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Home My WebLink About90-0314 Poplar Creek Partnership 9o- er6i4 REIMBURSEMENT AGREEMENT THIS AGREEMENT dated this J•/ day of /9Xee-/ , 1990 between the City of Elgin, a municipal corporation ( "the City" ) and Poplar Creek Partnership, an Illinois general partnership ( "Poplar Creek" ) . WITNESSETH: WHEREAS, Poplar Creek desires to enter into a contract with the City to construct approximately 1,300 feet of Shales Parkway north of East Chicago Street ( "Shales Parkway North Improvements" ) to provide a means of ingress and egress to the proposed residential subdivision known as Woodland Creek; and WHEREAS, the construction of the Shales Parkway North Improvements shall be subject to a separate agreement between the City and Poplar Creek; and WHEREAS, before such time as the construction of the Shales Parkway North Improvements can begin, it is necessary and desirable for Poplar Creek to have a contract with a competent engineering firm to perform engineering services and make recommendations regarding the Shales Parkway North Improvements, as well as prepare the construction documents (including plans and specifications) ; and WHEREAS, Poplar Creek is willing to retain a competent engineering firm to survey and prepare construction documents including plans and specifications for the Shales Parkway North Improvements subject to being reimbursed for such costs by the City. 1 NOW, THEREFORE, in consideration of the covenants and promises contained herein, the parties agree as follows: 1. Poplar Creek agrees to enter into a contract and employ a competent engineering firm to prepare construction documents plans and specifications in accordance with Illinois Department of Transportation standards for the construction of the Shales Parkway North Improvements, namely, approximately 1,300 feet north of East Chicago Street and widen East Chicago Street to facilitate left turn lanes onto Shales Parkway both north and south of East Chicago Street, all in accordance with the engineering drawings prepared by the engineering firm to be retained by Poplar Creek ( "the Engineering Contract" ) . 2 . The City agrees to reimburse Poplar Creek for the costs incurred by Poplar Creek in entering into the Engineering Contract for the Shales Parkway North Improvements, except as indicated below. Such reimbursement shall take place within sixty (60) days of the City being presented with evidence of payment to the engineering firm retained by Poplar Creek. The amount of the Engineering Contract shall not exceed Fifty-Nine Thousand Nine Hundred and No/100 Dollars ($59,900 .00) . 3 . Poplar Creek is the successor to a developer under an annexation agreement with the City dated August 10, 1988 ( "the Annexation Agreement" ) . The Annexation Agreement provides that the developer shall pay to the City the total sum of Seventy-Five Thousand and No/100 Dollars ($75,000.00) in equal installments of Twenty-Five Thousand and No/100 Dollars ($25,000 .00) due on June 1, 1988, June 1, 1989 and June 1, 1990 (with interest) 2 representing the developer's share of the cost of the construction of Shales Parkway. Poplar Creek has paid one installment on behalf of the developer to the City representing the installment due on June 1, 1988. Poplar Creek shall be reimbursed by the City for the amount of the Engineering Contract for the Shales Parkway North Improvements in excess of Twenty-Five Thousand and No/100 Dollars ($25,000 .00) . Poplar Creek shall pay directly the first Twenty- Five Thousand and No/100 Dollars ($25,000.00) of the Engineering Contract. Upon providing the City proof of payment of such Twenty-Five Thousand and No/100 Dollars ($25,000.00) by Poplar Creek, the developer shall be deemed to have satisfied its obligation for the second installment of the Shales Parkway contribution which was due on June 1, 1989 . Nothing herein shall be deemed to relieve the developer of its other obligations under the terms of the Annexation Agreement, including accrued interest due to the City on the June 1, 1989 installment which shall cease to accrue as of the date of the execution of this Agreement. Dated the day and year above written. City of Elgin Poplar Creek Partnership, an Illinoiiss general partnership By: L.:€19-77_,6"a------t-Le BY: C _.�, Mayorthe City of Elgin One of its ge ral partners Attest: L\2 rt,i_AL� �( a:scilabra\agreemen 3 • TELEPHONE 708/695-6500 1-4n 0 CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555 • April 3, 1990 Attorney Raymond F. Dalton, Jr. 1 130 N. McLean Blvd. Elgin, Illinois 60123 RE: Poplar Creek Partnership/ Shales Parkway Improvements North of East Chicago Street. Dear Ray: Enclosed please find executed copy of Reimbursement Agreement. Please call me if you have any questions. Very truly yours, Marie Yearman City Clerk MY/db Enclosure RITT AND DALTON, P.C. wit,' ATTORNEYS AT LAW March 26, 1990 NORBERT C. RITT 1130 N.MCLEAN BOULEVARD RAYMOND F.DALTON,JR. ELGIN,ILLINOIS 60123 (708)695-4100 FAX(708)695-4106 Mr. Larry Rice, City Manager VIA HAND DLLIVERY City of Elgin 150 Dexter Court Elgin, IL 60120 Re: Poplar Creek Partnership/Shales Parkway Improvements North of East Chicago Street Dear Larry: Enclosed please find two executed copies of a Reimbursement Agreement, which have been signed by Mr. Carl Bongiovanni, one of the general partners of Poplar Creek Partnership. I would appreciate if you would have the Mayor countersign this agreement and return one signed copy to me. Please also note that the City Clerk's attestation to the Mayor's signature is necessary. The City Council approved a resolution authorizing the agreement on February 28, 1990. Please call me if you have any questions. Very truly yours, RAYMOND F. DALTON, JR. RFD/dmw Enclosure cc Poplar Creek Partnership Mr. Charles M. Hanlon (w/encl. ) Erwin W. Jentsch, Esq. (w/encl. ) c:\wp\ltrs\rice2 .1tr