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HomeMy Public PortalAboutOrdinance 2534 ORDINANCE NO. 2634 AN ORDINANCE ADOPTING AN AGREEMENT AUTHORIZING REIMBUREMENT FOR THE CONSTRUCTION OF IMPROVEMENTS BENEFICIAL TO THE PUBLIC FOR THE VILLAGE OF PLAINFIELD WHEREAS, the VILLAGE is authorized by the Illinois Municipal Code (65 ILCS 5/9-5-1 et. seq.) to enter into agreements to provide for the recapture of offsite improvement costs. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF PLAINFIELD, AS FOLLOWS: I. That the Agreement Authorizing Reimbursement far the Construction of Improvements Beneficial to the Public far the Village of Plainfield which is attached hereto and made a part hereof, is hereby adopted by the President and Board of Trustees of the Village of Plainfield. This Ordinance shall be in full force and effect from and after its passage, approval, and filing as required by law. ~ PASSED THIS 6th DAY OF February, 2006. AYES: Fay, Lamb, Manning, Collins, Racich, Dement. NAYS: 0 ABSENT:O APPROVED THIS 6th DAY OF February,..~006. 6~ `i~~k LACE PRESIDENT ATTES V LLAGE CLERK ORDINANCE NO. 2534 AN ORDINANCE ADOPTING AN AGREEMENT AUTHORIZING REIMBUREMENT FOR THE CONSTRUCTION OF IMPROVEMENTS BENEFICIAL TO THE PUBLIC FOR THE VILLAGE OF PLAINFIELD WHEREAS, the VILLAGE is authorized by the Illinois Municipal Code (65 ILCS 5/9-5-1 et. seq.) to enter into agreements to provide for the recapture of offsite improvement costs. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF PLAINFIELD, AS FOLLOWS: That the Agreement Authorizing Reimbursement for the Construction of Improvements Beneficial to the Public for the Village of Plainfield which is attached hereto and made a part hereof, is hereby adopted by the President and Board of Trustees of the Village of Plainfield. This Ordinance shall be in full force and effect from and after its passage, approval, and filing as required by law, ` PASSED THIS 6th DAY OF February, 2006. AYES: Fay, Lamb, Manning, Collins, Racich, Dement. NAYS: 0 ABSENT:O APPROVED THIS 6th DAY OF Februarv.2006. a~~= PRESIDENT ATTES V LLAGE CLERK LAURIE MCPHILLIPS 12P R 20@6054994 Will County Recorder Page 1 of 12 JAD Date 04/03/2006 Time 08:34:56 Recording Fees: 26.00 IL Rental Hsng Support Prog: 0.00 AN AGREEMENT AUTHORIZING REIMBURSEMENT FOR THE CONSTRUCTION OF IMPROVEMENTS BENEFICIAL TO THE PUBLIC PIN; 03-06-200-002 THIS ROADWAY RECAPTURE AGREEMENT is entered into this ~,~ day of u r 2006, between the Village of Plainfield, Illinois, an Illinois municipal corporation, (hereinafter the "VILLAGE"), and MPI-4 Prairie Ponds, Inc., an Illinois corporation, (hereinafter the "DEVELOPER") v~rrrrnr C WHEREAS, §9-5-1 of the Illinois Municipal Cade, 65 ILLS S/9-5-1 (1992), authorizes the use of recapture agreements for the reimbursement of costs of improvements to real estate which benefit more than. one property; and WHEREAS, DEVELOPER is the developer of approximately T3.5 acres located north of 135th Street in the VILLAGE and commonly known as Prairie Ponds, which property is legally described on Exhibit A, Plat of Annexation, attached hereto and made a part hereof, (hereinafter the "SUBJECT PROPERTY"); and 118794/1 i~~ X i r WHEREAS, VILLAGE and DEVELOPER entered into an. Annexation Agreement dated July 16, 2001 that included the SUBJECT PROPERTY. WHEREAS, DEVELOPER, in developing the SUBJECT PROPERTY, agreed to design, construct and install at its expense, subject to the right of recapture certain off-site roadway improvements to 13Sth Street, (hereinafter the "SUBJECT IMPROVEMENTS"); which improvements have been requested by the VILLAGE, but are not required under Municipal Code and which benefit other Properties; and WHEREAS, the Parties agreed in said Annexation Agreement to establish a recapture to reimburse DEVELOPER for providing and/or front funding the SUBJECT IMPROVEMENTS; and WHEREAS, the SUBJECT IMPROVEMENTS are more specifically detailed on Exhibit R-1 and includes the Improvement and. a Recapture Area, shown in Exhibit R-2 Exhibit R-3; and WHEREAS, the design, construction and installation of the SUBJECT IMPROVEMINTS has benefited the S[JBJECT PRUPERTY as well as certain other properties which are legally described in Exhibit R-2 (Benefiting Property), which is attached hereto and made a part hereof (hereinafter the "BENEI~ITING PROPERTY"); and