RESOLUTION 2013-1
AGREEMENT FOR THE USE OF TIF DISTRICT 1 GRANT FUNDS RICK’S 306 S. MAIN FARMER CITY
This agreement entered this7th day of January 2013, between the city of Farmer City, Illinois and Tom Rick, owner of Rick’s 306 S. Main Street Farmer City, DeWitt County, Illinois, (hereinafter called the “recipient”),
WITNESSETH:
WHEREAS, the purpose of the tax increment financing program and plan adopted by the city of Farmer City is to promote economic development and redevelopment of real estate and improvements within TIF District 1, to increase revenues generated from taxable improvements to those properties, and to increase job opportunities for the citizens of Farmer City; and
NOW THEREFORE, in consideration of the grant of money as set forth herein, and other good and valuable considerations, in hand paid, the receipt of which is hereby acknowledged, the parties hereto agree, as follows:
1. GRANT AMOUNT
TIF District 1 funds not to exceed $15,000.00 may be used by recipient for roofing, heating and air conditioning
2. USE OF FUNDS
If recipient should fail to use the granted funds according to the representations made in the application and plan submitted to and approved by the city, or should the recipient fail to use the funds in a manner consistent with any other terms and conditions placed upon the grant by the city pursuant to the terms of this agreement and/or in its motion approving the grant and this agreement, or should the TIF District 1 funds granted fail to result in a significant increase in the taxable assessed value of the property being improved, through building construction or renovations, and/or result in economic growth, then recipient shall be considered being in default of the terms of this agreement.
3. DEFAULT
Should recipient default in the performance of any covenant or agreement hereof and such default is not cured within 30 days after written notice from the city, city may treat such a default as breach of this agreement and city shall, in addition to all other rights and remedies provided by law or in equity, have the right to declare the grant funds due and returnable in which event recipient agrees to refund the grant funds to the TIF District 1, within 30 days demand from the city.
4. COSTS INCURRED
If there is default, recipient shall pay all reasonable attorney’s fees and costs incurred by the city in enforcing the terms and provisions of this agreement and/or in defending or prosecuting any action which city initiates or is made a party to because of the acts or omissions of the recipient.
5. DOCUMENTATION
Reimbursement for eligible costs shall be made only upon receipt of appropriately supporting documentation, including as applicable, verified bills or statements of suppliers, contractors or professionals, lien waivers and contractor affidavits.
6. INDEMNIFICATION
The recipient covenants and agrees, at its expense, to pay, and to indemnify and save the city, and its officers, agents, employees and attorneys (the “indemnities”) harmless of, from and against, any claims, damages, demands, expenses, and liabilities resulting directly from the applicant’s development activities with respect to the project (including, but not limited to environmental matters), unless such claims, damages, demands, expenses, or liabilities arise because of the negligence, act or omission of the city or any one or more of the other indemnities.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seal this 7th day of January 2013
For the City of Farmer City
__________________________________ __________________________________
Michael Jenkins, Mayor Rick’s
306 S. Main Street
Attest:
___________________________________
Sandra I. Shaw, city clerk
