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Home My WebLink About10-26Resolution No. 10-26 RESOLUTION AUTHORIZING EXECUTION OF A CONDITIONAL SUBDIVISION ACCEPTANCE AGREEMENT WITH THE RYLAND GROUP, INC. AND VO -LAND, LLC (Castle Creek Subdivision) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Ed Schock, Mayor, and Diane Robertson, City Clerk, be and are hereby authorized and directed to execute a conditional subdivision acceptance agreement on behalf of the City of Elgin with The Ryland Group, Inc. and VO -Land, LLC, a copy of which is attached hereto and made a part hereof by reference. s/ Ed Schock Ed Schock, Mayor Presented: January 27, 2010 Adopted: January 27, 2010 Vote: Yeas: 6 Nays: 0 Attest: s/ Diane Robertson Diane Robertson, City Clerk CONDITIONAL SUBDIVISION ACCEPTANCE AGREEMENT January, 2010 THIS AGREEMENT, dated this 27th day of the lyse, 00W, by and among the City of Elgin, an Illinois municipal corporation (the "City"), The Ryland Group, Inc., a Maryland corporation ("Ryland") and VO -Land, LLC, an Illinois limited liability company, as successor to LaSalle Bank, National Association, not personally but as Trustee under Trust Agreement dated April 1, 1985, and known as Trust No. 109701 ("VO -Land"). L.Ixy 0II: VI Reference is hereafter made to a certain final plat of subdivision entitled "Castle Creek of Elgin" approved by the City and recorded in the office of the Recorder of Deeds of Cook County, Illinois on June 9, 2005 as document no. 0516034087 (the "Castle Creek Plat"). 2. Lots 1 through 57 created by the Castle Creek Plat are hereinafter collectively called the "Ryland Lots". Lots 58, 59, 60, 61 and 62 created by the Castle Creek Plat are hereinafter collectively called the "VO -Land Lots". 3. The common addresses of said VO -Land Lots are 1052 Rose Lane, Elgin, IL, 1054 Rose Lane, Elgin, IL, 1056 Rose Lane, Elgin, IL, 1058 Rose Lane, Elgin, IL and 1060 Rose Lane, Elgin, IL. 4. Ryland was the owner of, and fully developed all of the Ryland Lots. 5. VO -Land continues to be the owner and intended developer of the VO -Land Lots. 6. Ryland has fully developed, and completed all of the subdivision improvements relative to the Ryland Lots. Attached hereto as Exhibit 1 is a list of certain work (the "Incomplete VO -Land Lots Public Improvements") pertaining to the VO -Land Lots that is (i) not complete but (ii) required to be performed under the final engineering plans approved by the City in connection with the Castle Creek Plat (the "Castle Creek Final Engineering"). 8. Ryland has posted with the City one or more bonds or letters of credit (collectively the "Ryland Security") relative to the public improvements required to be made pursuant to the Castle Creek Final Engineering. Ryland has requested that the Ryland Security be released. 9. The City is unwilling to release the Ryland Security without the agreements and assurances set forth herein regarding the VO -Land Lots and the completion of e Incomplete VO -Land Lots Public Improvements. CONSIDERATION AND AGREEMENT In consideration of the mutual observance by the parties of their respective covenants and obligations as set forth herein and of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged it is agreed as follows: 1. Incorporation of Recitals. The Recitals set forth above are incorporated herein by reference. 2. VO -Land Acknowledgement of Responsibility. VO -Land agrees that it is solely responsible for the completion of the Incomplete VO -Land Lots Public Improvements. Additionally, the City agrees that, as between the City and Ryland, the City shall look solely to VO -Land for the completion of the Incomplete VO -Land Lots Public Improvements. 3. VO -Land Agreement Regarding VO -Land Lots. VO -Land acknowledges and agrees that until VO -Land (i) posts a bond or letter of credit with the City in all respects compliant with the subdivision ordinances of the City relative to the Incomplete VO -Land Lots Public Improvements and thereafter and (ii) completes the Incomplete VO -Land Lots Public Improvements to the satisfaction of the City, the City shall have no obligation to, and shall not issue any permits for the further improvement of any of the VO -Land Lots. VO -Land covenants and agrees that it shall not undertake any such improvements to the VO -Land Lots until it posts the aforesaid bond or letter of credit with the City and obtains all required permits from the City. All of the work that may hereafter be performed by VO -Land in connection with the Incomplete VO -Land Lots Public Improvements VO - Land Lots Public Improvements shall be performed and completed according to the plans and specifications for same previously approved