HomeMy Public PortalAbout11-13-2023 COW and Special Meeting Agenda and PacketCommittee of the Whole Workshop and Special Village Board Meeting of the
President and the Board of Trustees
Monday, November 13, 2023
7:00 PM
Agenda
A.CALL TO ORDER, ROLL CALL, PLEDGE
B.APPROVAL OF THE MINUTES
Approval of the Minutes of the Committee of the Whole Workshop and Executive
Sessions held on October 23, 2023.
10-23-2023 COW Minutes
C.PRESIDENTIAL COMMENTS
D.TRUSTEES COMMENTS
E.WORKSHOP
1.YEAR 2023 TAX LEVY
Staff will present the Village’s 2023 Tax Levy information as well as drafts of the Fiscal
Year 2025 Audit Fund, Tort Immunity Fund, and Police Pension Fund Budgets.
11-13-23 Tax Levy Staff Report
Police Pension Actuarial Report As of May 2023
2.2024 FIREWORK FUNDING
Seeking Board input and discussion on funding for the 2024 Fireworks.
2024 Fireworks Funding Staff Report
3.WALLIN WOODS LOT 4 PROPERTY ACQUISITION
Seeking Board input and discussion regarding the purchase of approximately 2.9 acres
located at Wallin Woods Commercial Parcel B, Lot 4.
Wallin Woods Lot 4 Purchase Staff Report, Ordinance, and Agreement
F.PUBLIC COMMENTS (3-5 Minutes)
G.ADJOURN
SPECIAL VILLAGE BOARD MEETING
1
Committee of the Whole Workshop and Special Village Board Meeting of the President and the
Board of Trustees Page - 2
A.CALL TO ORDER, ROLL CALL
B.PUBLIC COMMENTS (3-5 Minutes)
C.BUSINESS MEETING
1.APPROVAL OF THE AGENDA
2.WALLIN WOODS LOT 4 PROPERTY ACQUISITION
2a.Seeking Board consideration of a motion to approve Ordinance No. ____, authorizing
the execution of a Real Estate Purchase Contract with Dandelion Development LLC
(Lot 4 in Wallin Woods Commercial Parcel B) in the amount of $2,000,000.00.
Wallin Woods Lot 4 Purchase Staff Report, Ordinance, and Agreement
D.EXECUTIVE SESSION - Seeking Board consideration of a motion to adjourn to Executive
Session as permitted under the Open Meetings Act under Section 2 (c)(5) to discuss property
acquisition, not to reconvene.
REMINDERS -
•November 20 Village Board Meeting – 7:00 p.m.
•November 21 Plan Commission – 7:00 p.m.
•November 27 Next Committee of the Whole Workshop – 7:00 p.m.
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Minutes of the Committee of the Whole Workshop of the President
and the Board of Trustees
Held on October 23, 2023
In the Boardroom
Mayor Argoudelis called the meeting to order at 7:00 p.m. Board present: Mayor Argoudelis,
Trustee Larson, Trustee Ruane, Trustee Wojowski, Trustee Bonuchi, Trustee Kalkanis, and Trustee
Kiefer. Others present: Joshua Blakemore, Administrator; Michelle Gibas, Village Clerk; Rich
Vogel, Village Attorney; Scott Threewitt, Public Works Director; Jon Proulx, Planning Director; Jake
Melrose, Economic Development Director; Traci Pleckham, Management Services Director; and
Robert Miller, Chief of Police. There were approximately 30 persons in the audience.
Trustee Kalkanis moved to approve the Minutes of the Committee of the Whole Workshop held and
Executive Session on October 9, 2023. Second by Trustee Bonuchi. Voice Vote. All in favor, 0
opposed. Motion carried.
PRESIDENTIAL COMMENTS
Mayor Argoudelis commented on the community support and fundraising events for the family of
Wadea Al-Fayoume,
Mayor Argoudelis and Representatives from DNA recognized the Plainfield Runners in the Chicago
Marathon.
TRUSTEE COMMENTS
Trustee Bonuchi:
Congratulated all the runners.
Commented on the vigil for Wadea Al-Fayoume and thanked all the organizers.
Trustee Larson:
Congratulated all the runners.
Stated that she expects to see the Campaign Finance Disclosure Ordinance on the November
13, 2023 Committee of the Whole Workshop. Trustee Larson asked the Village Attorney for
clarification on whether or not three Trustees can place an item on the Agenda. Attorney
Vogel advised that three Trustee should put the request in writing.
Trustee Ruane commented on the vigil for Wadea Al-Fayoume and thanked all the organizers.
Trustee Wojowski commented on the vigil for Wadea Al-Fayoume, thanked all the organizers, and
commented on the Mayor’s speech.
Trustee Kiefer commented on the turnout for the vigil for Wadea Al-Fayoume and stated that he felt
the Mayor’s speech was moving.
PUBLIC COMMENTS
Tim Freeman urged the Board to support the sale of cannabis seeds.
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Village of Plainfield
Committee of the Whole Meeting Minutes – October 23, 2023
Page 2
WORKSHOP
1)DOWNTOWN GUIDELINES
Administrator Blakemore stated that these guidelines would be a great complimentary policy to the
Village' s Comprehensive Plan and establish a standard that will be known for developers coming in
with projects as the Village considers the potential expanded densities of the Downtown. These types
of standards can also be on redevelopment opportunities as well. One of the themes heard at the
Downtown visioning session was in fact increasing the densities of the Downtown to support and
expand our businesses within the area. With or without the Des Plaines project, these types of
standards are advisable as a piece of the Village' s Downtown planning.
Tim Scovik, JLK Architects, gave a presentation regarding a proposal for Architectural Design
Guidelines consulting services. There was some general discussion regarding the proposal and the
need for guidelines. Trustee Ruane indicated support and felt that the guidelines would be helpful for
the Historic Preservation Commission and developers as long as it is used as a tool and not as
restrictions. Trustee Wojowski did not support the proposal and stated that the Village Board and
Historic Preservation Commission should have a meeting regarding standards. Trustee Kalkanis
indicated support and expressed concern regarding restrictions. Trustee Kiefer indicated support.
Trustee Larson stated that she is not in favor. Trustee Bonuchi stated she is puzzled by this because
we have a historic downtown that is part of a registry and is subject to rules. Mayor Argoudelis
indicated support and stated that this will provide guidelines and standards to put everyone on the
same page.
2)TAX LEVY
Traci Pleckham stated that the first step in the annual tax levy process is to formally acknowledge the
2023 preliminary estimate, primarily for public hearing publication purposes. Tax levy revenue and
rate projections are a product of the Village’s overall Equalized Assessed Valuation (EAV). The
EAV used in the property tax calculation averages the property owner’s assessed valuation over the
past three-year period. Based on preliminary information received from Will and Kendall Counties,
the overall 2023 estimated EAV has increased by approximately 14% as compared to the 2022 EAV.
The Village’s official EAV will not be available until the spring of 2024. Although Board direction
for the tax levy is historically based on the Village’s tax rate, it is important to point out that formal
approval of the annual tax levy is based on dollars requested. Once the official EAV is available, the
County Clerk then calculates the tax rate needed to produce the amount of dollars requested by each
taxing district. The 2023 preliminary estimate represents a maximum total request of $9,431,500 (or a
15% increase in revenues), however the actual dollar amount the Village will receive is anticipated to
be less. This higher estimate is to ensure that the Village captures the entire amount of the Village’s
EAV. At the November 6, 2023 Village Board Meeting staff will request a motion to acknowledge
the preliminary estimate of the 2023 tax levy in the amount of $9,431,500. The Village will continue
the discussion and staff will seek direction regarding the dollar amount and overall tax rate at the
November 13, 2023 Committee of the Whole Workshop.
Mayor Argoudelis thanked staff and read the reminders.
Trustee Bonuchi moved to adjourn to Executive Session as permitted by the Open Meetings Act
under Section 2 (C)(5) to discuss property acquisition and under 2 (C)(11) to discuss pending
litigation, not to reconvene. Second by Trustee Ruane. Vote by roll call. Larson, yes; Ruane, yes;
Wojowski, yes; Bonuchi, yes; Kalkanis, yes; Kiefer, yes. 6 yes, 0 no. Motion carried.
4
Village of Plainfield
Committee of the Whole Meeting Minutes – October 23, 2023
Page 3
The meeting adjourned at 8:37 p.m.
Michelle Gibas, Village Clerk
5
MEMORANDUM
To: Mayor Argoudelis and the Board of Trustees
From: Traci Pleckham – Assistant Village Administrator/Management Services Director
CC: Joshua Blakemore – Village Administrator
Date: November 9, 2023
Subject: Year 2023 Tax Levy
The preliminary 2023 tax levy estimate approved at the November 6th Board Meeting represents
a maximum total dollar request of $9,431,500 (a 15% revenue increase), however the actual
dollar amount the Village will receive is anticipated to be less. As the official equalized assessed
value (EAV) will not be available until spring of 2024, this higher preliminary estimate was
approved to ensure that the Village’s entire EAV amount is captured. (October 2023 EAV
estimates provided by Will and Kendall Counties reflected a 13.66% increase.)
Staff has included tax levy history and calculation scenarios to help guide the 2023 Tax Levy
Workshop discussion. To summarize, the first scenario represents the Village’s approved
preliminary estimate (a 15% EAV increase from 2022 while maintaining the 2022 Village tax levy
rate of 0.4669). The second scenario represents an estimated 13.66% EAV increase, while
maintaining the 2022 tax levy rate of .4669. Finally, the third scenario represents an estimated
13.66% increase in EAV along with a 5% reduction in the 2022 tax levy rate. Residential property
tax examples are also included for your review.
In addition, enclosed are the proposed fiscal year 2025 budgets for the Audit, Tort Immunity,
and Police Pension Funds, as well as the Police Pension actuarial report. As noted in the
attached documents, the Police Pension Fund will require an increased levy contribution for the
2025 fiscal year.
As a reminder, the information provided is specific only to the Village of Plainfield’s portion of
the property tax bills. The Village of Plainfield’s portion of the 2022 tax levy was 5.75%. Or, for
every dollar paid in property taxes by Village residents, 5.75 cents is paid to the Village of
Plainfield.
Staff will present additional information at the workshop and is seeking Board discussion and
direction to finalize the tax levy process.
6
Property Tax Rates
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General 0.2158 0.2210 0.2099 0.1974 0.1921 0.2002 0.2159 0.2205 0.2159 0.1775 0.1714
Debt Service 0.0098 0.0098 0.0098 0.0097 0.0088 0.0089 0.0083 0.0000 0.0083 0.0000 0.0000
Police Pension 0.0767 0.0783 0.0811 0.0911 0.1068 0.1057 0.0936 0.1079 0.0936 0.1056 0.1111
IMRF 0.0490 0.0500 0.0492 0.0476 0.0448 0.0407 0.0389 0.0375 0.0389 0.0357 0.0328
Police Protection 0.0682 0.0696 0.0683 0.0662 0.0624 0.0711 0.0788 0.0887 0.0788 0.1023 0.1017
Audit 0.0030 0.0034 0.0033 0.0035 0.0033 0.0033 0.0026 0.0021 0.0026 0.0032 0.0029
Liability Insurance 0.0342 0.0348 0.0453 0.0514 0.0487 0.0370 0.0288 0.0102 0.0288 0.0426 0.0470
Total 0.4567 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669
Extensions 5,381,842 5,368,140 5,478,241 5,658,448 5,988,257 6,215,904 6,490,752 6,840,395 7,294,331 7,521,825 8,201,291
Village of Plainfield
Village Property Tax Rates and Extensions
2012 through 2022 Tax Levy Years
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
Property Tax Extensions
11/9/2023
7
Tax
Rate %
Village of Plainfield 0.4567 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 5.75%
School District 202 5.8323 6.2265 6.2622 6.2410 5.8941 5.7067 5.5732 5.4425 5.3421 5.2250 5.1481 63.42%
Plainfield Fire Protection District 0.9216 0.9970 1.0122 1.0036 0.9674 0.9650 0.9537 0.9339 0.9261 0.9302 0.9230 11.37%
Will County & Forest Preserve 0.7244 0.8186 0.8410 0.8295 0.8091 0.7881 0.7431 0.7304 0.7231 0.7100 0.6877 8.47%
Joliet Junior College 525 0.2768 0.2955 0.3085 0.3065 0.3099 0.2994 0.2924 0.2938 0.2891 0.2848 0.2876 3.54%
Plainfield Township Park District 0.2433 0.2535 0.2742 0.2692 0.2560 0.2541 0.2591 0.2554 0.2537 0.2526 0.2480 3.06%
Plainfield Public Library District 0.1894 0.2013 0.2057 0.2021 0.1939 0.1921 0.1893 0.1848 0.1825 0.1821 0.1808 2.23%
Township and Other 0.1960 0.2106 0.2125 0.2091 0.1991 0.1952 0.1908 0.1859 0.1824 0.1812 0.1752 2.16%
Total Tax Rate 8.8405 9.4699 9.5832 9.5279 9.0964 8.8675 8.6685 8.4936 8.3659 8.2328 8.1173 100.00%
2012
Levy
Rates
2013
Levy
Rates
2014
Levy
Rates
2021
Levy
Rates
2022 Levy
Village of Plainfield - Will County
Comparison of Tax Rates per $100 of Assessed Valuation
2020
Levy
Rates
2015
Levy
Rates
2016
Levy
Rates
2017
Levy
Rates
2018
Levy
Rates
2019
Levy
Rates
Village of
Plainfield
5.75%
School District 202
63.42%
Plainfield Fire Protection
District
11.37%
Will County & Forest
Preserve
8.47%Joliet Junior College 525
3.54%Plainfield Township Park
District
3.06%Plainfield Public
Library District
2.23%
Township and Other
2.16%
11/9/2023
8
Scenario 1
2022 Levy Extension
2023 Levy:
15% EAV increase &
2022 rate
Additional
Revenue to
the Village
Corporate 3,010,712 3,896,500 885,788
Police Protection 1,786,402 1,785,000 (1,402)
Immunity 825,574 825,000 (574)
IMRF 576,146 575,000 (1,146)
Audit 50,940 50,000 (940)
Police Pension 1,951,517 2,300,000 348,483
Total Levy 8,201,291$ 9,431,500$ 1,230,209$
Scenario 2
2022 Levy Extension
2023 Levy:
13.66% EAV increase
& 2022 rate
Additional
Revenue to
the Village
Corporate 3,010,712 3,786,500 775,788
Police Protection 1,786,402 1,785,000 (1,402)
Immunity 825,574 825,000 (574)
IMRF 576,146 575,000 (1,146)
Audit 50,940 50,000 (940)
Police Pension 1,951,517 2,300,000 348,483
Total Levy 8,201,291$ 9,321,500$ 1,120,209$
Scenario 3
rate .4436 2022 Levy Extension
2023 Levy:
13.66% EAV increase
& 5% rate reduction
Additional
Revenue to
the Village
Corporate 3,010,712 3,322,000 311,288
Police Protection 1,786,402 1,785,000 (1,402)
Immunity 825,574 825,000 (574)
IMRF 576,146 575,000 (1,146)
Audit 50,940 50,000 (940)
Police Pension 1,951,517 2,300,000 348,483
Total Levy 8,201,291$ 8,857,000$ 655,709$
2023 Tax Levy Using Preliminary Estimate
2023 Levy: Using 13.66% EAV increase/.4669 rate
2023 Levy: Using 13.66% EAV increase/5% rate reduction
Tax Levy Scenarios 11/9/2023 9
Current levy
rate
5% rate
reduction
÷ 3 Estimated Taxable Value ÷ 3
-6,000 Homeowners Exemption -6,000
÷ 100 ÷ 100
× 0.4669 Village Property Tax Rate x 0.4436
$516.70 Village Portion of Property
Tax bill $490.92
Difference ($25.78)
Current levy
rate
5% rate
reduction
÷ 3 Estimated Taxable Value ÷ 3
-6,000 Homeowners Exemption -6,000
÷ 100 ÷ 100
× 0.4669 Village Property Tax Rate x 0.4436
$672.34 Village Portion of Property
Tax bill $638.78
Difference ($33.56)
Current levy
rate
5% rate
reduction
÷ 3 Estimated Taxable Value ÷ 3
-6,000 Homeowners Exemption -6,000
÷ 100 ÷ 100
× 0.4669 Village Property Tax Rate x 0.4436
$750.15 Village Portion of Property
Tax bill $712.72
Difference ($37.43)
$350,000 Home Value
$450,000 Home Value
$500,000 Home Value
Property Tax Examples 11/9/2023 10
Description
FY 2021
Actual
FY 2022
Actual
FY 2023
Actual
FY 2024
Adopted
Budget
FY 2024
Estimated
Amount
FY 2025
Proposed
Budget
Fund: 07 - Tort Immunity Fund
Property Taxes
Property Tax Revenue 150,397 349,689 685,179 825,000 815,000 825,000
Total: Property Taxes $150,397 $349,689 $685,179 $825,000 $815,000 $825,000
Investment Income
Interest Income 484 0 0 0 0 0
Total: Investment Income $484 $0 $0 $0 $0 $0
Transfers
Transfer from General 0 0 300,000 0 0 0
Total: Transfers $0 $0 $300,000 $0 $0 $0
Revenues Total $150,881 $349,689 $985,179 $825,000 $815,000 $825,000
Unit: 00 - Non-Departmental
Contractual Services
Bond-Treasurer 336 336 0 336 336 336
Comm. Umbrella Liability 220,751 352,420 437,163 525,000 400,000 485,000
Workman's Comp. Ins.189,914 240,481 310,637 360,000 315,000 385,000
Total: Contractual Services $411,001 $593,237 $747,800 $885,336 $715,336 $870,336
Expenditures Total $411,001 $593,237 $747,800 $885,336 $715,336 $870,336
Total: Tort Immunity Fund ($260,120)($243,548)$237,379 ($60,336)$99,664 ($45,336)
**Tort Immunity Fund has a 4/30/23 Fund Balance of $236,618
Tort Immunity Fund
2024-2025 Fiscal Year Budget
Revenues
Expenditures
Revenue & Expense Detail
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
FY 2021
Actual
FY 2022
Actual
FY 2023
Actual
FY 2024
Adopted
Budget
FY 2025
Proposed
Budget
Tort Immunity Revenue History
Property Tax
Revenue
DRAFT 11/9/2023 11
Description
FY 2021
Actual
FY 2022
Actual
FY 2023
Actual
FY 2024
Adopted
Budget
FY 2024
Estimated
Amount
FY 2025
Proposed
Budget
Fund: 08 - Audit Fund
Property Taxes
Property Tax Revenue 30,373 40,353 51,600 50,000 50,302 50,000
Total: Property Taxes $30,373 $40,353 $51,600 $50,000 $50,302 $50,000
Investment Income
Interest Income 33 0 0 0 0 0
Total: Investment Income $33 $0 $0 $0 $0 $0
Revenues Total $30,406 $40,353 $51,600 $50,000 $50,302 $50,000
Unit: 00 - Non-Departmental
Division: 00 - Non-Divisional
Contrac - Contractual Services
Audit Village 40,320 42,550 43,825 47,000 48,000 50,000
Total: Contractual Services $40,320 $42,550 $43,825 $47,000 $48,000 $50,000
Expenditures Total $40,320 $42,550 $43,825 $47,000 $48,000 $50,000
Total: Audit Fund ($9,914)($2,197)$7,775 $3,000 $2,302 $0
**Audit Fund has a 4/30/23 Fund Balance of $15,357
Audit Fund
2024-2025 Fiscal Year Budget
Revenues
Expenditures
Revenue & Expense Detail