WHEREAS, the VILLAGE has required DEVELOPER to design, construct and install the SUBJECT' IIVIPROVEMENTS as a condition of developing the SUBJECT PROPERTY so that the SiJBJECT IMPROVEMENTS would be available to the BENEFITING PROPERTY; and 118794/1 4 WHEREAS, DEVELOPER will pay all costs for the SUBJECT IMPROVEMENTS, subject to the right of recapture as specified in the Annexation Agreement dated July 16, 2001; and WHEREAS, the costs of the SiJBJECT :1MPROVEMENTS, which are delineated on Exhibit R-1 (Certification of Recapture Costs), which is attached hereto and is made a part hereof; have been found to be reasonable by the VILLAGE; and WHEREAS, the VILLAGE has determined that the costs of the SUBJECT IMPROVEMENTS have been fairly and reasonably apportioned between the DEVELOPER and the owner of the BENEFITING PROPERTY as specified on Exhibit. R-2 and Exhibit R-~3 which is attached hereto and made a part hereof; and which property shall pay one-half (1/2) of the actual cost: of the improvements constructed pursuant to Exhibit R-1. WHEREAS, all statutory and ordinance notice requirements have been satisfied; NOW, THEREFORE, in consideration of the mutual promises herein contained and the agreements and obligations of DEVELOPER deposited or entered into the VILLAGE, the parties hereby agree as follows: 1. The contents of the recitals set forth above are substantive and by this reference are incorporated in the body of this Agreement and made a part hereof. 2. The; parties agree that the VILLAGE shall take all reasonable measures to collect from the owner of the BENEFITING PROPERTY, as listed in Exhibit R~2, the amounts actually expended as shown on the Certification of Recapture Costs on Exhibit R-1 by DEVELOPER for engineering and construction. of the SUBJECT IMPROVEMENTS plus interest at the rate of four (4%) per annum beginning from two years from the date of completion of said improvement, i.e., to the date of payment. An Administrative fee shall be charged at the rate of 118794/1 Y two percent (2%) of the total recapture amount payable to the VILLAGE to cover administrative costs of the recapture agreement 3. The Village accepts the improvements far which recapture is sought, and the Certified Costs of Recapture, Exhibit R-1. 4. The VILLAGE shall become obligated to collect, and the owner of the BENEFIT1NCr PROPERTY shall become obligated to pay on the first to occur of any of the fallowing: when any BENEFITING PROPERTY ar PROPERTIES, a) obtains a building permit for abuild-out ar far an addition to any building located ar to be located on the BENEFITING PROPERTIES; or b) approval from the VILLAGE for any rezoning, subdivision, conditional use, variance, or planned unit development for the BENEFITING PROPERTIES. Said Recapture Sum for any such BENEFITING PROPERTY or PROPERTIES shall be equal to the entire proportional share due as shown on Exhibit R-2. 5. DEVELOPER shall be entitled to all of the Recaptured Sums until Developer's share of Recapture is paid in full. with all interest due. 6. The VILLAGE shall condition the annexation, subdivision and issuance of any permits or licenses upon the BENEFITING PROPERTY or PROPERTIES to the BENEFITING PROPERTY or PROPERTIES owner's payment of its share of the SUBJECT IMPROVEMI~NTS under this Agreement. 7. The obligations imposed upon the BENEFITING PROPERTY under this Agreement shall run with the land and shall constitute encumbrances against the land sa as to bind the owners and any successor owners of record of such property. 8. The payment amounts set forth in the preceding paragraph when. collected by the VILLAGE shall be promptly paid to the DEVELOPER as soon as practical after the first (1st) 118794/1 day of the month following the month of their receipt but, in any event, no later than the thirtieth (30th) day of the month following the month of their receipt. Upon request of the DEVELOPER, the VILLAGE shall furnish DEVELOPER with copies of any receipts so requested. 9. This Agreement shall become effective upon both execution by the parties. 