HomeMy Public PortalAboutResolution 1502r + '
VILLAGE OF PLAINF"IELD
RESOLUTLON NO. 1502
A RESOLUTION PROVIDING AN INDUCMENT `I'O HERON :POINT OF
PLAINFIELD REGARDING A REDEVELOPMENT PROJECT IN TI-IE VILLAGE OF
PLAINFIELD, WILL AND KENDALL COUN"I"IES, ILLINOIS.
PLJBLISHED IN PAMPHLET FORM BY THE AUTHORITY OF THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF PLAINFIELD, WILL
COUNTY, ILLINOIS, "PHIS 20T" UAY OF JLJNE, 2006.
RESOLUTION NO. 1502
A RESOLUTION PROVIDING AN INDUCEMENT TO HERON POINT OF
PLAINFIELD REGARDING A REDEVELOPMENT PROJECT IN THE
VILLAGE OF PLAINFIELD, WILL AND KENDALL COUNTIES, ILLINOIS
WHEREAS, the Village of Plainfield, Will and Kendall Counties, State of Illinois (the
"Village") is a duly organized and existing home rule Village created. under the
provisions of the Constitution and laws of the State of Illinois, and is now operating
under the provisions of the Illinois Municipal Code; and
WHEREAS, an area of the Village located near the intersection of Route 30 and
Renwick Road and. commonly known as "Heron Point" (the "Area") requires
redevelopment incentives in order to change the nature of a site currently consisting
principally of vacant buildings into atax-producing area; and
WHEREAS, the Village President and Board of Trustees of the Village (the "Corporate
Authorities") have determined that the stable economic and physical development of the
Village may be harmed if current conditions of the site are not altered as soon as possible;
and
WHEREAS, the Corporate Authorities have determined that it may be necessary, in
order to remove and alleviate adverse conditions that exist in and around the Area, to
encourage private investment and restore and enhance the tax base of the property as
legally described in Exhibit A attached hereto; and
WHEREAS, Heron Point of Plainfield, L.L.C. (hereinafter referred to as the
"Developer") has approached the Village with a potential project to redevelop the Area
with a commercial center (the "Project") contingent upon redevelopment assistance from
the Village; and
WHEREAS, the Developer had indicated. to the Village that but for the benefit of
redevelopment assistance in the manner outlined in Exhibit B hereto that the Developer
will not complete the Project; and.
WHEREAS, the Village has determined that the Project would. be of significant benefit
to the people of the Village and thus represents a development that would be appropriate
to support with certain public revenues, but only to the extent such aid may lawfully and
practically be available.
NOW, THEREFORE, be it resolved by the Village President and Board of Trustees of
the Village of Plainfield, Will and Kendall Counties, Illinois, as follows:
Section 1: All of the recitals hereinbefore stated as contained in the preambles to this
Resolution are full, true and correct and are hereby, by reference, incorporated and made
part of this Resolution as legislative findings.
Section 2: Proposed Project Inducement. The Corporate Authorities hereby authorize
the Developer to commence such activities as are reasonably necessary to redevelop the
Area as soon as possible and in reliance upon receiving the economic assistance as
outlined in Exhibit B hereto. Any economic assistance granted by the Village will be
established in a formal definitive agreement to be presented to the Corporate Authorities
pursuant to this Resolution.
Section 3: If any section, paragraph, clause or provision of this Resolution shall be held
invalid, the invalidity thereof shall not affect any of the other provisions of this
Resolution.
Section 4: All resolutions in conflict herewith are hereby repealed to the extent of such
conflict.
Section 5: This Resolution shall be in full force and effect from and after its passage,
approval and publication as provided by law.
ADOPTED this 19th day of Tune, 2006, pursuant to a roll call vote as follows:
AYES: Manning, Collins, Racich, Dement, Fay, Lamb
NAYS: 0
APPROVED by the Village President on June 19 6.
~~
__ __ J ES A. WALDORF
- VILLAGE PRESIDENT
T: ..