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
FY 2021
Actual
FY 2022
Actual
FY 2023
Actual
FY 2024
Adopted
Budget
FY 2025
Proposed
Budget
Audit Fund Revenue History
Property Tax
Revenue
DRAFT 11/9/2023 12
Description
FY 2021
Actual
FY 2022
Actual
FY 2023
Actual
FY 2024
Adopted
Budget
FY 2024
Estimated
Amount
FY 2025
Proposed
Budget
Fund: 10 - Police Pension Fund
Investment Income
Interest Income 890,572 1,945,058 1,237,627 650,000 650,000 650,000
Realized Gain/Loss 580,856 365,528 1,253,722 300,000 300,000 300,000
Unrealized Gain/Loss 7,324,489 (5,853,280)(2,464,102)200,000 200,000 200,000
Total: Investment Income $8,795,917 ($3,542,694)$27,247 $1,150,000 $1,150,000 $1,150,000
MISC - Miscellaneous
Other Receipts 226 50 100 0 0 0
Employee Contributions 655,092 1,090,656 865,975 695,000 695,000 750,000
Employer Contributions 1,577,460 1,697,212 1,698,689 1,950,000 1,920,000 2,300,000
Total: Miscellaneous $2,232,778 $2,787,918 $2,564,764 $2,645,000 $2,615,000 $3,050,000
Revenues Total $11,028,695 ($754,776)$2,592,011 $3,795,000 $3,765,000 $4,200,000
Police Pension Fund
2024-2025 Fiscal Year Budget
Revenues
Revenue & Expense Detail
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
FY 2021
Actual
FY 2022
Actual
FY 2023
Actual
FY 2024
Adopted
Budget
FY 2025
Proposed
Budget
Police Pension Contribution History
Employee
Contributions
Employer
Contributions
DRAFT 11/9/2023 13
Description
FY 2021
Actual
FY 2022
Actual
FY 2023
Actual
FY 2024
Adopted
Budget
FY 2024
Estimated
Amount
FY 2025
Proposed
Budget
Police Pension Fund
2024-2025 Fiscal Year Budget
Revenue & Expense Detail
Unit: 00 - Non-Departmental
Division: 00 - Non-Divisional
Salaries and Wages
Pension Payments 811,860 936,000 1,180,295 1,250,000 1,480,000 1,600,000
Total: Salaries & Wages $811,860 $936,000 $1,180,295 $1,250,000 $1,480,000 $1,600,000
Benefits
Travel/Training (341)2,185 3,857 5,000 5,000 5,000
Total: Benefits ($341)$2,185 $3,857 $5,000 $5,000 $5,000
Supplies and Commodities
Office Supplies/Postage 0 0 0 500 500 500
Dues & Subscriptions 8,213 8,074 8,795 8,500 8,800 9,000
Total: Supplies & Commodities $8,213 $8,074 $8,795 $9,000 $9,300 $9,500
Contractual Services
Contractual Services 35,946 44,311 56,514 40,000 50,000 55,000
Total: Contractual Services $35,946 $44,311 $56,514 $40,000 $50,000 $55,000
Other
Investment Expense 134,947 152,481 130,459 150,000 40,000 40,000
Total: OTHER - Other $134,947 $152,481 $130,459 $150,000 $40,000 $40,000
Total: Non-Divisional $990,625 $1,143,051 $1,379,920 $1,454,000 $1,584,300 $1,709,500
Expenditures Total $990,625 $1,143,051 $1,379,920 $1,454,000 $1,584,300 $1,709,500
Total: Police Pension Fund $10,038,070 ($1,897,827)$1,212,091 $2,341,000 $2,180,700 $2,490,500
Expenditures
DRAFT 11/9/2023 14
VILLAGE OF PLAINFIELD
POLICE PENSION FUND
ACTUARIAL VALUATION
AS OF MAY 1, 2023
CONTRIBUTIONS APPLICABLE TO THE
PLAN/FISCAL YEAR ENDING APRIL 30, 2025
15
184 Shuman Blvd, Suite 305 Naperville, IL 60563 · (630) 620-0200 · Fax (239) 481-0634 · www.foster-foster.com
August 18, 2023
Ms. Colleen Thornton
Village of Plainfield Police Pension Fund
Re: Actuarial Valuation Report – Village of Plainfield Police Pension Fund
Dear Ms. Thornton:
We are pleased to present to the Village this report of the annual actuarial valuation of the Village of
Plainfield Police Pension Fund. The funding valuation was performed to determine whether the assets
and contributions are sufficient to provide the prescribed benefits and to develop the appropriate
funding requirements for the applicable plan year. Use of the results for other purposes may not be
applicable and could produce significantly different results.
The valuation has been conducted in accordance with generally accepted actuarial principles and
practices, including the applicable Actuarial Standards of Practice as issued by the Actuarial Standards
Board, and reflects laws and regulations issued to date pursuant to the provisions of Article 3, Illinois
Pension Code, as well as applicable federal laws and regulations. In our opinion, the assumptions used
in this valuation, as adopted by the Board of Trustees, represent reasonable expectations of anticipated
plan experience. Future actuarial measurements may differ significantly from the current
measurements presented in this report for a variety of reasons including: changes in applicable laws,
changes in plan provisions, changes in assumptions, or plan experience differing from expectations.
Due to the limited scope of the valuation, we did not perform an analysis of the potential range of such
future measurements.
The funding percentages and unfunded accrued liability as measured based on the actuarial value of
assets will differ from similar measures based on the market value of assets. These measures, as
provided, are appropriate for determining the adequacy of future contributions, but may not be
appropriate for the purpose of settling a portion or all of its liabilities.
In conducting the valuation, we have relied on personnel, plan design, and asset information supplied
by the Village, financial reports prepared by the custodian bank and the actuarial assumptions and
methods described in the Actuarial Assumptions section of this report. While we cannot verify the
accuracy of all this information, the supplied information was reviewed for consistency and
reasonableness. As a result of this review, we have no reason to doubt the substantial accuracy of the
information and believe that it has produced appropriate results. This information, along with any
adjustments or modifications, is summarized in various sections of this report.
16
In performing the analysis, we used third-party software to model (calculate) the underlying liabilities
and costs. These results are reviewed in the aggregate and for individual sample lives. The output from
the software is either used directly or input into internally developed models to generate the costs. All
internally developed models are reviewed as part of the process. As a result of this review, we believe
that the models have produced reasonable results. We do not believe there are any material
inconsistencies among assumptions or unreasonable output produced due to the aggregation of
assumptions.
The undersigned are familiar with the immediate and long-term aspects of pension valuations and meet
the Qualification Standards of the American Academy of Actuaries necessary to render the actuarial
opinions contained herein. All of the sections of this report are considered an integral part of the
actuarial opinions.
To our knowledge, no associate of Foster & Foster, Inc. working on valuations of the program has any
direct financial interest or indirect material interest in the Village of Plainfield, nor does anyone at
Foster & Foster, Inc. act as a member of the Board of Trustees of the Village of Plainfield Police
Pension Fund. Thus, there is no relationship existing that might affect our capacity to prepare and
certify this actuarial report.
If there are any questions, concerns, or comments about any of the items contained in this report, please
contact us at 630-620-0200.
Respectfully submitted,
Foster & Foster, Inc.
By: ______________________________
Jason L. Franken, FSA, EA, MAAA
By: ______________________________
Heidi E. Andorfer, FSA, EA, MAAA
JLF/lke
Enclosures
17
TABLE OF CONTENTS
Section Title Page
I Introduction
a. Summary of Report 5
b. Changes Since Prior Valuation 6
c. Comparative Summary of Principal
Valuation Results 7
II Valuation Information
a. Development of Amortization Payment 12
b. Detailed Actuarial (Gain)/Loss Analysis 13
c. Reconciliation of Changes in Contribution
Requirement 14
d. Statutory Minimum Required Contribution 15
e. Projection of Benefit Payments 16
f. Actuarial Assumptions and Methods 17
g. Glossary 20
h. Discussion of Risk 21
III Trust Fund 25
IV Member Statistics
a. Statistical Data 29
b. Age and Service Distribution 30
c. Valuation Participant Reconciliation 31
V Summary of Current Plan 32
18
SUMMARY OF REPORT
The regular annual actuarial valuation of the Village of Plainfield Police Pension Fund, performed as of
May 1, 2023, has been completed and the results are presented in this report. The contribution amounts
set forth herein are applicable to the plan/fiscal year ended April 30, 2025.
The contribution requirements, compared with those set forth in the May 1, 2022 actuarial report, are as
follows:
Valuation Date 5/1/2023 5/1/2022
Applicable to Fiscal Year Ending 4/30/2025 4/30/2024
Total Recommended Contribution $2,870,408 $2,573,401
% of Projected Annual Payroll 41.3% 39.1%
Member Contributions (Est.) (687,998) (651,403)
% of Projected Annual Payroll (9.9%) (9.9%)
Village Recommended Contribution 2,182,410 1,921,998
% of Projected Annual Payroll 31.4% 29.2%
As you can see, the Total Recommended Contribution shows an increase when compared to the results
determined in the May 1, 2022 actuarial valuation report. The increase is primarily attributable to
unfavorable plan experience.
Plan experience was unfavorable overall on the basis of the plan's actuarial assumptions. Sources of
unfavorable experience included an investment return of 3.77% (Actuarial Asset Basis) which fell short
of the 6.75% assumption, an average salary increase of 6.49% which exceeded the 4.97% assumption, and
more retirements than expected. These losses were offset in part by a gain associated with higher than
expected inactive mortality.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 5 19
CHANGES SINCE PRIOR VALUATION
Plan Changes Since Prior Valuation
There were no plan changes since the prior valuation.
Actuarial Assumption/Method Changes Since Prior Valuation
There were no assumption or method changes since the prior valuation.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 6 20
COMPARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS
5/1/2023 5/1/2022
A. Participant Data
Number Included
Actives 63 62
Service Retirees 13 11
Beneficiaries 0 0
Disability Retirees 1 2
Terminated Vested 6 8
Total 83 83
Total Annual Payroll $6,942,463 $6,573,191
Payroll Under Assumed Ret. Age 6,942,463 6,573,191
Annual Rate of Payments to:
Service Retirees 1,102,557 856,411
Beneficiaries 0 0
Disability Retirees 53,786 96,830
Terminated Vested 132,298 132,298
B. Assets
Actuarial Value 50,306,569 47,185,634
Market Value 45,743,510 44,531,420
C. Liabilities
Present Value of Benefits
Actives
Retirement Benefits 50,102,644 48,116,056
Disability Benefits 3,494,488 3,336,351
Death Benefits 441,118 418,375
Vested Benefits 2,412,898 2,316,578
Service Retirees 18,707,332 14,092,051
Beneficiaries 0 0
Disability Retirees 885,656 1,776,609
Terminated Vested 2,059,628 1,992,389
Total 78,103,764 72,048,409
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 7 21
C. Liabilities - (Continued) 5/1/2023 5/1/2022
Present Value of Future Salaries 66,110,623 61,979,843
Present Value of Future
Member Contributions 6,551,563 6,142,202
Normal Cost (Retirement) 1,269,762 1,234,917
Normal Cost (Disability) 203,981 195,975
Normal Cost (Death) 22,269 20,572
Normal Cost (Vesting) 131,677 125,745
Total Normal Cost 1,627,689 1,577,209
Present Value of Future
Normal Costs 14,144,419 13,715,953
Accrued Liability (Retirement) 38,918,015 37,214,050
Accrued Liability (Disability) 1,631,999 1,561,451
Accrued Liability (Death) 217,254 215,618
Accrued Liability (Vesting) 1,539,461 1,480,288
Accrued Liability (Inactives) 21,652,616 17,861,049
Total Actuarial Accrued Liability 63,959,345 58,332,456
Unfunded Actuarial Accrued
Liability (UAAL) 13,652,776 11,146,822
Funded Ratio (AVA / AL) 78.7% 80.9%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 8 22
5/1/2023 5/1/2022
D. Actuarial Present Value of Accrued Benefits
Vested Accrued Benefits
Inactives 21,652,616 17,861,049
Actives 14,691,946 13,030,453
Member Contributions 7,914,167 7,619,099
Total 44,258,729 38,510,601
Non-vested Accrued Benefits 1,672,109 2,254,453
Total Present Value Accrued Benefits 45,930,838 40,765,054
Funded Ratio (MVA / PVAB) 99.6% 109.2%
Increase (Decrease) in Present Value of
Accrued Benefits Attributable to:
Plan Amendments 0
Assumption Changes 0
Plan Experience 3,634,273
Benefits Paid (1,180,295)
Interest 2,711,806
Other 0
Total 5,165,784
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 9 23
Valuation Date 5/1/2023 5/1/2022
Applicable to Fiscal Year Ending 4/30/2025 4/30/2024
E. Pension Cost
Normal Cost ¹ $1,737,558 $1,683,671
% of Total Annual Payroll ¹ 25.0 25.6
Administrative Expenses ¹ 73,836 58,253
% of Total Annual Payroll ¹ 1.1 0.9
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 18 years
(as of 5/1/2023) ¹ 1,059,014 831,477
% of Total Annual Payroll ¹ 15.2 12.6
Total Recommended Contribution 2,870,408 2,573,401
% of Total Annual Payroll ¹ 41.3 39.1
Expected Member Contributions ¹ (687,998) (651,403)
% of Total Annual Payroll ¹ (9.9) (9.9)
Expected Village Contribution 2,182,410 1,921,998
% of Total Annual Payroll ¹ 31.4 29.2
F. Past Contributions
Plan Years Ending: 4/30/2023
Total Recommended Contribution 2,287,979
Village Requirement 1,648,741
Actual Contributions Made:
Members (excluding buyback) 639,238
Village 1,698,789
Total 2,338,027
G. Net Actuarial (Gain)/Loss 2,464,957
¹ Contributions developed as of 5/1/2023 displayed above have been adjusted to
account for assumed interest.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 10 24
H. Schedule Illustrating the Amortization of the Total Unfunded Actuarial Accrued Liability as of:
Projected Unfunded
Year Accrued Liability
2023 13,652,776
2024 13,515,324
2025 13,334,176
2029 12,086,460
2033 9,752,537
2037 5,910,682
2041 0
I. (i) 5 Year Comparison of Actual and Assumed Salary Increases
Actual Assumed
Year Ended 4/30/2023 6.49% 4.97%
Year Ended 4/30/2022 3.38% 4.79%
Year Ended 4/30/2021 3.75% 4.66%
Year Ended 4/30/2020 3.56% 4.35%
Year Ended 4/30/2019 3.14% 4.38%
(ii) 5 Year Comparison of Investment Return on Actuarial Value
Actual MVA Actual AVA Assumed
Year Ended 4/30/2023 -0.23% 3.77% 6.75%
Year Ended 4/30/2022 -7.81% 5.87% 6.75%
Year Ended 4/30/2021 23.36% 8.58% 6.75%
Year Ended 4/30/2020 1.51% 4.45% 6.75%
Year Ended 4/30/2019 5.23% 5.26% 6.75%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 11 25
DEVELOPMENT OF MAY 1, 2023 AMORTIZATION PAYMENT
(1) Unfunded Actuarial Accrued Liability as of May 1, 2022 $11,146,822
(2) Sponsor Normal Cost developed as of May 1, 2022 925,806
(3) Expected administrative expenses for the year ended April 30, 2023 54,570
(4) Expected interest on (1), (2) and (3) 816,744
(5) Sponsor contributions to the System during the year ended April 30, 2023 1,698,789
(6) Expected interest on (5) 57,334
(7) Expected Unfunded Actuarial Accrued Liability as of
April 30, 2023, (1)+(2)+(3)+(4)-(5)-(6) 11,187,819
(8) Change to UAAL due to Actuarial (Gain)/Loss 2,464,957
(9) Unfunded Accrued Liability as of May 1, 2023 13,652,776
(10) UAAL Subject to Amortization (100% AAL less Actuarial Assets) 13,652,776
Date Years 5/1/2023 Amortization
Established Remaining Amount Amount
5/1/2023 18 13,652,776 992,051
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 12 26
(1) Unfunded Actuarial Accrued Liability (UAAL) as of May 1, 2022 $11,146,822
(2) Expected UAAL as of May 1, 2023 11,187,819
(3)Summary of Actuarial (Gain)/Loss, by component:
Investment Return (Actuarial Asset Basis)1,423,789
Salary Increases 530,999
Active Decrements 541,600
Inactive Mortality (788,806)
Other 757,375
Change in UAAL due to (Gain)/Loss 2,464,957
Change to UAAL due to Assumption Change 0
(4)Actual UAAL as of May 1, 2023 $13,652,776
DETAILED ACTUARIAL (GAIN)/LOSS ANALYSIS
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 13 27
(1) Contribution Determined as of May 1, 2022 1,921,998$
(2)Summary of Contribution Impact by component:
Change in Normal Cost 53,887
Change in Assumed Administrative Expense 15,583
Investment Return (Actuarial Asset Basis)110,440
Salary Increases 41,188
New Entrants -
Active Decrements 42,011
Inactive Mortality (61,186)
Contributions (More) or Less than Recommended (4,013)
Increase in Amortization Payment Due to Payroll Growth Assumption 27,023
Change in Expected Member Contributions (36,595)
Assumption Change -
Other 72,074
Total Change in Contribution 260,412
(3)Contribution Determined as of May 1, 2023 $2,182,410
RECONCILIATION OF CHANGES IN CONTRIBUTION REQUIREMENT
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 14 28
Valuation Date 5/1/2023 5/1/2022
Applicable to Fiscal Year Ending 4/30/2025 4/30/2024
Actuarial Accrued Liability (PUC) 59,366,759 53,827,632
Actuarial Value of Assets 50,306,569 47,185,634
Unfunded Actuarial Accrued Liability (UAAL) 9,060,190 6,641,998
UAAL Subject to Amortization 3,123,514 1,259,235
Normal Cost ¹ $2,199,226 $2,129,500
% of Total Annual Payroll ¹ 31.7 32.4
Administrative Expenses ¹ 73,836 58,253
% of Total Annual Payroll ¹ 1.1 0.9
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 17 years
(as of 5/1/2023) ¹ 252,702 97,676
% of Total Annual Payroll ¹ 3.6 1.5
Total Required Contribution 2,525,764 2,285,429
% of Total Annual Payroll ¹ 36.4 34.8
Expected Member Contributions ¹ (687,998) (651,403)
% of Total Annual Payroll ¹ (9.9) (9.9)
Expected Village Contribution 1,837,766 1,634,026
% of Total Annual Payroll ¹ 26.5 24.9
Assumptions and Methods:
Actuarial Cost Method Projected Unit Credit
Amortization Method 90% Funding by 2040
All other assumptions and methods are as described in the Actuarial Assumptions and Methods section.
