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91-0911 Elgin Development Corporation I ' J ! t I RESOLUTION AUTHORIZING EXECUTION OF AN 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 an agreement on behalf of the City of Elgin with the Elgin Development Corporation for the construction of certain public improvements on the Farm Colony property, in substantially the form as attached hereto and made a part hereof by reference. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: September 11, 1991 Adopted: September 11, 1991 Vote: Yeas 6 Nays 0 Recorded: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk TELEPHONE 708/695-6500 in FAX 708/931-5610 FOR HEARING IMPAIRED TDD 708/931-5616' CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555 ,,b/cc: Dolonna Mecum w/orig. enc . September 30, 1991 Raymond F. Dalton, Jr. Ritt and Dalton, P.C. 1130 N. McLean Boulevard Elgin, IL 60123 RE : Elgin Development Corporation Dear Ray: Enclosed find a fully executed Agreement Between the City of Elgin and the Elgin Development Corporation. Sincerely, Erwin W. Jentsch Corporation Counsel EWJ/nr , Enclosure Printed on recycled paper AGREEMENT BETWEEN THE CITY OF ELGIN AND THE ELGIN DEVELOPMENT CORPORATION RELATING TO THE CONSTRUCTION OF CERTAIN PUBLIC IMPROVEMENTS ON FARM COLONY, ELGIN, ILLINOIS THIS AGREEMENT is entered into this 20 day of September, 1991, by and between the City of Elgin, an Illinois municipal corporation ( "the City" ) and Elgin Development Corp. , an Illinois not for profit corporation ( "EDC" ) and the parties represent and agree as follows: WHEREAS, EDC owns certain property consisting of approximately 143 acres legally described in Exhibit A that is commonly referred to as the Farm Colony ( "Farm Colony" ) and which was acquired from the City in April 1990; and WHEREAS, EDC and the Federal Aviation Administration ( "FAA" ) entered into a Memorandum of Agreement dated February 11, 1991 (the "EDC/FAA Agreement" ) whereby EDC agrees to donate approximately fifteen ( 15) acres of real estate located in the Farm Colony (the "FAA Property" ) , which is legally described on Exhibit B, upon which the FAA intends to construct, operate and maintain an air traffic control facility; and WHEREAS, the EDC/FAA Agreement further obligates the EDC to provide an access roadway and extend various utilities to serve the FAA Property; and WHEREAS, the EDC/FAA Agreement obligates the FAA to contribute $1,500, 000 for the costs of certain roadway and utility improvements to be constructed for the benefit of the FAA Property; and WHEREAS, the EDC/FAA Agreement further provides that the FAA, subject to EDC's approval, shall contract with the City for the installation and construction of the various public improvements for the benefit of the FAA Property and the City and the FAA are prepared to enter into a separate agreement, including an addendum, which has been approved by the EDC, wherein the City will agree to construct certain public improvements for the benefit of the FAA Property in return for the FAA reimbursing the City up to $1,500,000 of the costs of such public improvements ( "the FAA Contribution" ) ; and WHEREAS, the City and the FAA are entering into a separate agreement dated September 20 , 1991 ( "the City/FAA Agreement" ) in which the City agrees to construct certain public improvements for the FAA Property and in return the City shall receive the FAA Contribution; and WHEREAS, EDC desires to develop the remainder of the Farm Colony for office and/or industrial uses by subdivision of 1 the Farm Colony and the installation of necessary public improvements; and WHEREAS, the City has determined that the location of the FAA traffic control facility within the Farm Colony and on the property described on Exhibit A will substantially increase employment opportunities with the City; and WHEREAS, the costs to provide required public improvements such as roadways, sanitary and storm sewers, and utilities ( "Public Improvements" ) to the FAA Property and the remainder of the Farm Colony will exceed the FAA's reimbursement; and WHEREAS, various methods of financing the costs of the necessary Public Improvements have been considered by EDC and the City. NOW, THEREFORE, in consideration of the mutual promises contained herein, the City and EDC agree as follows : ARTICLE ONE CITY'S OBLIGATIONS 1 . 01 In the event EDC subdivides the Farm Colony, other than the FAA Property, and in the event the parties hereto .agree to the terms of the special assessment district referred to below, the City agrees to construct all Public Improvements to service the Farm Colony and the FAA Property. At the time of the execution of this agreement the total cost of the Public Improvements has not been established. The parties agree to cooperate with each other and their professional advisors in determining the costs of the Public Improvements for the development contemplated herein. 