-_-
VILLAGE CLERK
~vurur~r ~
Legal Description
The Redevelopment Area includes the six (6) parcels legally described as follows:
PARCEL I:
THAT PART OF THE WEST HALF OF TI-1E NORTHEAST QUARTER OF SECTION
22, 1N TOWNSHIIP 36 NORTH AND 1N RANGE 9 EAST OF THE THIRD
PRINCIPAL MERIDIAN, LY1NG NORTH OF THE PUBLIC RIGHT-OF-WAY
KNOWN AS PLAINFIELD ROAD.
P.LN.: 03-22-207-002
PARCEL II:
THAT PART OF THE EAST HALF OF THE NORTHEAST QUARTER OF SECTION
22, IN TOWNSHIP 36 NORTH, AND IN RANGE 9 EEAST OF THE THIRD
PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE
NORTHWEST CORNER OF SAID EAST HALF, THENCE SOUTH 00 DEGREES 55
MINUTES 00 SECONDS FAST 2S0 FEET ALONG THE WEST LINE OF THE SAID
EAST HALF TO THE CENTERLINE OF PLAINFIELD ROAD, THENCE SOUTH 42
DEGREES 18 MINUTES 30 SECONDS EAST 48.32 FEET ALONG SAID
CENTERLINE, THENCE NORTH 46 DEGREES SS MINUTES 07 SECONDS EAST
159.24 FEET TO A POINT IN A LINE THAT IS 150 FEET EAST OF AND
PARALLEL WITH THE WEST LINE OF THE NORTHEAST QUARTER OF THE
NORTHEAST QUARTER OF SAID SECTION 22, THENCE NORTH ALONG SAID
PARALLEL LINE 180.55 FEET TO THE NORTH LINE OF SAID NORTHEAST
QUARTER, THENCE WEST 150 FEET ALONG SAID NORTH LINE TO THE
POINT OF BEGINNING, ALL IN WILL COUNTY, ILLINOIS.
P.I.N.: 03-22-207-003 & 03-22-207-007
PARCEL III:
THE EAST 150 FEET OF THE WEST 300 FEET OF THAT PART OF THE
NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 22, IN
TOWNSHIP 36 NORTH, AND IN RANGE 9 EAST OF THE THIRD PRINCIPAL
MERIDIAN, LYING NORTH OF THE LINCOLN HIGHWAY, IN WILL COUNTY,
ILLINOIS.
P.LN.: 03-22-207-005
PARCEL IV:
PART OF THE NORTHEAST ONE-QUARTER OF THE NORTHEAST ONE-
QUARTER OF SECTION 22 IN TOWNSHIP 36 NORTH, AND IN RANGE 9 EAST
OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS: BEGINNING
AT A POINT WHICH IS 150 FEET EAST AND 193.15 hEET SOUTH OF THE
NORTHWEST CORNER OF SAID NORTHEAST ONE-QUARTER OF THE
NORTHEAST ONE-QUARTER, THENCE SOUTH PARALLEL WITH THE WEST
LINE OF SAID NORTHEAST ONE-QUARTER OF THE NORTHEAST ONE-
QUARTER OF SAID SECTION 22 A DISTANCE OF 225.75 FEET TO THE
CENTERLINE OF U.S. HIGHWAY NO. 30 (KNOWN AS THE LINCOLN
HIGHWAY) THENCE NORTHWESTERLY ALONG SAID CENTERLINE OF SAID
HIGHWAY, 169.73 FEET TO A POINT, THENCE NOR'T'HEASTERLY IN A
STRAIGHT LINE 148.42 FEET TO THE PLACE OF BEGINNING, IN WILL
COUNTY, ILLINOIS.
P.I.N.: 03-22-207-008
PARCEL V:
LOT 1 (EXCEPT THE NORTH 225 FEET THEREOF) IN SANDHURST
RESUBDIVISTON OF LOTS 10, 11, AND 12 IN SANDT~URST SUBDIVISION, A
SUBDIVISION OF PART OF THE EAST '/Z OF THE NORTHEAST '/4 OF SECTION
22 AND THE WEST '/2 OF THE NORTHWEST '/4 OF SECTION 23, TOWNSHIP 36
NORTH, RANGE 9 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING
TO THE PLAT THEREOF RECORDED MARCH 6, 1996 AND DOCUMENT NO.
R96-019352, IN WILL COUNTY, ILLINOIS.
