File #: 190374    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 8/28/2019 In control: Village Board of Trustees
On agenda: Final action: 9/5/2019
Title: Redevelopment Agreement for The Hotel and Conference Center in Regard to the Butterfield - Yorktown TIF District An Ordinance authorizing a Redevelopment Agreement for the Hotel and Conference Center comprising a part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois. The Ordinance approves a TIF redevelopment agreement, between the Village and the Lombard Public Facilities Corporation (LPFC), for the funding of up to $3,700,000 in TIF eligible redevelopment project costs incurred by the LPFC, in regard to capital improvements at the Hotel and Conference Center, from TIF incremental revenues generated by the Butterfield-Yorktown TIF District, as contemplated by the previously approved Restructuring Support Agreement and Plan of Reorganization relative to the LPFC, and approves the issuance of a TIF Note and a Debt Certificate in relation thereto. Staff requests a waiver of first reading. (DISTRICT #3)
Attachments: 1. BOT 9-5-2019 Leg#190374, 2. Cover Page 190374.pdf, 3. Redevelopment Agreement - Butterfield-Yorktown TIF District.pdf, 4. Exhibit 1 to Ordinance 7710, 5. Exhibit 2 to Ordinance 7710, 6. Exhibit 3 to Ordinance 7710, 7. Exhibit 4 to Ordinance 7710, 8. Ordinance 7710 RDA Butter-Yorktown TIF District.pdf

Title

Redevelopment Agreement for The Hotel and Conference Center in Regard to the Butterfield - Yorktown TIF District

An Ordinance authorizing a Redevelopment Agreement for the Hotel and Conference Center comprising a part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois. The Ordinance approves a TIF redevelopment agreement, between the Village and the Lombard Public Facilities Corporation (LPFC), for the funding of up to $3,700,000 in TIF eligible redevelopment project costs incurred by the LPFC, in regard to capital improvements at the Hotel and Conference Center, from TIF incremental revenues generated by the Butterfield-Yorktown TIF District, as contemplated by the previously approved Restructuring Support Agreement and Plan of Reorganization relative to the LPFC, and approves the issuance of a TIF Note and a Debt Certificate in relation thereto. Staff requests a waiver of first reading. (DISTRICT #3)

Body

[Enter body here.]