1 . 02 Subject to EDC's election as indicated below, the City agrees to create a special assessment taxing district ( "District" ) for the costs of constructing the Public Improvements for the Farm Colony and the FAA Property. 1 . 03 The City shall use its best efforts to obtain and collect any and all contributions from Kane County for the extension of Bowes Road to the FAA Property. The City represents that Bowes Road is a Kane County highway under the jurisdiction of the Kane County Department of Transportation. The City further represents that it has discussed with the appropriate members of the Kane County Department of Transportation the concept of Kane County's participation in the cost of the extension of Bowes Road. Any funds received from Kane County shall be used solely towards the cost of the extension of Bowes Road and the other associated Public Improvements . The parties acknowledge that such a contribution will have the effect of reducing the amount of funds required for the construction of the 2 Public Improvements and reducing the amount of the special assessment. 1 . 04 The City agrees to spend the FAA Contribution in addition to all sums received from Kane County towards the Public Improvements . The City acknowledges that EDC is materially relying upon the City's representation to expend such sums for the construction of the Public Improvements in conveying to the City the FAA Property and dedicating the right of way for Bowes Road extended (as discussed below) and in entering into this agreement with the City. 1 . 05 The City agrees that it shall comply with all terms and conditions of EDC/FAA Agreement as well as the City/FAA Agreement for the benefit of the EDC, except for providing the right of way for access to the FAA Property which is in the sole control of the EDC and which the EDC agrees to provide to the City as otherwise provided below. ARTICLE TWO EDC's OBLIGATIONS 2 . 01 EDC agrees to convey the FAA Property the City, on or before September 13 , 1991 . 2 . 02 On or before December 31, 1991, EDC agrees to do one of the following: (a) In the event that EDC has proposed and obtained a final plat of subdivision of the Farm Colony, except for that portion conveyed to the FAA, the City shall install all required Public Improvements . EDC hereby consents to the installation of the Public Improvements, which are acknowledged to be a local improvement, by means of a special assessment. EDC waives any right to object to such special assessment and consents to the confirmation of such assessment apportioning the cost solely against the lots within the Farm Colony, except for the FAA Property, and without any public benefit. The terms of such special assessment district (such as the term of repayment) shall be subsequently agreed to by the parties hereto prior to December 31, 1991, with the stated intent of the parties being to payoff the special assessment as soon as reasonably practical . (b) In the event that EDC has not received an approved final plat of subdivision, or in the event that it does not desire to have the Public Improvements constructed (except for that portion necessary for the FAA Property) EDC shall deliver to the City a properly executed plat of dedication for 3 acceptance by the City of the right of way for the Bowes Road extension in accordance with the proposed plat of subdivision filed with the City as of the date of this Agreement, or which may be subsequently agreed to by the parties hereto. The parties acknowledge the purpose of this paragraph is to permit the City to construct that portion of the Public Improvements necessary for the development of the FAA Property, irrespective of whether or not the EDC subdivides the Farm Colony, and that this agreement is an inducement upon which the City is materially relying in executing a separate agreement with the FAA for the construction and reimbursement of the costs of the required Public Improvements for the FAA Property. 2 . 03 In the event the EDC dedicates to the City the right of way pursuant to subparagraph 2 . 02 (b) above, without the approval of a final plat of subdivision, the City agrees, to the extent reasonably practicable, to vacate any right of way dedicated to City if any subsequent plat of subdivision requires relocation and the dedication of an alternate right of way acceptable to the City; provided, that in the event the EDC proposes to dedicate alternate right of way that is different than the right of way currently proposed and contiguous to the FAA Property, the consent of the FAA shall also be necessary. Accepted by: ELGIN DEVELOPMENT CORP. CITY OF ELGIN By: Its: Pres ' ent Its: M or a:city2 .agr 09/10/91 4