10. The term of this Agreement shall remain in full force and effect until the first to occur of: (i) such time as the DEVELOPER has been fully reimbursed far that portion of the reimbursement attributable to the BENEFITED PROPERTIES as herein. provided; ar (ii) ten (10) years from the date of this Agreement or such. greater period of time as may be permitted by law. 11. Any natice to be given or served hereunder or under any document or instrument executed pursuant hereto sklall be in writing and. shall be (i) delivered personally, with a receipt requested therefore; or (ii) sent by telecopy facsimile; or (iii) sent by a recognized overnight courier service; or (iv) delivered by iJnited States registered or certified mail, return receipt requested, postage prepaid. All notices shall be addressed to the Parties at their respective addresses set :forth below, and the same shall be effective (a) upon receipt or refusal if delivered personally or by telecopy facsimile; (b) one (1) business day after depositing with such an overnight courier service or (c) two (2) business days after deposit in the mails, if mailed. A Party may change its address for receipt of notices by service of a notice of such change in accordance herewith. All notices by telecopy facsimile shall be subsequently confirmed by U.S. certified or registered mail. If to the Village: Village Adrninistratar Village of Plainfield 24000 W. Lockport Street Plainfiield, Illinois 60544 118794/1 If to the Developer: Jason Nijim MPI-4 Prairie Ponds, Inc. 535 Plainfield Raad, Suite E Willowbrook, Illinois 60527 and to: Edward J. Welch Dommermuth,Brestal,Cobine & West, Ltd. 123 Water Street Naperville, Illinois 60566 12. This agreement shall inure to the benefit af, and be binding upon, the successors in title of Owner and DEVELOPER, its successors, grantees, lessees, and assigns, and upon successor corporate authorities of the VILLAGE and successor municipalities. Notwithstanding anything contained herein to the contrary, DEVELOPER may assign its rights and delegate its duties and obligations hereunder to the extent DEVELOPER assigns, transfers and conveys all its right, title and interest in and to the PROPERTY to a bona fide third-party purchaser. No sale of the PROPERTY, in whole or in part, shall affect, in and of itself, DEVELOPER'S right to recapture the sums advanced by it. 13. It is agreed that the Parties, at law or in equity, by suit, action, mandamus or other proceeding, may enforce or compel. the performance of this Agreement. No action taken by either party hereto pursuant to the provisions of this Paragraph. or pursuant to the provisions of any other Paragraph of this Agreement shall be deemed to constitute an election of remedies and all remedies set forth in this Agreement shall be cumulative and non-exclusive of any other remedy either set forth herein or available to either party at law or in equity. 14. In the event of a material breach of this Agreement, the Parties agree that they shall give prompt written notice of such alleged breach and the party receiving such notice shall have thirty (30) days after receipt of such notice to correct such alleged breach, prior to the seeking of any remedy provided for herein (provided however, that said thirty (30) day period 118794/1 shall be extended if the defaulting party has initiated the cure of said default and is diligently proceeding to cure the same). 15. If either party to this Agreement shall fail to perform any of its obligations hereunder, and other party shall have given written notice of the default to the defaulting party, and the defaulting party shall have failed to cure the default within thirty (30) days after the receipt of the default notice (provided, however, that said thirty (30) day period shall be extended if the defaulting party has initiated the cure of said default and is diligently proceeding to cure the same), then in addition to any and all other remedies that my be available, the party affected by the default shall have the right (but not the obligation) to take such action as in its reasonable discretion shall be necessary to cure the default. In such event, the defaulting party hereby agrees to pay and reimburse the party affected by the default far all reasonable costs and expenses incurred by it in connection with action taken to cure such default. 16. The failure of either party to insist upon the strict and prompt performance of the terms, covenants, agreements and conditions herein contained, ar any of them, upon the other party imposed, shall not constitute or be construed as a waiver or relinquishment of such party's right thereafter to enforce any such terms, covenants, agreements or conditions, but the same shall continue in full force and effect. 17. If any provision, clause, word or designation of this Agreement is held to be invalid by any court of competent jurisdiction, such provision, clause, word or designation shall be deemed to be excised from this Agreement and the invalidity thereof shall. not affect any other provision, clause, word or designation contained herein. Notwithstanding the foregoing, if a court of competent jurisdiction determines by fnal order that the amount of the Fees ar interest payable hereunder exceeds the amount that may be recaptured by Developer under currently 118794/1 existing or subsequently enacted law, then such amount shall be automatically reduced to such amount as .the court then determines would conform to such requirements of law sa that the provision establishing the Fees and interest payable may be given force and effect. No party to this Agreement shall contest the validity or enforceability, ar assert the invalidity or unenforceability, of any provision of this Agreement. THE PARTIES TO THIS AGREEMENT by their signature acknawledge they have read and understand this agreement and intend to be bound by its terms. VILLAGE OF PLAINFIELD an Illinois municipal corparatian hest: ? ~:. Vi11a~Clerlc r`' /_ \ ~ MPI-4 Prairie Pand~Jlnc. Prepared by and Return to: Village of Plainf7eild 24401 W. Lockport St. Plainfield, IL 60544 By' Attn: Village Clerk Prepared by: Edward J. Wellch Domrnermuth, Brestal, Cobine & West, Ltd. ] 23 Water Street Naperville, Illinois 60540 i r 879aia EXHIBIT A LEGAL DESCRIPTION THAT PART OF THE SOUTHEAST 1/4 OF SECTION 31, TOWNSHIP 37 NORTH, RANGE 9 EAST OF THE THIRD I°RINCIPAL MERIDIAN, DESCRIBED AS FOLIAWS: , BEGINNING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST 1/4,-THENCE WEST ALONG THE SOUTH LINE OF SAID SOUTHEAST 7./4 1324,18 FEET; THENCE NORTHERLY PARALLEL WITH THE EAST LINE OF SAID SOOTHEAST 1/4, BEING ALONG A LINE FORMING AN ANGLE OF 90 DEGREES 29 MINUTES 09 SECONDS WITH THE LAST DESCRIBED COURSE, MEASURED COUNTER-CLOCKWxSE THEREFROM, 1458.87 FEET; THENCE EASTERLY ALONG A LINE WHICH FORMS AN ANGLE OF 91 DEGREES 55 MINUTES 39 SECONDS WITH THE LAST DESCRIBED COURSE, MEASURED COUNTER-CLOCKWISE THEREFROM. 7.80.32 FEET TO THE WEST LINE OF T.HE EAST 31.59 ACRES OF THE NORTH 73.23 ACRES OF SAID SOUTHEAST 1/4; THENCE NORTHERLY ALONG SAID WEST LINE 1178.15 FEET TO THE NORTH LINE OF SAID SOUTHEAST 7,/4; THENCE EASTERLY ALONG SAID NORTH LINE 1143.97 FEET 'TO THE NORTHEAST CORNER OF SAID SOUTHEAST 1/4; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID SOUTHEAST 7,/4, 2643.98 FEET TO THE POINT OF BEGINNING, EXCEPT THAT PART OF THE SOUTHEAST 1/4 OF SECTION 31, TOWNSHIP 37 NORTH RANGE 9 EAST OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID SO~AST 1/4; THENCE WEST ALONG THE SOUTH LINE OF SAID SOUTHEAST 1/~4, 1304.18 FEET FOR A POB; THENCE WEST ALONG SAID SOUTH LINE, 20.0 FEET; THENCE NORTHERLY, PARALLEL WITH THE EAST LINE OF SAID SOUTHEAST 1/4, BEING ALONG A LINE WHICH FORMS AN ANGLE OF 90 DEGREES 29 MINOTES 09 SECONDS WITH THE LAST DESCRIBED COARSE, MEASURED COUN'.CER-CLOCKWISE THEREFROM, 1458.87 FEET; THENCE EASTERLY ALONG A LINE WHICH FORMS AN ANGLE OF 91 DEGREES 55 MINpTES 39 SECONDS WITH THE LAST DESCRIBED COARSE, MEASURED COUNTER-CLOCKWISE THEREFROM, 180.32 FEET; THENCE 50UTHERLY ALONG A LxNE WHICH FORMS AN ANGLE OF 92 DEGREES 10 MINUTES 42 SECONDS WITH THE LAST DESCRIBED COURSE, MEASIIIZED CO[]NTER-CLOCKWISE THEREFROM 315.80 FEET; THENCE WESTERLY ALONG A LINE WHICH FORMS AN ANGLE OF 89 DEGREES 24 MINUTES 25 SECONDS WITH THE LAST DECRIBED COURSR, MEASURED COUNTER-CLOCKWIST THEREFROM, 183.].7 FEET TO A LINE DRAWN NORTHERLX PARALLEL WITH SAID EAST LINFs FROM THE POINT OF BEGINNING; THENCE $OUTIiFRLY ALONG SAID PARALLEL LINE, 1138.90 FEET TO THE POINT OF BEGINNING IN WHEATLAND TOWNSHIP, WILL COUNTY, ILLINOIS. 41093/5 12 E~=HIhTT R-1 CERTIFICATE OQ88Q - y7 51~"JCYRN STAT'IWMENT FCR {~NTWACTOR ANq SUBCONTRACTOR 70 f3WNER 8/95 State at = L ~"`~ r County of ~ ~ L' THE AwFIAN'I', 1 ~ 1 C ~ ~ `l ~~ p~ 'C ~ e OY~ S ~ IJ G • B&rNG F1R&'T G11LY5SYORN, dNOA7'N D>=NW'"!"S A7VD SArS 7xA7xEISNEIS G~N~ 7NA7~!!A5 (pc+s roN) wdK1~ coHrr~acrwrrx, ~~ oovrrt~a F-crt OlJ TNB 1"OLLDt3'ING D!