HomeMy WebLinkAbout19-108 •
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Resolution No. 19 108
RESOLUTION
APPROVING CERTAIN DEVELOPER REQUESTS FOR ISSUANCE FOR CERTIFICATES
OF EXPENDITURE IN CONNECTION WITH THE BLUFF CITY QUARRY TIF DISTRICT
REDEVELOPMENT AND FINANCING AGREEMENT
WHEREAS, the City of Elgin has previously created the Bluff City Quarry TIF District
pursuant to Ordinance Numbers S4-11, S5-11 and S6-11 adopted on May 11, 2011; and
WHEREAS, the City of Elgin ("City") and Gifford 300, LLC, ("Owner"), and Bluff City
Materials, Inc., ("Developer") have previously entered into Redevelopment and Financing
Agreement dated June 13, 2012, providing for the redevelopment of a portion of the Bluff City
Quarry TIF District, as further described in such Redevelopment and Financing Agreement; and
WHEREAS, the City, Owner and Developer entered into an amendment to the
Redevelopment and Financing Agreement dated July 10, 2019 (such Redevelopment and
Financing Agreement dated June 13, 2012, as amended by the amendment thereto dated July 10,
2019, is hereinafter referred to the "Subject Redevelopment and Financing Agreement"); and
WHEREAS, the Subject Redevelopment and Financing Agreement provides for the
reimbursement to the developer of certain TIF eligible expenses in connection with the
redevelopment of the redevelopment property as described in the Subject Redevelopment and
Financing Agreement; and
WHEREAS, Developer has submitted to the city request for issuance #1 dated August
21, 2013, submitted to the city on or about September 11, 2013, in the total amount of
$4,405,042, requesting approval of a certificate of expenditure in such amount; and
WHEREAS, Developer has submitted to the city request for issuance #2 dated January
25, 2018, which was submitted to the city on or about such date, in the total amount of
$16,573,037, requesting approval of a certificate of expenditure in such amount; and
WHEREAS, pursuant to the terms of the Subject Redevelopment and Financing
Agreement that the Developer's request for issuance #1 should be approved in the amount of
$4,405,042 and a portion of Developer's request for issuance #2 should be approved in the
amount of$9,940,958, for total approvals for certificates of expenditure of$13,500,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ELGIN, ILLINOIS, as follows:
1. That Developer's request. for issuance #1 dated August 21, 2013, in the total amount of
$4,405,042 be and is hereby approved and a certificate of expenditure in the amount of
$4,405,042 is hereby approved and issued.
2. That Developer's request for issuance #2 dated January 25, 2018, in the total amount of
$16,573,037 is approved in part in the amount of$9,940,958 and a certificate of expenditure
in the amount of$9,940,958 be and is hereby approved and issued.
3. That payment to Developer of 80% of the TIF Revenue Stream from the Subject Property
received by the city and to be deposited into the Sub-STAF Gifford 300 Account pursuant to
the Subject Redevelopment and Financing Agreement is authorized and approved in
accordance with and subject to the terms of the Subject Redevelopment and Financing
Agreement up to and not to exceed the total amount of approved certificate of expenditures
as provided herein.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: July 10, 2019
Adopted: July 10, 2019
• Omnibus Vote: Yeas: 9 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
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