa Court is a 3-story historic English Tudor building located at the Gateway to the heart of Elgin. ' , Originally built in 1929 by a wealthy doctor, the building has had several additions over the years and ` `" :: k was most recently used as an Elk's Lodge. However, the building has sat vacant for over two years as ;, the new owner prepared to turn the entire building`into residential apartments. It's elegant Tudor style,, V and highly visible location makes the building an asset to the city and its owner. ,, ,o ,. Demi & Cooper will revive the building by moving its entire staff to the location (13 employees), improving . _ Mx �"* ** and maintaining the classic Tudor exterior, and totally gutting and redesigning the interior into loft-style 4 office space complete with high-speed internet, high ceilings, and original maple and oak hardwood Al.V.4 -" floors. All of the original brick will be exposed (where possible), and we propose to restore the original ,., r� "8 , ,. windows. 1,;;" t The result will be that this once town landmark will be returned to its lofty status, and will once again s i ' reestablish the property as a valuable asset to the city. The beautification of the property will also .. -�< stimulate improvement to the surrounding neighborhood structures ,Mt'4 At. Mrs n,.\.i +w z Demi & Cooper Advertising . - l � .•s K „ ,1." �° , `,v *',� �' .�.. r„r ~.�' wl.. ek 't-"' l• .. t .., a.. � ." uc,Tk ,, *. .•- ". _ P '� ,.."^ „ 'g,_`,r' �"d : c. b`''- .a .. 9'.,.. — :e.za»!'•} s_}',,-,ft r —qrs.,ti�"` k?4.1:; ����'Wr�'� war —•�5,�7."&�?"'+'*�(v*Y`v�`�'��+�'o-�.'ss%' r`25e� `#$ca��� ap,".�� swrf`N9:NR ,,. ,."`3 �'�Rp4ti1 s.:.`wf srv`" r. ".sr` .,..., qy;ti,< y,s.,,..� .,,,.w ,,; K,�` �,•r';a. > t:" ,„mx, N a +.._ "` _ w°1hr..154,'.',„ '.�, -�'»,S^` '+,�':.- i t aR ri c "r 111 '; —'' .s'.t,,. s..4 _s ,1 t i7,4,2 5:c.. •r _ y ' ; : "". "�v`. ,,k , ♦ ' i+! x S A• ,�, a.,. 4. - b .fit s ��`�. ... . ;y ,,r*y ' 9. ��•�y^K`� .. J�"��� .. � '1+M� rF .•`',.,w, a� '"� ..9,Ib w �n�e w- rP' *#43Pre5ervatlon �� , X„ 18 Villa Court is a stunning building, both inside and out. However, it has fallen into disrepair. Our goal is to preserve as much of the history as cost-effectively possible while adapting the structure to serve t 4 x:- the needs of today's businesses. . . ') We propose to: Refurbish the windows (original) and add interior storms and screens . * Restore and refinish the existing hardwood floors on the main and second floors. t.„ -' .4`�; * Use stamped or colored concrete on the lower level, with area rugs yV §? * Restore the staircase(s) to its original beauty1 �_ * Restore and reuse all of the original radiator covers j * Totally redesign, install and maintain a professionally landscaped exterior suitable for the building's time r 4 ° . period „.;* * Repair the roof` - Repaint the exterior portion of the building and fix the door to match the period t ; fir; * Add insulation above.the ceilings < i ` * Totally rewire the building to code and add high-speed internet and networking abilities to offices " * Add a new boiler to the main,.,and second floors or add forced-air heat throughout • * Add all new Central Air to all parts of the building ,� � k * Restore and maintain the parking lot '`` ; "FCC ;r✓ y 5';', u. 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Current DemI & Cooper O 47. d' y _ These images should give ou a good idea of the -level of design .