~SG~i1BED AR~fAt6ES /NSAfD CfJUN'1Y, Td-Wl7: ~ r i IL X 7° ~ , p ~ Y}IATj fOR THB PURPOSE OF S,i1A GdN7RACT, 7; E FOLLL9WtNG PERSONS !~4 VE BEEN CONi'RAC't'ED Syt1"M, ANP (iA Vf F'tlFtNrSt~lEA, pR ARE fURNlSH1NR AND {~AEP.4f~1Ndh'A7EAIALSfbR,ANAHAYEDDI~IrrORARBbOtt1GLAFigfttlN5AJDIMI~-iaV>w~BN'-'. 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F 0 H y-' 3 H 0 H ~ cn .~ ~ w ~w w d zHz~ oo~~ H ~ w ~ ¢ a za~~ OU ~ ~ `W ~ Q W W Q ~ ~ ~ W ~ W ryWry ~ 0 a C/] pp ~ ~ ~ ~ Q ^~ ~ ~ W N ^'V ~ U O ~ j ~ ~~L:~Q~ ~pz~s O ~ ~ ~ M ~w~~~ a ~ ~ Q ~ ~ o~ao°"~ ~ W U obi E o d 4. a w ~ ~ d a ~, d d a ~ ;6 O V "~~ .~~. °-t ~ v d '~ 0 a c ~ ~ o a C ~ y n u ~ d a ~ ~~ 0 N N 0 U m c 0 a m o` m .~ !`p d d n to AN AGREEMENT AUTHORIZING REIMBURSEMENT FOR THE CONSTRUCTION OF IMPROVEMENTS BENEFICIAL TO THE PUBLIC PIN: 03-06-200-002 THIS ROADWAY RECAPTURE AGRF.,EMENT is entered into this ~~ day of q rl ~, 2006, between the Village of Plainfield, Illinois, an Illinois municipal corporation, (hereinafter the "VILLAGE"), and MPI-4 Prairie Ponds, Inc., an Illinois corporation, (hereinafter the "DEVELOPER") vrnTrrnr C WHEREAS, ~9-5-1 of the Illinois Municipal Code, 65 ILCS 5/95-1 (1.992), authorises the use of recapture agreements for the reimbursement of costs of improvements to real estate which benefit more than one property; and WI~I~REAS, DEVELOPER is the developer of approximately 73.5 acres located north of 135th Street in the VILLAGE and commonly known as Prairie .Ponds, which property is legally desc~7bed on Exhibit A, Plat of Annexation, attached hereto and made a part hereof, (hereinafter the "SUB]ECT PROPERTY"); and tis~9an WHEREAS, VILLAGE and DEVELOPER entered into an Annexation Agreement dated July 16, 2001 that included the SUBJECT PROPERTY. WHEREAS, DEVELOPER, in developing the SUBJECT PROPERTY, agreed to design, construct and install at its expense, subject to the right of recapture certain off site roadway improvements to 135th Street, (hereinafter the "SUBJECT IMPROVEMENTS"); which improvements have been requested by the VILLAGE, but are not required under Municipal Code and which benefit other Properties; and WHEREAS, the Parties agreed in said Annexation Agreement to establish a recapture to reimburse DEVELOPER far providing and/or front funding the SUBJECT IMPROVEMEN I'S; and WHEREAS, the SUBJECT IMPROVEMENTS are more specifically detailed on Exhibit R-1 and includes the Improvement and a Recapture Area, shaven in Exhibit :R-2 Exhibit R-3;; and WHEREAS, the design, construction and installation of the SUBJECT IMPROVEMENTS has benefited the SUBJECT PROPERTY as well as certain other properties which are legally described in Exhibit R-2 (Benefiting Property), which is attached hereto and made a part liereaf (hereinafter the "BENEFITING PROPERTY"); and WHEREAS, the VILLAGE has required DEVELOPER to design, construct and install the SUBJECT IMPROVEMENTS as a condition of developing the SUBJECT PROPERTY sa that the SUBJEC`1' IMPROVEMENTS would be available to the BENEFITING PROPERTY; and 1 L8794/1 WHEREAS, DEVELOPER will pay all costs for the SUBJECT IIVIPROVEMENTS, subject to the right of recapture as specified in the Annexation Agreement dated July 16, 2p01; and WHI+:REAS, the costs of the SUBJECT IMPROVEMENTS, which are delineated on Exhibit R-1 (Certification of Recapture Costs), which is attached hereto and is made a part hereof, have been found to be reasonable by the VILLAGI/; and Wi-IF,REAS, the VILLAGE has determined that the costs of the SUBJECT IMPROVEMENTS have been fairly and reasonably apportioned between the DEVELOPER and the owner of the BENEFITING PROPERTY as specified on Exhibit R-2 and Exhibit R-3 which is attached hereto and made a part hereof; and which property shall pay one-half (1/2) of the actual cost of the improvements constructed pursuant to Exhibit R-1. WHEREAS, all statutory and ordinance notice requirements have been satisfied; NOW, T>EIEREFGRE, in consideration of the mutual promises herein contained and the agreements and obligations of DEVELOPER deposited or entered into the VILLAGE, the parties hereby agree as follows: 1. The contents of the recitals set forth above are substantive and by this reference are incorporated in the body of this Agreement and made a ,part hereof. 