P.LN.: 03-22-207-060
PARCEL VI:
THE NORTH 225.00 FEET OF LOT 1 IN SANDHURST RESUBDIVISION OF LOTS
10, 11, AND 12 IN SANDHURST SUBDIVISION, A SUBDIVISION OF PART OF
THE EAST '/2 OF THE NORTHEAST '/4 OF SECTION 22 AND THE WEST '/z OF
THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 36 NORTH, RANGE 9 EAST
OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING 'I'O THE PLAT THEREOF
RECORDED MARCH 6, 1996 AND DOCUMENT NO. R96-019352, IN WILL
COUNTY, ILLINOIS.
P.LN.: 03-22-207-060
F.XNTRTT R
Outline of Economic 1[ncentives and Conditions
1. Sources of Economic Incentive Funds
a) Waiver of Village Fees ....................................................................... $125,000*
The Village agrees to waive certain development and building
permit issuance and inspection fees, including water and sewer
connection fees, related to the Project, including those fee
waivers approved as part of the Special Use for Planned Unit
Development and Statement of Intent and Agreement fox the
Project, up to a maximum of $125,000.
b) Base Sales-Tax Sharing ...................................................................... $160,000*
Of the Village's share of sales tax generated by the
development, 75 percent shall be rebated to the Developer and
25 percent shall be retained by the Village in each calendar
quarter until the first of the fallawing two events occurs: (i) the
net present value of cumulative sales-tax revenue rebated to the
Developer equals $160,000 as calculated on the attached
Exhibit C; or (ii) until five and one-half (5-1/2) years have
elapsed following opening of the first business at the Froject,
or a date not later than is mutually agreed in the definitive
agreement. In no event shall this date be earlier than December
31, 2012 and shall not be later than December 31, 2013. In the
contemplated definitive agreement, the sales-tax rebate cap will
use the actual sales-tax amount needed to reach $160,000 net
present value, which is estimated to be $216,$29.
Base Incentive Subtotal.• $285, 000*
c) Additional Sales-Tax Sharing ........................................... .. .. .. $65,000*
The cost of improvements to Renwick Road and/or U.S. Route
30 (Ofd Site Improvements) related to the Project are estimated
by the Developer to be $50,000. In the event these costs exceed
$50,000, the Developer shall be entitled to receive an
Additional Sales-Tax Sharing for the amount by which the cast
of Off-Site Improvements exceeds $50,000 up to a total off-site
improvement cost of $115,000 (i.e., the maximum Additional
Sales-Tax Sharing rebate shall be $65,000). The amount of the
Additional Sales-Tax Sharing shall be the actual cost of the
Off-Site Improvements less the $50,000 estimated cost,
provided that the Additional Sales-Tax Sharing shall not
exceed $65,000. Of the Village's share of sales-tax revenue
generated by the Project, 75 percent shall be rebated to the
Developer and 25 percent retailed by the Village until the first
of the following two events occurs: (i) the net present value of
the cumulative total of additional sales taxes rebated equals the
amount the by which the Off-Site Impravements exceeds
$50,000, up to a maximum of $65,000; or (ii) until seven and
one-half (7-1/2) years have elapsed following opening of the
first business at the Project, or a date not later than is mutually
agreed in the definitive agreement. In no event shall this date
be earlier than December 31, 2013 and shall not be later than
December 31, 2015.
Contingent Incentive Total: 31350, 000*
Note: *All vaJ.ues are listed in "net present value" per )exhibit C.
2. General Conditions and Provisions for the Payment ofl'ncentives
a) As a condition of any incentive payment pursuant to this contemplated
agreement, the Project must be developed in substantial conformance with the
approved Special Use for Planned Unit Development and Statement of Intent
and Agreement approved as Ordinance No. 2497.
b) The Project must be constructed and sales-tax-generating users occupying a
minimum amount of retail floor-area of the site and open for business by a
milestone date identified in the contemplated. definitive agreement.
c) Any incentives paid to the Developer will be related to certain eligible casts as
identified by the Village. These include casts for demolition of existing
buildings, frontage road improvements, off-site road and utility
improvements, off site sewer extension, and a proportionate share of
engineering costs related to these improvements. A summary of the eligible
costs is attached as Exhibit D.
