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REPORTS OF COMMITTEES
time following such publications, pursuant to Resolution 04-CDC-76, theCommission has recommended that the Master Developer be designated
as
thedeveloper for the Project and that D.P.D. be authorized to negotiate, execute anddeliver on behalf of the City
a
redevelopment agreement with the Master Developerfor the Project; andWHEREAS, The Project is necessary for the redevelopment of the Area; andWHEREAS, The Master Developer will be obligated to undertake the Project inaccordance with the terms and conditions of a proposed redevelopment agreementto be executed by the Master Developer, the L.I.H.T.C. Developer, the GeneralPartner, the Senior Developer (when identified and approved by D.P.D.), and theCity, with such Project to be financed in part by certain pledged incremental taxesdeposited from time to time in the Special Tax Allocation Fund for the Area (asdefined in the T.I.F. Ordinance) pursuant to Section 511 1-74.4-8(b) of the Act("Incremental Taxes"); now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION
1.
The above recitals are incorporated herein and made apart hereof.SECTION2. The Master Developer, together with the L.I.H.T.C. Developer, theGeneral Partner and (subject to identification and approval by D.P.D.) the SeniorDeveloper, are hereby collectively designated as the developers for the Projectpursuant to Section 5/ 11-74.4-4 of the Act.SECTION 3. The Commissioner of D.P.D. (the "Commissioner") or
a
designee ofthe Commissioner is each hereby authorized, with the approval of the City'sCorporation Counsel
as
to form and legality, to negotiate, execute and deliver
a
redevelopment agreement among the Master Developer, the L.I.H.T.C. Developer, theGeneral Partner, the Senior Developer (subject to identification and approval byD.P.D.) and the City, substantially in the form attached hereto as Exhibit
B
andmade
a
part hereof (the "Redevelopment Agreement"), and such other supportingdocuments as may be necessary to carry out and comply with the provisions of theRedevelopment Agreement, with such changes, deletions and insertions as shall beapproved by the persons executing the Redevelopment Agreement. Such othersupporting documents shall include, without limitation, short term leases of theAzusa Parcel to existing and other tenants.SECTION 4.Subject to acquiring City Parcels, the City is hereby authorized tosell and convey to the Master Developer the City Parcels listed on Exhibit
A
for theconsideration set forth in Sections 3.02 and 3.03 of the Redevelopment Agreement.The City Parcels shall be conveyed to the Master Developer or its affiliate, subjectto the Master Developer's execution of and in accordance with the terms and
conditions of the Redevelopment Agreement. The Mayor or his proxy is authorizedto execute, and the City Clerk is authorized to attest, a quitclaim deed conveying theCity Parcels to the Master Developer.SECTION 5. The City Council hereby finds that the City is authorized to issue itstax increment allocation revenue obligations in an aggregate maximum principalamount not to exceed Twenty-two Million Seven Hundred Fifteen Thousand EightHundred Fifty Dollars ($22,7 5,85O), plus Five Million Dollars ($5,000,000) ofIncremental Taxes for reimbursement of the acquisition costs of the City Parcels asmore particularly defined in the Redevelopment Agreement, plus certain additionalpay-as-you-go reimbursements identified in Section 4.03 of the RedevelopmentAgreement (the "Pay-As-You-Go Obligations"), for the purpose of paying
a
portionof the eligible redevelopment project costs included within the Project.SECTION
6.