2. The parties agree that the VILLAGE shall take all reasonable measures to collect from the owner of the BENEFITING PROPERTY, as listed in Exhibit R-2, the amounts actually expended as shown on the Certification of Recapture Costs on Exhibit R-1 by DEVELOPER for engineering and construction of the SUBJECT IMPROVEMENTS plus interest at the rate of four (4%) per annum beginning from two years from the date of completion of said improvement, i.e., to the date of payment. An Administrative fee shall be charged at the rate of 118794/1 two percent (2%) of the total recapture amount payable to the VILLAGE to cover administrative costs of the recapture agreement 3. The Village accepts the improvements for which recapture is sought, and the Certified Costs of Recapture, Exhibit R-1. ~. The VILLAGE shall become obligated to collect, and the owner of the BENEFITING PROPERTY shall became obligated to pay on the first to occur of any of the following: when any BENEFITING PROPERTY or PROPERTIES, a) obtains a building permit for abuild-out or for an addition to any building located or to be located on the BENEFITING PROPERTIES; or b) approval from the VILLAGE far any rezoning, subdivision, conditional use, variance, or planned unit development far the BENEFITING PROPERTIES. Said Recapture Sum for any such BENEFITING PROPERTY or. PROPERTIES shall be equal to the entire proportional share due as shown on Exhibit It-2. S. DEVELOPER shall be entitled to all of the Recaptured Sums until Developer's share of Recapture is paid in full with all interest due. 6. The VILLAGE shall condition the annexation, subdivision and issuance of any permits or licenses upon the BENEFITING PROPERTY or PROPERTIES to the BENEFITING PROPERTY or PROPERTIES owner's payment of its share of the SUBJECT IMPROVEMENTS under this Agreement. 7. The obligations imposed upon the BENEFITING PROPERTY under this Agreement shall run with the land and shall constitute encumbrances against the land so as to bind the awn.ers and any successor owners of record of such property. 8. The payment amounts set forth in the preceding paragraph when collected by the VILLAGE shall be promptly paid to the DEVELOPER as soon as practical after the first (1st) 118794/1 day of the month following the month of their receipt but, in any event, no later than the thirtieth (30th) day of the month following the month of their receipt. Upon request of the DEVELOPER, the VILLAGE shall furnish DEVELOPER with copies of any receipts so requested. 9. This Agreement shall become effective upon both execution by the parties. 10. The term of this Agreement shall. remain in full force and effect until the first to occur of: (i) such time as the DEVELOPER has been .fully reimbursed far that portion of the reimbursement attributable to the BENEhITED PROPERTIES as herein provided; or (ii) ten (10) years from the date of this Agreement or such greater period of time as may be permitted by law. 11. Any notice to be given or served hereunder or under any document or instrument executed pursuant hereto shall be in writing and shall be (i) delivered personally, with a reccipt requested therefore; or (ii) sent by telecopy facsimile; or (iii) sent by a recognized overnight courier service; or (iv) delivered by United States registered or certified mail, return receipt requested, postage prepaid. All notices shall be addressed to the Parties at their respective addresses set: forth below, and the same shall be effective (a) upon receipt or refusal if delivered personally or by telecopy facsimile; (b) one (1) business day-after depositing with such an overnight courier service or (c) two (2) business days after deposit in the mails, if mailed. A Party may change its address for receipt of notices by service of a notice of such change in accordance herewith. All notices by telecopy facsimile shall be subsequently confirmed by U.S. certified or registered mail. If to the Village: Village Administrator Village of Plainfield 24000 W. Lockport Street Plainf eld, Illinois 60544 11$794/1 If to the Developer: Jason Nijim MPI-4 Prairie Ponds, Inc. 535 Plainfield Road, Suite E Willowbrook, Illinois 60527 and ta: Edward J. Welch Domrnermuth,Brestal,Cobine & West, Ltd. 123 Water Street Naperville, Illinois 60566 1.2. This agreement shall inure to the benefit of, and be binding upon, the successors in title of Owner and DEVELOPER, its successors, grantees, lessees, and