HomeMy Public PortalAboutStandard Recapture AgreementUpdated 5/6/04 Page 1 of 9 AN AGREEMENT AUTHORIZING REIMBURSEMENT FOR THE CONSTRUCTION OF IMPROVEMENTS BENEFICIAL TO THE PUBLIC PIN: THIS AGREEMENT AUTHORIZING REIMBURSEMENT FOR CONSTRUCTION OF IMPROVEMENTS BENEFICIAL TO THE PUBLIC is entered into this day of , 20 (hereafter refe rred to as the “AGREEMENT”) by and between the VILLAGE OF PLAINFIELD, a municipal corporation located in Will and Kendall Count y, Illinois, (hereafter referred to as “VILLAGE”) and (hereafter referred to “DEVELOPER”). WHEREAS, DEVELOPER is the owner of record of real estate described in Exhibit “A” (her einafter referred to as the “ PARCEL”); and WHEREAS, DEVELOPER has made cert ain offsite street, roadway, right of way, and utility improvements to in the following location: (hereinafter referred to as “IMPROVEMENTS”); and WHEREAS, the IMPROVEMENTS are valuable and substantial improvements benefiting proper ty described in Exhibit “B” and shown in Exhibit “C” which are attached hereto and made a part hereof and which are further described as the “BENEFITING PROPERTY”; and WHEREAS, it is the opinion of th e corporate authoritie s of the VILLAGE that such IMPROVEMENTS benefit the property described in Exhibit “B”; and
Updated 5/6/04 Page 2 of 9 WHEREAS, the VILLAGE is authorized by the Illinois Municipal Code (65 ILCS 5/9-5-1 et. seq.) to enter into agr eements to provide fo r the recapture of offsite improvement costs. NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein, the parti es hereto agree as follows: SECTION 1 The foregoing recitals are hereby incorporat ed by reference into the body of this Agreement as if fully set forth and repeated. SECTION 2 The cost of the IMPROVEMENTS, as de scribed in Exhibit “B”, attached hereto and made a part hereof, have been estimated in the sum of ( ) dollars. The DEVELOPER shall be entitled to recapture ( %) percent of those costs constituting the IMPROVEM ENTS in the amount of ( ) dollars from the BENEFITING PROPERTY as described in Exhibit “B”. At the time the Village a ccepts the improvements for which recapture is sought, the DEVELOPER will have 60 days to file sa id certified costs with the Village. Should the DEVELOPER fail to file said certified costs within 60 days, this AGREEMENT will become null and void. Village acceptance, for the purposes of recapture, will occur at the time of the Village Board reduces the DEVELOPER’s performance guarantee (letter of credit or bond) for recapturable improvements. The VILLAGE recognizes certain improv ements may occur in stages, therefore the following certification process is permitted: A) Roadways: Certification may occur in two phases. Phase one may include: excavation, sub-base, bas e course, binder course, curb and gutter, sidewalk, and storm sewer. Phase two encompasses all remaining improvements which may include final surface course, striping, and lighting. B) Water and sanitary sewer: Cert ification will occur in one phase: at completion. SECTION 3 The VILLAGE agrees to assist the DEVELOPER in collecting said sum of from the BENEFITING PROPERTY, incl uding requiring said payment as a condition of any final plat of subdivision or before any building permits are issued, whichever occurs first, as to the BENEFITING PROPERTY. SECTION 4
Updated 5/6/04 Page 3 of 9 The payment set forth in the preceding paragraph, plus any applicable interest, when collected by the VILLAGE, shall be promptly paid to the DEVELOPER as soon as practical after the first (1 st ) day of the month foll owing the month of the receipt of such payments but, in any event, no later than the thirtieth (30 th ) day of the month following the m onth of this receipt. SECTION 5 The term of this Agreement shall remain in full force and effect until the earlier of which occurs (i) such time as the DEVELOPER has been fully reimbursed for that portion of the reimbur sement attributable to the BENEFITING PROPERTY as herein provided; or (ii) ten (10) years from t he date of this Agreement. SECTION 6 Interest at the rate of four percent (4%) per annum will be charged on any unpaid amounts beginning two years after