¹ Contributions developed as of 5/1/2023 displayed above have been adjusted to
account for assumed interest.
STATUTORY MINIMUM REQUIRED CONTRIBUTION
Contribution requirements shown on this page are calculated according to statutory
minimum funding requirements of the Illinois Pension Code. We do not believe this
method is sufficient to fund future benefits; as such, we recommend funding according
to the contributions developed in Section E of this report.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 15 29
PROJECTION OF BENEFIT PAYMENTS
Payments for Payments for Total
Year Current Actives Current Inactives Payments
2023 118,736 1,163,024 1,281,760
2024 306,609 1,184,582 1,491,191
2025 511,317 1,216,196 1,727,513
2026 740,364 1,302,331 2,042,695
2027 970,208 1,388,057 2,358,265
2028 1,265,046 1,439,961 2,705,007
2029 1,559,836 1,469,914 3,029,750
2030 1,873,988 1,498,805 3,372,793
2031 2,205,934 1,534,494 3,740,428
2032 2,566,780 1,570,535 4,137,315
2033 2,975,190 1,598,575 4,573,765
2034 3,346,239 1,624,775 4,971,014
2035 3,718,026 1,649,012 5,367,038
2036 4,071,984 1,671,256 5,743,240
2037 4,409,950 1,691,547 6,101,497
2038 4,728,763 1,732,623 6,461,386
2039 5,011,400 1,750,543 6,761,943
2040 5,289,979 1,766,592 7,056,571
2041 5,562,500 1,780,665 7,343,165
2042 5,860,408 1,792,527 7,652,935
2043 6,162,950 1,801,812 7,964,762
2044 6,446,785 1,808,014 8,254,799
2045 6,746,045 1,810,512 8,556,557
2046 7,053,272 1,808,578 8,861,850
2047 7,353,745 1,801,497 9,155,242
2048 7,679,502 1,788,469 9,467,971
2049 8,016,624 1,768,794 9,785,418
2050 8,405,121 1,741,856 10,146,977
2051 8,812,980 1,707,205 10,520,185
2052 9,154,447 1,664,566 10,819,013
2053 9,438,143 1,613,800 11,051,943
2054 9,689,861 1,554,997 11,244,858
2055 9,893,766 1,488,455 11,382,221
2056 10,057,908 1,414,710 11,472,618
2057 10,191,048 1,334,529 11,525,577
2058 10,291,660 1,249,043 11,540,703
2059 10,359,460 1,159,640 11,519,100
2060 10,391,972 1,067,830 11,459,802
2061 10,384,864 975,204 11,360,068
2062 10,335,470 883,247 11,218,717
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 16 30
ACTUARIAL ASSUMPTIONS AND METHODS
Interest Rate 6.75% per year compounded annually, net of investment related
expenses.
Mortality Rate Active Lives:
PubS-2010 Employee mortality, unadjusted, with generational
improvements with most recent projection scale (currently Scale
MP-2021). 10% of active deaths are assumed to be in the line of
duty.
Inactive Lives:
PubS-2010 Healthy Retiree mortality, adjusted by a factor of
1.15 for male retirees and unadjusted for female retirees, with
generational improvements with most recent projection scale
(currently Scale MP-2021).
Beneficiaries:
PubS-2010 Survivor mortality, unadjusted for male beneficiaries
and adjusted by a factor of 1.15 for female beneficiaries, with
generational improvements with most recent projection scale
(currently Scale MP-2021).
Disabled Lives:
PubS-2010 Disabled mortality, adjusted by a factor of 1.08 for
male disabled members and unadjusted for female disabled
members, with generational improvements with most recent
projection scale (currently Scale MP-2021).
The mortality assumptions sufficiently accommodate anticipated
future mortality improvements.
Retirement Age See table at end of this section. This is based on a 2022
experience study performed for the Illinois Police Officers’
Pension Investment Fund.
Disability Rate See table at end of this section. 60% of the disabilities are
assumed to be in the line of duty. This is based on a 2022
experience study performed for the Illinois Police Officers’
Pension Investment Fund.
Termination Rate See table at end of this section. This is based on a 2022
experience study performed for the Illinois Police Officers’
Pension Investment Fund.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 17 31
Salary Increases See table below. This is based on a 2022 experience study
performed for the Illinois Police Officers’ Pension Investment
Fund.
Inflation 2.50%.
Cost-of-Living Adjustment Tier 1: 3.00% per year after age 55. Those that retire prior to age
55 receive an increase of 1/12 of 3.00% for each full month since
benefit commencement upon reaching age 55.
Tier 2: 1.25% per year after the later of attainment of age 60 or
first anniversary of retirement.
Marital Status 80% of Members are assumed to be married.
Spouse’s Age Males are assumed to be three years older than females.
Funding Method Entry Age Normal Cost Method.
Actuarial Asset Method Investment gains and losses are smoothed over a 5-year period.
In the first year, 20% of the gain or loss is recognized. In the
second year 40%, in the third year 60%, in the fourth year 80%,
and in the fifth year 100% of the gain or loss is recognized. The
actuarial investment gain or loss is defined as the actual return
on investments minus the actuarial assumed investment return.
Actuarial Assets shall not be less than 80% nor greater than
120% of the Market Value of Assets.
Funding Policy Amortization Method The UAAL is amortized according to a Level Percentage of
Payroll method over a period ending in 2041. The initial
amortization amount is 100% of the Accrued Liability less the
Actuarial Value of Assets.
Payroll Growth 3.25% per year.
Administrative Expenses Expenses paid out of the fund other than investment-related
expenses are assumed to be equal to those paid in the previous year.
Salary Scale
Service Rate
0 11.00%
1 9.50%
2 8.00%
3 7.50%
4 7.00%
5 6.00%
6 5.00%
7 - 11 4.00%
12 - 29 3.75%
30+ 3.50%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 18 32
Decrement Tables
% Terminating % Becoming Disabled % Retiring % Retiring
During the Year During the Year During the Year (Tier 1) During the Year (Tier 2)
Service Rate Age Rate Age Rate Age Rate
0 13.00% 20 0.000% 50 - 54 20% 50 - 54 5%
1 8.00% 25 0.029% 55 - 62 25% 55 40%
2 7.00% 30 0.133% 63 33% 56 - 62 25%
3 6.00% 35 0.247% 64 40% 63 33%
4 5.00% 40 0.399% 65 - 69 55% 64 40%
5 4.50% 45 0.561% 70+ 100% 65 - 69 55%
6 4.00% 50 0.675% 70+ 100%
7 3.50% 55 0.855%
8 3.00% 60 1.093%
9 2.50%
10 2.25%
11 2.00%
12 1.75%
13 1.50%
14+ 1.25%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 19 33
GLOSSARY
Total Annual Payroll is the projected annual rate of pay for the fiscal year following the valuation date of
all covered members.
Present Value of Benefits is the single sum value on the valuation date of all future benefits to be paid to
current Members, Retirees, Beneficiaries, Disability Retirees and Vested Terminations.
Accrued Actuarial Liability is determined according to the plan’s actuarial cost method. This amount
represents the portion of the anticipated future benefits allocated to years prior to the valuation date.
Normal (Current Year's) Cost is the current year's cost for benefits yet to be funded.
Market Value of Assets is the fair market value of plan assets as of the valuation date. This amount may
be adjusted to produce an Actuarial Value of Assets for plan funding purposes.
Actuarial Value of Assets is the asset value used in the valuation to determine contribution requirements.
It represents the plan’s Market Value of Assets, with adjustments according to the Actuarial Asset
Method. These adjustments produce a “smoothed” value that is likely to be less volatile from year to year
than the Market Value of Assets.
Unfunded Accrued Liability is the excess of the Accrued Actuarial Liability over the Actuarial Value of
Assets.
Total Recommended Contribution is equal to the Normal Cost plus an amount sufficient to amortize the
Unfunded Accrued Liability over a period ending in 2041. The recommended amount is adjusted for
interest according to the timing of contributions during the year.
Entry Age Normal Cost Method - Under this method, the normal cost is the sum of the individual normal
costs for all active participants. For an active participant, the normal cost is the participant’s normal cost
accrual rate, multiplied by the participant’s current compensation.
(a) The normal cost accrual rate equals:
(i) the present value of future benefits for the participant, determined as of the participant’s entry age,
divided by
(ii) the present value of the compensation expected to be paid to the participant for each year of the
participant’s anticipated future service, determined as of the participant’s entry age.
(b) In calculating the present value of future compensation, the salary scale is applied both retrospectively
and prospectively to estimate compensation in years prior to and subsequent to the valuation year
based on the compensation used for the valuation.
(c) The accrued liability is the sum of the individual accrued liabilities for all participants and
beneficiaries. A participant’s accrued liability equals the present value, at the participant’s attained
age, of future benefits less the present value at the participant’s attained age of the individual normal
costs payable in the future. A beneficiary’s accrued liability equals the present value, at the
beneficiary’s attained age, of future benefits.
(d) Under this method, the entry age used for each active participant is the participant’s age at the time he
or she would have commenced participation if the plan had always been in existence under current
terms, or the age as of which he or she first earns service credits for purposes of benefit accrual under
the current terms of the plan.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 20 34
DISCUSSION OF RISK
ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and
Determining Pension Plan Contributions, states that the actuary should identify risks that, in the actuary’s
professional judgment, may reasonably be anticipated to significantly affect the plan’s future financial
condition.
Throughout this report, actuarial results are determined under various assumption scenarios. These
results are based on the premise that all future plan experience will align with the plan’s actuarial
assumptions; however, there is no guarantee that actual plan experience will align with the plan’s
assumptions. It is possible that actual plan experience will differ from anticipated experience in an
unfavorable manner that will negatively impact the plan’s funded position.
Below are examples of ways in which plan experience can deviate from assumptions and the potential
impact of that deviation. Typically, this results in an actuarial gain or loss representing the current-year
financial impact on the plan’s unfunded liability of the experience differing from assumptions; this gain
or loss is amortized over a period of time determined by the plan’s amortization method. When
assumptions are selected that adequately reflect plan experience, gains and losses typically offset one
another in the long term, resulting in a relatively low impact on the plan’s contribution requirements
associated with plan experience. When assumptions are too optimistic, losses can accumulate over time
and the plan’s amortization payment could potentially grow to an unmanageable level.
Investment Return: When the rate of return on the Actuarial Value of Assets falls short of the
assumption, this produces a loss representing assumed investment earnings that were not
realized. Further, it is unlikely that the plan will experience a scenario that matches the assumed
return in each year as capital markets can be volatile from year to year. Therefore, contribution
amounts can vary in the future.
Salary Increases: When a plan participant experiences a salary increase that was greater than
assumed, this produces a loss representing the cost of an increase in anticipated plan benefits for
the participant as compared to the previous year. The total gain or loss associated with salary
increases for the plan is the sum of salary gains and losses for all active participants.
Payroll Growth: The plan’s payroll growth assumption, if one is used, causes a predictable annual
increase in the plan’s amortization payment in order to produce an amortization payment that
remains constant as a percentage of payroll if all assumptions are realized. If payroll does not
increase according to the plan’s payroll growth assumption, the plan’s amortization payment can
increase significantly as a percentage of payroll even if all assumptions other than the payroll
growth assumption are realized.
Demographic Assumptions: Actuarial results take into account various potential events that could
happen to a plan participant, such as retirement, termination, disability, and death. Each of these
potential events is assigned a liability based on the likelihood of the event and the financial
consequence of the event for the plan. Accordingly, actuarial liabilities reflect a blend of
financial consequences associated with various possible outcomes (such as retirement at one of
various possible ages). Once the outcome is known (e.g. the participant retires) the liability is
adjusted to reflect the known outcome. This adjustment produces a gain or loss depending on
whether the outcome was more or less favorable than other outcomes that could have occurred.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 21 35
Contribution Risk: This risk results from the potential that actual employer contributions may
deviate from actuarially determined contributions, which are determined in accordance with the
Board’s funding policy. The funding policy is intended to result in contribution requirements that
if paid when due, will result in a reasonable expectation that assets will accumulate to be
sufficient to pay plan benefits when due. Contribution deficits, particularly large deficits and
those that occur repeatedly, increase future contribution requirements and put the plan at risk for
not being able to pay plan benefits when due.
Impact of Plan Maturity on Risk
For newer pension plans, most of the participants and associated liabilities are related to active members
who have not yet reached retirement age. As pension plans continue in operation and active members
reach retirement ages, liabilities begin to shift from being primarily related to active members to being
shared amongst active and retired members. Plan maturity is a measure of the extent to which this shift
has occurred. It is important to understand that plan maturity can have an impact on risk tolerance and the
overall risk characteristics of the plan. For example, plans with a large amount of retired liability do not
have as long of a time horizon to recover from losses (such as losses on investments due to lower than
expected investment returns) as plans where the majority of the liability is attributable to active members.
For this reason, less tolerance for investment risk may be warranted for highly mature plans with a
substantial inactive liability. Similarly, mature plans paying substantial retirement benefits resulting in a
small positive or net negative cash flow can be more sensitive to near term investment volatility,
particularly if the size of the fund is shrinking, which can result in less assets being available for
investment in the market.
To assist with determining the maturity of the plan, we have provided some relevant metrics in the table
following titled “Plan Maturity Measures and Other Risk Metrics”. Highlights of this information are
discussed below:
The Support Ratio, determined as the ratio of active to inactive members, has decreased from
453.8% on May 1, 2020 to 315.0% on May 1, 2023, indicating that the plan has been rapidly
maturing.
The Accrued Liability Ratio, determined as the ratio of the Inactive Accrued Liability, which is
the liability associated with members who are no longer employed but are due a benefit from the
plan, to the Total Accrued Liability, is 33.9%. With a plan of this maturity, losses due to lower
than expected investment returns or demographic factors can be made up over a longer time
horizon than would be needed for a more mature plan.
The Funded Ratio, determined as the ratio of the Actuarial Value of Assets to the Total Accrued
Liability, has increased from 77.2% on May 1, 2020 to 78.7% on May 1, 2023.
The Net Cash Flow Ratio, determined as the ratio of the Net Cash Flow (contributions minus
benefit payments and administrative expenses) to the Market Value of Assets, stayed
approximately the same from May 1, 2020 to May 1, 2023. The current Net Cash Flow Ratio of
2.9% indicates that contributions are generally in excess of the plan's benefit payments and
administrative expenses.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 22 36
Low Default-Risk Obligation Measure
ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, was
revised as of December 2021 to include a “low-default-risk obligation measure” (LDROM). This liability
measure is consistent with the determination of the actuarial accrued liability shown on page 8 in terms of
member data, plan provisions, and assumptions/methods, including the use of the Entry Age Normal Cost
Method, except that the interest rate is tied to low-default-risk fixed income securities. The S&P
Municipal Bond 20 Year High Grade Rate Index (daily rate closest to, but not later than, the measurement
date) was selected to represent a current market rate of low risk but longer-term investments that could be
included in a low-risk asset portfolio. The interest rate used in this valuation was 4.14%, resulting in an
LDROM of $101,707,850. The LDROM should not be considered the “correct” liability measurement; it
simply shows a possible outcome if the Board elected to hold a very low risk asset portfolio. Given that
plan benefits are paid over time through the combination of contributions and investment returns, prudent
investments selected by the Board help to balance asset accumulation through these two sources.
