R-10-06VILLAGE OF DEERFIELD
LAKE AND COOK COUNTIES, ILLINOIS
RESOLUTION NO. R -10 -06
A RESOLUTION AUTHORIZING AN ECONOMIC
INCENTIVE AGREEMENT
WHEREAS, Sears Roebuck & Company ( "Sears ") constructed and operated The Great Indoors
retail anchor store ( "TGI store ") at Deerbrook Mall in 2003; and,
WHEREAS, Sears closed the TGI store on or about August 1, 2005; and,
WHEREAS, Wonder, LLC ( "Wonder ") has proposed a project for the TGI store space which will
involve the expenditure of approximately Fourteen Million Dollars ($14,000,000.00) to, among other
things, lease, renovate and refurbish the TGI store retail space and open a Wonder warehouse style
children's retail store in the TGI store space, including corporate office space for the Wonder corporate
headquarters; and,
WHEREAS, Wonder has represented to the Village of Deerfield that economic assistance fi•om the
Village is required for the Wonder project, and for the renovation and refurbishment of the TGI store retail
space and that, without such economic assistance, the Wonder project would not be economically viable;
and,
WHEREAS, the Village of Deerfield is a home rule unit of government under Article VII, Section
6, of the 1970 Constitution of the State of Illinois; and,
WHEREAS, except as limited by Article VII, Section 6, of the Illinois Constitution, the Village
has the authority as a home rule unit of local government to exercise any power and perform any function
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pertaining to its government and affairs, including but not limited to the power to enter into this economic
incentive agreement; and,
WHEREAS, the corporate authorities of the Village of Deerfield have determined that it is
necessary, desirable and in the best interests of the Village to enter into the Economic Incentive Agreement
attached hereto as Exhibit A, pursuant to which the Village agrees to share or rebate to Wonder a portion
of the municipal Retailer's Occupation Taxes to be generated by the Wonder children's retail store to be
established in the former TGI store space that, but for the economic incentive provided by said agreement,
would not be generated from the former TG1 store space nor received by the Village;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS, in the exercise of its
home rule powers, as follows:
SECTION 1: The above and foregoing recitals, being material to this Resolution, are hereby
incorporated into and made a part of this Resolution as if fully set forth herein.
SECTION 2: That the President and Village Clerk of the Village of Deerfield are hereby
authorized and directed to execute and attest an Economic Incentive Agreement with Wonder, LLC in
substantially the form attached hereto as Exhibit A for and on behalf of the Village of Deerfield.
SECTION 3: That this Resolution, and each of its terms, shall be the effective legislative act of a
home rule municipality without regard to whether this Resolution should: (a) contain terms contrary to the
provisions of current or subsequent non - preemptive state law; or, (b) legislate in a manner or regarding a
matter not delegated to municipalities by state law. It is the intent of the corporate authorities of the
Village of Deerfield that to the extent that the terms of this Resolution should be inconsistent with any
non - preemptive state law, this Resolution shall supersede state law in that regard within its jurisdiction.
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SECTION 4: That this Resolution shall be in full force and effect from and after its passage and
approval as provided by law.
PASSED this 5th day of April , 2010.
AYES: Benton, Farkas, Jester, Oppenhbim, Seiden, Struthers (6)
NAYS: None (0)
ABSENT: None (0)
ABSTAIN: None (0)
APPROVED this 5th day of April , 2010.
Village Preside 4i
ATTEST:
Villag Clerk—
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