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02-48
Resolution No. 02-48 RESOLUTION AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT WITH PAR DEVELOPMENT, INC. FOR RIVER PARK PLACE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Ed Schock, Mayor, and Dolonna Mecum, City Clerk, be and are hereby authorized and directed to execute a Development Agreement on behalf of the City of Elgin with Park Development, Inc . for the development of a residential condominium and townhome project on South Grove Avenue and the Crocker Theater site, a copy of which is 'attached hereto and made a part hereof by reference. s/ Ed Schock Ed Schock, Mayor Presented: February 13, 2002 Adopted: February 13, 2002 ' Omnibus Vote: Yeas: 7 Nays : 0 Attest : s/ Dolonna Mecum ' Dolonna Mecum, City Clerk DRAFT 1/29/02 RAGREE/PARDEV.DA DEVELOPMENT AGREEMENT THIS AGREEMENT made and entered into this 13th day of February, 2002 , by and between the CITY OF ELGIN, an Illinois municipal corporation, (hereinafter referred to as the "City" ) , and PAR DEVELOPMENT, INC. , an Illinois corporation, (hereinafter referred to as "Developer" ) . WITNESSETH ' WHEREAS, the City is the owner of the property commonly known as 96 S . Grove Avenue, Elgin, Katie County, Illinois, such property being and legally described in Exhibit A attached hereto (hereinafter referred to' as "Parcel 1 of the Redevelopment Property" ) ; and WHEREAS, the City is also the owner of the property lying within the area bounded by Lake Street on the south, South Grove Avenue on the west, Prairie Street on the north and Wellington Avenue on the east, such property being legally described in Exhibit B attached hereto '(hereinafter referred to as "Parcel 2 of the Redevelopment Property" , with Parcel 1 of the Redevelopment Property and Parcel 2 of the Redevelopment Property being hereinafter collectively referred to as the "Redevelopment Property" ) ; and WHEREAS, the City Council of the City has on September 9, 1995 adopted the South Grove Redevelopment Plan and Project to cause the redevelopment of a certain area which includes Parcel 2 of the Redevelopment Property' pursuant to the Tax Increment Allocation Redevelopment Act at 65 ILCS 5/11-74 . 4-1, et seq. ; and WHEREAS, the City Council of the City has on May 24 , 2000, adopted the City of Elgin Riverfront/Center City Master Plan which identifies the Redevelopment Property for redevelopment ; and WHEREAS, the City Council of the City has on January 23 , 2002 , adopted an ordinance proposing the Elgin Central Area Redevelopment Plan and Project which would provide for a program to cause the redevelopment of a certain area which includes Parcel 1 of the Redevelopment Property pursuant to the Tax Increment Allocation Redevelopment Act at 65 ILCS 5/11-74 . 4-1, et seq. ; and WHEREAS, the City has issued requests for proposals to various developers requesting proposals for the redevelopment of the Redevelopment Property; and WHEREAS, the Developer has submitted to the City a proposal for the redevelopment of the Reldevelopment Property; and WHEREAS, after further discussions with the City the Developer has submitted an amended , proposal for the redevelopment of the Redevelopment Property which in general terms provides for the construction of, an eight (8) story residential condominium building, with parking on the first two stories, sixty (60) residential condominium units on the upper six (6) stories, retail space of approximately 2 , 175 square feet on the ground level and an adjoining surface parking lot on Parcel 1 of the RedevelorSment Property and the -2- construction of one hundred sixteen (116) residential townhomes on Parcel 2 of the Redevelopment Property (such amended proposal for the redevelopment of the Redevelopment Property is hereinafter referred to as "Developer' s Proposal" ) ; and WHEREAS, Developer' s Proposal for the redevelopment of the Redevelopment Property would further the goals and objectives set forth in the South Grove Redevelopment Plan and Project, the City of Elgin Riverfront/Center City Master Plan and the proposed Elgin Central Area Redevelopment Plan and Project; and WHEREAS, Developer' s initial estimate of the cost of the construction of the improvements for the ' redevelopment of the Redevelopment Property is approximately 27 . 3 million dollars; and WHEREAS, it is unlikely that such 'redevelopment of the Redevelopment Property will occur in the absence of limited economic assistance to be provided by the ' City; and WHEREAS, in order to provide for the continued redevelopment of the City including the , redevelopment of the riverfront and center city areas the ' City has agreed to provide certain development assistance; and WHEREAS, Developer' s Proposal for the redevelopment of the Redevelopment Property will result in an increase in the City' s tax revenues and an increase in, the tax revenues to other local taxing districts; and WHEREAS, the Redevelopment Property is one of the predominate sites in the riverfront and center city areas and -3- the Developer ' s Proposal for the redevelopment of the Redevelopment Property will likely result in the stimulation of further redevelopment and improvements in the riverfront and center city areas; and WHEREAS, the City of Elgin is a home rule unit authorized to exercise any power and perform any function relating to its government and affairs; and WHEREAS, development assistance resulting in increases in the City' s tax base and spurring additional redevelopment in the riverfront and center city areas are matters within the government and affairs of the City of Elgin. NOW, THEREFORE, for and in consideration of the mutual promises and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows : 1 . Recitals . The foregoing recitals are incorporated into this agreement in their entirety. 