It is important to note that the actuary has identified the risks above as the most significant risks based on
the characteristics of the plan and the nature of the project, however, it is not an exhaustive list of
potential risks that could be considered. Additional advanced modeling, as well as the identification of
additional risks, can be provided at the request of the audience addressed on page 2 of this report.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 23 37
PLAN MATURITY MEASURES AND OTHER RISK METRICS
5/1/2023 5/1/2022 5/1/2021 5/1/2020
Support Ratio
Total Actives 63 62 57 59
Total Inactives 20 21 18 13
Actives / Inactives 315.0% 295.2% 316.7% 453.8%
Asset Volatility Ratio
Market Value of Assets (MVA) 45,743,510 44,531,420 46,429,245 36,391,179
Total Annual Payroll 6,942,463 6,573,191 6,021,819 6,084,253
MVA / Total Annual Payroll 658.9% 677.5% 771.0% 598.1%
Accrued Liability (AL) Ratio
Inactive Accrued Liability 21,652,616 17,861,049 16,652,960 12,089,735
Total Accrued Liability 63,959,345 58,332,456 53,264,389 49,387,763
Inactive AL / Total AL 33.9% 30.6% 31.3% 24.5%
Funded Ratio
Actuarial Value of Assets (AVA)50,306,569 47,185,634 42,819,902 38,112,155
Total Accrued Liability 63,959,345 58,332,456 53,264,389 49,387,763
AVA / Total Accrued Liability 78.7% 80.9% 80.4% 77.2%
Net Cash Flow Ratio
Net Cash Flow ¹ 1,315,302 1,797,348 1,377,099 1,193,966
Market Value of Assets (MVA) 45,743,510 44,531,420 46,429,245 36,391,179
Ratio 2.9% 4.0% 3.0% 3.3%
¹ Determined as total contributions minus benefit payments and administrative expenses.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 24 38
STATEMENT OF FIDUCIARY NET POSITION
April 30, 2023
ASSETS MARKET VALUE
Total Cash and Equivalents 293,782
Total Receivable 0
Investments:
Pooled/Common/Commingled Funds 45,462,309
Total Investments 45,462,309
Total Assets 45,756,091
LIABILITIES
Liabilities:
Payable:
Accounts Payable 12,581
Total Liabilities 12,581
Net Assets:
Active and Retired Members' Equity 45,743,510
NET POSITION RESTRICTED FOR PENSIONS 45,743,510
TOTAL LIABILITIES AND NET ASSETS 45,756,091
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 25 39
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED April 30, 2023
Market Value Basis
ADDITIONS
Contributions:
Member 639,238
Miscellaneous Member Revenue 226,737
Village 1,698,789
Total Contributions 2,564,764
Investment Income:
Net Increase in Fair Value of Investments (1,210,380)
Interest & Dividends 1,237,627
Less Investment Expense ¹ (130,459)
Net Investment Income (103,212)
Total Additions 2,461,552
DEDUCTIONS
Distributions to Members:
Benefit Payments 1,180,295
Total Distributions 1,180,295
Administrative Expenses 69,167
Total Deductions 1,249,462
Net Increase in Net Position 1,212,090
NET POSITION RESTRICTED FOR PENSIONS
Beginning of the Year 44,531,420
End of the Year 45,743,510
¹ Investment Related expenses include investment advisory,
custodial and performance monitoring fees.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 26 40
Market Value of Assets, 4/30/2023 45,743,510
(Gains)/Losses Not Yet Recognized 4,563,059
Actuarial Value of Assets, 4/30/2023 50,306,569
4/30/2023 Limited Actuarial Assets: 50,306,569
Market Value of Assets, 4/30/2022 44,531,420
Contributions Less Benefit Payments & Administrative Expenses 1,315,302
Expected Investment Earnings¹ 3,050,262
Actual Net Investment Earnings (103,212)
2023 Actuarial Investment Gain/(Loss) (3,153,474)
¹ Expected Investment Earnings = 6.75% x (44,531,420 + 0.5 x 1,315,302)
Plan Year
Ending Gain/(Loss) 2023 2024 2025 2026 2027
4/30/2020 (1,848,153) (369,631) 0 0 0 0
4/30/2021 6,158,089 2,463,236 1,231,618 0 0 0
4/30/2022 (6,889,809) (4,133,885) (2,755,924) (1,377,962) 0 0
4/30/2023 (3,153,474) (2,522,779) (1,892,084) (1,261,390) (630,695) 0
Total (4,563,059) (3,416,390) (2,639,352) (630,695) 0
(A) 4/30/2022 Actuarial Assets: 47,185,634
(I) Net Investment Income:
1. Interest and Dividends 1,237,627
2. Realized Gains (Losses) 0
3. Change in Actuarial Value 698,465
4. Investment Expenses (130,459)
Total 1,805,633
(B) 4/30/2023 Actuarial Assets: 50,306,569
Actuarial Asset Rate of Return = (2 x I) / (A + B - I): 3.77%
Market Value of Assets Rate of Return: -0.23%
Actuarial Gain/(Loss) due to Investment Return (Actuarial Asset Basis) (1,423,789)
Development of Investment Gain/Loss
Development of Actuarial Value of Assets
ACTUARIAL ASSET VALUATION
April 30, 2023
Development of Asset Returns
Gains/(Losses) Not Yet Recognized
Amounts Not Yet Recognized by Valuation Year
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 27 41
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
April 30, 2023
Actuarial Asset Basis
INCOME
Contributions:
Member 639,238
Miscellaneous Member Revenue 226,737
Village 1,698,789
Total Contributions 2,564,764
Earnings from Investments
Interest & Dividends 1,237,627
Change in Actuarial Value 698,465
Total Earnings and Investment Gains 1,936,092
EXPENSES
Administrative Expenses:
Investment Related¹130,459
Other 69,167
Total Administrative Expenses 199,626
Distributions to Members:
Benefit Payments 1,180,295
Total Distributions 1,180,295
Change in Net Assets for the Year 3,120,935
Net Assets Beginning of the Year 47,185,634
Net Assets End of the Year²50,306,569
¹ Investment Related expenses include investment advisory,
custodial and performance monitoring fees.
² Net Assets may be limited for actuarial consideration.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 28 42
STATISTICAL DATA
5/1/2023 5/1/2022 5/1/2021 5/1/2020
Actives - Tier 1
Number 41 43 44 47
Average Current Age 45.6 45.1 44.5 44.2
Average Age at Employment 25.4 25.5 26.0 25.8
Average Past Service 20.2 19.6 18.5 18.4
Average Annual Salary $119,912 $115,010 $111,943 $109,408
Actives - Tier 2
Number 22 19 13 12
Average Current Age 29.5 29.1 28.1 27.5
Average Age at Employment 25.5 25.9 24.6 24.9
Average Past Service 4.0 3.2 3.5 2.6
Average Annual Salary $92,094 $85,671 $84,334 $78,508
Service Retirees
Number 13 11 10 8
Average Current Age 62.0 62.1 61.0 61.1
Average Annual Benefit $84,812 $77,856 $76,031 $74,270
Beneficiaries
Number 0 0 0 0
Average Current Age N/A N/A N/A N/A
Average Annual Benefit N/A N/A N/A N/A
Disability Retirees
Number 1 2 2 2
Average Current Age 45.0 48.5 47.5 46.5
Average Annual Benefit $53,786 $48,415 $48,415 $48,415
Terminated Vested
Number 6 8 6 3
Average Current Age 43.5 42.1 41.5 43.0
Average Annual Benefit ¹$44,099 $44,099 $44,099 $22,163
¹ Average Annual Benefit for Terminated Vested members reflects the benefit for members entitled to a
future annual benefit from the plan.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 29 43
AGE AND SERVICE DISTRIBUTION
PAST SERVICE
AGE 0 1 2 3 4 5-9 10-14 15-19 20-24 25-29 30+ Total
15 - 19 0 0 0 0 0 0 0 0 0 0 0 0
20 - 24 1 0 0 0 0 0 0 0 0 0 0 1
25 - 29 2 3 1 3 1 2 0 0 0 0 0 12
30 - 34 0 1 0 1 0 4 0 0 0 0 0 6
35 - 39 0 1 1 0 0 0 3 2 0 0 0 7
40 - 44 0 0 0 0 0 0 0 9 3 0 0 12
45 - 49 0 0 0 0 0 0 0 5 8 1 0 14
50 - 54 0 0 0 0 0 0 1 0 5 5 0 11
55 - 59 0 0 0 0 0 0 0 0 0 0 0 0
60 - 64 0 0 0 0 0 0 0 0 0 0 0 0
65+0 0 0 0 0 0 0 0 0 0 0 0
Total 3 5 2 4 1 6 4 16 16 6 0 63
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 30 44
VALUATION PARTICIPANT RECONCILIATION
1. Active lives
a. Number in prior valuation 5/1/2022 62
b. Terminations
i. Vested (partial or full) with deferred benefits 0
ii. Non-vested or full lump sum distribution received 0
iii. Transferred service to other fund 0
c. Deaths
i. Beneficiary receiving benefits 0
ii. No future benefits payable 0
d. Disabled 0
e. Retired (2)
f. Continuing participants 60
g. New entrants 3
h. Total active life participants in valuation 63
2. Non-Active lives (including beneficiaries receiving benefits)
Service
Retirees,
Vested Receiving Receiving
Receiving Death Disability Vested
Benefits Benefits Benefits Deferred Total
a. Number prior valuation 11 0 2 8 21
Retired 2 0 0 0 2
Transferred Service 0 0 0 (1)(1)
Vested Deferred 0 0 0 0 0
Death, With Survivor 0 0 0 0 0
Death, No Survivor 0 0 (1) 0 (1)
Disabled 0 0 0 0 0
Refund of Contributions 0 0 0 (1)(1)
Rehires 0 0 0 0 0
Expired Annuities 0 0 0 0 0
Data Corrections 0 0 0 0 0
Hired/Termed in Same Year 0 0 0 0 0
b. Number current valuation 13 0 1 6 20
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 31 45
SUMMARY OF CURRENT PLAN
Article 3 Pension Fund The Plan is established and administered as prescribed by “Article
3. Police Pension Fund – Municipalities 500,000 and Under” of
the Illinois Pension Code.
Plan Administration The Plan is a single employer defined benefit pension plan
administered by a Board of Trustees comprised of:
a.) Two members appointed by the Municipality,
b.) Two active Members of the Police Department elected
by the Membership, and
c.) One retired Member of the Police Department elected
by the Membership.
Credited Service Complete years of service as a sworn police officer employed by
the Municipality.
Normal Retirement
Date Tier 1: Age 50 and 20 years of Credited Service.
Tier 2: Age 55 with 10 years of Credited Service.
Benefit Tier 1: 50% of annual salary attached to rank on last day of
service plus 2.50% of annual salary for each year of service over
20 years, up to a maximum of 75% of salary. The minimum
monthly benefit is $1,000 per month.
Tier 2: 2.50% per year of service times the average salary for the
48 consecutive months of service within the last 60 months of
service in which the total salary was the highest prior to
retirement times the number of years of service, up to a maximum
of 75% of average salary. The minimum monthly benefit is
$1,000 per month.
For Tier 2 participants, the salary is capped at a rate of $106,800
as of 2011, indexed annually at a rate of CPI-U, but not to exceed
3.00%.
Form of Benefit Tier 1: For married retirees, an annuity payable for the life of the
Member; upon the death of the member, 100% of the Member’s
benefit payable to the spouse until death. For unmarried retirees,
the normal form is a Single Life Annuity.
Tier 2: Same as above, but with 66 2/3% of benefit continued to
spouse.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 32 46
Early Retirement
Date Tier 1: Age 60 and 8 years of Credited Service.
Tier 2: Age 50 with 10 years of Credited Service.
Benefit Tier 1: Normal Retirement benefit with no minimum.
Tier 2: Normal Retirement benefit, reduced 6.00% each year
before age 55, with no minimum benefit.
Form of Benefit Same as Normal Retirement
Disability Benefit
Eligibility Total and permanent as determined by the Board of Trustees.
Benefit Amount A maximum of:
a.) 65% of salary attached to the rank held by Member on
last day of service, and;
b.) The monthly retirement pension that the Member is
entitled to receive if he or she retired immediately.
For non-service connected disabilities, a benefit of 50% of salary
attached to rank held by Member on last day of service.
Cost-of-Living Adjustment Tier 1:
Retirees: An annual increase equal to 3.00% per year after age
55. Those that retire prior to age 55 receive an increase of 1/12 of
3.00% for each full month since benefit commencement upon
reaching age 55.
Disabled Retirees: An annual increase equal to 3.00% per year of
the original benefit amount beginning at age 60. Those that
become disabled prior to age 60 receive an increase of 3.00% of
the original benefit amount for each year since benefit
commencement upon reaching age 60.
Tier 2: An annual increase each January 1 equal to 3.00% per
year or one-half of the annual unadjusted percentage increase in
the consumer price index-u for the 12 months ending with the
September preceding each November 1, whichever is less, of the
original pension after the attainment of age 60 or first anniversary
of pension start date whichever is later.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 33 47
Pre-Retirement Death Benefit
Service Incurred 100% of salary attached to rank held by Member on last day of
service.
Non-Service Incurred A maximum of:
a.) 54% of salary attached to the rank held by Member on
last day of service, and;
b.) The monthly retirement pension earned by the deceased
Member at the time of death, regardless of whether death
occurs before or after age 50.
For non-service deaths with less than 10 years of service, a re-
fund of member contributions is provided.
Vesting (Termination)
Vesting Service Requirement Tier 1: 8 years.
Tier 2: 10 years.
Non-Vested Benefit Refund of Member Contributions.
Vested Benefit Either the termination benefit, payable upon reaching age 60 (55
for Tier 2), provided contributions are not withdrawn, or a refund
of member contributions. The termination benefit is 2.50% of
annual salary held in the year prior to termination (4-year final
average salary for Tier 2) times creditable service.
Contributions
Employee 9.91% of Salary.
Municipality Remaining amount necessary for payment of Normal (current
year’s) Cost and amortization of the accrued past service liability.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 34 48
MEMORANDUM
I .I...I I I I III
To: Mayor Argoudelis and the Board of Trustees VILLAGE OF
PLAINFIELD
From: Joshua Blakemore,Village Administrator
Date: November 13, 2023
Re: Plainfield Park District Request for 2024 Fireworks Funding
Background
The Park District previously requested an IGA to formalize our relationship to share in the cost of the fireworks;
however, the Village opted to review this on an annual basis. In order to book a vendor, the Park District needs an
answer from the Village by December for the upcoming fireworks (meaning the 2024 fireworks must be committed
to in December of 2023). After the 2023 fireworks, there were some questions about potentially coordinating a
show with Romeoville. The Park District has reviewed that option with Romeoville and is presenting the following
options for 2024:
1.A$20,000 show, split evenly between the Park District and Village. (The show would be "slightly decreased"
from last year's show due to the increasing costs of fireworks.)
2.A $22,000 show, split evenly between the Park District and Village. This would be the same show as last
year and accounts for a price increase.
3.A coordinated show with six(6) locations with the Village of Romeoville and the Plainfield Park District.The
cost of this is $47,250 each, from the Park District, Village, and Romeoville. Additional details such as the
three locations in Plainfield would still need to be determined.
Currently, the Park District has committed to Option 1, $10,000, and is requesting feedback from the Village. They
have not yet committed to a coordinated show at the significantly higher cost and would like some feedback from
the Village before they commit one way or another.
Going back to 2008, it appears as though the Village has donated anywhere from $0 - $10,000 for the event with
10,000 donated last year. The $10,000 contribution does not include time spent on the event by the Police and
Public Works; the Police Department estimates that the 2023 event cost just over $5,000. This was actually a
decrease from the 2022 costs with the Patriotic Picnic being scaled back to the fireworks and food truck festival.
However, we anticipate that these labor costs will increase significantly if Option 3 (multiple fireworks locations) is
selected.
Financial Considerations
Participation in the fireworks is done at the Board's discretion and any of the three options can be incorporated
into next fiscal year's budget.
Recommendation
Staff is seeking direction from the Board on the preferred option for the 2024 fireworks.
49
MEMORANDUM
i1i1[! _
1-1 11 1 "1.1111111 h1' 1 111
To: Mayor Argoudelis and Trustees VILLAGE OF
PLAINFIELD
From: Joshua,Village Administrator
Date: November 13, 2023
Re: Purchase Agreement between Dandelion Development LLC for approximately 2.9 acres located at Wallin
Wood Commercial Parcel B, Lot 4 at a price of$2,000,000
Background Findings
Over the last several months the Village has been reviewing a potential mixed-use development at the SE corner of
Village Center and Van Dyke. The proposed development was for an 84-unit apartment complex, with
approximately 9,000 square feet of commercial space on the ground level. Mixed use is permitted in the B-5 zoning
district, however the developer requested variances as part of the application. The variances and site plan were
considered at the October 2nd Board meeting,with the motion failing on a 3-4 vote. During the October 2nd meeting,
questions and comments were raised about the Village purchasing the property.Since that time,the current owner
has met with the Village and have represented they are willing to sell the property to the Village for a sum of
2,000,000.To that end,a purchase agreement outlining the conditions of the sale to the Village has been attached
for your review. Some highlights of the purchase agreement include the following:
Purchase price of$2,000,000
The Village is to close on the property by December 15, 2023
Non-refundable earnest deposit of$100,000
Sold "as-is" with the Village having obtained survey, and environmental reports on the property.
30 day"studies period" which is essentially the Village's due diligence period.
Policy Considerations
The Village has the right to purchase/acquire land. As the cost exceeds$10,000, Board approval is required.
Financial Considerations
The purchase of this property was not budgeted in the FY 23/24 Budget as this was not under consideration at the
time of budget preparation.This purchase should appropriately be considered as a capital item, and therefore paid
for out of the Village's Capital Fund. Most of the Village's FY 24 Capital program/projects are well underway,
therefore staff cannot point to any project(s)that can or even should be cut to fund this purchase. This ultimately
means that this purchase would be paid for from the Capital Fund, fund balance. The fund balance will then have
to be considered when preparing the FY 25 budget over the next several months and determine what adjustments
if any need to be made to the FY 25 capital program.
Additionally, the Village commissioned an appraisal on the property and received an appraisal report dated
November 1, 2023, showing a value of $1,325,000. The current owner purchased this land in 2021 at a cost of
1,300,000.As a reminder the purchase price has been arrived at based on the following—the current owner paid
1,300,000 for the property and has put roughly $450,000 into this project (engineering, architecture, attorneys,
etc.), and the Village is agreeing to a $250,000"premium", bringing the total purchase price to $2,000,000.
As previously reported,the proposed development project, upon completion, would produce the following:
Projected $300,000+ in property taxes.
16,015 to be paid in school impact fees. (School Site Contribution Fee)
Potential $10,000+ in sales tax from retail storefronts.
50
Projected $2+ million in local spending from renters at full occupancy (Based on 2021 Consumer
Expenditure data from the U.S. Bureau of Labor Statistics)
Recommendation
Should the Village take ownership of this parcel, staff would recommend adding a covenant to this parcel so that it
cannot be developed in the future, and to combine parcels with the existing Settlers' Park. In the future,should the
Village adopt a "Park" type zoning classification, the Village should consider a map amendment to this property as
well.
If the Board is in agreement with the terms and conditions of the purchase agreement, then a motion to approve
the attached ordinance authorizing the execution of the purchase agreement would be in order.
Attached:
Ordinance authorizing the execution of the purchase agreement
Purchase agreement
Plat of subdivision of the lot in question
51
MEMO TO: President Argoudelis and Board of Trustees
FROM: Rich Vogel, Tracy, Johnson &Wilson
DATE: November 8, 2023
RE: An Ordinance Authorizing the Execution of a Real Estate Purchase Contract
with Dandelion Development LLC (Lot 4 in Wallin Woods Commercial Parcel
B, PIN 06-03-16-105-0000)
The attached contract, if approved, provides for the Village to purchase Lot 4 in Wallin Woods,
an approximately 3 acre parcel adjacent to the existing Settlers' Park. The proposed purchase
price is $2,000,000.00, reflecting the sellers' purchase price of$1,300,000.00, plus
reimbursement of$454,472.07 in development related expenses incurred to date, with the
remaining $245,527.93 representing the additional consideration that the Village would be
agreeing to in order to close the purchase. The Village will be obtaining a new title
commitment/policy and survey in connection with the acquisition if the contract is approved, but
based on the review of due diligence materials provided to date by seller (soil borings, prior
survey, prior title, Phase I environmental study), anticipates foregoing further due diligence. If
approved, the Village will be required to deposit $100,000.00 of earnest money into escrow with
the title company (Chicago Title), and would anticipate closing in mid-December.
Should the Board of Trustees concur, the following motion is offered for your consideration.
I move for approval of the ordinance authorizing the execution of a Real Estate Purchase
Contract with Dandelion Development LLC(Lot 4 in Wallin Woods Commercial Parcel B,
PIN 06-03-16-105-0000)
52
ORDINANCE NO.
An Ordinance Authorizing the Execution of a Real Estate Purchase Contract with
Dandelion Development LLC (Lot 4 in Wallin Woods Commercial Parcel B, PIN
06-03-16-105-0000)
WHEREAS, the Village of Plainfield is a home rule unit of government
within the meaning of the Section 6(a) of Article VII of the Constitution of the
State of Illinois, and is authorized pursuant thereto to exercise any power and
perform any function pertaining to its government and affairs, including the power
to acquire and sell real estate pursuant to contract on such terms as the
Corporate Authorities shall authorize; and
WHEREAS, public purposes include those purposes which are useful,
advantageous, beneficial, or utilitarian to the Village in the exercise of its
corporate powers and in connection with its performance of municipal functions
or rendition of municipal services, where the use of the real estate so acquired
for public purposes will benefit the Village of Plainfield and the public as a whole,
with such benefits being available on equal terms to all members of the public,
and in accordance with the applicable ordinances of the Village of Plainfield and
laws of the State of Illinois; and
WHEREAS, the Village has determined that the property legally described
in the contract attached as Exhibit A hereto is necessary for the Village to acquire
for public purposes and specifically for the purpose of providing public open
space; and
WHEREAS, after further investigation and negotiation, the Village of
Plainfield has determined that it is in the best interests of the Village to acquire
the above-mentioned property by means of entering into a purchase contract in
substantially the form set forth in Exhibit A; and
WHEREAS, the acquisition of the said real property pursuant to the
contract therefor incorporated herein as Exhibit A will promote the health, safety
morals and welfare of the Village, and will facilitate the provision of necessary
public services to residents and promote the future orderly growth and
development of the Village.
NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES FOR THE VILLAGE OF PLAINFIELD, WILL AND
KENDALL COUNTIES, ILLINOIS; THAT:
SECTION 1 : RECITALS. The foregoing recitals are hereby incorporated
into this Ordinance as if fully set forth herein.
SECTION 2: AUTHORIZATION. The Village President and the Village
53
Clerk are hereby respectively authorized to execute and attest to the execution of
a real estate purchase contract in substantially the form incorporated herein as
Exhibit A.
SECTION 3: SEVERABILITY. That the various provisions of this
Ordinance are to be considered severable and if any part or portion of this
Ordinance shall be held invalid by any Court of competent jurisdiction, such
decision shall not affect the validity of the remaining provisions of this Ordinance.
SECTION 4: CONFLICTS. All prior Ordinances and Resolutions, or parts
thereof in conflict or inconsistent with this Ordinance are hereby expressly
repealed only to the extent of such conflict or inconsistency.
SECTION 5: REPEALER. All Ordinances or parts of Ordinances in
conflict with any of the provisions of this Ordinance shall be, and the same are
hereby repealed.
SECTION 6: EFFECTIVE DATE. This Ordinance shall be in full force and
effect from and after its passage, approval and publication in pamphlet form as
provided by law.
PASSED THIS DAY OF 2023.
AYES:
NAYS:
ABSENT:
APPROVED THIS DAY OF 2023.
VILLAGE PRESIDENT
ATTEST:
VILLAGE CLERK
54
Exhibit A
Legal Description
Lot 4 in Wallin Woods Commercial Parcel B, a subdivision of part of the East half
of the Northwest quarter and the West half of the Northeast quarter of Section 16,
Township 36 North, Range 10 East of the Third Principal Meridian, according to
the plat thereof recorded as Document No. R 98-082650 with the Will County
Recorder's Office.
PIN 06-03-16-105-0000
55
Exhibit B—Purchase Agreement
56
REAL ESTATE PURCHASE AGREEMENT
THIS AGREEMENT is made and entered into as of this day of 2023,
Execution Date") by and between the Village of Plainfield, an Illinois Home Rule Municipal
Corporation, and Dandelion Development, LLC.
1. Purchaser: Village of Plainfield("Purchaser"), agrees to purchase at a purchase price of Two
Million and No/100 Dollars ($2,000,000.00) ("Purchase Price"),upon the terms,covenants,conditions and
agreements set forth herein,the "Premises" consisting of the following: (a)that certain real property legally
described as set forth in Exhibit A to this Agreement("Land"), (b) any improvements thereon or therein
Improvements") and(c) all rights,privileges,easements and interests appurtenant to the Land and
Improvements.
2. Seller: Dandelion Development,LLC, ("Seller") agrees to sell the Premises to Purchaser for the
Purchase Price,upon the terms,covenants,conditions and agreements set forth herein, and to convey good and
marketable fee simple title thereto to Purchaser,by a good, sufficient and recordable Special Warranty Deed
Deed"), subject only to title exceptions approved by Purchaser by written notice to Seller(hereafter
collectively referred to as "Permitted Exceptions").
3. Purchase Price: The Purchase Price(plus or minus prorations, credits or other adjustments) shall
be payable by certified or cashier's check or bank wire transfer of collected federal funds on the Closing Date
as defined in Paragraph 8 hereof).
4. Earnest Money: Within three(3)days after the Execution Date,Purchaser shall deposit the sum
of One Hundred Thousand and No/100 Dollars ($100,000.00) ("Earnest Money") into escrow with Chicago
Title Insurance Company("Escrowee")to be held under its usual and customary form of strict joint order
escrow agreement. The Earnest Money shall be applied as a credit towards the Purchase Price at Closing(as
defined in Paragraph 8 hereof). The Earnest Money,once deposited, shall be nonrefundable to Purchaser in
the event that the transaction shall fail to close for any reason other than Seller's default.
5. Default: In the event this transaction fails to close for any reason other than Seller's default, Seller
shall retain the Earnest Money (plus all interest accrued thereon) as liquidated damages and in lieu of any other
rights or remedies which may be available at law or in equity. The parties acknowledge that Seller will suffer
damages in the event of Purchaser's default,that the amount of such damages is difficult or impossible to
determine, and that the amount of the Earnest Money is a reasonable estimate of the amount of damages that
Seller would suffer in the event of Purchaser's default. In the event this transaction fails to close due to
Seller's default,the Earnest Money,together with all accrued interest thereon, shall be promptly returned to
Purchaser and, in the event of Seller's default,Purchaser shall retain all rights to specifically enforce this
Agreement, in addition to damages and all other rights and remedies available at law or in equity.
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7. AS-IS Transaction. The parties acknowledge that Buyer is purchasing the Subject Property
subject to the "AS-IS" Rider attached hereto as Exhibit B.
8. Studies Period.
a) From and after the Execution Date up to and including the date which is thirty (30)
days thereafter ("Studies Date"), Purchaser, its employees, representatives and agents shall (i) have the
right to enter upon the Premises to make such tests and studies (collectively herein called "Studies") as
deemed necessary to investigate and obtain information concerning the Premises. Seller will disclose
any information to Purchaser relative to the foregoing upon Purchaser's request. The parties hereto
acknowledge that Purchaser's Studies may include the conduct of a Phase I Environmental Site
Assessment ("Phase I").
b) Within five(5)days of the Execution Date, Seller will deliver to Purchaser copies of any
Studies which are in Seller's possession including the following(collectively herein called "Seller's
Deliveries"):
i)environmental assessment reports
ii) licenses and permits
iii) most recent tax bill pertaining to the Premises,
iv) existing survey and title work (including title documents): and
v) all data, correspondence, documents, agreements, waivers, notices, applications
and other records in respect to the Premises and relating to transactions with
taxing authorities, governmental agencies, utilities, vendors, mortgagees, and
others
If Seller shall fail to deliver any of Seller's Deliveries or to deliver title as required under Paragraph 10 hereof
to Purchaser within the time periods specified respectively therefor,then the Contingency Period shall be
extended by one(1)day for each day Seller shall fail to complete such deliveries.
8. Closing. Provided that Purchaser has not earlier terminated this Agreement pursuant to
Paragraph 7 above, the closing ("the Closing") shall take place on the date (the "Closing Date") which is
mutually agreed upon by Purchaser and Seller and is after all of the following conditions have been
satisfied: (i) Purchaser has furnished Seller with written notice waiving the Studies Period or remaining
portion thereof in Paragraph 7 above and indicating its intent to close this transaction (the "Closing Notice"),
or if Purchaser furnishes no such notice, the Studies Period has expired, and(ii) Seller has terminated all
leasehold and possessory rights of all third parties occupying the Premises as tenants thereof; and caused the
removal of all personal property from the Premises. Notwithstanding any other contrary provision of this
Agreement, the Closing Date shall be on or before December 15, 2023.
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9. Seller Representations.Without limiting any other provision of this Agreement and as a material
inducement to Purchaser's entering into this Agreement, Seller represents,to the best of seller's knowledge
without any independent investigation,to Purchaser as of the date hereof that:
a) From and after the Execution Date(unless this Agreement is otherwise terminated), Seller
agrees not to sell,transfer,convey or encumber or cause or permit to be sold, transferred, leased, occupied,
possessed,used,conveyed or encumbered,the Premises, or any part thereof, or alter or amend the zoning
classification of the Premises (except as requested by Purchaser), or otherwise perform or permit any act or
deed which shall diminish,encumber or affect Purchaser's rights in and to the Premises or prevent Seller from
performing fully its obligations hereunder.Without otherwise limiting the foregoing, Seller expressly agrees
that from and after the Execution Date, (unless this Agreement is otherwise terminated), Seller expressly
agrees that it shall not occupy,use or possess the Premises or any part thereof for purposes of the operation or
conduct of any business,commercial or industrial activity or trade whatsoever or for residential purposes or
permit any third party to so occupy,use or possess the Premises or any part thereof.
b) Excluding any such violations placed against the property by the purchaser prior to the
closing date, there are, and as of the Closing Date there will be, to the best knowledge of Seller, no
violations of any Federal, State, County or municipal statutes, laws, codes, ordinances, rules,regulations,
orders, decrees and directives, relating to the use and condition of the Premises. Seller covenants that it shall
notify Purchaser in writing with respect to matters of which Seller receives notice on or before the Closing;
c) Excluding any notices sent by the purchaser to the seller prior to the closing date, Seller, or
any agent thereof,has not received any written notice from any governmental or quasi-governmental body or
agency or from any person or entity with respect to,and does not know of(other than the purchase of the
Premises contemplated hereby), any actual or threatened taking or acquisition of,the Premises or any portion
thereof for any public or quasi-public purpose by the exercise of the right of condemnation or eminent domain.
There is no claim, litigation,proceeding or governmental investigation,pending or,to the best knowledge of
Seller,threatened, against or relating to the Premises or any portion thereof, or against the transaction
contemplated by this Agreement or against Seller which affects its ownership of the Premises,this transaction
or the ability of Seller to perform hereunder;
d) Neither the execution nor delivery of this Agreement,consummation of the transaction
contemplated hereby, nor fulfillment of or compliance with the terms and conditions hereof, conflict with or
will result in a breach of any of the terms,conditions or provisions of any agreement or instrument to which
Seller is a party or by which it is bound, or constitutes a default under any of the foregoing,or results in the
creation of a lien, claim,charge or encumbrance on the Premises other than the Permitted Exceptions;
e) No labor,material or services have been furnished by or at the direction of Seller, in on or
about the Premises or any part thereof, as a result of which any mechanics', laborers', or materialmen's liens or
claims thereof might arise(or if such labor, material or services have been furnished,the same will be fully
paid for at or before closing and Seller shall provide the necessary waivers to assure Purchaser that no liens or
claims will arise). No person has any right of first refusal or any option to acquire title to the Premises or any
part thereof;
f) During Seller's possession of the Real Estate,and to the knowledge of Seller,and except as
disclosed in any environmental report received or obtained by Purchaser as contemplated by Paragraph 7, at all
times prior thereto, (i)the Premises have not been contaminated with any hazardous wastes, hazardous
substances, or other hazardous or toxic materials as defined in the Environmental Laws so as to constitute a
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violation of any of the Environmental Laws or to require any corrective or remedial action, (ii)there is no
pending or threatened civil or criminal litigation,notice of violation or administrative proceeding relating in
any way to the Environmental Laws involving Seller, and to the knowledge of Seller,there is no basis for any
such litigation,notice or proceeding, and(iii)the Premises have never been the location of any Underground
Storage Tank containing petroleum,petroleum products,hazardous substances or hazardous waste. For
purposes of this paragraph the term "Environmental Laws" shall mean all federal, state and local laws relating
to pollution or protection of human health or the environment and any regulation, code, plan, order, decree,
judgment, or injunction related thereto, including without limitation; the Resource Conservation and Recovery
Act,42 U.S.C. §6901 ("RCRA"),the Comprehensive Environmental Response,Compensation and Liability
Act of 1980, 26 U.S.C. §4611;42 U.S.C. §9601,the Superfund Amendment and Reauthorization Act of 1986
Superfund"),the Clean Air Act,42 U.S.C. §7401,the Clean Water Act, 33 U.S.C. §1251,the Safe Drinking
Water Act,42 U.S.C. §300f, and the Toxic Substances Control Act, 15 U.S.C. §2601, or the Illinois
Environmental Protection Act,415 ILCS 5/1 et. seq., "Underground Storage Tank" shall have the meaning set
forth therefor in 430 ILCS 15/4(e), and "hazardous substances" and "hazardous wastes" shall include those
materials defined as such under any of the provisions of the Environmental Laws,together with any and all
other materials which are toxic,ignitable,corrosive or reactive and are regulated by any federal, state or local
governmental authority, including but not limited to asbestos, petroleum,petroleum products,polychlorinated
biphenyls, freon and other chlorofluorocarbons and urea formaldehyde foam insulation;
g) Seller will at the time of Closing be the fee simple owner of legal title to the Premises, and be
able to convey the same to Purchaser free and clear of liens,encumbrances,judgments,claims, litigation,
lawsuits,options and restrictions of every kind and description which would adversely affect Seller's ability to
convey title to the Premises to Purchaser in the condition required hereunder,including but not limited to claims
arising out of any litigation to which Seller was or is a party;
h) All of Seller's Deliveries in paragraph 7(b) hereof are true, accurate,correct and complete in
all respects, and fairly present the information set forth in a manner that is not misleading;there being no
side" or other agreements, written or oral, in force or effect,relating to Seller's Deliveries;
i) There are no commissions or finder's fees payable to any broker,agent or other third party on
behalf of Seller in connection with any transaction pertaining to the Premises;
j) Seller has full capacity, right,power and authority to execute, deliver and perform this
Agreement and all documents to be executed by Seller pursuant hereto. This Agreement and all documents to
be executed pursuant hereto by Seller are and shall be binding upon and enforceable against Seller in
accordance with their respective terms, and the transaction contemplated hereby will not result in a breach of,
or constitute a default or permit acceleration of maturity under, any indenture,mortgage,deed of trust,loan
agreement or other agreement to which Seller or the Premises is subject or by which Seller or the Premises is
subject or by which Seller or the Premises is bound; and
k) Seller shall, at Seller's sole cost and expense, maintain the Premises free from waste and neglect
and shall keep and perform or cause to be performed all obligations of the Premises' owner or its agents
under applicable federal, state, county and municipal laws, ordinances, regulations, orders and directives.
10. Purchaser's Warranties and Representations.
a) Purchaser hereby agrees to indemnify, protect and hold Seller harmless from and against any and
all claims, demands, loss, cost, damage, expense or liability including reasonable attorneys' fees
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caused by, resulting from, arising out of or occurring in connection with either the presence of anyone
on the Subject Property at the request of Purchaser or any of the activities of the Purchaser on the
Subject Property in regard to preparing surveys, soil tests and borings, preliminary engineering,
topographical surveys, planning studies, preliminary plats of subdivision or planned unit development
or in regard to satisfying any of the contingencies set forth in this Contract. This indemnification shall
survive any termination of this Contract. Purchaser shall provide Seller forty-eight (48) hours
advance notice prior to Purchaser entering the Property.
b) Purchaser hereby agrees that the Purchaser shall not allow any liens or claims to be filed against
the Subject Property as a result of any acts or omissions by Purchaser in regard to the matters set
forth in this Contract. In the event that a lien or claim is filed against the Subject Property or a claim
made against Seller as a result of any acts or omission of Purchaser, Purchaser hereby agrees to hold
the Seller harmless and indemnified in regard to said liens, claims, demands and the cost of defending
same or clearing same from title to include, but not limited to, the cost of any legal action, suit, suit to
quiet title and any reasonable attorneys' fees incurred by Seller. It is agreed by and between the
parties hereto that the provisions of this paragraph shall survive closing or the termination of this
Contract.
c) Purchase agrees to not issues any violations or condemnation proceedings against the property
with the intent to obstruct the culmination of sale of the property and hinder the seller from
performing its obligations under the contract.
