HomeMy WebLinkAbout81-0211 Central Elgin Corporation RESOLUTION
AUTHORISING AN AGREEMENT WITH THE CENTRAL ELGIN CORPORATION
conducts a civic program
WHEREAS, the Central Elgin Corporationp g
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with respect to the development and improvement of trade, commerce,
industry and residence within the City of Elgin and its adjacent trade
area on a not-for-profit basis; and
WHEREAS, the furtherance of the stated goals and purposes of the
Central Elgin Corporation is in the public interest.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, that it hereby authorizes and directs Leo Nelson, City
Manager, to execute on behalf of the City of Elgin a contribution agree-
ment with the Central Elgin Corporation, an Illinois not-for-profit
corporation, a copy of which is attached hereto and made a part hereof
by reference.
Richard L. Verbic, Mayor
Presented: February 11, 1981
Adopted:
Vote: Yeas Nays
Recorded:
Attest:
Nancy L. Johnson, Acting City Clerk
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CONTRIBUTION AGREEMENT
This Agreement made this 30th dayof January1 81
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and between CENTRAL ELGIN CORPORATION, an Illinois not-for-profit corp-
oration (C.E.C.) , and CITY OF ELGIN (City) .
WITNESSETH
WHEREAS, C.E.C. conducts a civic program with respect to the
development and improvement of trade, commerce, industry and residence
within the City of Elgin and its adjacent trade area on a not-for-profit
basis; and
WHEREAS, City recognizes the beneficial value to the residents
of the City of Elgin in respect to the accomplishments of the stated goals
and purposes of C.E.C. ; and
WHEREAS, it is in the public interest to continue to assist C.E.C.
in the accomplishment of its stated goals and purposes; and
WHEREAS, it is deemed to be of mutual advantage of C.E.C. and
City to continue the association hereinafter described under the terms and
conditions hereinafter set forth.
NOW, THEREFORE, for and in consideration of the promises and of
the mutual covenants hereinafter contained it is mutually agreed as follows:
1. City agrees to pay C.E.C. One Dollar ($1.00) for every Two
Dollars ($2.00) raised by C.E.C. from funds received through voluntary
contributions from financial institutions, owners of property and retail
merchants for the purpose of aiding continued economic productivity of the
central business district by securing leases for existing commercial space,
rehabilitation of space not presently used and redevelopment of land within an
area bounded by Fox River, National, Chapel and Kimball Streets. The strategy
for this program has and will be developed through a cooperative effort involv-
ing input from various community sources including but not limited to the
Board of Directors of C.E.C. , members of the City Council, staff and admini-
stration of City and interested citizens. Additional areas of involvement
will be short and long term planning within the defined geographic boundaries
with specific attention focused on the South Grove area between Prairie and
National Streets. Secondary areas will include the preservation of
surrounding residential areas. Assistance to individual businesses will be
provided as requested and to the degree that C.E.C. is able to provide.
2. Under all circumstances, the maximum amount that City shall
be liable for under the formula provided in Paragraph 1 shall be $25,000,
during any calendar year.
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3. City and C.E.C. agree that funds raised by C.E.C. through
voluntary contributions from January 1, 1981 to date exceed $50,000.00;
therefore, City agrees to pay C.E.C. the sum of $25,000.00 for calendar
year 1981 in quarterly installments of $6,250.00, each installment shall
be paid on March 31, 1981, June 30, 1981, September 30, 1981 and
December 31, 1981 respectively.
4. C.E.C. agrees to provide to City, at the request of City,
status and progress reports relating to the achievement of the stated
goals and purposes of C.E.C.
5. In consideration of this contribution, the City Manager or his
representative shall hold a seat on the Board of Directors of C.E.C.
6. This agreement shall terminate December 31, 1981.
IN WITNESS WHEREOF, the parties hereby have signed or caused to
be signed, these presents this 30th day of January , 1 81.
CITY F EL IN, OI
By
CENT ELGIN ORPO ON
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