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An Ordinance Authorizing Delivery of Consent to Assignment and Ratification of A Redevelopment Agreement
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WHEREAS, the Village of Romeoville (the "Village") and CT MLH Bluff Road Venture, LLC ("Assignor") have entered into that certain Redevelopment and Financing Agreement, dated December 20, 2017 and recorded in the office of the Will County Recorder as Document No. R2018071268 (the "Redevelopment Agreement") pertaining to the development of the property commonly known as 901 to 1001 Bluff Road, Romeoville, Illinois (the "Property");
WHEREAS, Assignor and _____________ ("RDA Assignee") have entered into that certain Agreement of Sale and Purchase, dated ____________, 2020, pertaining to Property (the "Purchase Agreement") and following the conveyance of the Property, the RDA Assignee will be the legal owner of all the Property owned by Assignor that is subject to the Redevelopment Agreement and the Annexation Agreement;
WHEREAS, the Purchase Agreement provides, among other things, that Assignor will assign certain rights and obligations under the Redevelopment Agreement to RDA Assignee and certain rights under the Redevelopment Agreement to ____________ ("TIF Assignee") pursuant to an assignment and assumption agreement in the form attached hereto as Exhibit A (the "Assignment Agreement");
WHEREAS, the Redevelopment Agreement provides that (1) the Assignor may not assign its obligations under the Redevelopment Agreement to any unaffiliated party without the Village's consent and (2) the Village's obligations under the Redevelopment Agreement may not be assigned without the Village's consent;
WHEREAS, the Village and Assignor (formerly known as CT MIC Bluff Road Venture, LLC) also entered into that certain Annexation Agreement, dated December 6, 2017 and recorded in the Office of the Will County Recorder on Document No. R2018004998 (the "Annexation Agreement"), which further sets forth the terms and conditions for the deve...
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