11. Title and Survey.
a) Within fifteen (15) days following the Execution Date, Purchaser shall obtain a title
commitment ("Commitment") for an ALTA Form owner's title insurance policy issued by Chicago Title
Insurance Company ("Title Insurer") in the amount of the purchase price, covering title to the Premises
on or after the Execution Date together with legible copies of all documents appearing therein required
hereunder showing title in the Seller subject only to (a) the general exceptions contained in the policy
with an extended coverage endorsement insuring over all general exceptions, (b)title exceptions pertaining to
liens or encumbrances of a definite or ascertainable amount which may be removed by the payment of money
at Closing and which the Seller shall so remove at that time by using the funds to be paid upon the delivery of
the Deed, and(c) such other exceptions as may be included on the policy of title received by Seller upon its
acquisition of the Premises and provided to Purchaser pursuant to Paragraph 7 (collectively,the "Permitted
Exceptions"). The Commitment may also include such endorsements as may reasonably be requested by
Purchaser, at Purchaser's expense. The Commitment shall be conclusive evidence of good title as therein
shown as to all matters insured by the policy, subject only to the exceptions as therein stated. Purchaser shall,
at its expense,cause the Title Insurer to deliver the above-described owner's policy with any endorsements
requested by Purchaser at Purchaser's expense attached thereto to Purchaser on the Closing Date.
b) Within thirty (30) days following the Execution Date,Purchaser may, at Purchaser's sole cost
and expense, cause a current ALTA/NSPS plat of survey of the Premises to be prepared by an Illinois
registered and licensed surveyor(the "Survey"). The Survey shall be certified to Purchaser and the Title
Insurer.The Survey shall be in conformity with the current standards for Land Title Surveys of the American
Title Association and American Congress on Surveying and Mapping,jointly established by ALTA and NSPS
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in 2016, and such standards as are required by the Title Insurer as a condition to providing extended coverage
over general exceptions.
c) If the Commitment discloses exceptions other than Permitted Exceptions to which Purchaser
objects,Purchaser shall notify Seller thereof within fifteen (15)days following its receipt of the Commitment,
and Seller shall have thirty (30)days from the date of delivery of Purchaser's objection notice to have such
exceptions removed from the Commitment or to have the Title Insurer commit in writing to insure Purchaser
against loss or damage that may be occasioned by such exceptions. If Seller fails or refuses to have the
exceptions removed or in the alternative to obtain the written Commitment for title insurance specified above
as to such exceptions within the specified time, Purchaser may,by notice to Seller within ten (10)days after
the expiration of Seller's thirty (30) day cure period terminate this Agreement and receive a return of the
Earnest Money,but in the absence of such notice, this Agreement shall remain in force and effect.
12. Closing Requirements. On the Closing Date, Seller shall deliver sole and exclusive
possession of the Premises to Purchaser subject to no leasehold or possessory rights of third parties, and free
and clear of any and all personal property kept or located on the Premises.
13. Condemnation or Loss.
a) If, prior to Closing, all or any part of the Premises is taken by eminent domain by any
governmental authority other than Purchaser or other related entities,Purchaser shall have the right to
terminate this Agreement and to recover all Earnest Money (and accrued interest thereon)that he has paid
within five(5)days after receipt of written notice of such occurrence from Seller. In the event of a
condemnation proceeding, if Purchaser elects to close the subject transaction,Purchaser shall be credited with
or be assigned Seller's right to any condemnation proceeds therefrom relating to the Premises. Seller hereby
agrees to give Purchaser written notice with respect to any such damage to the condemnation proceedings
within seventy-two(72) hours of Seller's receipt of any such notice of the institution of such proceedings. If
Purchaser elects to so terminate this Agreement,this Agreement shall become null and void and of no further
force and effect, and all Earnest Money and interest earned thereon, if any, shall be returned promptly to
Purchaser.
b) If, after the Execution Date and on or before the Closing, all or any part of the Premises shall
be damaged or destroyed by vandalism,fire or other casualty or any other cause,whether or not covered by
insurance, Seller shall immediately notify Purchaser thereof, and Purchaser shall thereafter have the option, at
its sole discretion within fifteen(15)days after Purchaser's receipt of such notice,to elect to terminate this
Agreement by written notice to Seller,in which event,neither Purchaser nor Seller shall have any further
obligations hereunder and the Earnest Money,together with any interest accrued thereon, shall be returned
immediately to Purchaser upon Purchaser's demand, or to elect to have this Agreement performed in
accordance with its terms, in which event Purchaser shall have the right to adjust and settle the loss with all
relevant insurance companies, to receive any and all proceeds due and payable because of such loss,and to
receive from Seller at Closing a credit against the Purchase Price for the amounts of any deductibles or self-
insured retentions. Seller shall cooperate with Purchaser in executing all documents reasonably required in
order to allow Purchaser to collect all insurance proceeds due and payable in such an event. In the event that
the Closing Date is less than fifteen(15)days after Purchaser's receipt of notice from Seller of damage or
destruction to the Premises,the Closing Date shall be adjusted in order to allow Purchaser fifteen(15)days to
make the election contemplated by this Paragraph 12(b).
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14. Time is of the essence of this Contract and each and every provision hereof. If the
performance of any obligation required hereunder or the last day of any time period determined in
accordance with the terms and provisions of this Contract is to occur on a Saturday, Sunday or legal
holiday under the laws of the State of Illinois, then the day on which the performance of any such
obligation is to occur or the last day of any such time period, as the case may be, shall be extended to
the next succeeding business day.
15. Closing. The Closing shall take place on the Closing Date or such other date as may be
mutually acceptable to Seller and Purchaser at the offices of Title Insurer, and shall be consummated
through an escrow with Escrowee in accordance with the general provisions of the usual form of deed and
money escrow then in use by Escrowee, with such provisions added thereto as may be agreed upon by the
parties and as may be necessary to conform such escrow with the requirements of this Agreement. Upon
the creation of such deed and money escrow, the payment of the Purchase Price and the delivery of the
Deed and all other documents and deliveries required from the parties shall be made through such deed
and money escrow. The parties shall make all required deposits into such escrow on or before the Closing
Date. All costs of such escrow and all costs imposed by the Title Insurer for the Closing and the Earnest
Money escrow shall be divided equally between the parties. Such escrow agreement shall be and at all
times remain auxiliary to the terms and provisions of this Agreement, and the terms and provisions of this
Agreement shall control over any contrary terms of such escrow agreement.
a) On the Closing Date, Seller shall deliver in accordance with the terms of the above-
mentioned deed and money escrow agreement the following:
i) Deed;
ii) Certificate of Seller's Representations,;
iii) Closing Statement;
iv) Affidavit under Section 1445 of the Internal Revenue Code;
v) ALTA Statements;
vi) Executed revenue declaration forms for all applicable transfer taxes;
vii) Affidavit of Title;
viii) Any and all other customary Seller's documents and other documents referenced
herein unless specifically provided by the purchaser pursuant to the agreement
ix) An executed gap undertaking; and
b) On the Closing Date,Purchaser shall deliver in accordance with the terms of the above-
mentioned deed and money escrow agreement the following:
i) The balance of the Purchase Price,by cashier's check or certified check or
wire transfer;
ii) Executed revenue declaration forms for all applicable transfer taxes;
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iii) An executed gap undertaking,if applicable;
iv) Affidavit under Section 1445 of the Internal Revenue Code, if applicable;
v) ALTA statements;
vi) Survey for title clearance and
vii) Any and all other necessary and customary Purchaser's documents (including
such documents as are necessary to deliver the Earnest Money).
16. Prorations. General real estate taxes not yet due and payable shall be prorated on the basis of 105%
of the most recent ascertainable tax bill, and all other items of accrued or prepaid income and
expenses, including but not limited to charges for utility services such as electricity,natural gas, water
and sanitary sewer, internet access,cable or satellite television or telephone service, shall be prorated
on an accrual basis as of the closing on the basis of the most recent ascertainable amounts of or other
reliable information in respect to each such item of income and expense,and the net credit to
Purchaser or Seller shall be paid in cash at closing. Said prorations shall be final.
17. Prohibited Transactions. From and the after the date hereof, Seller shall not, and shall not permit
any third party under the control of Seller to, without the express written consent of Purchaser or except
as otherwise expressly provided in this Agreement: (i) enter into any lease, contract or agreement or
grant any rights (including licenses and easements) respecting the Premises or any portion thereof; (ii)
intentionally create or suffer any right, claim, lien or encumbrance of any kind or nature whatsoever on
the Premises or any portion thereof; (iii) intentionally add or remove soil from the Premises or
otherwise dump or abandon any property, materials or chemicals thereon or (iv) occupy, use or possess
the Premises or any part thereof for purposes of the operation or conduct of any business, commercial
or industrial activity or trade whatsoever or for residential purposes.
18. Expenses. Each party shall be responsible for the payment of its respective legal fees, if any,
incurred in connection with the closing of the transaction contemplated herein. Seller shall pay any
state and county real estate transfer tax, and/or documentary stamp tax payable on the transfer of the
Property, the premium for any owner's policy of title insurance issued in favor of Purchaser, and one-
half(1/2) of any escrow fees. All other costs and expenses of the transaction contemplated hereby,
including, without limitation, the premium for any owner's policy of title insurance issued in favor of
Purchaser, all recording fees, and the remaining one-half(1/2) of any escrow fees shall be borne by
Purchaser. Any applicable municipal transfer taxes shall be paid by the party as set forth in the
applicable municipal ordinance.
19. Notices. (a) All notices required or to be given pursuant hereto shall be in writing and either
delivered personally, or by a nationally recognized overnight courier service, via electronic mail (e-
mail)or mailed by United States certified or registered mail,postage,prepaid, addressed to Seller and
Purchaser as follows:
Village of Plainfield
24401 W. Lockport Street
Plainfield, Illinois 60544
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Attn.: Village Administrator
Email:jblakemore@goplainfield.com
Phone: (815) 436-7093
Richard E. Vogel
Tracy, Johnson & Wilson
2801 Black Road, Second Floor
Joliet, Illinois 60435
Email: rvogel@tracylawfirm.com
Phone: (815) 723-8500
Dandelion Development LLC
106 N Catherine Avenue
La Grange,Illinois 60525-1828
Melinda Higgins Brom
301 Scottswood Road
Email: Melindabrom@gmail.com
Phone: 708-447-3070
b) Notices shall be deemed effective and properly delivered and received when and if either
i)personally delivered or delivered by e-mail, (ii)delivered by nationally recognized
overnight courier service; or(iii)three(3)business days after being deposited in the U.S.
Mail, by registered or certified mail,return receipt requested,postage prepaid.
c) Either Seller or Purchaser may change the names and addresses of the persons to
whom notices or copies thereof shall be delivered, by written notice to Purchaser or
Seller, as the case may be, in the manner herein provided for the service of notice.
20. Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding
upon Purchaser and Seller,their respective heirs,executors, administrators, successors,assigns, grantees and
legal representatives.
21.Brokerage. Seller and Purchaser each represent to the other that they have not dealt with any
real estate broker with respect to this Agreement. Each party hereby agrees to indemnify, defend and
hold the other harmless of and from any and all manner of claims, liabilities, loss, damage, attorneys'
fees and expenses, incurred by either party and arising out of, or resulting from, any claim, by any
broker or finder in contravention of their representations and warranties herein contained.
22. Integration. This Agreement sets forth and contains all agreements, understandings and
covenants between the Purchaser and the Seller with respect to the sale of the Premises, and
supersedes any and all other written or oral agreements, understandings and negotiations, and
represents the entire agreement of Purchaser and Seller with respect to the sale of the Premises.
This Agreement shall only be amended or modified pursuant to the terms of a written instrument
duly authorized and executed by the Parties.
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23. Counterparts. This Agreement may be executed in any number of counterparts,each of which shall
be deemed to be an original, but all of which, when taken together, shall constitute but one and the
same instrument. Electronic counterparts of this Agreement as executed by the parties shall be
deemed and treated as executed originals for all purposes. No enforceable agreement shall exist
between the parties unless and until this Agreement or separate counterparts hereof are signed and
delivered by each of the parties hereto.
25. Like-Kind Exchange. Each party may consummate the purchase and sale or all or a portion of the
Property as part of a so-called like kind exchange(the "Exchange")pursuant to Section 1031 of the
Internal Revenue Code,provided that: (a)the Closing shall not be delayed or affected by reason of the
Exchange nor shall the consummation or accomplishment of the Exchange be a condition precedent or
condition subsequent to the exchanging party's obligations under this Agreement; (b)the exchanging
party shall effect the Exchange through an assignment of all or a portion of this Agreement, or its
rights under this Agreement to a qualified intermediary; and(c) the non-exchanging party shall not be
required to take an assignment of the purchase agreement for the relinquished property or be required
to acquire or hold title to any real property for purposes of consummating the Exchange. The non-
exchanging party shall not by this agreement or acquiescence to the Exchange(x)have its rights under
this Agreement affected or diminished in any manner or(y)be responsible for compliance with or be
deemed to have warranted to the exchanging party that the Exchange in fact complies with Section
1031 of the Internal Revenue Code.
26. Miscellaneous.
a) Time is of the essence of this Contract and each and every provision hereof. If the
performance of any obligation required hereunder or the last day of any time period determined in
accordance with the terms and provisions of this Contract is to occur on a Saturday, Sunday or
legal holiday under the laws of the State of Illinois, then the day on which the performance of any
such obligation is to occur or the last day of any such time period, as the case may be, shall be
extended to the next succeeding business day.
b) This Contract constitutes the entire agreement and understanding between the parties; there
being no other promises or agreements between them not expressly set forth in this Contract. No
change or modification of this Contract shall be valid unless the same is in writing and signed by
the parties hereto.
c) Nothing contained in this Contract shall be deemed or construed as creating a relationship of
principal and agent or of partnership or joint venture between Seller and Purchaser, or any
relationship other than that of Seller and Purchaser.
d) In the event that any of the covenants, agreements, terms or provisions contained in this Contract
shall be invalid, illegal or unenforceable in any respect, the validity of the remaining covenants,
agreements, terms and provisions contained herein shall not be in any way affected, prejudiced or
disturbed thereby.
e) This Contract shall be governed by and construed under the laws of the State of Illinois.
f) The individuals executing this Contract on behalf of the Seller and Purchaser hereby represent and
warrant that they have been duly authorized, that such representatives have full power and authority
to enter into this transaction, that entry into this transaction does not violate the mortgage, if any,
against the property or the collateral assignment, if any, of the beneficial interest in Seller, and that no
third party authorization is required for the execution hereof.
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IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed all as of the
dated first above named.
PURCHASER:SELLER:
Village of Plainfield Dandelion Development,LLC
By: By:
John F.Argoudelis
Village President
Attest:
Michelle Gibas
Village Clerk
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Exhibit A
Legal Description
Lot 4 in Wallin Woods Commercial Parcel B, a subdivision of part of the East half of the Northwest
quarter and the West half of the Northeast quarter of Section 16, Township 36 North,Range 10 East
of the Third Principal Meridian, according to the plat thereof recorded as Document No. R 98-082650
with the Will County Recorder's Office.
PIN 06-03-16-105-0000
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EXHIBIT B "AS-IS RIDER"
SELLER IS NOT MAKING AND HAS NOT MADE AT ANY TIME ANY WARRANTIES OR
REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED,WITH
RESPECT TO THE PROPERTY INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES
OR REPRESENTATIONS AS TO THE HABITABILITY, MERCHANTABILITY, FITNESS FOR
A PARTICULAR PURPOSE, TITLE, ZONING, TAX CONSEQUENCES, PHYSICAL OR
ENVIRONMENTAL CONDITION, OPERATING HISTORY OR PROJECTIONS, VALUATION,
GOVERNMENTAL APPROVALS, OR GOVERNMENTAL REGULATIONS. UPON CLOSING,
SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT
THE PROPERTY "AS IS,WHERE IS, WITH ALL FAULTS AND DEFECTS". PURCHASER
WILL CONDUCT SUCH INVESTIGATIONS OF THE PROPERTY INCLUDING, BUT NOT
LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF AS
PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE CONDITION OF THE
PROPERTY. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK OF ADVERSE
MATTERS INCLUDING, BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND
ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS THAT MAY NOT HAVE
BEEN REVEALED BY PURCHASER'S INVESTIGATIONS. PURCHASER, UPON CLOSING,
HEREBY WAIVES, RELINQUISHES AND RELEASES SELLER FROM AND AGAINST ANY
AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN
TORT; i.e., NEGLIGENCE AND STRICT LIABILITY), LOSSES, DAMAGES, LIABILITIES,
COSTS AND EXPENSES (INCLUDING ATTORNEY'S FEES AND COURT COSTS) OF ANY
AND EVERY KIND AND CHARACTER, KNOWN AND UNKNOWN, WHICH PURCHASER
MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER AT ANY TIME BY REASON OF
OR ARISING OUT OF ANY CONSTRUCTION DEFECTS, PHYSICAL AND
ENVIRONMENTAL CONDITIONS, THE VIOLATION OF ANY APPLICABLE LAWS AND
ANY AND ALL OTHER MATTERS REGARDING THE PROPERTY THAT ACCRUE FROM
AND AFTER THE DATE OF CLOSING. THE TERMS AND CONDITIONS OF THIS SECTION
SHALL EXPRESSLY SURVIVE THE CLOSING AND NOT MERGE THEREIN.
Purchaser:
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MEMORANDUM
i1i1[! _
1-1 11 1 "1.1111111 h1' 1 111
To: Mayor Argoudelis and Trustees VILLAGE OF
PLAINFIELD
From: Joshua,Village Administrator
Date: November 13, 2023
Re: Purchase Agreement between Dandelion Development LLC for approximately 2.9 acres located at Wallin
Wood Commercial Parcel B, Lot 4 at a price of$2,000,000
Background Findings
Over the last several months the Village has been reviewing a potential mixed-use development at the SE corner of
Village Center and Van Dyke. The proposed development was for an 84-unit apartment complex, with
approximately 9,000 square feet of commercial space on the ground level. Mixed use is permitted in the B-5 zoning
district, however the developer requested variances as part of the application. The variances and site plan were
considered at the October 2nd Board meeting,with the motion failing on a 3-4 vote. During the October 2nd meeting,
questions and comments were raised about the Village purchasing the property.Since that time,the current owner
has met with the Village and have represented they are willing to sell the property to the Village for a sum of
2,000,000.To that end,a purchase agreement outlining the conditions of the sale to the Village has been attached
for your review. Some highlights of the purchase agreement include the following:
Purchase price of$2,000,000
The Village is to close on the property by December 15, 2023
Non-refundable earnest deposit of$100,000
Sold "as-is" with the Village having obtained survey, and environmental reports on the property.
30 day"studies period" which is essentially the Village's due diligence period.
Policy Considerations
The Village has the right to purchase/acquire land. As the cost exceeds$10,000, Board approval is required.
Financial Considerations
The purchase of this property was not budgeted in the FY 23/24 Budget as this was not under consideration at the
time of budget preparation.This purchase should appropriately be considered as a capital item, and therefore paid
for out of the Village's Capital Fund. Most of the Village's FY 24 Capital program/projects are well underway,
therefore staff cannot point to any project(s)that can or even should be cut to fund this purchase. This ultimately
means that this purchase would be paid for from the Capital Fund, fund balance. The fund balance will then have
to be considered when preparing the FY 25 budget over the next several months and determine what adjustments
if any need to be made to the FY 25 capital program.
