HomeMy WebLinkAbout82-0514 Central Elgin Corporation 4a! -0Si4
CONTRIBUTION AGREEMENT
This Agreement made this i t'C day of .y , 1982, by
and between CENTRAL ELGIN CORPORATION, an Illinois not-fob-profit corp-
oration (C.E.C.), and CITY OF ELGIN (City) . 1
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. 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.
4. In consideration of this contribution, the City Manager or
his representative shall hold a seat on the Board of Directors of C.E.C.
5. This agreement shall terminate December 31, 1982.
IN WITNESS WHEREOF, the parties hereby have signed or caused to
be signed, thesepresents this gn 1�1 '-- day of )\fi\. 1982.
CIT OF ELGIN, LI IS '
By
CENT LGIN C
By
J1-0-7"
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