the completion and acceptance of the VILLAGE of said improvements or exec ution of this Agreement, whichever occurs sooner. An administrative fee s hall be charged at the rate of two percent (2%) of the total recapturable amount payable to the VILLAGE to cover administrative costs of the recapture agreement. SECTION 7 Furthermore, the Village shall not be ob ligated to make any payments to the DEVELOPER unless said recapture funds are actually received from the benefiting property owners. Also, the DEVELOPER shall bear all costs of enforcing or defending the im plementation of this Agr eement and shall hold the Village harmless and pay on behalf of the Village and its officers any damages assessed them as a result of the entry in to or enforcement of this Agreement. SECTION 8 The VILLAGE shall make efforts to fo rward any recapture payment amounts as set forth herein, but shall not be obligat ed to bring any suit to enforce the collection of same, nor shall the VILLAGE or any of its officials be liable to the DEVELOPER or his successors or assigns in any manner for failure to make such collections. SECTION 9 Any modifications to the VILLAGE’S st andard recapture agr eement provisions are set forth in Exhibit D. The DEVEL OPER and VILLAGE agree that should any conflicts between Exhibit D and the te xt of this AGREEMENT exist, the provisions of the text shall supersede those of Exhibit D. SECTION 10 Any notice to be given or served hereunder or under any document or instrument executed pursuant hereto sha ll be in writing and shall be: (i) delivered personally, with receipt requested therefore; or (ii) sent by telecopy facsimile; or (iii) sent by a recognized overnight courier service; or (iv) delivered by Unit ed States registered
Updated 5/6/04 Page 4 of 9 or certified mail, return receipt requested, postage pr epaid. All notices shall be addressed to the parties at their respec tive 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 such with an overnight courier service; or c) two (2) business days after the deposit in the mail, if mailed. A party may change its address for receipt no tices by service of a notice of such change in accordance herewith. All notic es by telecopy facsimile shall be subsequently confirmed by U.S. certified or registered mail.
Updated 5/6/04 Page 5 of 9 If to the VILLAGE: Village Clerk Village of Plainfield 24000 W. Lockport Street Plainfield, IL 60544 If to DEVELOPER: SECTION 11 If any provision, clause, word or designa tion of this Agreement is held to be invalid by any court or competent jurisdic tion, 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, wo rd or designation contained herein. Notwithstanding t he foregoing, if a court of competent jurisdiction determines by final order that the am ount of the fees or interest payable hereunder exceeds the amount that may be recaptured by the DEVELOPER under currently existing or subsequently en acted by law, then such amount shall be automatically reduced to such amount as the c ourt then determines would conform to such requirements of law so that the provision establishing the fees and interest payable maybe given force and e ffect. The parties agree all actions instituted to enforce this Agreement s hall be commenced and heard in the Circuit Court of Will County, Illinois, and hereby waive venue in any other court of competent jurisdiction. APPROVED THIS DAY OF , 20 . VILLAGE OF PLAINFIELD BY: _____________________________ VILLAGE PRESIDENT ATTEST: ______________________________ VILLAGE CLERK Subscribed and sworn to before me this ____ day of ___________, 20___. ________________________________ NOTARY PUBLIC
Updated 5/6/04 Page 6 of 9 EXHIBIT A LEGAL DESCRIPTION OF PROPERTY BEING DEVELOPED WITH OFFSITE IMPROVEMENTS
Updated 5/6/04 Page 7 of 9 EXHIBIT B DESCRIPTION OF BENEFIT AREA & ESTIMATED COST LEGAL DESCRIPTION(S): ENGINEER’S ESTIMATE: $ Description Cost Construction Engineering Legal Interest Easement Acquisition Total DISTRIBUTION: Parcel Owner PIN Acres Cost Percentage Dollar Cost
Updated 5/6/04 Page 8 of 9 EXHIBIT C MAP OF BENEFIT AREA
Updated 5/6/04 Page 9 of 9 EXHIBIT D AMENDMENTS TO AGREEMENT