�4 and c1ualIt we will bring to 18 Villa Court V fir, ry Ware �p� t � k 440' • • �• Ay F + :. ..i. ., r , ,. •.. . . . .,...., .. , __.,...-„,„-- , . .. .. ... . ,...,.. . . . .. . . ....,,,..„,,,,...,,..„.....:.,...:.„.:.„..:.. . ,.. ...., . . ,.. .. ,,:-,.„,,. . „....,..„ ... .:. .... ... ... ....„. .....,.---..,., ,..:::4;,,..;,.::,.,:,..,,,...,,,I,-,:',,.,'-*:,,,.:,-.?„,;,'\-.'..-,.:4:4',,.:::::',',....' -„:„.,,..„.„:„..,,,,,,.., ,„..„,,,.. . .-. , ..... :... ... .. - , -., - - .. . ..... , • . . , . • . ,..„,„,-4,,,,,,, ....... .„... ,. . , -,-,4,,,,e, „..„,,...,..,..„: -_,-„...,.- -,..... _,..,,, „,..,:_,:,c,,,,;-.. .,::, 9 n ti Demi &Cooper Advertising 1+� + '.ems+ - ,'."t$ s 4� �r r, • • t ' a .:"- -�:�... , ,, •.,,,.a-? r-;<a .5• ,1 WI.?9 ,-fir “. i R, 5i4,^ 3„k( ?w T•mi"' 'ar� -4,- ' sr.,.;,v Rau �" k.••y, a �t�`.�':` •• �, �s '�'s�Cg , �ii•- ,7'i �+'j µW�s�� • *,..,"M.:..✓�` ':a„ , �M., • �, ;E6 "S�! _ t� ,e. 3i ��r s�2 �4.„�����+,!S t"' � - 9�. :.;.. _'v„ a ..., -, s. a m.:,. ... ,... @,;::!.` 1[ ->. IK q.M, ..:,.�, 3' i 1:•, k - .'' d •.t54 #,...: a`k�w.;�..e •. _„ .yq, ..:.�, l+iw kr s. ., •..,:,.: , .,. .?e,: �. ,.�..+� �FFr. >4.•• -N._,. 1�`: ��0 N.. y, t7� S' -,r Tv, a,• u''.,p� °�" � '.:✓ •' w• P .•. J! �yy . •„ 3`s.,•, .q, •y,� • 4�!,.,dA , M -..g .�u.L r r.'t � .•�"� :'�` �' k ?�`.,,4 xa fVM'l`?�.. ,w ; � �rM ,�• � ,�,; �,�,, 7 ¢ti a + �r "�s . ^�:,C ' x •. M � tYt*'.�+� a.✓,•:M.,§y„+.� ir�' - �1 ,.�* ,.` x $ ,.. .{ x &`wT'o..'°"wt ` .�. r. ,� 1 "; , :-..ts' s xr M. i4,y - cw dE- t'a '�.. +v ^.'Y'°r „ a :'; "G , n ht - _ _ a tip , , n.r. ,, , ., 5 if * As part of the TIFF district, all of the tax money collected goes directly to the city. Once improvements . .. r , are made, this amount will be at least five times the amount currently taxed. ,A`... * Our plan coincides with Elgin's plan for Center City by improving what's already here and by adding r and keeping more people in the downtown area. 7„..• xr * The redevelopment of this property will likely help to stimulate even more improvements throughout wt the downtown area. n * The highly visible location of the restored building will welcome people to the downtown area in a 1 :. beautiful way that currently is not available The significant investment of private dollars in Center City, as well as the dollars invested in the a local businesses by the employees will greatly help surrounding businesses. . 7.. E�` < * Because our advertising agency hosts many visitors from around the Chicago area, this restored � , y building will be a beacon for Elgin's success. zA 18 Villa Court is a Tudor "Period" building. Since our Creative Director is on several Historic Preservation committees, you can be sure our redevelopment of this building will be done with a close Y eye on preserving as much of its history as possible. "N ...),, t Demi &,Cooper Advertising ', � 't� ., '-_:� i � a'.q. a +� 'di.p ro�'�},°�`" f 7 � �",� ,6. ,�, ...,x...ir.t • . . . 4..,,,,=*,T4P-4, --4".fs,,,,,""'',:'-`1:_:fti ',fge4,,"A .`"-0": ,, - -;;;41,7 jewt..c .,...,-,',Z,v,,,m7---;„„7.t 1,,,.7‘---.?:. '„.'q,,,,,,.4 - t.i.,:' , .,,,,,,-...4.=„:r•- ., ‘4,4e;;OL`1,'‘., .;,'-' ,..„ . ," .,ii‘ 'F-,_..a,---;:rrer ,,„,,,ictz.,,,,‘,.....,..........,..., ,, ,,,,,,,..., ...-......, _,...., ,As., ,, zz . 7.:,,lie.,,, -A• . il..'Wii "40` '.'4'',--e' - ' - ,., , ," '''''..t„;,„,,,,,A.., r- .:-"-— —,t"Pr— ,' t 1. t.,"'""':'`c;61"Et''''• ' l'''/'6'1'( "1'7% 41<-1.47,1,- -41?' 