Additionally, the Village commissioned an appraisal on the property and received an appraisal report dated
November 1, 2023, showing a value of $1,325,000. The current owner purchased this land in 2021 at a cost of
1,300,000.As a reminder the purchase price has been arrived at based on the following—the current owner paid
1,300,000 for the property and has put roughly $450,000 into this project (engineering, architecture, attorneys,
etc.), and the Village is agreeing to a $250,000"premium", bringing the total purchase price to $2,000,000.
As previously reported,the proposed development project, upon completion, would produce the following:
Projected $300,000+ in property taxes.
16,015 to be paid in school impact fees. (School Site Contribution Fee)
Potential $10,000+ in sales tax from retail storefronts.
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Projected $2+ million in local spending from renters at full occupancy (Based on 2021 Consumer
Expenditure data from the U.S. Bureau of Labor Statistics)
Recommendation
Should the Village take ownership of this parcel, staff would recommend adding a covenant to this parcel so that it
cannot be developed in the future, and to combine parcels with the existing Settlers' Park. In the future,should the
Village adopt a "Park" type zoning classification, the Village should consider a map amendment to this property as
well.
If the Board is in agreement with the terms and conditions of the purchase agreement, then a motion to approve
the attached ordinance authorizing the execution of the purchase agreement would be in order.
Attached:
Ordinance authorizing the execution of the purchase agreement
Purchase agreement
Plat of subdivision of the lot in question
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MEMO TO: President Argoudelis and Board of Trustees
FROM: Rich Vogel, Tracy, Johnson &Wilson
DATE: November 8, 2023
RE: An Ordinance Authorizing the Execution of a Real Estate Purchase Contract
with Dandelion Development LLC (Lot 4 in Wallin Woods Commercial Parcel
B, PIN 06-03-16-105-0000)
The attached contract, if approved, provides for the Village to purchase Lot 4 in Wallin Woods,
an approximately 3 acre parcel adjacent to the existing Settlers' Park. The proposed purchase
price is $2,000,000.00, reflecting the sellers' purchase price of$1,300,000.00, plus
reimbursement of$454,472.07 in development related expenses incurred to date, with the
remaining $245,527.93 representing the additional consideration that the Village would be
agreeing to in order to close the purchase. The Village will be obtaining a new title
commitment/policy and survey in connection with the acquisition if the contract is approved, but
based on the review of due diligence materials provided to date by seller (soil borings, prior
survey, prior title, Phase I environmental study), anticipates foregoing further due diligence. If
approved, the Village will be required to deposit $100,000.00 of earnest money into escrow with
the title company (Chicago Title), and would anticipate closing in mid-December.
Should the Board of Trustees concur, the following motion is offered for your consideration.
I move for approval of the ordinance authorizing the execution of a Real Estate Purchase
Contract with Dandelion Development LLC(Lot 4 in Wallin Woods Commercial Parcel B,
PIN 06-03-16-105-0000)
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ORDINANCE NO.
An Ordinance Authorizing the Execution of a Real Estate Purchase Contract with
Dandelion Development LLC (Lot 4 in Wallin Woods Commercial Parcel B, PIN
06-03-16-105-0000)
WHEREAS, the Village of Plainfield is a home rule unit of government
within the meaning of the Section 6(a) of Article VII of the Constitution of the
State of Illinois, and is authorized pursuant thereto to exercise any power and
perform any function pertaining to its government and affairs, including the power
to acquire and sell real estate pursuant to contract on such terms as the
Corporate Authorities shall authorize; and
WHEREAS, public purposes include those purposes which are useful,
advantageous, beneficial, or utilitarian to the Village in the exercise of its
corporate powers and in connection with its performance of municipal functions
or rendition of municipal services, where the use of the real estate so acquired
for public purposes will benefit the Village of Plainfield and the public as a whole,
with such benefits being available on equal terms to all members of the public,
and in accordance with the applicable ordinances of the Village of Plainfield and
laws of the State of Illinois; and
WHEREAS, the Village has determined that the property legally described
in the contract attached as Exhibit A hereto is necessary for the Village to acquire
for public purposes and specifically for the purpose of providing public open
space; and
WHEREAS, after further investigation and negotiation, the Village of
Plainfield has determined that it is in the best interests of the Village to acquire
the above-mentioned property by means of entering into a purchase contract in
substantially the form set forth in Exhibit A; and
WHEREAS, the acquisition of the said real property pursuant to the
contract therefor incorporated herein as Exhibit A will promote the health, safety
morals and welfare of the Village, and will facilitate the provision of necessary
public services to residents and promote the future orderly growth and
development of the Village.
NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES FOR THE VILLAGE OF PLAINFIELD, WILL AND
KENDALL COUNTIES, ILLINOIS; THAT:
SECTION 1 : RECITALS. The foregoing recitals are hereby incorporated
into this Ordinance as if fully set forth herein.
SECTION 2: AUTHORIZATION. The Village President and the Village
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Clerk are hereby respectively authorized to execute and attest to the execution of
a real estate purchase contract in substantially the form incorporated herein as
Exhibit A.
SECTION 3: SEVERABILITY. That the various provisions of this
Ordinance are to be considered severable and if any part or portion of this
Ordinance shall be held invalid by any Court of competent jurisdiction, such
decision shall not affect the validity of the remaining provisions of this Ordinance.
SECTION 4: CONFLICTS. All prior Ordinances and Resolutions, or parts
thereof in conflict or inconsistent with this Ordinance are hereby expressly
repealed only to the extent of such conflict or inconsistency.
SECTION 5: REPEALER. All Ordinances or parts of Ordinances in
conflict with any of the provisions of this Ordinance shall be, and the same are
hereby repealed.
SECTION 6: EFFECTIVE DATE. This Ordinance shall be in full force and
effect from and after its passage, approval and publication in pamphlet form as
provided by law.
PASSED THIS DAY OF 2023.
AYES:
NAYS:
ABSENT:
APPROVED THIS DAY OF 2023.
VILLAGE PRESIDENT
ATTEST:
VILLAGE CLERK
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Exhibit A
Legal Description
Lot 4 in Wallin Woods Commercial Parcel B, a subdivision of part of the East half
of the Northwest quarter and the West half of the Northeast quarter of Section 16,
Township 36 North, Range 10 East of the Third Principal Meridian, according to
the plat thereof recorded as Document No. R 98-082650 with the Will County
Recorder's Office.
PIN 06-03-16-105-0000
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Exhibit B—Purchase Agreement
76
REAL ESTATE PURCHASE AGREEMENT
THIS AGREEMENT is made and entered into as of this day of 2023,
Execution Date") by and between the Village of Plainfield, an Illinois Home Rule Municipal
Corporation, and Dandelion Development, LLC.
1. Purchaser: Village of Plainfield("Purchaser"), agrees to purchase at a purchase price of Two
Million and No/100 Dollars ($2,000,000.00) ("Purchase Price"),upon the terms,covenants,conditions and
agreements set forth herein,the "Premises" consisting of the following: (a)that certain real property legally
described as set forth in Exhibit A to this Agreement("Land"), (b) any improvements thereon or therein
Improvements") and(c) all rights,privileges,easements and interests appurtenant to the Land and
Improvements.
2. Seller: Dandelion Development,LLC, ("Seller") agrees to sell the Premises to Purchaser for the
Purchase Price,upon the terms,covenants,conditions and agreements set forth herein, and to convey good and
marketable fee simple title thereto to Purchaser,by a good, sufficient and recordable Special Warranty Deed
Deed"), subject only to title exceptions approved by Purchaser by written notice to Seller(hereafter
collectively referred to as "Permitted Exceptions").
3. Purchase Price: The Purchase Price(plus or minus prorations, credits or other adjustments) shall
be payable by certified or cashier's check or bank wire transfer of collected federal funds on the Closing Date
as defined in Paragraph 8 hereof).
4. Earnest Money: Within three(3)days after the Execution Date,Purchaser shall deposit the sum
of One Hundred Thousand and No/100 Dollars ($100,000.00) ("Earnest Money") into escrow with Chicago
Title Insurance Company("Escrowee")to be held under its usual and customary form of strict joint order
escrow agreement. The Earnest Money shall be applied as a credit towards the Purchase Price at Closing(as
defined in Paragraph 8 hereof). The Earnest Money,once deposited, shall be nonrefundable to Purchaser in
the event that the transaction shall fail to close for any reason other than Seller's default.
5. Default: In the event this transaction fails to close for any reason other than Seller's default, Seller
shall retain the Earnest Money (plus all interest accrued thereon) as liquidated damages and in lieu of any other
rights or remedies which may be available at law or in equity. The parties acknowledge that Seller will suffer
damages in the event of Purchaser's default,that the amount of such damages is difficult or impossible to
determine, and that the amount of the Earnest Money is a reasonable estimate of the amount of damages that
Seller would suffer in the event of Purchaser's default. In the event this transaction fails to close due to
Seller's default,the Earnest Money,together with all accrued interest thereon, shall be promptly returned to
Purchaser and, in the event of Seller's default,Purchaser shall retain all rights to specifically enforce this
Agreement, in addition to damages and all other rights and remedies available at law or in equity.
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7. AS-IS Transaction. The parties acknowledge that Buyer is purchasing the Subject Property
subject to the "AS-IS" Rider attached hereto as Exhibit B.
8. Studies Period.
a) From and after the Execution Date up to and including the date which is thirty (30)
days thereafter ("Studies Date"), Purchaser, its employees, representatives and agents shall (i) have the
right to enter upon the Premises to make such tests and studies (collectively herein called "Studies") as
deemed necessary to investigate and obtain information concerning the Premises. Seller will disclose
any information to Purchaser relative to the foregoing upon Purchaser's request. The parties hereto
acknowledge that Purchaser's Studies may include the conduct of a Phase I Environmental Site
Assessment ("Phase I").
b) Within five(5)days of the Execution Date, Seller will deliver to Purchaser copies of any
Studies which are in Seller's possession including the following(collectively herein called "Seller's
Deliveries"):
i)environmental assessment reports
ii) licenses and permits
iii) most recent tax bill pertaining to the Premises,
iv) existing survey and title work (including title documents): and
v) all data, correspondence, documents, agreements, waivers, notices, applications
and other records in respect to the Premises and relating to transactions with
taxing authorities, governmental agencies, utilities, vendors, mortgagees, and
others
If Seller shall fail to deliver any of Seller's Deliveries or to deliver title as required under Paragraph 10 hereof
to Purchaser within the time periods specified respectively therefor,then the Contingency Period shall be
extended by one(1)day for each day Seller shall fail to complete such deliveries.
8. Closing. Provided that Purchaser has not earlier terminated this Agreement pursuant to
Paragraph 7 above, the closing ("the Closing") shall take place on the date (the "Closing Date") which is
mutually agreed upon by Purchaser and Seller and is after all of the following conditions have been
satisfied: (i) Purchaser has furnished Seller with written notice waiving the Studies Period or remaining
portion thereof in Paragraph 7 above and indicating its intent to close this transaction (the "Closing Notice"),
or if Purchaser furnishes no such notice, the Studies Period has expired, and(ii) Seller has terminated all
leasehold and possessory rights of all third parties occupying the Premises as tenants thereof; and caused the
removal of all personal property from the Premises. Notwithstanding any other contrary provision of this
Agreement, the Closing Date shall be on or before December 15, 2023.
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9. Seller Representations.Without limiting any other provision of this Agreement and as a material
inducement to Purchaser's entering into this Agreement, Seller represents,to the best of seller's knowledge
without any independent investigation,to Purchaser as of the date hereof that:
a) From and after the Execution Date(unless this Agreement is otherwise terminated), Seller
agrees not to sell,transfer,convey or encumber or cause or permit to be sold, transferred, leased, occupied,
possessed,used,conveyed or encumbered,the Premises, or any part thereof, or alter or amend the zoning
classification of the Premises (except as requested by Purchaser), or otherwise perform or permit any act or
deed which shall diminish,encumber or affect Purchaser's rights in and to the Premises or prevent Seller from
performing fully its obligations hereunder.Without otherwise limiting the foregoing, Seller expressly agrees
that from and after the Execution Date, (unless this Agreement is otherwise terminated), Seller expressly
agrees that it shall not occupy,use or possess the Premises or any part thereof for purposes of the operation or
conduct of any business,commercial or industrial activity or trade whatsoever or for residential purposes or
permit any third party to so occupy,use or possess the Premises or any part thereof.
b) Excluding any such violations placed against the property by the purchaser prior to the
closing date, there are, and as of the Closing Date there will be, to the best knowledge of Seller, no
violations of any Federal, State, County or municipal statutes, laws, codes, ordinances, rules,regulations,
orders, decrees and directives, relating to the use and condition of the Premises. Seller covenants that it shall
notify Purchaser in writing with respect to matters of which Seller receives notice on or before the Closing;
c) Excluding any notices sent by the purchaser to the seller prior to the closing date, Seller, or
any agent thereof,has not received any written notice from any governmental or quasi-governmental body or
agency or from any person or entity with respect to,and does not know of(other than the purchase of the
Premises contemplated hereby), any actual or threatened taking or acquisition of,the Premises or any portion
thereof for any public or quasi-public purpose by the exercise of the right of condemnation or eminent domain.
There is no claim, litigation,proceeding or governmental investigation,pending or,to the best knowledge of
Seller,threatened, against or relating to the Premises or any portion thereof, or against the transaction
contemplated by this Agreement or against Seller which affects its ownership of the Premises,this transaction
or the ability of Seller to perform hereunder;
d) Neither the execution nor delivery of this Agreement,consummation of the transaction
contemplated hereby, nor fulfillment of or compliance with the terms and conditions hereof, conflict with or
will result in a breach of any of the terms,conditions or provisions of any agreement or instrument to which
Seller is a party or by which it is bound, or constitutes a default under any of the foregoing,or results in the
creation of a lien, claim,charge or encumbrance on the Premises other than the Permitted Exceptions;
e) No labor,material or services have been furnished by or at the direction of Seller, in on or
about the Premises or any part thereof, as a result of which any mechanics', laborers', or materialmen's liens or
claims thereof might arise(or if such labor, material or services have been furnished,the same will be fully
paid for at or before closing and Seller shall provide the necessary waivers to assure Purchaser that no liens or
claims will arise). No person has any right of first refusal or any option to acquire title to the Premises or any
part thereof;
f) During Seller's possession of the Real Estate,and to the knowledge of Seller,and except as
disclosed in any environmental report received or obtained by Purchaser as contemplated by Paragraph 7, at all
times prior thereto, (i)the Premises have not been contaminated with any hazardous wastes, hazardous
substances, or other hazardous or toxic materials as defined in the Environmental Laws so as to constitute a
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violation of any of the Environmental Laws or to require any corrective or remedial action, (ii)there is no
pending or threatened civil or criminal litigation,notice of violation or administrative proceeding relating in
any way to the Environmental Laws involving Seller, and to the knowledge of Seller,there is no basis for any
such litigation,notice or proceeding, and(iii)the Premises have never been the location of any Underground
Storage Tank containing petroleum,petroleum products,hazardous substances or hazardous waste. For
purposes of this paragraph the term "Environmental Laws" shall mean all federal, state and local laws relating
to pollution or protection of human health or the environment and any regulation, code, plan, order, decree,
judgment, or injunction related thereto, including without limitation; the Resource Conservation and Recovery
Act,42 U.S.C. §6901 ("RCRA"),the Comprehensive Environmental Response,Compensation and Liability
Act of 1980, 26 U.S.C. §4611;42 U.S.C. §9601,the Superfund Amendment and Reauthorization Act of 1986
Superfund"),the Clean Air Act,42 U.S.C. §7401,the Clean Water Act, 33 U.S.C. §1251,the Safe Drinking
Water Act,42 U.S.C. §300f, and the Toxic Substances Control Act, 15 U.S.C. §2601, or the Illinois
Environmental Protection Act,415 ILCS 5/1 et. seq., "Underground Storage Tank" shall have the meaning set
forth therefor in 430 ILCS 15/4(e), and "hazardous substances" and "hazardous wastes" shall include those
materials defined as such under any of the provisions of the Environmental Laws,together with any and all
other materials which are toxic,ignitable,corrosive or reactive and are regulated by any federal, state or local
governmental authority, including but not limited to asbestos, petroleum,petroleum products,polychlorinated
biphenyls, freon and other chlorofluorocarbons and urea formaldehyde foam insulation;
g) Seller will at the time of Closing be the fee simple owner of legal title to the Premises, and be
able to convey the same to Purchaser free and clear of liens,encumbrances,judgments,claims, litigation,
lawsuits,options and restrictions of every kind and description which would adversely affect Seller's ability to
convey title to the Premises to Purchaser in the condition required hereunder,including but not limited to claims
arising out of any litigation to which Seller was or is a party;
h) All of Seller's Deliveries in paragraph 7(b) hereof are true, accurate,correct and complete in
all respects, and fairly present the information set forth in a manner that is not misleading;there being no
side" or other agreements, written or oral, in force or effect,relating to Seller's Deliveries;
i) There are no commissions or finder's fees payable to any broker,agent or other third party on
behalf of Seller in connection with any transaction pertaining to the Premises;
j) Seller has full capacity, right,power and authority to execute, deliver and perform this
Agreement and all documents to be executed by Seller pursuant hereto. This Agreement and all documents to
be executed pursuant hereto by Seller are and shall be binding upon and enforceable against Seller in
accordance with their respective terms, and the transaction contemplated hereby will not result in a breach of,
or constitute a default or permit acceleration of maturity under, any indenture,mortgage,deed of trust,loan
agreement or other agreement to which Seller or the Premises is subject or by which Seller or the Premises is
subject or by which Seller or the Premises is bound; and
k) Seller shall, at Seller's sole cost and expense, maintain the Premises free from waste and neglect
and shall keep and perform or cause to be performed all obligations of the Premises' owner or its agents
under applicable federal, state, county and municipal laws, ordinances, regulations, orders and directives.