There shall be borrowed for and on behalf of the City an amount notto exceed Twenty-two Million Seven Hundred Fifteen Thousand Eight Hundred FiftyDollars ($22,715,850) for the payment of a portion of the eligible redevelopmentproject costs included within the Project. The borrowing shall be evidenced asfollows: (i) a note of the City in an amount not to exceed Thirteen Million EightHundred Thirty-four Thousand Eight Hundred Seventy-one Dollars ($l3,834,871)(the "City Note Number I"), (ii) a note of the City in an amount not to exceed OneMillion Three Hundred Thirty-three Thousand Sixty-three Dollars ($1,333,063) the"City Note Number 2"), (iii) a note of the City in an amount not to exceed Six MillionFour Hundred Sixty-nine Thousand Six Hundred Forty Dollars ($6,469,640) (the"City Note Number 3") and (iv)
a
note of the City in an amount not to exceed OneMillion Seventy-eight Thousand Two Hundred Seventy-six Dollars ($1,078,276) (the"City Note Number 4"). In addition, supported by a requisition form to the City fromthe Developer, the City is authorized to pay the Developer from Incremental Taxesan amount up to Five Million Dollars ($5,000,000) for reimbursement of theacquisition costs of the City Parcels. On or prior to closing, the maximum principalamounts of the Notes may be reallocated among the Notes but shall not exceed anaggregate principal amount of Twenty-two Million Seven Hundred Fifteen ThousandEight Hundred Fifty Dollars ($22,715,850). The amount to be funded
as
evidencedby the requisition form is subject to reduction if the City uses existing IncrementalTaxes in the Tax Allocation Fund
(as
defined in Section 12(a) elow) to acquire eitheror both of the City Parcels, which City use is hereby also authorized. The notesshall be issued and each shall be designated "Tax Increment Allocation RevenueNote Wilson Yard Tax Increment Financing Redevelopment Project Area Wilson YardProject" (each,
a
"Note," and collectively, the "Notes"). The Notes shall be dated
as
of the date of delivery thereof shall bear the date of authentication, shall be in fullyregistered form, shall be in the denomination of the maximum outstanding principalamount thereof and shall become due and payable as provided therein.
REPORTS OF COMMITTEES
The Notes shall bear interest at fixed interest rates per annum equal to the interestrates set forth in the Redevelopment Agreement and subject to adjustment
as
setforth in the form of the Notes. Interest on the Notes shall be subject to federalincome taxes and shall be computed on the basis of a three hundred six (360) dayyear of twelve (12) hirty (30)day months. Accrued and unpaid interest on each Noteshall compound on March 1 of each year and thereafter bear interest at the samefixed interest rate that applies to the principal of the Notes.The principal of and interest on each Note shall be paid by check or draft of theComptroller of the City, as registrar and paying agent (the "Registrar") (or, at theCity's sole election, by wire transfer of funds), payable in lawful money of the UnitedStates of America to the persons in whose name such Note is registered at the closeof business on the fifteenth
(15th)
day of the month immediately prior to theapplicable payment date; provided, that the final installment of the principal andaccrued but unpaid interest of such Note shall be payable in lawful money of theUnited States of America at the principal office of the Registrar or
as
otherwisedirected by the City.The seal of the City shall be affixed to or
a
facsimile thereof printed on each Note,and each Note shall be signed by the manual or facsimile signature of the Mayor ofthe City and attested by the manual or facsimile signature of the City Clerk of theCity, and in case any officer whose signature shall appear on any such Note shallcease to be such officer before the delivery of the Note, such signature shallnevertheless be valid and sufficient for all purposes, the same
as
if such officer hadremained in office until delivery.Each Note shall have thereon
a
certificate of authentication substantially in theform of and such certificate of authentication upon the Note shall be conclusiveevidence that the Note has been authenticated and delivered under this ordinance.SECTION
7.
The City shall cause books (the "Register") for the registration andfor the transfer of the Notes (to the extent such transfer is permitted under theRedevelopment Agreement) as provided in this ordinance to be kept at the principaloffice of the Registrar, which is hereby constituted and appointed the registrar of theCity for the Notes. The City is authorized to prepare, and the Registrar shall keepcustody of, multiple Note blanks executed by the City for use in the transfer of theNotes.Upon surrender for
a
transfer of any Note authorized under the RedevelopmentAgreement at the principal office of the Registrar, duly endorsed by, or accompaniedby (i)
a
written instrument or instruments of transfer in form satisfactory to theRegistrar, (ii)an investment representation in form satisfactory to the City and dulyexecuted by the registered owner or his attorney duly authorized in writing, (iii) hewritten consent of the City evidenced by the signature of the Commissioner (or his
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