assigns, and upon successor corporate authorities of the VILLAGE and successor municipalities. Notwithstanding anything contained herein. to the contrary, DEVELOPER may assign its rights and delegate its duties and obligations hereunder to the extent DEVELOPER assigns, transfers and conveys all its right, title and interest in and to the PROPERTY to a bona fide third-party purchaser. No sale of the PROPERTY, in whole ar in part, shall affect, in and of itself, DEVELOPER'S right to recapture the: sums advanced by it. 13. It is agreed that the Parties, at law ar in equity, by suit, action, mandamus or other proceeding, .may enforce ar compel. the performance of this Agreement. No action taken by either party hereto pursuant to the provisions of this Paragraph. or pursuant to the provisions of any other Paragraph of this Agreement shall be deemed to constitute an election of remedies and all remedies set forth in this Agreement shall be cumulative and non-exclusive of any other remedy either set forth herein or available to either party at law or in equity. 14. In the event of a material breach of this Agreement, the Parties agree that they shall give prompt written notice of such alleged breach and the party receiving such notice shall have thirty (30) days after receipt of such notice to correct such alleged breach, prior to the seeking of any remedy provided for herein (provided however, that said thirty (30) day period 118794/1 shall be extended if the defaulting party has initiated the cure of said default and is diligently proceeding to cure the same). 1 S. if either party to this Agreement shall fail to perform any of its obligations hereunder, and other party shall have given written notice of the default to the defaulting party, and the defaulting party shall have failed to cure the default within thirty (30) days after the receipt of the default notice (provided, however, that said thirty (30) day period shall be extended if the defaulting party has initiated the cure of said default and is diligently proceeding to cure the same), then in addition to any and all other remedies that my be available, the party affected by 1:he default shall have the right (but not the obligation) to take such action as in its reasonable discretion shall be necessary to cure the default. In such event, the defaulting party hereby agrees to pay and reimburse the party affected by the default far all reasonable costs and expenses incurred by it in connection with action taken to cure such default. 16. The failure of either party to insist upon the strict anal prompt performance of the terms, covenants, agreements and conditions herein contained, or any of them, upon the other party innposed, shall not constitute ar be construed as a waiver or relinquishment of such party's right thereafter to enforce any such terms, covenants, agreements or conditions, but the same shall continue in full force and effect. 17. If any provision, clause, word or designation of this Agreement is held to be invalid by any court, of competent jurisdiction, such provision, clause, word or designation shall be deemed to be excised from this Agreement and the invalidity thereof shall not affect any other provision, clause, word or designation contained herein. Notwithstanding the foregoing, if a court of competent jurisdiction determines by final order that the amount of the Fees or interest payable hereunder exceeds the amount that may be recaptured by Developer under currently iis~~aii existing ar subsequently enacted law, then such amount shall be automatically reduced to such amount as .the court then determines would conform to such requirements of law so that the provision establishing the Fees and interest payable may be given force and effect. No party to this Agreement shall contest the validity ar enforceability, or assert the invalidity or unenforceab;ility, of any provision of this Agreement. THE PARTIES TO THIS AGREEMENT by their signature acknowledge they have read and understand this agreement and intend to be bound by its terms. VILLAGE IaF PLAINFIELI] an Illinois municipal corporation B Attest Vi11~Clerk MPl-4 Prairie Prepared by: Edward 7. Welch Domrnermuth, Brestal, Cobine & West, Ltd. 123 Water Street Naperville, Illinois b0540 By: i i s~9aii EXHIBIT A LEGAL DESCRIPTION THAT PART OF THE SOUTHEAST 