d) The Developer agrees to complete the demolition of existing structures on the
subject property in a timely manner following passage of this Resolution. The
Developer agrees that demolition work will be commenced within ten (10)
days of passage of the Resolution and substantially complete within six (6)
weeks of passage of the Resolution.
e) The Developer and/or owners/lessees of the Project will be permitted to
protest the Equalized Assessed Valuations under certain circumstances, as
identified in the contemplated definitive ,agreement. This provision is a
deviation from the Village's policy on economic incentives as established by
Resolution No. 1378. The intent of this exception is to allow the Developer
and/or owners/lessees of the Froject to challenge assessments of the Project
that are grossly inaccurate as a result of error or omission.
Exhibit C
Projected Sales Tax Revenue
(projected Future Sales Tax Revenue and
Net Present Value of Future Sales Tax Revenue)
wu
~ C
.Z ~
Wa
7~
~ 3
K '-
U F u
O,1 W C
S J ~
W ~ ~
W ?
N }
C1 e
W f
pv
~ u
a -.
N
7
.~
d
w
c
a
0
0
~rS
N
w
Q1
a
._
U
C
K
H
d
v is
R
C
.R n
a p
o ~`p
c d
O v
o. ~
c a'
o _~
~ {6
2 ~
e e
a o
O O
.- ri
7
m
d
0
m ~
a 5
N cxC
H H
M N
N Q1
~ ~
`~°~o 'D
r o
~
°
M r l
iy M ,
o
O r.. ~ P N N GG OD r 0 0 ~0
N M ~ r fly Q r
T N fOp N ODD
N r r N
O
N ~
N ~ M T N
~ ~ D
n 7
r ~ 4~
N
~ l~rJ ~ r ~Oll ~ Qi N ~ N 1~-
r r N
fD O 47 Q1 [b O Q1 QI O [A
r OQD ~ ~ Or
D r It ~' ~ N O N
~ r
„,, ~ .~} N
N cY)
~ ~h ~ In ~ N N ~
~ r r N
P L1 N ~ C C
G O op
A P ~ O
~ O 1~ ~ O N G7 ~ m r
O N Q N
N
N K) ~fY N
m r pf
4y 41 tp
[9 r 7
N Ifi M
rn T .~-
~ N
fO O IP Cy i0 l(7 O V ~ O V
N N ti O M
p N N ~ =::. O M
N Ifs
N r
M I[9 M f~ :. N t0 N tL1
r r
1+ O N N r iD iG l0 O K7
pp M ~ m N O lO pp N O N
p f~ O M N lp lP Q lp O
~~ M
~
(
'Y
~ ~ M M N M N K7
r r
`t
°
~~ ~0iy °O °ac~i
~
O u
c
i
o
N ~ P N ~
p O 0
N N
~ N N
~
C
'y ~ N
0 0 0 0 O O Q
~ N N
p 0
;
7
N O ~ O C
D ~ ti ~"' 7
}~ O O M ~ ~ N 41 ~R C
O
( ~ ~Q C G ~ V
r
i)
n N C C
R
m ~.j r W ~ ry
v> v> v- ctr K - ~
-
~- G y
~ LL
~
h a
M
o w ~ 0. N
a~~ ~°~° ~ oin cn a~i
~~ T
R D1 R
N
~ 4 Q 4 ~ N O O ~
m
Q1 O O
4 ~ ~ 7 7 7
~~ u
7
N N M Q ~~ ~
a
va ca v3 ca
~
e i
m C
O
~
__
~
c v a o
H~ ._
~ in _
..
~ 0
.
to
~~ b 0 0 0 ~ ~
N O
v '
N U d ~
o ~ a
~ °
o ~
lp ~ o
Op Q 4
Q7 ~[) M M
w
w+ m
N
p C7 M C7 M
Ca U
p`
V
H
d
N x
R
N F
I6 _ Q1
~ N R
71 N t/J
N t ~ ~
o d U .° ~
fl- c .C
~ ~
U ~ ~ ~
~ p
_
- co
~
~ c R in 7
a ~ ~ ~ Z
C
N
a Q m U ^
d
U
M O lO uY N
r O1 C7 M N
N tP ~ ~ !r
W N C err
ly GD M N,~
~corO[o
O tD ~ r Co
N r N d
r
A O tp ~
~. W N O to
N ~fi tl0
N lP M N N
l0 O t0 01
tp M O i'7
O IG M O 1.
N r N O
m O N P1 fri
O p OC/ 6M1 ll> ~'?
~ O /p N Q+ N
y N r R7
~ O Il) Ip d
""" pp C1 ll'1 O
~ CS ~ yy W
N tp N Qi ~
4 ~ ~ ~
~ N A F~
C
O pp (p N
N ~ ~ ~
t0
N
M N
N ~ d ~
~ O R: Ll:
><o~~
F.R. Q- = =
7
c ?
a •- O w
O '!w ~ R
7
a 7
Q1
l~0 C Q ~
~_ 7 la
7 ~ ~
e
~~a
o ~
r d O
~ ~ F
a
N
O
G
Q1
W
a
U
Q
K
W
a~
a
0
d
n
OR n
a o a
~ ~ N ~
Q ~ = Q7 G
Y o ~ ~ ~
nc°~ ~
W ~
N •°- Q N m
lG
y ~ ~ _~ V
(p O 7 N V
3 ~ `~ W o
n
~ O Ct Q ~
~~ -p ~ W m
W ~
Q (6 ~ G N
C_ V1 C~ O ~
~ O C ~
~fl-c9.~~
a y ~ y
m o N 7
'y ~ a u, 'n
- ¢ °n
i ~¢ ~ N
.~ O N
3 m '~
N q~ ~
N li ~ Ul
~ .... v V
41 LL
2 C
~-'
W Z
a~
X ~"
U~Z
m W C
2 J
xa~
W N ~
w~
W ~
~~
Qu
•
m
m
e
0
0
~ e e
p
N
~ ~
vs r cn
7
C
V
C
K
l0
N N
~
m ~°
~
r~ is a~i
m y m
~
~`
er ~Y
f7. G O
O K ~ ~
C m p
[Y ~
a ~ c~ m
~ m r ~
o ~
` ~ ~
m ~ ~ m
x 7 cn rn
' C7 O C7 ~ F p ID p O,
~ ~ N O ti Q
~ 0 0
~° E
D
~ r
b
G
N (O ~
~
tp ~
r p
N 4h M
N r
M
_ t~3
N
.-.
? O r C7 CO iC b OD p
.
~ ~
F N O tD 01
~ W t0
p tp Q _
COJ. O p~
~
y~j W
~ pp
N b 4f
r N ~
N N r f'7
4
~
O
N N p
W M C Q ~
~
p G C
»
!
7
7 D r
p
M M P N ~
')
V
N G
4
C
M r O
1[f ~~ N [
l
pp N '1^-
N
.
. r r M
N O
N N p
~
~y
,: M
O'i F op
49 Qi F
M Oi ., N
}
y i
ih CS
M O ~'"i
r
~ C 1~ ~ t0 N Qi r
ro p W Y1 C~
'N T
M Yf ~ pi ~ N p N
r ~ ~ r'
o
O M
M
r c
D
~~ N ~ A N 4
~
~ m ~n .r m u~ m~ o
M
N M ~ r 1~ ~~ ~ N N N I
[1
c r r
0 0~ N b N ~ 0 ~
p. d7 = 0
r
M F ~ Q N
7 Qi Y
i
O -- F p F
A
!
C 1[j ~ ~ t' O
~ p N
~
N M I[1 M r ~ N Q~ N
O r
_ eD 4 u7 tp p 0 m A
[
l
p 0
N N p
~q
p
p F
~ F F~ pI p C7 G d:
N d O r ~
~ 49 M F N W N -~:
r :+e-
O
~ O
~ N ~
~ p p
T~ F
C
7 t
O t
D
O b G tA:
«
'N C7 47 r
C7 .- O
b F F
M M 'p
N M ~J
M N
~ O ~ C4O p
p
~ p . p C ~_:
p` F O C7 F F
p p G.
N N
~
T N
f
7
.
- ~ N 4+i
r x"
Q 0 4 0 4 O O
~.
P
~ N
6S
p OQ
d
~
~ ~
a
N rq
4 C7 ap
~ .-
F ~ m
= 7 •••
} N O O M ~ ~ 41 W (6 C
N
n ~ ~ O ~ ~ C ~ V
(
tV ,.j W C C
m ~
r W O X k y
va fFr ttr ~r K o~ ~
m
N ~ - ~
N
m
> a e°
0
4
~ p, N
3 N 7 O
~
$
? 0
0 . a m
d mu O
°
°
° m D
y N m
j
~ F- o
p
a
O ~
N .
O
-
m
m
-
L
O d 0 -- - m
~ -'
_ m
3
H L 3 O O
ro
d o
~~ N N [~] Q 7 m m =
~ .. Q
~ ~
d
~, ~, ffr va
~
o
~ m
-m? d
m y
?-
e e e e
~-
" ~, d
~ a
~
m o 0 0 0
a a a a 5
~ 7
« m
m b O 0 O K
7 N 7
~ F
O ~
U
a
+
ro a
~
~ N
~ I
+ O O f
D
cp Q co .~-: a C7
J
EU mu7 a>c'i
W
N y ^~.
m p M [h M M G
U U `~
N X
d F
Z
N ~ ~
C
o d U ~ ~
n
o ~ 16
f/l
U ~~
~ ~
-
~ C
_
_ ~
~ G ~ N
~!
d'm~d' Z
c
N
° Q ro U
E
a
U
b N ~ aF- W
N F ~ ~ Y.
N
F N R+ r
' a Q7 01 Op ~Ol'
r p 01 p V,
~ F ~ N III
N 4! F M
~y or Ka a o
T ID 10 ~
N p ~ N ~
q7 N O u'i
,y a o M N ~
,~. Op r p op
N p ~ N ~'
F p ~O O
7 r p N ~ [~f
r F F rter,
7 N p tM- ~ Ni
c
d' i0 p t0 07 '~
~ p 00 N p N'
m x. tp l~ p cn
~ N i0 M N ~
CO N Oi M
r' Q~ 00 M r N
~ p h <71 h M
~ f0 N Qi h
r q0
p ~l1 Y7 ~
GO T ~ ~ 4
p ~ 4] O W
N i0 N Qi n
r 'p i
p ~ ~ ro
F F F
N ~ ^pQ a
<p
N ~
I
M. ° ~ N
~ ~ ~
m N
~~~K
d O
~~ ~~
X O lG N
F a o ._.
~,~77
~ ~_ C ~
O ~ O ~
w ~
°'3vE
~ ~ V
m ~
~FQ
:o m o
ay~
N
O
N
N
a
U
t
W
a.
O
m
~ 4
h ~ N O
'" -moo m ayi c
m 4 c ~O m
afOa
3 0 ~' m °~
A ~p
y id ~ ~ 7
E ~ E v
a' n ~- m
ip C 7 ~ U
° ~ ro
~ o ~ ¢ y
.~ ~ ~ W ~
~.. N
W N 'p N .~.
9 ~ O ~
N ~'
~ n m
~gE~cxo
a ac47 ~
-p
~ _
'~ C C1 Q O
Q1
7 Q ¢ ~ N
a~
3 ~ N
N ~
N ~ 7
a~ °.' ~ w
Z .... v v
j ~ ~
Exhibit D
Heron Point of Plainfield
Eligible Costs for Sales Tax Rebate
$ Amount
Eligible Off-Site Public Improvement Costs
Route 30 & Renwick Road Improvements 50,000
Offsite Sewer Extension 60,000
Offsite Electric Extension 30,250
Repave Existing Frontage Road 30,000
Engineering Fees 15,750
Total Off-Site Improvements $186,000
Eligible On-Site Improvement Costs
Demolition of Existing Buildings 121,000
Frontage Road Extension & Cornrnon Driveways 28,000
@ 24.8% (total cost $112,868)
Total On-Site Improvements $149,000
Total Eligible Costs $335,000**
Contingent Eligible Costs
Route 30 & Renwick Road Improvements $65,000
in excess of $50,000
**Only $160,000 of eligible casts to be rebated to developer