by the City. 4. City Acceptance of Public Improvements and Release of Ryland Security. The City agrees by appropriate resolution of the City Council to accept the public improvements within the Castle Creek Subdivision to include the public streets, curbs, gutters, sanitary sewers, storm sewers, water improvements, street lights, sidewalks, street signs and public landscaping, and appurtenances relating thereto, but not including the Incomplete VO -Land Lots Public Improvements. As a condition to such acceptance, and prior to the expiration or release of the current Ryland Security, Ryland shall post with the City a Maintenance Bond for the public improvements being accepted by the City in an amount equal to ten per cent (10%) of the original estimate for such public improvements. Such Maintenance Bond shall remain in place for one (1) year from the date of the release of the current Ryland Security, at which time the City shall release same. 5. Miscellaneous Provisions: a. This Agreement shall not be modified, altered or amended without a further written document signed by each of the parties hereto. b. This Agreement shall inure to the benefit of and be binding upon the successors an assigns of each party hereto. Mocnments and Settings\cor\Local Settings\Temporary Internet Files\OLK I7FWgreement v5.doc 2 C. Venue of any action for enforcement of, or arising out of any breach of, the terms and provisions of this Agreement shall lie in the Circuit Court of Kane County, Illinois. Notwithstanding anything to the contrary in this Agreement, no action shall be commenced by Ryland and/or VO -Land against the City for monetary damages. d. Each person signing and delivering this document covenants and warrants that he/she has been duly authorized to do so for and on behalf of the party for whom he/she has taken such action. e. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or mailed by registered or certified mail (return receipt requested) to the parties at the following addresses (or such other addresses for a party as shall be specified by like notice), and shall be deemed received on the date on which so hand -delivered or on the second (2nd) business day following the date on which so mailed: To the City: City Elgin 150 Dexter Court Elgin, Illinois 60120 Attn: City Manager With copy to: City of Elgin 150 Dexter Court Elgin, Illinois 60120 Attention: Corporation Counsel To Ryland: The Ryland Group, Inc. 1141 East Main Street, Suite 108 East Dundee, Illinois 60118 Attention: Mathew J. Pagoria Vice -President To VO -Land VO -Land:, LLC 2175 Point Blvd., Suite 125 Elgin, Illinois 60123 Attention: Daniel D. Corrado Manager With a copy to: Bazos, Freeman, Kramer, Schuster, Vanek & Kolb Attention: Peter C. Bazos, Esq. 1250 Larkin Avenue Elgin, Illinois 60123 C Documents and Settings\cor\Local Settingffempomry intemet Files\OLKHF\Agreement v5.doc 3 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above. CITY OF ELGIN, ILLINOIS THE RYLAND GROUP, INC. a municipal corporation By: 4; ew S. ^ Ed Schock, Mayor Attest: Diane Robertson, Cit Clerk By: N e: atthew ago Title: Vice -Pres ent VO -LAND, LLC Name: Daniel D. Corrado Title: Manager \\MWR415FS01\Share\CHIHOME\LAND\PROPERTY\Castlecreek\Bond\Agreement v5.doc 4 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above. CITY OF ELGIN, ILLINOIS a municipal corporation By: g�:sG,.�_ , Ed Schock, Mayor Attest: Diane Robertson, City Ojerk THE RYLAND GROUP, INC. By: Name: Matthew J. Pagona Title: Vice -President CADocuments and Settings\corTocal SettingsUemporary Intemet Fi1es\0LKI7F\Agreement v5.doc 4 EXHIBIT 1 Incomplete VO -Land Lots Public Improvements # DESCRIPTION CITY. UNIT UNIT $ TOTAL I Clearing 1 LUMP $3,500.00 $3,500.00 2 Topsoil Fill 1500 SY $7.50 $11,250.00 3 Finish Grade 3373 SY $1.50 $5,059.50 4 Seed & Blanket 3373 SY $2.25 $7,589.25 5 Storm Sewer Relocation 1 LUMP $22,500.00 $22,500.00 Estimated cost $49,898.75 Note: The cost estimates set forth herein shall not be binding upon the City subsequent to the date of this Agreement. C\Documents and Settings\cor\Local Settings\Temporary Internet Files\OLKI7F\Agreement vi.doc .sJvoF.e��'ti �. of Elgin $, .rye i �RAT6D EE�� Date: February 4, 2010 To: Mary Giffort, Paralegal From: Jennifer Quinton, Deputy City Clerk Memorandum Subject: Resolution No. 10-26, Adopted at the January 27, 2010 Council Meeting Enclosed you will find the agreement listed below. Please retain a copy for your records. If you have any questions please feel free to contact our office 847-931-5660 and we will do our best to assist you. Thank you. Conditional Subdivision Acceptance Agreement with The Ryland Group, Inc. and VO -Land, LLC (Castle Creek Subdivision)