ORDINANCE NO. 24-O-12
AN ORDINANCE AUTHORIZING THE EXECUTION OF AN
ECONOMIC INCENTIVE AND REDEVELOPMENT AGREEMENT
(Binny’s Beverage Depot)
NOW, THEREFORE, BE IT ORDAINED, by the President and Board of Trustees of the Village of Willowbrook, DuPage County, Illinois, as follows:
SECTION 1:
The President and Board of Trustees of the Village of Willowbrook find as follows:
A. The Village of Willowbrook (“
Village
”) is a home rule municipality pursuant to Section 7 of Article VII of the Constitution of the State of Illinois.
B. Pursuant to its powers and in accordance with the Business District Development and Redevelopment Law, 65 ILCS 5/11-74.3-1, et seq., as amended (“
Business District Law
”), 65 ILCS 5/8-1-2.5, and Ordinance Nos. 16-O-30, 16-O-31, and 16-O-32, adopted July 16, 2016 (collectively, the “
Ordinances
”), the Village established the Illinois Route 83 / Plainfield Road Business District (“
Business District”
), approved a Business District plan (“
Business District Plan
”), and imposed an additional retailers' occupation tax and service occupation tax (“
Business District Tax
”) therein. The Ordinances are incorporated herein by reference.
C. Pursuant to and in accordance with the Business District Law, 65 ILCS 5/8-1-2.5, and the Ordinances, the Corporate Authorities of the Village are empowered to provide economic incentives to developers within the Business District payable from the Business District fund in furtherance of the Business District Plan.
D. Willowbrook Town Center LLC (“
Developer
”) is the owner of the property commonly known as 7185 S. Kingery Highway, Willowbrook, Illinois (“
Property
”).
E. The Developer operates an approximately 185,000 square feet retail shopping center on the Property known as Willowbrook Town Center.
F. Willowbrook Town Center has an approximately 28,136 square feet vacancy (“
Binny’s Premises
”), which was previously occupied by Bed, Bath and Beyond.
G. The Developer desires to secure Binny’s Beverage Depot as a new tenant within the Binny’s Premises and in order to secure Binny’s Beverage Depot as a new tenant, the Developer must make significant modifications and improvements to the interior of the Binny’s Premises.
H. The Village anticipates that the operation of Binny’s Beverage Depot in the Binny’s Premises will be a significant contributor to the economic stability of the Village through contributions of substantial Business District Tax and sales tax revenues along with expanded employment opportunities.
I. The Village has determined that the operation of Binny’s Beverage Depot within the Binny’s Premises will advance the Business District Plan, maintain and increase the value of the Property, and increase sales from the Property, thereby maintaining and increasing Business District Tax and sales tax revenues for the Village which assist, and will continue to assist, the Village in providing essential municipal services to members of the public.
J. In order to pay for a portion of the interior modifications and improvements to the Binny’s Premises necessary to make it ready for Binny’s Beverage Depot, the Developer requested that the Village provide economic incentives not to exceed $1,000,000 (“
Economic Incentive
”) from the Business District fund.
K. The Developer has represented and warranted to the Village, and the Village finds that, but for the provision of the Economic Incentive by the Village to the Developer pursuant to the Business District Law for the Binny’s Premises, renovating the Binny’s Premises would not be economically feasible and, concomitantly, the Developer would not be able to redevelop, renovate, and re-tenant the Binny’s Premises.
L. It is the desire of the Village to provide the Developer with the Economic Incentive on the terms set forth in the “Economic Incentive and Redevelopment Agreement,” and its accompanying exhibits, attached hereto as Exhibit A and made a part hereof (“
Agreement
”).
M. It is in the best interest of the Village to provide the Developer with the Economic Inventive, to ensure that redevelopment within the Business District continues.
SECTION 2
: Based upon the foregoing, the Mayor, Village Clerk, and Village Administrator be and are hereby authorized and directed to provide the Developer with the Economic Incentive pursuant to the terms and conditions set forth in the Agreement, and in such other form as may be approved by the Village Administrator and the Village Attorney. The Mayor, the Village Clerk, and the Village Administrator are further authorized and directed to execute and deliver such other instruments, including the Agreement, as may be necessary or convenient to undertake the Village’s obligations in the Agreement.
SECTION 3: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law.
ADOPTED this _8th__ day of April, 2024, pursuant to a roll call vote as follows:
AYES:___________________________________________
NAYS:___________________________________________
ABSENT:_________________________________________
APPROVED this ___ day of April, 2024, by the Mayor of the Village of Willowbrook, and attested by the Village Clerk, on the same day.
_____________________________________
Mayor
APPROVED and FILED in my office this ___ day of April, 2024 and published in pamphlet form in the Village of Willowbrook, DuPage County, Illinois.
ATTEST:
____________________________________
Village Clerk
EXHIBIT A
ECONOMIC INCENTIVE AND REDEVELOPMENTAGREEMENT
(attached)