2 . Feasibility Period. A. Developer shall have one hundred and twenty (120) days after the execution of this agreement to conduct and complete investigations to determine the feasibility of developing the Redevelopment Property to determine whether or not the Redevelopment Property is reasonably suitable for the purposes described in Developer' s Proposal to the City. Such investigations may include, but not be limited to, preliminary engineering, soil testing, environmental audits and market studies . Within thirty (30) days following the execution of this agreement, the City shall deliver or cause to be -4- delivered to Developer copies of all reports, geological studies, environmental assessments, soil or other test results and existing surveys with respect to the Redevelopment Property then in the City' s possession. In the event the Developer determines based upon such investigations that the Redevelopment Property is not reasonably suitable for the purposes described in Developer' s Proposal Developer shall notify the City in writing of such finding prior to the expiration of such one hundred and twenty (120) day feasibility period. If the City is so notified in writing by Developer prior to the expiration of such one hundred and twenty (120) day feasibility period then ' this agreement shall be cancelled and null and void with no further liability of either party hereunder. In such event, Developer shall also provide to the City copies of all documents obtained or generated by the Developer resulting from the feasibility study undertaken by the Developer. The studies and other information are not intended or represented to be suitable for reuse by the City and any such reuse shall be at the sole risk of the City and Developer shall have no liability to the City or any other persons utilizing the information contained therein for accuracy or appropriateness . With the exception of information regarding physical , conditions of the Redevelopment Property, e .g. soil tests', geological studies, environmental assessments, any such studies and information shall be deemed the property of and owned by the Developer and in the event the City makes such information available to any person who is not an employee or agent of the City, the latter -5- shall require Developer ' s consent to such use which may include reimbursement of Developer' s cost therefor. B. Prior to the expiration of the one hundred and twenty (120) day feasibility period, the City and the Developer will prepare and document a list identifying the Conditions Precedent applicable to each Redevelopment Parcel which must be satisfied prior to the respective closings for the Redevelopment Parcels (hereinafter referred to as the "Conditions Precedent" ) . The parties, as applicable, will proceed in a reasonably diligent fashion to conclude, satisfy and/or waive such Conditions Precedent during the Development Application process and prior to the closings on the Redevelopment Parcels . In the event the City and the Developer are unable to agree on the Conditions Precedent applicable to each Redevelopment Parcel prior to the expiration of the 120 day feasibility period then upon written notice from either party this Agreement shall be cancelled and null and void with no further liability of either party hereunder. C. In the event the Developer determines during the 120 day feasibility period that the Developer does not require the portion of Parcel 1 of the Redevelopment Property along South Grove Avenue identified in Exhibit C hereto with shading and as the "Future Commercial Infill Opportunity" , the Developer shall provide written notice thereof to the City prior to the expiration of such 120 day feasibility period. In such event, and if mutually agreed to by the City, title to such Future Commercial Infill Opportunity Area shall not be -6- conveyed to the Developer by the City as part of Parcel 1 of the Redevelopment Property but instead shall be retained by the City. 3 . Development Application and Petition for Rezoning. A. Within one hundred and twenty (120) days of the expiration of the feasibility period pursuant to the provisions of Section 2 of this agreement, and in the event Developer has not cancelled the agreement prior to the expiration of such feasibility period, the Developer agrees to and shall submit to and file with the City a formal development application and petition for rezoning for the Redevelopment Property (such development application and petition for rezoning of the Redevelopment Property is hereinafter referred to as the "Development Application" ) . It is agreed that the Development Application shall also include and request the rezoning of the to be vacated portion of Wellington Avenue referred to in Paragraph 6 hereof, the Subject Abandoned Railroad Right-of-Way referred to in Paragraph 7 hereof and 122 South Grove Avenue referred to in Paragraph 8 hereof . The City agrees to execute the Development Application along with the Developer. All costs and expenses relating to the Development Application shall be the responsibility of and shall be paid for by the Developer. Such Development Application shall request the rezoning of the Redevelopment Property to a planned multiple family residence district and shall provide for the redevelopment of the Redevelopment Property in substantial conformance with the Proposal for River Park Place prepared by Par Development, -7- Inc . and Rental Systems, L.L.C. , attached hereto as Exhibit C, except as same may be amended as may be mutually agreed by the City and the Developer during the development review and the zoning process and as approved by the City in an ordinance reclassifying the Redevelopment Property to a planned multiple family residence district or as directed by the City as is necessary to comply with ordinances, building codes or other requirements of law (such proposal , as amended, is hereinafter referred to as the "Subject Redevelopment Plan" ) . For purposes of clarification, and except as the Redevelopment Plan may be amended as provided for in this paragraph, the redevelopment of Parcel 1 of the Redevelopment Property by Developer shall consist of the construction of an eight (8) story residential condominium building with the first two (2) stories providing for parking and with the upper six (6) stories providing for sixty (60) residential condominium units, an adjoining surface parking lot, and a ground level retail space facing South Grove Avenue, all as set forth in the Subject Redevelopment Plan (such redevelopment of Parcel 1 of the Redevelopment Property being hereinafter referred to as the "Subject Residential Condominium Redevelopment" ) . For purposes of clarification, and except as the Redevelopment Plan may be amended as provided for in this paragraph, the redevelopment of Parcel 2 of the Redevelopment Property by Developer shall consist of the construction of one hundred and sixteen (116) residential townhomes as set forth in the Subject Redevelopment Plan (such redevelopment of Parcel 2 being hereinafter referred to as the "Subject Residential -8- Townhome Redevelopment" ) . It is understood that the number of residential condominium units and residential townhome units as referred to herein are approximate, provided however, it is agreed that there shall be not less than fifty four (54) residential condominium units and not less than one hundred five (105) residential townhome units . B. The Development Application to be submitted by the Developer to the City for the City' s review and approval shall include all materials and documentation customarily required by the City for such development applications and zoning petitions and shall also include architectural elevations of the buildings to be constructed on the Redevelopment Property showing and describing the architectural styling and materials of such buildings, the floor plans for each of the condominium units and townhomes, a description of standard finishes and amenities along with available upgrades for each of the condominium units and townhomes, the anticipated sales price lists for the condominium units and townhomes, preliminary engineering plans, landscape plans, lighting plans, estimated development schedules for the Subject Residential Condominium Redevelopment and the Subject Residential Townhome Redevelopment and such other and further materials and documentation as may be reasonably required by the City. C. The Development Application to be submitted by the Developer to the City for the City' s review and approval shall also include draft declarations of condominium ownership and of easements, restrictions, covenants and by-laws for the -9- Subject Residential Condominium Redevelopment and for the Subject Residential Townhome Redevelopment (hereinafter referred to as the "Declarations" ) . The Declarations shall comply with the Illinois Condominium Property Act and shall include, among other matters, provisions relating to the maintenance of common elements, limited common elements and common areas and limitations and requirements relating to the type and number of buildings, building elevations, building design, building materials, the number of condominium units and townhome units and the use of the subject properties . Upon approval of the Declarations by the City Council of the City the Developer shall record such Declarations simultaneously with the recording of a final plat of subdivision