HomeMy WebLinkAbout95-133 Resolution No. 95-133
RESOLUTION
AUTHORIZING EXECUTION OF AN AMENDMENT TO
REDEVELOPMENT AGREEMENT WITH TLC REDEVELOPMENT GROUP
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Kevin Kelly, Mayor, and Dolonna Mecum, City
Clerk, be and are hereby authorized and directed to execute an
amendment to redevelopment agreement on behalf of the City of
Elgin with TLC Redevelopment Group for modification to the
feasibility period provision of the redevelopment agreement, a
copy of which is attached hereto and made a part hereof by
reference.
s/ Kevin Kelly
Kevin Kelly, Mayor
Presented: June 14 , 1995
Adopted: June 14 , 1995
Omnibus Vote: Yeas 7 Nays 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
RAGREE/TLCAMEND
6/9/95
AMENDMENT TO REDEVELOPMENT AGREEMENT
THIS AGREEMENT is entered into this t:2 day of
J U , 1995, by and between the CITY OF ELGIN,
Illinois, an Illinois municipal corporation (hereinafter
referred to as "City" ) and TLC REDEVELOPMENT GROUP, an
Illinois partnership (hereinafter referred to as the
"Developer" ) .
WITNESSETH:
WHEREAS, on September 29 , 1994 , the City and
Developer entered into a Redevelopment Agreement for the
property located at the southeast corner of Dundee and Summit
and legally described in Exhibit A to said Redevelopment
Agreement; and
WHEREAS, Section 1 of the Redevelopment Agreement
provides for a feasibility period during which Developer had
120 days after execution of the Redevelopment Agreement to
conduct and complete investigations to determine the
feasibility of developing the subject property; and
WHEREAS, the Developer has been unable to complete
the necessary feasibility studies during said 120 day period
and the parties desire to extend said feasibility period
through this Amendment to the Redevelopment Agreement.
NOW, THEREFORE, for and in consideration of the
mutual promises and undertakings contained herein, and for
other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties
hereto agree as follows :
1 . The foregoing recitals are incorporated into
this agreement in their entirety.
2 . That Section 1 of the Redevelopment Agreement
entitled "Feasibility" is hereby amended by deleting " . . .
120 days after the execution of this agreement . . . " from
line 11 thereof and in lieu thereof inserting " . . . 120 days
after May 1, 1995 . . . "
3 . That except as provided for herein all of the
terms of the Redevelopment Agreement shall remain the same and
said agreement shall remain in full force and effect .
CITY OF ELGIN, an Illinois TLC REDEVELOPMENT GROUP,
municipal corporation an Illinois partnership
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Ad i�i e sy y
Mayornt pyaevl-t-E+rr:c.,-
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Attest: -P-t,ce..1.-- Attest:
City Clerk Secretary
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Agenda Item No .
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May 12 , 1995
TO: Mayor and Members of the City Council
FROM: Richard B. Helwig, City Manager
SUBJECT: Modifications of Redevelopment Agreement with TLC
Redevelopment for Dundee T.F Shopping Center
PURPOSE
The purpose of this memorandum is to submit to the Mayor and
City Council a request from the TLC Redevelopment Group for
modification to the feasibility period provision of the Rede-
velopment Agreement .
BACKGROUND
On September 28 , 1994 the City Council approved a Redevelop-
ment Agreement with the TLC Redevelopment Group for a retail
shopping center to be located in the Dundee/Summit TIF Dis-
trict . The agreement allowed the developer a period of 120
days after the execution of the agreement to conduct neces-
sary preliminary investigation at the site to determine the
feasibility of developing the subject property. The feasibil-
ity period expired during the latter part of January, 1995 .
The attached letter indicates that the developer has not
undertaken an evaluation of the site . Mr. Lucchese indicates
that the developer has been pursuing an anchor tenant for the
site. A Lease Agreement has been signed and TLC Redevelop-
ment is requesting that they be given a period of 120 days
from May 1 , 1995 to conduct an evaluation of the site.
COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED
None.
FINANCIAL IMPACT
None .
LEGAL IMPACT
None .
Redevelopment Agreement with TLC
May 12 , 1995
Page 2
RECOMMENDATION
It is recommended that the Mayor and Members of the City
Council authorize a modification to the Redevelopment Agree-
ment with TLC Redevelopment Group for the Dundee/Summit TIF
project area to allow for a 120 day feasibility period begin-
ning May 1, 1995 .
Respectfully submitted,
Raymond H. Moller
Director of Business
Services and Properties
Richard B. Helwig
City Manager
RHM/sg
Attachment
L
1
arl .f c&(.
910 W.LAKE STREET
SUITE 106
ROSELLE.ILLINOIS 60172
COMMERCIAL RESIDENTIAL PHONE (708) 894-1277
AND INVESTMENT REALTY FAX (708) 894-4910
April 26 , 1995
City of Elgin
150 Dexter Court
Elgin , IL 60512-5555
Attn : Raymond Moller
Dear Ray:
We are pleased to report that we have signed a 10 , 000 sq ft grocery
tenant for Gateway Plaza at Dundee and Summit .
Ray , it tool us longer to secure this tenant then we previously
thought so we would hope the City would modify our contract any
allow our due diligence period to begin May 1 , 1995 .
We are now prepared to go forward with the project immediately .
Should you have any questions in this regard please do not hesitate
to contact me .
Very truly yours ,
Dearborn Construction &
Development By :
641)4.
Charles Lucchese , President
CL/sl