4' • .i4` -,,,„t•-c,-- ,'. - vi-.1 • ''.. --•f*,,, * c, ri ,4‘4 I I i ,..5tor o Demi 6) Coo er .:•°tA,',,, , 44-7- .1:•.,,,„,..1' . * Started in the home of Charles Falls with his then-partner, Brett Thomas in 1992 * Named after the dogs of Charles Falls (Cooper) and Brett Thomas (Demi) * Creates ads, brochures, direct mail, radio and TV spots, and web sites * Moved to office in Arlington Heights in 1994, then to Schaumburg in 1996, then to Elgin in 1999 It.0.0*,ir * Has various Elgin clients including the Elgin Image Enhancement Program, EFS Bank, and Sherman ',Z,4243',`'. ' .",•,.,,,,,, Hospital •*a."'"'''''f * Has grown to 13 full-time employees, with plans for up to 25 4, 4te: * Has gradually increased it's billings and profit virtually every year by focusing on results-oriented ,161.• ' marketing and customer service. .-,-.,-.. f....- * Has won numerous industry and national awards for their work ' ..4 ','''" - Is known and respected as a contributing partner in Elgin since 1999 It tol'' rtdt,e,'''4-44; * Currently handles the advertising for several Elgin companies/concerns, including EFS Bank, Sherman Hospital and the Elgin Image Enhancement Campaign *ACurrent Vice-President and Creative Director is actively involved on Aurora's Historic Preservation ..,; Committee „--... .....: •Alof ,` tt,,,Z.,'w NOTE: This is the first time Demi & Cooper has sought to invest in a city and a building „r _ ,,..., ....,,, 4tde'*-4' ',01ri't-r 4," Demi & Cooper Advertising if..., ', - ' -,`"."->.*4-t2'.-4.'r4,14,,:Mtn,, ,1',7,. ,'' ,r.-4.4 .4' ',',4, ''''' : ti .‘,#, i1,(•;,,,,'''',,- -' ''':'''' ''`'',*4'''' ' .,'' ,. -. ,,,6 ' i -, , ' 1 . ' '; - ,4 1.0.,„„„,*,:z ,,..,,,..,...,,,,, N, , ...... , ..,.„,„Aitif, , .7 ., . ..., d.,,,..,'?":. 4. 0''''' ,4''''''^ ."4,44d,1';'*, ''',"-q-k..,,, ',,.. --,',';',: ,',,,,,,x•.40. ' ,:`-,..„k„4,,,,:,.'fie.' "-'.,0 :',,,,ik'„,!:''',,,:,,, .. , ''` '' • ZP:‘,4,„' 07474 '""";,^ ..,1,,,, a,,,,141,114".:"'st.VAZi"t,24$/$447'',+lf,Ay ,'",40tri-'''',,a,:itt;1. >'•, "'",,,, 020Atc,S:"15,"' ' 4; '''''' ' '`' ' ' ,,,,,r-„,,,,,A.4,464444,:,.,J....,,,,,. ..,...,--,6 ..,4 ,,, . .. 1rwr _,,;',AL.-; V,;:.'t.:41: ''.....A.,,s/prOt A '''' -,s•-§-i-,-4, ^ •"'Ar, VcCil''- f; , ' - 'Oct''' " 4'4 k . .. • 44....'' —re--- A ,'• ,q,,,, .!"4,..r.-4,`;,—,, .,1-, _ - -,....t- ::,,, .-i''' At.,-."-:, s 44'---, : ' ''''''k ' ' WO , ., 4' o+44 4- •. •4,;6"'"'''' - ' 46°.• 1,• -F-••,-•--• ,-,,,,,,'W to ve';',,,•'/..,. ,••• -1-•. '- -, , , ' '',;•.,,,,,,, ''''' kl Timetae ."9.- e•-i. . s „'•4,•"'„,,.... 4 . • • • 4 '- *11 Property is currently under contract with contingencies * Anticipate closing on the property September, 2004 ..., * Architects plans finalized by mid-September, 2004.,..• , • * Interior construction begins October 1 , 2004 ., . , • * Landscaping begins March, 2005 (pending city participation) ,,,... -• ,- ' ,,. * Move-in March, 2005 to main floor and 2nd floor .. ,. L.- ,.q ....,.... . . * Attempt to Lease lower level starting September 1, 2004 i),";',0.• •- . ',..,:,,,,-.,, - : ,k:zi, 'X* fi; 7 Er'sV:+1 ., ,. '.• .. tiAk....,...;;,....., , ... .., . . ,. • ,„, , er4 444.4441, 44 nit 4 . a , . , t& 1 ot7,.14", ' 444j44- ,1% rZ7 Demi & Cooper Advertising "ir-1. •' - , 4.4tesctio: ;7'1' 4. 1/4" ,,,,„„,•••• •,1,14, ---' .-- .. - ,, -....- . ,,,.....,- -i...a.,..,.,,,....4or-..., - .,— ‘... ...0.4,,,,.t.,- ,.:4,-,44......LL.44..., 4..1,,,;1:,,TA-..t:.,..1.;:z1-4,,,,,, ..t.o.0.6-:-.'v,vcdfz.,,tbitEiLauk„-..,. - ......- §aa,...44o--- .:......,,,, ..... ,...--..-,,, 4' .',:.'Nti• _. • +r•�� " rSi.? V ��R:Z� � '� ''a" ` r ' �" �r r4 � ;. � r i w�= fi #} ay . e r ,.... ,„ ,,,,..„ . * 4 ,..,...,,,,, . Keauested As5i ,, - „,...„,„ J , r x � t� 3 NOTE: Figures are based on NOT installing an elevator and not rebuilding the front entrance. '':,-, L As you will see in the following charts, the total price of the building and improvements comes to .7 $1,408,000, which is $86 per sq. foot. Our bank (EFS Bank) has agreed to finance a building with the g, 4' yw total cost of the building being no more than $85 per sq. foot. s.x w . To make the $85 per sq. foot, the total price has to be less than $1,400,000. This would mean that I • #';"ti cannot finance the purchase of the building without the city agreeing to allow it to remain as it is (no �., f elevator and no reworking the front entrance), which it has done with conditions. �I .,, In addition, EFS Bank is requesting a 20% down payment. However, since I will be using my own *°g -. personal money to do this, I am only capable of putting down $240,000. tr - I am requesting monetary assistance from the city totaling $211,200 (15% of the total cost). This t - $211,200_would reduce the overall amount needed to finance to $1 ,196,800, thereby allowing me to put - , " .1,.....,, ....toe, ,. down a full 20% ($239,600) to secure financing. �,,14,b '" ,_ . ,,:t*: -- Projected Cost of Entire Renovation Project: $ 1,408,000 t Projected Contribution by the City.of Elgin: 211 ,200 ,". Y Balance to be covered by Debt & Owner's Equity: 1 ,196,800 ; `� .-„ Anticipated Mortgage Financing of Project: 957,440 �' _ At Owner's Personal Investment in Project (20%): 239,360 4-, Demi & Cooper Advertising x x a u ' , M ,....r.. 'c , '... g ..., . ,_,. ii W ':":;�..r..c w,.. �;`" : 't-f iro: ..,t; '''' �w 2. �i.J*' ry H - a ' .r ' y. F°*�b .y i ;» ,ri , .s,w ,t:; �- o-''�� . k * w rz 4' ��''r '� '.:,-:K..' Y A K'- ;ar 'O.' � � x 'i +,,,' +ta".. ? �'� *� N � � y�y'w ,,--or, x '"7 r e ins~ Y*w :.Y-" ,7i'0:,41% 4.4'ow. fi ' r.74':, ' .a 3A . cvim '''. ''aam ' ° ,y . - 4t:1;e4' r ` x„ A * . ,r+.tt, , w- ... 7`f . 74e',_ .0 ., , { r9J +w �R -" • .,... i7.4t ..1.— .1 c { �5 Description Cost E}� . - > Building $550,000 r : := " Architects, temp dump boxes, clean up $20,500 Interior Demolition and Asbestos Abatement $22,000 -ti• 4 Masonry Restoration/Tuckpointing $5,000 k -.04. Metal Fabrication $3,200 * `o. %*` Finishing Carpentry $29,500 -'0..: Architectural Woodwork/Trim $15,750 .- T +,u, ' Roofing (shingles) $13,500 Y �,' Caulking and Sealants $3,500 Wood Doors and Frames $11,200 - '• " Restoration of Windows $29,500 .'M n' k% , > Storms and Screens for interior windows $3,500 , Drywall and metal studs $21,700 t, ,:� f ,„,* Hard tile flooring $8,300 ;"' Restoration of current wood floors $26,750 s Painting and Wallcovering Interior $15,600 Painting Exterior $6,500 '' Toliet partitions and accessories $3,500 ' �: HVAC (water and/or forced air) $405,000 • - . Fire Sprinkler System $29,000 :4" Plumbing $12,000 V• , l �' Electric to and throughout building $132,500 t, ZF Labor, insurance, rental equipment $40,000 , �' °' TOTAL ( $ 1,408,000 1 • � ` • Demi & Cooper Advertising 9 Tr t �'•P Atr fir �` ,+v q " J'uRf ' ,, '.. A . s: 'Aei ""'' ^ x • '`,;u^ i r„ l, --,kF +Y!"'4'�'" _ _ „ z r .> �� ` 3, : a vp TA .�iyi v ���a':• r� 7�5Nwe .^ +..',w' 4434.4 z .. �}V si�^ .c-. . � � . ,o �