10. Purchaser's Warranties and Representations.
a) Purchaser hereby agrees to indemnify, protect and hold Seller harmless from and against any and
all claims, demands, loss, cost, damage, expense or liability including reasonable attorneys' fees
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caused by, resulting from, arising out of or occurring in connection with either the presence of anyone
on the Subject Property at the request of Purchaser or any of the activities of the Purchaser on the
Subject Property in regard to preparing surveys, soil tests and borings, preliminary engineering,
topographical surveys, planning studies, preliminary plats of subdivision or planned unit development
or in regard to satisfying any of the contingencies set forth in this Contract. This indemnification shall
survive any termination of this Contract. Purchaser shall provide Seller forty-eight (48) hours
advance notice prior to Purchaser entering the Property.
b) Purchaser hereby agrees that the Purchaser shall not allow any liens or claims to be filed against
the Subject Property as a result of any acts or omissions by Purchaser in regard to the matters set
forth in this Contract. In the event that a lien or claim is filed against the Subject Property or a claim
made against Seller as a result of any acts or omission of Purchaser, Purchaser hereby agrees to hold
the Seller harmless and indemnified in regard to said liens, claims, demands and the cost of defending
same or clearing same from title to include, but not limited to, the cost of any legal action, suit, suit to
quiet title and any reasonable attorneys' fees incurred by Seller. It is agreed by and between the
parties hereto that the provisions of this paragraph shall survive closing or the termination of this
Contract.
c) Purchase agrees to not issues any violations or condemnation proceedings against the property
with the intent to obstruct the culmination of sale of the property and hinder the seller from
performing its obligations under the contract.
11. Title and Survey.
a) Within fifteen (15) days following the Execution Date, Purchaser shall obtain a title
commitment ("Commitment") for an ALTA Form owner's title insurance policy issued by Chicago Title
Insurance Company ("Title Insurer") in the amount of the purchase price, covering title to the Premises
on or after the Execution Date together with legible copies of all documents appearing therein required
hereunder showing title in the Seller subject only to (a) the general exceptions contained in the policy
with an extended coverage endorsement insuring over all general exceptions, (b)title exceptions pertaining to
liens or encumbrances of a definite or ascertainable amount which may be removed by the payment of money
at Closing and which the Seller shall so remove at that time by using the funds to be paid upon the delivery of
the Deed, and(c) such other exceptions as may be included on the policy of title received by Seller upon its
acquisition of the Premises and provided to Purchaser pursuant to Paragraph 7 (collectively,the "Permitted
Exceptions"). The Commitment may also include such endorsements as may reasonably be requested by
Purchaser, at Purchaser's expense. The Commitment shall be conclusive evidence of good title as therein
shown as to all matters insured by the policy, subject only to the exceptions as therein stated. Purchaser shall,
at its expense,cause the Title Insurer to deliver the above-described owner's policy with any endorsements
requested by Purchaser at Purchaser's expense attached thereto to Purchaser on the Closing Date.
b) Within thirty (30) days following the Execution Date,Purchaser may, at Purchaser's sole cost
and expense, cause a current ALTA/NSPS plat of survey of the Premises to be prepared by an Illinois
registered and licensed surveyor(the "Survey"). The Survey shall be certified to Purchaser and the Title
Insurer.The Survey shall be in conformity with the current standards for Land Title Surveys of the American
Title Association and American Congress on Surveying and Mapping,jointly established by ALTA and NSPS
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in 2016, and such standards as are required by the Title Insurer as a condition to providing extended coverage
over general exceptions.
c) If the Commitment discloses exceptions other than Permitted Exceptions to which Purchaser
objects,Purchaser shall notify Seller thereof within fifteen (15)days following its receipt of the Commitment,
and Seller shall have thirty (30)days from the date of delivery of Purchaser's objection notice to have such
exceptions removed from the Commitment or to have the Title Insurer commit in writing to insure Purchaser
against loss or damage that may be occasioned by such exceptions. If Seller fails or refuses to have the
exceptions removed or in the alternative to obtain the written Commitment for title insurance specified above
as to such exceptions within the specified time, Purchaser may,by notice to Seller within ten (10)days after
the expiration of Seller's thirty (30) day cure period terminate this Agreement and receive a return of the
Earnest Money,but in the absence of such notice, this Agreement shall remain in force and effect.
12. Closing Requirements. On the Closing Date, Seller shall deliver sole and exclusive
possession of the Premises to Purchaser subject to no leasehold or possessory rights of third parties, and free
and clear of any and all personal property kept or located on the Premises.
13. Condemnation or Loss.
a) If, prior to Closing, all or any part of the Premises is taken by eminent domain by any
governmental authority other than Purchaser or other related entities,Purchaser shall have the right to
terminate this Agreement and to recover all Earnest Money (and accrued interest thereon)that he has paid
within five(5)days after receipt of written notice of such occurrence from Seller. In the event of a
condemnation proceeding, if Purchaser elects to close the subject transaction,Purchaser shall be credited with
or be assigned Seller's right to any condemnation proceeds therefrom relating to the Premises. Seller hereby
agrees to give Purchaser written notice with respect to any such damage to the condemnation proceedings
within seventy-two(72) hours of Seller's receipt of any such notice of the institution of such proceedings. If
Purchaser elects to so terminate this Agreement,this Agreement shall become null and void and of no further
force and effect, and all Earnest Money and interest earned thereon, if any, shall be returned promptly to
Purchaser.
b) If, after the Execution Date and on or before the Closing, all or any part of the Premises shall
be damaged or destroyed by vandalism,fire or other casualty or any other cause,whether or not covered by
insurance, Seller shall immediately notify Purchaser thereof, and Purchaser shall thereafter have the option, at
its sole discretion within fifteen(15)days after Purchaser's receipt of such notice,to elect to terminate this
Agreement by written notice to Seller,in which event,neither Purchaser nor Seller shall have any further
obligations hereunder and the Earnest Money,together with any interest accrued thereon, shall be returned
immediately to Purchaser upon Purchaser's demand, or to elect to have this Agreement performed in
accordance with its terms, in which event Purchaser shall have the right to adjust and settle the loss with all
relevant insurance companies, to receive any and all proceeds due and payable because of such loss,and to
receive from Seller at Closing a credit against the Purchase Price for the amounts of any deductibles or self-
insured retentions. Seller shall cooperate with Purchaser in executing all documents reasonably required in
order to allow Purchaser to collect all insurance proceeds due and payable in such an event. In the event that
the Closing Date is less than fifteen(15)days after Purchaser's receipt of notice from Seller of damage or
destruction to the Premises,the Closing Date shall be adjusted in order to allow Purchaser fifteen(15)days to
make the election contemplated by this Paragraph 12(b).
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14. Time is of the essence of this Contract and each and every provision hereof. If the
performance of any obligation required hereunder or the last day of any time period determined in
accordance with the terms and provisions of this Contract is to occur on a Saturday, Sunday or legal
holiday under the laws of the State of Illinois, then the day on which the performance of any such
obligation is to occur or the last day of any such time period, as the case may be, shall be extended to
the next succeeding business day.
15. Closing. The Closing shall take place on the Closing Date or such other date as may be
mutually acceptable to Seller and Purchaser at the offices of Title Insurer, and shall be consummated
through an escrow with Escrowee in accordance with the general provisions of the usual form of deed and
money escrow then in use by Escrowee, with such provisions added thereto as may be agreed upon by the
parties and as may be necessary to conform such escrow with the requirements of this Agreement. Upon
the creation of such deed and money escrow, the payment of the Purchase Price and the delivery of the
Deed and all other documents and deliveries required from the parties shall be made through such deed
and money escrow. The parties shall make all required deposits into such escrow on or before the Closing
Date. All costs of such escrow and all costs imposed by the Title Insurer for the Closing and the Earnest
Money escrow shall be divided equally between the parties. Such escrow agreement shall be and at all
times remain auxiliary to the terms and provisions of this Agreement, and the terms and provisions of this
Agreement shall control over any contrary terms of such escrow agreement.
a) On the Closing Date, Seller shall deliver in accordance with the terms of the above-
mentioned deed and money escrow agreement the following:
i) Deed;
ii) Certificate of Seller's Representations,;
iii) Closing Statement;
iv) Affidavit under Section 1445 of the Internal Revenue Code;
v) ALTA Statements;
vi) Executed revenue declaration forms for all applicable transfer taxes;
vii) Affidavit of Title;
viii) Any and all other customary Seller's documents and other documents referenced
herein unless specifically provided by the purchaser pursuant to the agreement
ix) An executed gap undertaking; and
b) On the Closing Date,Purchaser shall deliver in accordance with the terms of the above-
mentioned deed and money escrow agreement the following:
i) The balance of the Purchase Price,by cashier's check or certified check or
wire transfer;
ii) Executed revenue declaration forms for all applicable transfer taxes;
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iii) An executed gap undertaking,if applicable;
iv) Affidavit under Section 1445 of the Internal Revenue Code, if applicable;
v) ALTA statements;
vi) Survey for title clearance and
vii) Any and all other necessary and customary Purchaser's documents (including
such documents as are necessary to deliver the Earnest Money).
16. Prorations. General real estate taxes not yet due and payable shall be prorated on the basis of 105%
of the most recent ascertainable tax bill, and all other items of accrued or prepaid income and
expenses, including but not limited to charges for utility services such as electricity,natural gas, water
and sanitary sewer, internet access,cable or satellite television or telephone service, shall be prorated
on an accrual basis as of the closing on the basis of the most recent ascertainable amounts of or other
reliable information in respect to each such item of income and expense,and the net credit to
Purchaser or Seller shall be paid in cash at closing. Said prorations shall be final.
17. Prohibited Transactions. From and the after the date hereof, Seller shall not, and shall not permit
any third party under the control of Seller to, without the express written consent of Purchaser or except
as otherwise expressly provided in this Agreement: (i) enter into any lease, contract or agreement or
grant any rights (including licenses and easements) respecting the Premises or any portion thereof; (ii)
intentionally create or suffer any right, claim, lien or encumbrance of any kind or nature whatsoever on
the Premises or any portion thereof; (iii) intentionally add or remove soil from the Premises or
otherwise dump or abandon any property, materials or chemicals thereon or (iv) occupy, use or possess
the Premises or any part thereof for purposes of the operation or conduct of any business, commercial
or industrial activity or trade whatsoever or for residential purposes.
18. Expenses. Each party shall be responsible for the payment of its respective legal fees, if any,
incurred in connection with the closing of the transaction contemplated herein. Seller shall pay any
state and county real estate transfer tax, and/or documentary stamp tax payable on the transfer of the
Property, the premium for any owner's policy of title insurance issued in favor of Purchaser, and one-
half(1/2) of any escrow fees. All other costs and expenses of the transaction contemplated hereby,
including, without limitation, the premium for any owner's policy of title insurance issued in favor of
Purchaser, all recording fees, and the remaining one-half(1/2) of any escrow fees shall be borne by
Purchaser. Any applicable municipal transfer taxes shall be paid by the party as set forth in the
applicable municipal ordinance.
19. Notices. (a) All notices required or to be given pursuant hereto shall be in writing and either
delivered personally, or by a nationally recognized overnight courier service, via electronic mail (e-
mail)or mailed by United States certified or registered mail,postage,prepaid, addressed to Seller and
Purchaser as follows:
Village of Plainfield
24401 W. Lockport Street
Plainfield, Illinois 60544
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Attn.: Village Administrator
Email:jblakemore@goplainfield.com
Phone: (815) 436-7093
Richard E. Vogel
Tracy, Johnson & Wilson
2801 Black Road, Second Floor
Joliet, Illinois 60435
Email: rvogel@tracylawfirm.com
Phone: (815) 723-8500
Dandelion Development LLC
106 N Catherine Avenue
La Grange,Illinois 60525-1828
Melinda Higgins Brom
301 Scottswood Road
Email: Melindabrom@gmail.com
Phone: 708-447-3070
b) Notices shall be deemed effective and properly delivered and received when and if either
i)personally delivered or delivered by e-mail, (ii)delivered by nationally recognized
overnight courier service; or(iii)three(3)business days after being deposited in the U.S.
Mail, by registered or certified mail,return receipt requested,postage prepaid.
c) Either Seller or Purchaser may change the names and addresses of the persons to
whom notices or copies thereof shall be delivered, by written notice to Purchaser or
Seller, as the case may be, in the manner herein provided for the service of notice.
20. Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding
upon Purchaser and Seller,their respective heirs,executors, administrators, successors,assigns, grantees and
legal representatives.
21.Brokerage. Seller and Purchaser each represent to the other that they have not dealt with any
real estate broker with respect to this Agreement. Each party hereby agrees to indemnify, defend and
hold the other harmless of and from any and all manner of claims, liabilities, loss, damage, attorneys'
fees and expenses, incurred by either party and arising out of, or resulting from, any claim, by any
broker or finder in contravention of their representations and warranties herein contained.
22. Integration. This Agreement sets forth and contains all agreements, understandings and
covenants between the Purchaser and the Seller with respect to the sale of the Premises, and
supersedes any and all other written or oral agreements, understandings and negotiations, and
represents the entire agreement of Purchaser and Seller with respect to the sale of the Premises.
This Agreement shall only be amended or modified pursuant to the terms of a written instrument
duly authorized and executed by the Parties.
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23. Counterparts. This Agreement may be executed in any number of counterparts,each of which shall
be deemed to be an original, but all of which, when taken together, shall constitute but one and the
same instrument. Electronic counterparts of this Agreement as executed by the parties shall be
deemed and treated as executed originals for all purposes. No enforceable agreement shall exist
between the parties unless and until this Agreement or separate counterparts hereof are signed and
delivered by each of the parties hereto.
25. Like-Kind Exchange. Each party may consummate the purchase and sale or all or a portion of the
Property as part of a so-called like kind exchange(the "Exchange")pursuant to Section 1031 of the
Internal Revenue Code,provided that: (a)the Closing shall not be delayed or affected by reason of the
Exchange nor shall the consummation or accomplishment of the Exchange be a condition precedent or
condition subsequent to the exchanging party's obligations under this Agreement; (b)the exchanging
party shall effect the Exchange through an assignment of all or a portion of this Agreement, or its
rights under this Agreement to a qualified intermediary; and(c) the non-exchanging party shall not be
required to take an assignment of the purchase agreement for the relinquished property or be required
to acquire or hold title to any real property for purposes of consummating the Exchange. The non-
exchanging party shall not by this agreement or acquiescence to the Exchange(x)have its rights under
this Agreement affected or diminished in any manner or(y)be responsible for compliance with or be
deemed to have warranted to the exchanging party that the Exchange in fact complies with Section
1031 of the Internal Revenue Code.
26. Miscellaneous.
a) Time is of the essence of this Contract and each and every provision hereof. If the
performance of any obligation required hereunder or the last day of any time period determined in
accordance with the terms and provisions of this Contract is to occur on a Saturday, Sunday or
legal holiday under the laws of the State of Illinois, then the day on which the performance of any
such obligation is to occur or the last day of any such time period, as the case may be, shall be
extended to the next succeeding business day.
b) This Contract constitutes the entire agreement and understanding between the parties; there
being no other promises or agreements between them not expressly set forth in this Contract. No
change or modification of this Contract shall be valid unless the same is in writing and signed by
the parties hereto.
c) Nothing contained in this Contract shall be deemed or construed as creating a relationship of
principal and agent or of partnership or joint venture between Seller and Purchaser, or any
relationship other than that of Seller and Purchaser.
d) In the event that any of the covenants, agreements, terms or provisions contained in this Contract
shall be invalid, illegal or unenforceable in any respect, the validity of the remaining covenants,
agreements, terms and provisions contained herein shall not be in any way affected, prejudiced or
disturbed thereby.
e) This Contract shall be governed by and construed under the laws of the State of Illinois.
f) The individuals executing this Contract on behalf of the Seller and Purchaser hereby represent and
warrant that they have been duly authorized, that such representatives have full power and authority
to enter into this transaction, that entry into this transaction does not violate the mortgage, if any,
against the property or the collateral assignment, if any, of the beneficial interest in Seller, and that no
third party authorization is required for the execution hereof.
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IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed all as of the
dated first above named.
PURCHASER:SELLER:
Village of Plainfield Dandelion Development,LLC
By: By:
John F.Argoudelis
Village President
Attest:
Michelle Gibas
Village Clerk
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Exhibit A
Legal Description
Lot 4 in Wallin Woods Commercial Parcel B, a subdivision of part of the East half of the Northwest
quarter and the West half of the Northeast quarter of Section 16, Township 36 North,Range 10 East
of the Third Principal Meridian, according to the plat thereof recorded as Document No. R 98-082650
with the Will County Recorder's Office.
PIN 06-03-16-105-0000
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EXHIBIT B "AS-IS RIDER"
SELLER IS NOT MAKING AND HAS NOT MADE AT ANY TIME ANY WARRANTIES OR
REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED,WITH
RESPECT TO THE PROPERTY INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES
OR REPRESENTATIONS AS TO THE HABITABILITY, MERCHANTABILITY, FITNESS FOR
A PARTICULAR PURPOSE, TITLE, ZONING, TAX CONSEQUENCES, PHYSICAL OR
ENVIRONMENTAL CONDITION, OPERATING HISTORY OR PROJECTIONS, VALUATION,
GOVERNMENTAL APPROVALS, OR GOVERNMENTAL REGULATIONS. UPON CLOSING,
SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT
THE PROPERTY "AS IS,WHERE IS, WITH ALL FAULTS AND DEFECTS". PURCHASER
WILL CONDUCT SUCH INVESTIGATIONS OF THE PROPERTY INCLUDING, BUT NOT
LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF AS
PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE CONDITION OF THE
PROPERTY. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK OF ADVERSE
MATTERS INCLUDING, BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND
ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS THAT MAY NOT HAVE
BEEN REVEALED BY PURCHASER'S INVESTIGATIONS. PURCHASER, UPON CLOSING,
HEREBY WAIVES, RELINQUISHES AND RELEASES SELLER FROM AND AGAINST ANY
AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN
TORT; i.e., NEGLIGENCE AND STRICT LIABILITY), LOSSES, DAMAGES, LIABILITIES,
COSTS AND EXPENSES (INCLUDING ATTORNEY'S FEES AND COURT COSTS) OF ANY
AND EVERY KIND AND CHARACTER, KNOWN AND UNKNOWN, WHICH PURCHASER
MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER AT ANY TIME BY REASON OF
OR ARISING OUT OF ANY CONSTRUCTION DEFECTS, PHYSICAL AND
ENVIRONMENTAL CONDITIONS, THE VIOLATION OF ANY APPLICABLE LAWS AND
ANY AND ALL OTHER MATTERS REGARDING THE PROPERTY THAT ACCRUE FROM
AND AFTER THE DATE OF CLOSING. THE TERMS AND CONDITIONS OF THIS SECTION
SHALL EXPRESSLY SURVIVE THE CLOSING AND NOT MERGE THEREIN.
Purchaser:
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