HomeMy WebLinkAboutORDINANCE - 3694 - 3/9/2021 - Shapra II, LLC and Equity Roots Terminating TIF Reimbursement AgreementORDINANCE NO. 3694
AN ORDINANCE TERMINATING THE TIF REIMBURSEMENT AGREEMENT BY
AND BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, SHAPRA II, LLC AND
EQUITY ROOTS, INC.
WHEREAS, the Village of Elk Grove Village, Cook and DuPage Counties, Illinois (the
"Village') is a home rule municipality as described in Section§ 6(a) Article VII of the 1970
Constitution of the State of Illinois and as such may exercise any power and function pertaining
to its government and affairs; and
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS
§5/11-74.4-1, et seq. ("Act'), the Village adopted Ordinance No. 3531, "An Ordinance
Designating the Village of Elk Grove Village Higgins Corridor Redevelopment Project Area"
("Project Area"); and
WHEREAS, to further the construction of a redevelopment project, the Village adopted
Resolution No 7-20, authorizing the execution of a TIF Reimbursement Agreement
("Agreement") by and among the Village, Shapra II, LLC and Equity Roots, Inc. (Shapra and
Equity are collectively referred to as "Developer"), providing for the development of a hotel in
the Project Area; and
WHEREAS, the Agreement required the Developer to submit plans to the Village for a
building permit no later than April 1, 2020 and to commence construction of the hotel on or
before May 1, 2020; and
WHEREAS, the Developer has failed to meet these deadlines.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois, in the exercise of
its home rule powers, as follows:
Section 1: The above recitals are incorporated herein and made a part hereof.
Section 2: The Agreement is terminated effective upon adoption of this Ordinance.
Section 3: If any provision of this Ordinance shall be held to be invalid or unenforceable
for any reason, the invalidity or unenforceability of such provision shall not affect any of the
other provisions of this Ordinance.
Section 4: All Ordinances, resolutions, motions or orders in conflict with this Ordinance
are hereby repealed to the extent of such conflict.
Section 5: That this Ordinance shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 911 day of March 2021.
APPROVED this 91h day of March 2021.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk