97-33 Resolution No. 97-33
RESOLUTION
AUTHORIZING EXECUTION OF AN AMENDMENT TO DEVELOPMENT AGREEMENT
WITH ASHWOOD CORPORATION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Kevin Kelly, Mayor, and Dolonna Mecum, City
Clerk, be and are hereby authorized and directed to execute an
Amendment to Development Agreement on behalf of the City of
Elgin with Ashwood Corporation for the development of Shoe
Factory Homes at 630 Congdon Avenue, a copy of which is
attached hereto and made a part hereof by reference.
s/ Kevin Kelly
Kevin Kelly, Mayor
Presented: February 12, 1997
Adopted: February 12, 1997
Vote: Yeas 6 Nays 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
AMENDMENT TO DEVELOPMENT AGREEMENT
THIS AGREEMENT made and entered into this 2e72 day of
Frr /zvn-iv , 1997, by and between the CITY OF ELGIN, an
Illinois municipal corporation, (hereinafter referred to as the
"City" ) and ASHWOOD CORPORATION, an Illinois corporation,
(hereinafter referred to as "Developer " ) .
WITNESSETH
WHEREAS, Developer and the City entered into a Development
Agreement on November 21, 1996 , (hereinafter referred to as the
"Development Agreement" ) relating to the development of the
property commonly known as 630 Congdon Avenue, Elgin, Kane
County, Illinois, and legally described within said Development
Agreement; and
WHEREAS, said Development Agreement required in paragraph
2 thereof that Developer complete its acquisition of the
Subject Property within forty-five (45) days of the execution
of the Development Agreement; and
WHEREAS, Developer has requested that the time period for
Developer to complete its acquisition of the Subject Property
be extended until March 31, 1997; and
WHEREAS, the City has determined that it is necessary and
desirable to grant such extension pursuant to the terms and
conditions of this agreement.
NOW, THEREFORE, for and in consideration of the mutual
promises and undertakings contained herein, and the mutual
undertakings set forth in the original development agreement
between the parties, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows :
1. That the foregoing recitals are hereby incorporated
into this amendment agreement in their entirety.
2 . That the Development Agreement between the City and
Developer of November 21, 1996, is hereby amended by amending
paragraph 2 therein to read as follows:
"2 . That Developer shall complete its
acquisition of the Subject Property on or before
March 31, 1997 . "
3 . That the parties hereby ratify and affirm the
provisions of the Development Agreement of November 21, 1996,
as herein amended.
4 . That if any provision of this amended agreement
conflicts with any provisions of the original Development
Agreement of November 21, 1996 , the provisions of this amended
agreement shall be controlling.
CITY OF ELGIN, a municipal ASHWOOD CORPORATION,
corporation an Illinois corporation
ByXL_ i"4By A t
Kevin Kelly, May . B uc Lord
President
Attest: Atte?-1
gdq447k4-2 By \L;%- �QI ` , -�_
Dolonna Mecum, CitC Clerk Its Secret Ir v
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