HomeMy WebLinkAbout89-0525 Harris Properties � 89- O Sas
RESOLUTION
DECLARING HARRIS PROPERTIES, INC., AN ILLINOIS CORPORATION, IN DEFAULT
WHEREAS, on January 12, 1989, the City of Elgin entered into a written agreement
with Harris Properties, Inc., an Illinois corporation, for the redevelopment of certain
property pursuant to the Tax Increment Allocation Redevelopment Act; and
WHEREAS, said agreement provided in relevant part that Harris Properties, Inc.
would undertake and complete a preliminary investigation of the suitability of Parcel I
of the property to be developed within 90 days following the date of the agreement; and
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WHEREAS, said agreement further provided that Harris Properties, Inc. would
notify the City of Elgin, in writing, within 10 days following the expiration of the
feasibility period of the results of the feasibility study and in the event that the property
was not reasonably suitable for the proposed development, Harris Properties, Inc. was
obligated to advise the city of the specific reasons for such determination and provide
the city with copies of all studies, tests, environmental assessments and surveys,
memoranda and other data resulting from the feasibility study; and
WHEREAS, Harris Properties, Inc. has failed to conduct a feasibility study as
required by the redevelopment agreement and has advised the city's agents that it is
unable to proceed with redevelopment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, that Harris Properties, Inc., an Illinois corporation, be and is hereby
declared in default of its obligations under its redevelopment agreement with the City of
Elgin dated January 12, 1989.
BE IT FURTHER RESOLVED that in accordance with the redevelopment agree-
ment, the earnest money heretofore deposited by Harris Proeprties, Inc. be forfeited and
deposited in the special tax allocation fund heretofore established.
BE IT FURTHER RESOLVED that the City Clerk is hereby authorized and directed
to cause a certified copy of this resolution to be mailed to Harris Properties, Inc.,
1760 N. Wells Street, Chicago, IL 60614, with a copy to Howard Borde, Attorney at Law,
415 N. LaSalle Street, Chicago, IL 60610.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: May 25, 1989
Adopted: May 25 , 1989
Vote: Yeas 7 Nays 0
Recorded:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk