S-1124 - 06/06/2005 - AGREEMENT - Ordinances ExhibitsREDEVELOPMENT AGREEMENT
THIS REDEVELOPMENT AGREEMENT, is made and entered into as of the 6th
day of June, 2005 by and between the Village of Oakbrook, an Illinois municipal corporation
located in Cook County, Illinois (the "Village "), and Oak Brook Promenade, L L.0 , a
Delaware limited liability company (the "Developer ").
RECITALS
A Pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILLS 5/11
- 74 4 -1 et se q. (the "Act "), the Village authorized Cameros, Ltd. to conduct a feasibility study
and determine if the area generally described as the southwest corner of Butterfield and
Meyers Roads (the "Property ") qualified for tax increment financing ( "TIF ") as provided by
the Act. The area is approximately 18.5 acres and is bounded by I -88 on the south, Meyers
Road to the east, Butterfield Road to the north, and the ComEd substation to the west as
more fully described in Exhibit A attached hereto (the "Redevelopment Area" or
"Redevelopment Project Area "). The feasibility study, dated February, 2005, concluded that
the Redevelopment Area had certain blighting factors snaking it eligible as a "blighted" area
as defined by the Act, and that the Redevelopment Area would not be redeveloped or
improved but for Village intervention. Based on the feasibility study, the Village authorized
the preparation of the Oak Brook Promenade Tax Increment Financing Redevelopment
Plan and Project (the "Plan ")
B. On March 16, 2005 the Village Board adopted Ordinance No. 2005- TX -TIF-
EX5 -S -1110 which, in accordance with the terms and conditions of the Act, set the time and
date for a Joint Review Board Meeting and a Public Hearing, established an Interested
Persons Registq, and provided for the mailing of certain notices.
C On April 12, 2005, the Village convened a sheeting of the Joint Review Board
( "JRB ") to review the feasibility study and other planning documents related to the
Redevelopment Area and Plan Based on the feasibility study and the Plan, the majority of
the JRB members present voted to recommended approval of both the Redevelopment Area
and Plan On May 10, 2005 the Village Board held a public hearing for public comment on
the Plan On June 6, , 2005 the Village introduced Ordinance 2005- TIF -EX4 -S -1121, "An
Ordinance Designating the Oak Brook Promenade" which, along with Ordinance 2005 -TX-
TIF -EX4 -S -11203 "An Ordinance Approving the Oak Brook Promenade Redevelopment
Plan and Project," and Ordinance 2005 - TIF -EX3 -S -1122, "An Ordinance Adopting Tax
Increment Financing for the Village of Oak Brook, DuPage County, Illinois, in connection
with the Designation of the Oak Brook Promenade Tax Increment Financing
Redevelopment Project Area," and Ordinance 2005 -TX- TIF -EX2 -S -1123, "Authorizing
Issuance of the Note," was adopted by the Village on June 6, , 2005. The foregoing
ordinances are collectively referred to herein as the "TIF Ordinances."
D The Village has entered into this Redevelopment Agreement with the
Developer to nnplement the Plan and facilitate the development of the Redevelopment
Project, as hereinafter defined. The Redevelopment Project will include an upscale retail and
commercial Shopping Center , along with certain public and site related improvements To
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facilitate the development of the Redevelopment Project, pursuant to the Act and in
accordance with the terms of this Agreement, the Village agreed to use TIF to defray the
extraordinary costs of the Redevelopment Project and to adopt an Ordinance authorizing
TIF Redevelopment Note (the "Note" or "TIF Note ") as provided hereinafter. The
Developer is responsible for constructing those certain TIF Improvements identified on
Exhibit B attached hereto (the "TIF Improvements "). The Shopping Center as hereinafter
defined, and the TIF Improvements shall be collectively referred to as the "Redevelopment
Project."
E. The Village, after due and careful consideration, has concluded that the
construction and development of the Redevelopment Project Area as provided for in the
Redevelopment Plan will further the growth of the Village, facilitate the redevelopment of
the entire Redevelopment Project Area, stimulate redevelopment of other parcels in the
Butterfield /22 "d Street corridor, increase the assessed valuation of the real estate situated
within the Village, increase the sales tax revenues realized by the Village, foster increased
economic activity within the Village, and otherwise be in the best interests of the Village by
f u- theririg the health, safety, and welfare of its residents and taxpayers.
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements herein contained, and other good and valuable consideration, the
receipt and sufficiency of wlvch are hereby acknowledged, the parties do hereby agree as
follows.
I
RECITALS PART OF AGREEMENT
The recitations set forth in the foregoing recitals are material to this Agreement and
are hereby incorporated into and made a part of this Agreement as though they were fully set
forth in this Article I.
II
MUTUAL ASSISTANCE
The Parties agree to take such actions, including the execution and delivery of such
documents, instruments, petitions and certifications (and, in the Village's case, the adoption
by the Village of such ordinances and resolutions), as may be necessary or appropriate to
carry out the terms, provisions and intent of this Agreement and to aid and assist each other
in carrying out said terms, provisions and intent.
III
REDEVELOPMENT PROTECT
3.01. General. Description of Shopping Center
The Developer bereby agrees to that the construction of the Shopping Center will be
subject to the terms and conditions of this Agreement. The "Shopping Center" will be an
upscale retail and cornrnercial Shopping Center consisting of approximately 171,000 square
feet or retail, office, commercial and restaurant uses The Shopping Center will be
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constructed as depicted on the site plan attached hereto as Exhibit B, and more specifically,
in conformance with the "Planning Ordinances" as that term is hereinafter defined. The
Village has entered into this agreement and agreed to use TIF to facilitate the development
of the Shopping Center.
3.02. Purchase of Propea.
The Developer will acquire the Property, all of which is in the Redevelopment Project Area,
pursuant to a purchase contract dated with St. Paul Properties, Inc. it
will acquire the Property. At the time the Notes are issued, the Developer shall proceed,
pursuant to the terms of the purchase contract and this Agreement, to purchase the Property
and commence construction on the Shopping Center "Commencement of Construction"
shall mean the issuance of a permit by the Village at or before demolition of the buildings
If on or before December 31, 2005, Commencement of Construction has not begun, the
Village may elect to terminate this Agreement and repeal the TIF Ordinances and declare the
Note null and void The Village shall issue the Note at or after the time the Developer
purchases the Property, pursuant to the aforesaid purchase contract dated
3.03. Annexation and Zoning Ordinances.
The Village, after giving all notices required by law and after conducting all public hearings
required by law, adopted the following ordinances. (1) Ordinance No. 2005- ZO- AN -EX1-
S -1114, "An Ordinance Annexing Certain Territory to the Village of Oak Brook, DuPage
and Cook Counties "; (2) Ordinance No. 2005- ZO -R -S -1115, "An Ordinance Amending the
Zoning District Map Concerning the Oak Brook Promenade Property at 3001 -3003, 3121
Butterfield Road, Oak Brook, Illinois 60523 "; (3) Ordinance No. 2005- ZO -V -S -1116, An
Ordinance Granting Variations from the Provisions of Title 13 (Zoning Regulations) of the
Village Code of the Village of Oak Brook Relative to Lot Area Requirement, Sign Height,
Interior Parking Lot Landscaping and Off -Street Parking Regulations "; (4) Ordinance No
2005- ZO -SU -S -1117, "An Ordinance Granting Special Uses to Oak Brook Promenade for
Outdoor Dining Areas Adjacent to Up to Three Restaurants "; (5) Resolution No 2005 -SD-
FP- CON -V -R -9011 "A Resolution Approving the Final Plat of Subdivision Known as NAI
Hiffman Butterfield Road Subdivision and Granting Variations from the Provisions of
Section 14-6-3-J and K of Title 14 ( "Subdivision Regulations ") of the Village Code of the
Village of Oak Brook Relative to Monumentation and Granting of Public Utility
Easements ", and (6) Ordinance No 2005- ZO -TA -G -778, "An Ordinance Amending
Section 13 -3 -8, 13 -7 -A -1 and 13- 7A -3(B) in Title 13 (Zoning Regulations) of the Village
Code of the Village of Oak Brook Relative to Structure Height" (collectively, the "Planning
Ordinances ") The Developer hereby agrees that the construction of the Redevelopment
Project to proceed in accordance with the Annexation and Zoning Ordinances and the
objectives of the Redevelopment Plan as it may be modified or revised from time to time as
provided herein and in accordance with the Act.
3.04 , TIF Improvements. The TIF Improvements and the estimated costs for each are
outlined in Exhibit C. The Village acknowledges that all of the TIF Improvements are
eligible redevelopment project costs under the Act and have been approved in the Plan
approved by the Village for the Redevelopment Project Area. Developer shall construct the
TIF Improvements as part of the construction of the Redevelopment Project and the Village
herein has agreed to issue the TIF Note to reimburse the Developer for the costs of the TIF
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Improvements The Village and Developer agree that Developer will be reimbursed in the
total amount for only those costs listed in the line steins m Exhibits C; however, the
Developer shall have the right to re- allocate dollars between and among hne items as may be
desirable or necessary to construct and complete the Redevelopment Project.
3.05. Schedule of Development. Subject to the development provisions of Section 3 11,
Commencement of Construction of the Redevelopment Project is to begin on or before
December 313 2005 and is expected to be completed the substantially m accordance with the
following schedule:
A. Completion of demolition on the Property within six months after the
Commencement of Construction,
B. Begin construction of the foundations for some or all of the buildings within
nine months after Commencement of Construction;
C. Delivery of the buildings A, B, J & K, as identified in Exhibit B, to the
respective retail tenants within fourteen months after the comrnencemennt of
construction; and
D Substantial completion of the Redevelopment Project within twenty -four
months of Commencement of Construction "Substantial Completion" shall mean:
(1) the Developer has completed all of the TIF Improvements in accordance with
the building plans approved by the Village; (2) Village has issued occupancy permits
(permanent or temporary) for not less than 120,000 square feet of the Shopping
Center, and (3) the Developer has completed the common improvements as
delineated in the Annexation and Zoning Ordinances. The Common Improvements
shall incan construction of. ingress and egress, parking areas including hghting,
paving and landscaping and streetscape as allowed by ongoing construction, in such
a fashion to allow for the safe operation of the Shopping Center. All work will be
completed in accordance with this Agreement and Annexation and Zoning
Ordinances.
3.06. Plan Approval and Issuance of Permits.
The Developer shall submit the construction plans to the Village to obtain the required
permits necessary to construct the Project and said plans shall conform to all applicable
codes and ordinances. the Village will review the construction plans to determine
compliance with the Plan and applicable codes and ordinances within a time no longer dnan
it typical for said review and thereupon the Village will approve said plans, or provide a
written description detailing with specificity any portion of the said plans which the Village
has determined to be not in compliance with the Village's applicable codes Developer shall
correct the construction plans if required and the Village shall have five days to review the
re- submitted plans.
3.07. Construction Indemnity.
The Developer covenants and agrees, at its expense, to pay, and to indemnify and save the
Village, and its officers, agents, employees, engineers and attorneys (the "Indemnitees ")
against, any actions, claims, and damages adluchcated to be a result arising dtrectly from the
Developer's construction of the TIF Improvements or this Agreement, unless such claims,
actions, damages, demands, arise by reason of the negligent acts or omissions of the Village
or other Indeinmtees The indemnity provided for in this paragraph is expressly limited to
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the amount of Developer's liability insurance coverage as provided for in Section 3 09 of this
Agreement.
3.08 Litigation.
In the event the Village is named as a party in an action challenging the validity of the
Redevelopment Project Area or the Notes, Developer shall assume the responsibility of
providing a defense. Village shall hire counsel of its choosing, with the Developer's
reasonable approval, to defend the Village, and shall be responsible for the costs of said
litigation including legal fees, costs, etc. In the event the Note is determined to be invalid by
a court of competent jurisdiction, Developer shall have the right to itself or to require that
the Village pursue and exhaust any available appeals to defend the validity of the
Redevelopment Project Area, the Note, or the Village's obligation to pay the Note. In the
event the Note is adjudicated to be invalid, the Village shall have no responsibility to
reimburse the Developer for the costs of the TIF Improvements from any other source.
3.09. Insurance.
The Developer agrees to secure or cause to be secured liability, workmen's compensation,
and employer's liability insurance coverage as required by applicable law and in commercially
reasonable amounts, as reasonably required to by the Village, with respect to construction of
the Redevelopment Project. Subject to Section 7.13 of this Agreement, Developer agrees
that the Village will be named as an additional insured on the Developer's casualty insurance
policies covering the construction of the TIF Improvements. The Developer shall deliver to
the Village certificates evidencing liability insurance policies, naming the Village as an
additional insured, with provisions for notification to the Village in the event of cancellation.
3.10. Developer Financing.
Prior to the issuance of the Note, the Developer shall deliver to the Village evidence, in a
form reasonably acceptable to the Village, that it has the capital resources necessary to
construct the complete Redevelopment Project. Developer may borrow the funds or
provide said financing through its own resources The Village shall have no obligation to
issue the Note until evidence of said resources is delivered to the Village.
3.11. Dela�r.
For the purposes of any of the provisions of this Agreement, neither the Village not
Developer, not any successor in interest, shall be considered in breach of, or default in, its
obligations under this Agreement in the event of any delay caused by damage or destruction
by fire or other casualty, strike, shortage of material, unusually adverse weather condition
such as, by way of illustration and not limitation, severe rain storms or below freezing
temperatures of abnormal degree or quantity for an abnormal duration, tornadoes or
cyclones and other events or conditions beyond the reasonable control of the party affected
which in fact prevents the party from discharging its respective obligations hereunder and
the tiimefrarmes for performance of those obligations shall be extended accordingly .
3.12. Modifications to the Redevelopment Plan.
The construction of the Redevelopment Plan may be modified or revised by the Developer,
only with the Village's approval, provided that such modifications and revisions are
consistent with the Annexation and Planning Ordinances and the Redevelopment Plan.
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3.13. Utilities and Fees
The Village hereby agrees that the Developer shall have the right to connect any and all on-
site water lines, sanitary and storm sewer lines constructed in the Redevelopment Project
Area to Village controlled utility lines existing at or near the perimeter of the Redevelopment
Project Area. The Village agrees that the Developer shall be obligated to pay, in connection
with the development of the Redevelopment Project, only those water, sanitary sewer,
building permit, engineering, inspection, and other fees of ,general applicability.
3.14. Assistance to Developer.
The Village agrees to provide the Developer with assistance with respect to obtaining
building permits from the Village, and any permits or approvals required from any
governmental agency, whenever reasonably requested to do so; provided, however, that all
requests for assistance are in compliance with the Annexation and Zoning Ordinances,
approved plans and specifications, and all applicable codes.
3.15. Building, Subdivision Codes.
The Parties agree that construction of the Redevelopment Project, and the contemplated
uses and occupancies thereof, shall comply with all federal, state and Village building codes
subject to modifications approved by the Village pursuant to the Annexation and Zoning
Ordinances, subdivision, zoning, environmental and other developmental regulations
IV
TAX INCREMENT FINANCING ("TIF ")
4.01. Incremental Pledged Revenue.,
Developer hereby represents to the Village that but for tax increment financing, the
construction of the Shopping Center would not be economically viable. The Parties agree
that TIF, implemented in accordance with the terms and provisions of the Act, will be a
source of funding for the construction of the TIF Improvements to make the Shopping
Center viable. The Village has adopted an ordinance (the "Note Ordinance ") providing for
the issuance by the Village of a Note which shall be secured by the pledge of one hundred
percent (100 %) of the incremental real estate taxes (the "Real Estate Taxes ") generated by
the Redevelopment Project as determined in accordance with Section 5/11- 74.4 -8 of the
Act, and twenty percent (20 11/o) of the incremental sales taxes as certified by the Illinois
Department of Revenue ( "DOR ") and paid under the Municipal Retailer's Occupation Tax
Act and the Municipal Service Occupation Tax Act by retailers and servicemen on
transactions conducted within. the Redevelopment Project Area (the "Sales Taxes ")
generated by the Redevelopment Project. The Real Estate Taxes and the Sales Taxes are
hereinafter referred to as the "Pledged Taxes." The Note Ordinance provides for the
deposit of the Pledged Taxes into the special tax allocation fiand heretofore created by the
Village for the Redevelopment Project Area (the "Fund ") to be held by the Village, and for
the Pledged Taxes to be used for payments on the Note described in this Section IV and the
Note Ordinance. In the event the Pledged Taxes are inadequate to make scheduled Note
payments or to fully repay the Note, the Village shall have no obligation to provide any
additional funds frorra any other source
4.02. Issuance of the Note.
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Attorney's fees with respect to issuance of the Note The Village shall cooperate with
Developer in obtaining the bond opinion at no cost or detriment to the Village.
4.06. Village's Default on the Note. In the event there are Pledged Taxes in the
Fund or the Sales Tax Account and the Village fails to pay the Pledged Taxes to the
Registered Owners in accordance with the terms of the Note, the Village shall be in default,
and the Registered Owners shall have the right of specific performance as its sole and
exclusive remedy. THE NOTE IS NOT A GENERAL OBLIGATION OF THE
VILLAGE. REPAYMENT OF THE NOTE SHALL BE AT ALL TIMES
LIMITED TO THE AVAILABILITY OF PLEDGED TAXES.
4.07. Developer's Default. In the event the Developer fails to timely construct,
in accordance with this Agreement, the Redevelopment Project as -provided for herein, the
Village's sole and exclusive remedies shall be to stop paying the Note, and to recover the
damages from Developer for breach of this Agreement
4.08. Right to Inspect.
The Developer agrees that, up to one year after completion of the Redevelopment Project,
the Village, with reasonable advance notice and during normal business hours, shall have the
right and authority to review, audit, and copy, from time to time, the Developer's books and
records relating to the TIF Improvemments funded by the Village hereunder (including all
loan statements, general contractor's sworn stateiments, general contracts, subcontracts,
material purchase orders, waivers of lien, paid receipts and invoices) in order to conf -I m that
the proceeds realized upon issuance of the Note are or have been expended for purposes of
undertaking the TIF Improvements or other purposes permitted under the Act
V
REAL ESTATE AND SALES TAXES
5.01. Sales Taxes.
The parties acknowledge that certain assumptions have been made relative to the generation
of sales taxes from the Redevelopment Project Area and a portion of those sales taxes are
pledged under the Note Ordinance. Accordingly, the Developer agrees to obtain from each
user generating sales taxes within the Redevelopment Project Area, a power of attorney
- authorizing the Illinois Department of Revenue to release to the Village the aggregate sales
tax figures for all businesses within the Redevelopment Project Area. The Village agrees to
take all necessary action to obtain the sales tax information from the DOR and to distribute
sales tax funds generated by the Shopping Center in accordance with the Note Ordinance.
VI
AUTHORITY
6.01. Actions.
The Village represents and warrants that, upon application of the Developer, it has taken, or
will take, such action(s) as may be required and necessary to process ordinances, codes and
regulations, as may be necessary or proper in order to insure the development of the
Redevelopment Project Area in accordance with the Plan and Annexation and Zoning
Ordinances to enable the Village to execute this Agreement and to carry out fully and
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Attorney's fees with respect to issuance of the Note The Village shall cooperate with
Developer in obtaining the bond opinion at no cost or detriment to the Village.
4.06. Village's Default on the Note. In the event there are Pledged Taxes in the
Fund or the Sales Tax Account and the Village fails to pay the Pledged Taxes to the
Registered Owners in accordance with the terms of the Note, the Village shall be in default,
and the Registered Owners shall have the right of specific performance as its sole and
exclusive remedy. THE NOTE IS NOT A GENERAL, OBLIGATION OF THE
VILLAGE. REPAYMENT OF THE NOTE SHALL BE AT ALL TIMES
LIMITED TO THE AVAILABILITY OF PLEDGED TAXES.
4.07. Developer's Default In the event the Developer fails to timely construct,
in accordance with this Agreement, the Redevelopment Project as -provided for herein, the
Village's sole and exclusive remedies shall be to stop paying the Note, and to recover the
damages from Developer for breach of this Agreement
4.08. Right to Inspect.
The Developer agrees that, up to one year after completion of the Redevelopment Project,
the Village, with reasonable advance notice and during normal business hours, shall have the
right and authority to review, audit, and copy, froin time to tune, the Developer's books and
records relating to the TIF Improveiments funded by the Village hereunder (including all
loan statements, general contractor's sworn statements, general contracts, subcontracts,
material purchase orders, waivers of lien, paid receipts and invoices) in order to confitrn that
the proceeds realized upon issuance of the Note are or have been expended for purposes of
undertaking the TIF Improveiments or other purposes permitted under the Act
V
REAL ESTATE AND SALES TAXES
5.01. Sales Taxes.
The parties acknowledge that certain assumptions have been made relative to the generation
of sales taxes froin the Redevelopment Project Area and a portion of those sales taxes are
pledged under the Note Ordinance. Accordingly, the Developer agrees to obtain from each
user generating sales taxes within. the Redevelopment Project Area, a power of attorney
authorizing the Illinois Department of Revenue to release to the Village the aggregate sales
tax figures for all businesses within the Redevelopment Project Area. The Village agrees to
take all necessary action to obtain the sales tax information from the DOR and to distribute
sales tax funds generated by the Shopping Center in accordance with the Note Ordinance.
VI
AUTHORITY
6.01. Actions.
The Village represents and warrants that, upon application of the Developer, it has taken, or
will take, such action(s) as may be required and necessary to process ordinances, codes and
regulations, as inay be necessary or proper iii order to insure the development of the
Redevelopment Project Area iil accordance with the Plan and Annexation and Zoning
Ordinances to enable the Village to execute this Agreement and to carry out fully and
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perform the terms, covenants, agreements, duties and obligations on its part to be kept and
performed as provided by the terms and provisions hereof.
6.02. Powers.
The Village hereby represents and warrants that the Village has full constitutional and lawful
right, power and authority, under currently applicable law, to execute and deliver and
perform the terms and obligations of this Agreement, including but not limited to the right,
power and authority to issue and deliver the Note, and all of the foregoing have been or will
be duly and validly authorized and approved by all necessary Village proceedings, findings
and actions. Accordingly, this Agreement constitutes the legal, valid and binding obligation
of the Village, enforceable in accordance with its terms and provisions and does not require
the consent of any other governmental authority.
6.03. Authorized Parties.
Whenever under the provisions of this Agreement and other related documents and
instruments or any supplemental agreement, request, demand, approval, notice or consent of
the Village or the Developer is required, or the Village or the Developer is required to agree
or to take some action at the request of the other, such approval or such consent or such
request shall be given for the Village, unless otherwise provided herein, by the Village
President or his designee and for the Developer by any officer or managing member as
designated in writing from time to time (in any event, the officers or managing member
executing this Agreement are so authorized); and any person shall be authorized to act on
any such agreement, request, demand, approval, notice or consent or other action and
neither party hereto shall have any complaint against the other as a result of any such action
taken
VII
GENERAL PROVISIONS
7.01. Reimbursement of Village's Costs.
Within thirty (30) days of request, Developer shall pay or reimburse the Village its legal and
consulting costs incurred in connection with this Agreement and the matters referred to
herein, including, but not limited to the Village Attorney's, financial consultant's and
appraiser's fees and expenses.
7.02. Time of Essence.
Time is of the essence of this Agreement The Parties will make every reasonable effort to
expedite the subject matters hereof and acknowledge that the successful performance of this
Agreement requires their continued cooperation.
7.03. Breach.
Before any failure of any party to this Agreement to perform its obligations under this
Agreement shall be deemed to be a breach of this Agreement, the Party claiming such failure
shall notify, in writing, the Party alleged to have failed to perform of the alleged failure and
shall demand performance. No breach of this Agreement may be found to have occurred if
performance has commenced to the reasonable satisfaction of the complaining party within
thirty (30) days of the receipt of such notice
we
7.04. .Amendment.
This Agreement, and any exhibits attached hereto, may be amended only by the mutual
consent of the Parties, by the adoption of an ordinance or resolution of the Village ap-
proving said amendment, as provided by law, and by the execution of said amendment by
the Parties or their successors in interest
7.05. No Other Agreement.
Except as otherwise expressly provided herein, th-is Agreement supersedes all prior
agreements, negotiations and discussions relative to the issuance of the Note and the use of
TIF and is a full integration of the agreement of the Parties.
7.06 Certificate of Completion.
Upon Substantial Completion of the Redevelopment Project in accordance with Section
3.05, the Village shall issue a Certificate of Completion to the Developer. The Certificate of
Completion shall be conclusive evidence that Developer has performed all of its obligations
hereunder. However, the Certificate of Completion shall not relieve Developer or its assigns
from the obligations created in Sections 3.07 (Indemnity), 3.08 (Litigateon), 4.08 (Right to
Inspect), 5.01 (Agreement to Pay Taxes) and 5.02 (Sales Taxes).
7.07. Assigns.
This Agreement shall be binding upon the Parties and their respective successors and
assigns. Nothing herein shall in any way prevent the alienation or sale of the Property, or
any portion thereof, nor shall anything herein be construed as limiting any rights of any
lender or equity partner or investor;. No consent shall be required for any pledge of the
Property and this Agreement as collateral security, and no consent shall be required prior to
selling, leasing or transferring any parcel of property within. the Shopping Center to
commercial and retail users for development and use consistent with the Planiung
Ordinances.
7.08. Severability.
If any provision, covenant, agreement or portson of this Agreement, or its application to any
person, entity or property, is held invalid, such invalidity shall not affect the application or
validity of any other provisions, covenants or portions of this Agreement and, to that end,
any provisions, covenants, agreements or portions of this Agreement are declared to be
severable -
7.09. Illinois Law.
This Agreement shall be construed in accordance with the laws of the State of Illinois. To
the extent there is a conflict between this Agreement, and the Note Ordinance, the Note
Ordinance shall control
7.10. Notice.
All notices and requests required pursuant to this Agreement shall be sent as follows:
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To the Developer-
Butterfield Meyers, L.L.C.
NAI Hiffman
One Oak Brook Center
Suite 600
Oak Brook Terrace, Illinois
Attn. • Dennis I-iffman
With copies to:
Promenade Partners, L L.C.
St. Paul Companies
Mail Code: 9275511A
385 Washington Street
St. Paul, MN 55102
Attn: Real Estate Increments
Mary Riordan
Mary Riordan, Ltd.
980 North Michigan, Suite 950
Chicago, Illinois 60611
To the Village:
Village of Oak Brook
1200 Oak Brook Road
Oak Brook, Illinois
Attn. Village Manager
With copies to.
Kenneth Kubiesa, Village Attorney
Kubiesa, Spiroff, Gosselar & Acker, P.C.
533 West North Avenue, Suite 204
Elmhurst, Illinois 60126
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Or at such other addresses as the Parties may indicate in writing to the other either by
personal delivery, courier, or by registered snail, return receipt requested, with proof of
delivery thereof. Mailed notices shall be deemed effective on the third day after mailing; all
other notices shall be effective when delivered
7.11. Counterparts.
This Agreement may be executed in several counterparts, each of which shall be an original
and all of which shall constitute but one and the same agreement.
7.12. Consent or Approval.
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Except as otherwise provided in this Agreement, whenever consent or approval of either
party is required, such consent or approval shall not be unreasonably withheld.
7.13. Exhibits.
The exhibits attached to this agreement are hereby incorporated into and made a part of this
Agreement.
7.14. No Private Payments.
The Village and the Developer recognize that payments from the Developer to the Village
other than payments made by the Developer of taxes of general applicability may be deemed
to be private payments under the Internal Revenue Code of 1986, as amended (the "Code "),
and that any such payments may cause interest on the Note and other financing instruments
to be includible in the gross income of the owners thereof for federal income tax purposes.
Accordingly the Village and the Developer covenant and agree that the Village will accept no
payment from the Developer pursuant to any provision of this Agreement without first
obtaining the advice of bond counsel that such payment will not impair the status of interest
on any Note or other financing instruments issued on a tax - exempt basis under the Code as
not includible in the gross income of the owners thereof for federal income taxation
purposes.
7.15. Taxes of General Applicability.
The Village hereby expressly agrees and recognizes that security for the Note and other
financing instruments and payments of debt service on the Note and other financing
instruments are limited to (A) taxes of general applicability and (B) the amounts on deposit
in the funds and accounts created under the ordinances authorizing the issuance of Note and
other financing instruments The Village recognizes that improper agreements with
taxpayers may cause tax receipts to be classified as private payments under the Code.
Accordingly the Village covenants not to enter into or enforce any agreements with any
taxpayers, including, specifically, the Developer, that would modify the obligations of such
taxpayers under general law without an opinion of Bond Counsel that such agreement or
enforcement will not adversely affect the tax - exempt status of interest on any Note or other
financing instruments issued on a tax - exempt basis for federal income tax purposes. In the
event that any Note is issued on a tax - exempt basis, no provision of this Agreement or any
other agreement, written or oral, will be enforced for the benefit of the holders of the Note
or other financing instruments or in any way to increase revenues available to pay debt
service on the Note or other financing instruments
SIGNATURES TO FOLLOW
12
IN WITNESS WHEREOF, the Parties have duly executed this Agreement pursuant
to all requisite authorizations as of the date first above written.
VILLAGE OF OAK BROOK,
COOK AND DUPAGE COUNTY,
ILLINOIS, an
Illinois municipal corporation
BY
Kevin Quinlan
Village President
ATTEST:
Linda K Gonnella, CMC
Village Clerk
OAK BROOK PROMENADE, L.L.C., a
Delaware limited liability company
Butterfield- Meyers, L.L.C.
ITS: Administrative Member
ATTEST:
(Assistant) Secretary
13
EXHIBITS
ExIabxt A Legal Description of Property
Exl- bit B Site Plan
Exl -Abet C TIF Improvement Costs
Exhibit D Form of Note
14
STATE OF ILLINOIS )
SS.
COUNTY OF COOK )
I, , a Notary Public in and for said County, in the State
aforesaid, DO HEREBY CERTIFY that ,
and an Illinois
personally known to me to be the persons whose names are subscribed
to the foregoing instrument as such , appeared before me this day in person and
acknowledged that they signed, sealed and delivered the said instrument as their free and
voluntary act for the uses and purposes therein set forth.
GIVEN UNDER my hand and Notarial Seal this day of , 2005.
My Commission Expires-
NOTARY PUBLIC
15
STATE OF ILLINOIS )
) SS.
COUNTY OF DUPAGE )
I, , a notary public in and for said County, in the State aforesaid, DO HEREBY
CERTIFY that the undersigned, Kevin Quinlan, Village President and Linda K Gonnella, Village Clerk
personally known to me to be the same persons whose names are subscribed to the foregoing instrument as such
Redevelopment Agreement , respectively appeared before me this day m person, and acknowledged that they signed
and delivered the said instrument as their free and voluntary act and as the free and voluntary act of said Village, for
the uses and purposes set forth therein; and the said Village Clerk, did affix the corporate seal of said village to said
instrument, as her own free and voluntary act and as the free and voluntary act of said village, for the uses and
purposes set forth therein
Witness my hand and notarial seal, this day of 12005.
Notary Public
My Comirnssion Expires
(Seal)