HomeMy WebLinkAbout10-215 Resolution No. 10-215
RESOLUTION
AUTHORIZING EXECUTION OF FIRST AMENDMENT AGREEMENT
TO DEVELOPMENT AGREEMENT WITH ARTSPACE PROJECTS, INC.
(51 S. Spring Street)
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 first amendment agreement to development agreement with Artspace Projects,Inc.on behalf
of the City of Elgin, a copy of which is attached hereto and made a part hereof by reference.
s/Ed Schock
Ed Schock, Mayor
Presented: November 17, 2010
Adopted: November 17, 2010
Vote: Yeas: 7 Nays: 0
Attest:
s/Diane Robertson
Diane Robertson, City Clerk
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FIRST AMENDMENT AGREEMENT TO DEVELOPMENT AGREEMENT
This First Amendment Agreement is made and entered into as of the 176 day of November,
2010,by and between the City of Elgin,an Illinois municipal corporation(hereinafter referred to as
the "City") and Artspace Projects, Inc., a Minnesota not-for-profit corporation, authorized to do
business in the State of Illinois(hereinafter referred to as"Developer").
WHEREAS, the City and the Developer have previously entered into a development
agreement dated May 12, 2010, relating to the Artspace Project for the property at 51 S. Spring
Street, in Elgin, Kane County, Illinois (hereinafter referred to as the "Subject Development
Agreement");and
WHEREAS,the parties wish to enter into this First Amendment Agreement to provide for
the amendment of certain dates within the Subject Development Agreement.
NOW,THEREFORE,for and in consideration of the mutual undertakings set forth herein,
and the mutual undertakings set forth in the Subject Development Agreement,and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:
1. That Section 4 of the Subject Development Agreement be and is hereby amended to
read as follows:
"4. City Acquisition of Subject Property. The parties hereto acknowledge
and agree that the Subject Property is currently owned by Elgin Community
College and the City has entered into a real estate sale agreement with Elgin
Community College dated January 27, 2010, whereby the City is now the
contract purchaser of the Subject Property. This Agreement is contingent
upon the City acquiring title to the Subject Property from Elgin Community
College pursuant to such real estate sale agreement on or before April 1,
2011. In the event the City does not acquire title to the Subject Property from
Elgin Community College on or before April 1,2011,then either party shall
have the right, by written notice to the other party, to terminate this
agreement whereupon this Agreement shall be cancelled and null and void
with no further liability of either party hereunder."
2. That Section 8 of the Subject Development Agreement be and is hereby amended to
read as follows:
"8. Closing. The time of closing for the Subject Property shall be on or
before September 1,2011. Unless subsequently mutually agreed otherwise,
Closing shall take place at the office of title company providing title is shown
to be good or is accepted by Developer."
3. That in the event of any conflict in the terms of this First Amendment Agreement and
the terms of the Subject Development Agreement,the terms of this First Amendment Agreement
shall supersede and control.
4. That except as specifically and expressly amended in this First Amendment
Agreement,the terms of the Subject Development Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have entered into and executed this First
Amendment Agreement on the date and year first written above.
CITY OF ELGIN, a municipal corporation, ARTSPACE PROJECTS,INC.
a Minnesota not- -profit rpo tion,
By Mayor By 1-)
Its .+ro
Attest:
City Clerk
F:\Legal Dept\Agreement\Development Agr-Artspace-First Amendment Agr-clean-11-5-10.doc
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