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HomeMy WebLinkAbout06-94 Resolution No. 06-94 RESOLUTION RATIFYING THE EXECUTION OF AN AGREEMENT REGARDING RELEASE AND VACATION OF PUBLIC EASEMENTS FOR DETENTION AND FOR PUBLIC UTILITIES WITH ELGIN REALTY PARTNERS LLC FOR PROPERTY AT RANDALL ROAD AND COLLEGE GREEN DRIVE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that it hereby ratifies and approves the execution of an Agreement Regarding Release and Vacation of Public Easements for Detention and for Public Utilities with Elgin Realty Partners LLC by Ed Schock,Mayor, and Dolonna Mecum,City Clerk, for the property at Randall Road and College Green Drive, a copy of which is attached hereto and made a part hereof by reference. s/Ed Schock Ed Schock, Mayor Presented: April 26, 2006 Adopted: April 26, 2006 Omnibus Vote: Yeas: 7 Nays: 0 Attest: s/Dolonna Mecum Dolonna Mecum, City Clerk 4/14/06 AGREEMENT REGARDING RELEASE AND VACATION OF PUBLIC EASEMENTS FOR DETENTION AND FOR PUBLIC UTILITIES •This Agreement entered into this day of April, 2006 by and between the City of Elgin, a municipal corporation ("City") and Elgin Realty Partners LLC, an Illinois limited liability company("Purchaser"). WHEREAS, the City and Monroe Investment Partners LLC'("Monroe") entered into a certain Purchase and Sale Agreement ("Contract") dated September 22, 2004, relating to certain real property located at the northeast corner of Randall Road and College Green Drive in the City of Elgin, Illinois, which is legally described on Exhibit A hereto (the"Property"). Pursuant to an Assignment and Assumption of Purchase and Sale Agreement dated October 13,.2004, Monroe assigned its interest under the Contract to Purchaser and Purchaser assumed the obligations of the purchaser thereunder; and WHEREAS, the City and Purchaser entered into a First Amendment to the Contract dated March 23, 2005, a Second Amendment to the Contract dated September 14, 2005, and a Third Amendment to the Contract dated December 21, 2005; and WHEREAS, as part of the sale of the Property from the City to the Purchaser the City has agreed to release a certain stormwater detention easement and a certain public utility easement on the Subject Property but only pursuant to the terms and conditions as set forth in this Agreement. NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. The City hereby releases and vacates the easement for stormwater detention granted to the City of Elgin pursuant to the plat of easement recorded on May 10, 1991 as Document No. 91 K 23407. A plat of vacation depicting the stormwater detention easement granted in such plat of easement is attached hereto as Exhibit B. (Such stormwater detention area being released and vacated in this Section 1 is hereinafter referred to as the "Subject Stormwater Detention Area"). 2. The City hereby releases and vacates the easement for public utilities granted to the City of Elgin pursuant to the plat of easement recorded on May 10, 1991 as Document No. 91 K 23405. A plat of vacation depicting such easement for public utilities granted by such plat of easement is attached hereto as Exhibit B. 3. The City and the Purchaser understand and agree that the Subject Stormwater Detention Area being released and vacated in Section 1 of this Agreement has an existing volume of approximately 2.17 acre feet. In consideration of the City agreeing to release the easement for the Subject Stormwater Detention Area as provided in this Agreement, and notwithstanding anything to the contrary in this Agreement, Purchaser agrees to and shall accommodate the 2.17 acre feet of the existing storage in the Subject Stormwater Detention Area in the other detention areas to be constructed on the Property. The specifications for the other detention facilities to be constructed on the Property shall be pursuant to the final engineering plans for the Property as approved by the City of Elgin Engineer. 4. This Agreement shall be binding on the parties hereto and their respective successors and assigns,and shall be recorded with the Kane County Recorder. 5. This Agreement is and shall be deemed and construed to be the joint and collective work product of the City and the Purchaser and, as such, this Agreement shall not be construed against any party, as the otherwise purported drafter of same, by any court of competent jurisdiction in order to resolve any inconsistency, ambiguity, vagueness or conflict in the terms or provisions, if any, contained herein. 6. The provisions of this Agreement shall survive the Closing of the sale of the Property from the City to Purchaser and shall not be merged or expunged by the Closing or the recording of the deed for the Property. This Agreement shall be construed under the laws of the State of Illinois. The parties agree that venue shall be proper only in the Circuit Court for the Sixteenth Judicial Circuit, Kane County, Illinois. This Agreement shall be enforceable in the Circuit Court of Kane County by appropriate action to secure the performance of the agreements herein contained. Notwithstanding the foregoing or anything to the contrary in this Agreement, no action may or shall be commenced by the Purchaser and/or any of its successors and/or assigns against the City for monetary damages. 7. This Agreement may be executed in counterparts, each of which shall be deemed an original,but both of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties have executed this Agreement effective the date and day first written above. CITY OF ELGIN ELGIN REALTY PARTNERS LLC, an Illinois limited liability company 13 _ By its Manager,Monroe Asset Management Mayor LLC,an Illinois limited liability company Attest: By: City Clerk Thomas R. Brashler, its Manager F:\Clients\Elgin Realty Partners\002 - Acquisiton Randall & College Green\ElginRcaltyPartners-Release&Vacation-Easementsfor Detention&Unlrties-redlined 4-14-06 doc 2