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HomeMy WebLinkAbout92-0122 Elgin Development Corp RESOLUTION AUTHORIZING EXECUTION OF A FIRST MODIFICATION AGREEMENT WITH THE ELGIN DEVELOPMENT CORPORATION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that George VanDeVoorde, Mayor, be and is hereby authorized and directed to execute a First Modification Agreement on behalf of the City of Elgin with the Elgin Development Corporation for the transfer of certain interest in the Farm Colony, a copy of which is attached hereto and made a part hereof by reference. sl George VanDeVoorde George VanDeVoorde, Mayor Presented: January 22, 1992 Adopted: January 22 , 1992 Omnibus Vote: Yeas 6 Nays 0 Recorded: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk E I • -__ Agenda Item No . December 31, 1991 TO: Mayor and Members of the City Council FROM: Larry L. Rice, City Manager SUBJECT: Amendment to Agreement between City of Elgin and the Elgin Development Corporation PURPOSE The purpose of this memorandum is to request Council consideration of a modification to an agreement between the City of Elgin and the Elgin Development Corporation. • BACKGROUND In October, 1991, the City of Elgin and the Elgin Devel- opment Corporation entered into an agreement regarding the purchase of the Leichter property and -conveyance of the Farm . Colony/IDOT property. Under terms of that agreement the Farm Colony/IDOT property would be conveyed to EDC prior to Decem- ber 31, 1991. Because of delays in this conveyance, through no fault of the City, the Corporation has suggested extending certain deadlines set forth in the original agreement rele- vant - to this conveyance. FINANCIAL IMPACT None. RECOMMENDATION Staff would recommend approval of the modification of the agreement as presented by the Elgin Development Corpora- tion. Larx�r .' Rice-C City Manager LLR:amp Attachment FIRST MODIFICATION AGREEMENT BETWEEN THE CITY OF ELGIN AND THE ELGIN DEVELOPMENT CORPORATION This First Modification Agreement is entered into this 13 day of December, 1991 by and between the City of Elgin, an Illinois Municipal Corporation ("the City") and the Elgin Development Corporation, an Illinois not-for-profit corporation ("EDC") and the parties hereto, for consideration exchanged, as hereinafter described, hereby represent and agree as follows: WHEREAS, the City,and EDC,have entered into an agreement dated October 23, 1991 ("the Agreement") regarding the purchase by the City of the Leichter property with funds provided by EDC and the conveyance to the City of the Farm Colony/IDOT property to the EDC by December 31, 1991, as more fully set out within the Agreement; and WHEREAS, the EDC has complied with its obligations under Paragraph 5 of the Agreement by the tender of the conveyance to the City of a certain right of way for the extension of Bowes Road-prior to December 31, 1991; and WHEREAS, the purchase of the Leichter property was completed in October of 1991, but the conveyance of the Farm Colony/IDOT property has been delayed through no fault of the City or EDC; and WHEREAS, the City and EDC have agreed to extend a deadline for the City's conveyance of the Farm Colony/IDOT property to the EDC from December 31, 1991 through and including February ,17, 1992. NOW, THEREFORE, in consideration of the mutual promises contained herein, the City and EDC agree as follows: 1. Paragraph 6 of the Agreement is hereby modified to extend the date that the City must convey the Farm Colony/IDOT property to the EDC from December 31, 1991 through and including February 17, 1992. 2. The City's obligation to reimburse the EDC, as provided in Paragraph 6 of the Agreement, is hereby extended to March 2, 1992 and 'in the event the City fails to convey the Farm Colony/IDOT property to the EDC by February 17, 1992, such reimbursement shall be paid in the amount as provided in Paragraph 6 of the Agreement prior to March 2, 1992. 3. In the event of any conflict between the terms of the Agreement and this First Modification Agreement, the terms and conditions of the First Modification Agreement shall control. 4. The City and the EDC agree that there are no claims of breach or default against the other under the terms of the Agreement. IN WITNESS WHEREOF, the parties hereto have entered into this First Modification Agreement the day and year above written. ELGIN DEVELOPMENT CORPORATION, THE CITY OF ELGIN, µ.tieBY: i'��Z�' :��z�� BY: � Its: Pr• ent Its:Mayor