G35-12 • Ordinance No. G35-12
AN ORDINANCE
APPROVING THE FORM OF A REDEVELOPMENT
AND FINANCING AGREEMENT FOR THE CITY OF ELGIN BLUFF CITY
QUARRY TIF REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the City Council (the "Corporate Authorities") of the City of Elgin, Kane and
Cook Counties, Illinois (the "City"), have heretofore determined that the stable economic and
physical development of the City is endangered by the presence of blighting factors, with a
resulting decline of the City which impairs the value of private investments and threatens the
sound growth and the tax base of the City and the taxing districts having the power to tax real
property in the City and threatens the health, safety, morals and welfare of the public; and
WHEREAS, to address and alleviate such factors the Corporate Authorities by the adoption
• of Ordinances Numbered S4-11, 55-11 and S6-11 have heretofore approved a redevelopment
plan and project for and designated that certain redevelopment project area known as the "City of
Elgin Bluff City Quarry TIF Redevelopment Project Area' (the "Redevelopment Project Area")
and have adopted tax increment allocation financing for the Redevelopment Project Area, all as
provided in and in compliance with the Tax Increment Allocation Redevelopment Act, as
supplemented and amended, and particularly as supplemented, and where necessary, superseded,
by the home rule powers of the City (the "Act"); and
WHEREAS, the Corporate Authorities have further heretofore determined that it is
advisable and necessary and in the best interests of the City and its residents and of the taxing
districts having the power to tax real property in the Redevelopment Project Area that the City
enter into a Redevelopment and Financing Agreement (the "Agreement") by and among the City
and Gifford 300, LLC, an Illinois limited liability company, and.Bluff City Materials, Inc., an
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• Illinois corporation, in order to provide for the redevelopment of the Redevelopment Project
Area; and
WHEREAS, although one or more conveyances, leases, mortgages or other disposition of
land or other property owned by the City may be made by the City pursuant to the Agreement,
the Agreement does not relate to the development of any property now owned by the City; and
WHEREAS, no member of the Corporate Authorities, employee or consultant of the City
involved in the planning and preparation of the Redevelopment Project Area or the
redevelopment plan and project heretofore approved for the Redevelopment Project Area owns
or controls any interest, direct or indirect, in any property included in the Redevelopment Project
Area; and
WHEREAS, pursuant to the Act the City is expressly authorized to enter into the
Agreement, provided that the form of Agreement shall be approved by ordinance:
• Now, THEREFORE, Be It and It Hereby Is Ordained By the City Council of the City of
Elgin, Kane and Cook Counties, Illinois, in the exercise of its home rule powers, as follows:
Section 1. Exhibits Incorporated by Reference. The proposed form of Agreement is
hereby approved. A copy of the proposed Agreement is set forth in EXHIBIT A attached hereto
and incorporated herein as if set out in full by this reference.
Section 2. Execution of Agreement. The officers appearing signatory to the Agreement
are hereby authorized and directed to execute same, their execution to constitute conclusive proof
of action in accordance with this ordinance, with such revisions, additions, deletions or changes
as such officers shall reasonably deem necessary to effectuate the Agreement.
Section 3. Invalidity of Any Section. If any section, paragraph or provision of this
ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
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• unenforceability of such section, paragraph or provision shall not affect any of the remaining
provisions of this ordinance.
Section 4., Superseder and Effective Date. All ordinances, resolutions, motions or
orders in conflict herewith be, and the same hereby are, repealed to the extent of such conflict,
and this ordinance shall be in full force and effect immediately upon its passage by the Corporate
Authorities and approval as provided by law.
avid J. tain, ayor
Presented: June 13, 2012
Passed: June 13, 2012
Vote: Yeas: 6 Nays: 0
Recorded: June 13, 2012 e6In,s
Published: June 13, 2012
• Attest:
CL o •,
Kimberly Dewis,` Clerk
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