92-0122 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 •
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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