1/4 OF SECTION 31, TOWNSHIP 37 NORTH, Rb1NG$ 9 EAST OF THE THIRD ERINCIPAL MERIDIAN, DESCRIBE]] AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF SAID 50UTHEAST 1/4, THENCE WEST ALONG THE SOUTH LINE: OF SAID SOUTHEAST 7./4 1324.18 FEET; THENCE NORTHERLY PARALLEL WITH THE EAST LINE OF SAID SOUTHEAST 1/4, BEING ALONG A LINE FORMING AN ANGLE OF 90 DEGREES 29 MINUTES 09 SECONDS WITH THE LAST DESCRIBED COURSE, MEASURED COUNTER-CLOCKWISE THEREFROM, 145$.87 FEET; THENCE EASTERLY ALONG A LINE WHICH FORMS AN .ANGLE OF 91 DEGREES 55 MINUTES 39 SECONDS WITH THE LAST DESCRIBED COIIRSE, MEASURED COUNTER-CLOCKWISE THEREFROM, 1$D.32 FEET TO THE WEST LINE OF THE EAST 31.5E ACRES OF THE NORTH 73.23 ACRES OF SAID SOUTHEAST 1/4; THENCE NORTHERLY ALONG SAID WEST LINE 1178,15 FEET TO THE NORTH LINE OF SAxD SOUTFiE_nST 1/4; THENCE EASTERLY ALONG SAID NORTH LINE 1143,97 FEET TO THE NORTHEAST CORNER OF SAID SOUTHEAST 1/4; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID SOUTHEAST 1/4, 2643.98 FEET TO THE POINT OF BEGINNING, EXCEPT THAT PART OF TH8 SOUTHEAST 1/4 OF SECTION 31, TOWNSHIP 37 NORTH RANGFs 9 EAST OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS FOLIAWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST 1/4; THENCE WEST ALONG THE SOUTH LINE OF SAID SOUTHEAST 1/4, 1304.1.8 FEET FOR A POE; THENCE WEST ALONG SAID SOUTH LINT, 20.0 FEET; THENCE NORTHERLY, Pnrrnr.r.F~, WITH THE EAST LINE OF SAID SOUTHEAST 1/4, BEING ALONG A LINE WHICH FORMS AN ANGLE OF 90 DEGREES 29 MINUTES 09 SECONDS WITH THE LAST DESCRIBED COARSE, MEASURED COUNTER-CLOCKWISE THEREFROM, 1458.87 FEET; THENCE EASTERLY ALONG A LINE WHICH FORMS AN ANGLE OF 91 DEGREES 55 MINUTES 39 SECONDS WITH THE LAST DESCRIBED COURSE, MEY~,.SU~ZED COUNTER-CLOCKWISE THEREFROM, 7.$0.32 FEET; THENCE SOUTHERLY ALONG A LINE WHICH FORMS AN .ANGLE OF 92 DEGREES 10 MINUTES 42 SECONDS WITH THE LAST DESCRIBED COURSE, ME.ASIIRED COIINTER-CI,OCICWISE THEREFROM 315.80 FEET; THENCE WESTERLY ALONG A LINE WHICH FORMS AN ANGLE OF 89 DEGREES 24 MINUTES 25 SECONDS WITH THE LAST DECRIBED COURSE, ME.A.SIIRED COUNTER-CLOCKWISE THEREFROM, 183.1.'1 FEET TO A LINE DRAWN NORTHERLY PARALLEL WITH SAID BAST LINE FROM THE POINT OF BFGINNING;: THENCE SOUTHERLY ALONG SAID PARALLEL LINE, 7.].38.90 FEET TO THE POINT OF BEGINNING IN WHEATLAND TOWNSHIP, WILL COUNTY, ILLINOIS. 41093/5 IZ E~:HIRIT R-1 CER7IFICAT@ DD680 r '17 SWORN"5TAT>:Mi=NT ~4R CONTRACTS7R AND SUBCONTRACTOR TO OVdNER 8/95 _ . State of ' S L _~s~- C'~+~nty of e~ ` f~ TH E AFFIANT, _ ~ C ~ - ~ 1 ~ a~ 'C ~ ~ Ov` S ~ f `i G • BEING PIRS7 DGLY 5WONN, ON OATH OE'Pa5ES A7+lD 5A Y5 7'HA7NE/SNEtS G.rYti THAT iE~ HAS {Pas! oN) • waK.YC caNrr~ACrv~rrra DwNer~~,r~ 'fwrt 1',N pia ve..v. 1 3 ~ +~ ~.{-, e~ ~ o,n P'~r a ~ wi tee.. + 6,~ (niNr~ o~ tivarrx) n^ ON rHE FOLLDWING DE5CF71HEC1 PAEAl1S~S 1N SAJq (,Ql7NTY, TCH WlT: ~ 1f• ~ OIl dC ~ ~ , S 1 C n 1 T 7H.47 .FOR Tf'E'PURPQSE OF SA/LJ (.~ON7RACr rNE FOLLDWiNQ PERSONS HAVE BEEN CDIifTRACTED SNfrH, AlYl7 NAYS Fi/RN1SNEa, aA ARE FGRNlSNiNG ANa PREPAttJNG ri!A 7~N1AL5 F'OR, AND HA VE DONE AR,44E DafNG LABOR aNSAIa (tAPROVEAIEN7'. 7'HA7 THEREl5 aUE AND 7a BEGpME DUE 7NEM/ RESPEC71Ylrt.Y, 7HEAMDUN7S' SETOPPOSlTE 7HE1R NA SEES FOR d4A7EAtALS pR LABOA t15 STATED: 7~FLST THlS /S A FtlLL, TRUtw~ ANC1 CaMpLETE B7ATE1141;N7DFALL SLC-I PERSONS, AND bfTNEAMgUN7S. RAID: -.^ y 2 8 a S 6 T BALJWCE To 9Scata~ An.luxTenTarAiCaftrnACTlalc~. oru_ReT,aneewcr_uoluu~rtlrc N~'r erAlnoura7ol~TF1~ Due(Ine.RLT2etrWM N~UIB ANC A~ORY.Sw K`ND OF WaRK ~%TRAS Atla GftEOfYS APAI.~AT10N Pft¢VwUSC,Y PAta PAYMFgT lV ~ O r N .PO a Q`:~ Q ~~ . ~. n 11 1. +~ O d O i V -~ O C• 1 M __ ~'~``°'`~~" f' ,.~ ® w 00 ~ TAL 1 Ah10UMOt=DFiIG1rlALCON7RAC7 s WORICCOMPLETEnTDi1ATE 5 FXTFiAST4GONTRAGT , 5` 1,E$S %AETAINEb S ' 70TALGQNT'RhCTANDEXtFiAS S 'h1i1TER1ALSTDRED 5~ _ CREOIT$TOCQNTi7ACT 5 NETAtADUNTEAANED S AOJt751"EDTOTALGCIPtTfiAGT S NETPREVIOUSLYPAlD 5 N<~'Y AtAtlUNT OF TH15 PAYMENT S - BALANC(s" TD BECDhSE CUE (1NC. RETENTION) 5 !t Js undarsrood tllaC flee total amount paid to date plus the amount reque fn this appgcatlon noC exceed ~ o(the cast of worn completed to date. 1 agrai3 toYurnlsh Waivers of Llen for xt! maferlats under my coratrao when ands ~ Slgnag T,_~' I~yr~~t~,1 ~wor~r to before m8 thts ~dxy of OOS ».~ , ~ • ~ RAT /a. ®UQEV"~ ~' _ ~. 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