for Parcel 1 and/or Parcel 2 of the Redevelopment Property and prior to the closing of the sale of any of the residential condominium units or residential townhome units on the Redevelopment Property. The Declarations may be modified or amended by the Developer or Developer' s successors in interest, but the Declarations shall provide that as to amendments or revisions effecting the type and number of buildings, building elevations, building design, building materials, the number of condominium units and townhome units or the use of the subject properties, such amendments or revisions shall require the prior approval of the City Council of the City of Elgin. D. This agreement and all of the parties ' obligations hereunder are expressly subject to and contingent upon the City Council of the City adopting an ordinance or -10- ordinances which provides for the approval of the Rezoning of the Redevelopment Property providing for a planned multiple family residence district zoning classification for the Redevelopment Property which provides for the redevelopment of the Redevelopment Property according to the Subject Redevelopment Plan as same may be amended as provided for in Section 2A hereof (such rezoning of the Redevelopment Property providing for the redevelopment of the Redevelopment Property according to the Subject Redevelopment Plan, as amended, is hereinafter referred to as the "Rezoning of the Redevelopment Property" ) . In the event the City Council determines in its sole and exclusive discretion not to adopt an ordinance which provides for the approval of the Rezoning of the Redevelopment Property then upon written notice from either party this agreement shall be cancelled and null and void with no further liability of either party hereunder. 4 . Conveyance of Redevelopment Property to Developer. A. In the event the City Council of the City adopts an ordinance which provides for the approval of the Rezoning of the Redevelopment Property the City shall thereafter convey to the Developer title to the Redevelopment Property by a recordable special warranty deed, subject only to real estate taxes not then due and payable, for the year of closing and subsequent years; public utility easements so long as same do not prohibit Developer' s intended use of the Redevelopment Property as herein described; public rights-of-way; covenants, conditions, encroachments and restrictions of record as long as same do not prohibit -11- Developer ' s intended use of the Redevelopment Property as herein described; and the terms and obligations of this Development Agreement . The purchase price to be paid by the Developer to the City for the Redevelopment Property shall be zero dollars, it being agreed and understood that the City is conveying the Redevelopment Property to the Developer without a monetary purchase price as a development incentive to the Developer as partial consideration for Developer ' s redevelopment of the Redevelopment Property as provided for in this agreement . The closings for Parcel 1 of the Redevelopment Property and Parcel 2 of the Redevelopment Property may be separate . The time of closing for Parcel 1 of the Redevelopment Property shall be and Parcel 2 of the Redevelopment Property shall be sixty (60) days following City Council approval of the Rezoning of the Redevelopment Property and the satisfaction or waiver of the Conditions Precedent applicable to that Redevelopment Parcel . B. The City shall make any existing surveys of the Redevelopment Property in the City' s possession available to the Developer within five (5) days after the execution of this Agreement . Within sixty (60) days following the completion of the demolition of existing structures on the Redevelopment Property and the completion of the regrading of Parcel 2 of the Redevelopment Property as provided for in paragraph 10 of this Agreement, but not less than ten (10) days prior to closing, the City at its own expense, shall furnish Developer a plat of survey for the Redevelopment Property prepared by a licensed land surveyor dated not more than six months prior to -12- the date of closing, made and so certified by the surveyor to the Developer, or other person designated by Developer, and the title company as having been made in accordance with the minimum standard detail requirements for ALTA/ASCM Land Title Surveys and Mapping, 1992 , including, without limitation, all items (except for Items 5, 7 , 9, 10 and 12 in Table A thereof with accuracy standards appropriate to suburban settings and for Developer' s intended use of the real estate) . The survey shall also include a certification by the surveyor as to the square footage of Parcel 1 and Parcel 2 of the Redevelopment Property (excluding any portion thereof lying in a public right-of-way) . Such survey shall further indicate all applicable easements and rights-of-way. C. Not less than ten (10) days prior to closing, the City at its own expense, shall deliver or cause to be delivered to Developer or Developer ' s agent a title commitment for a 1970 ALTA Owners Title Insurance Policy issued by Chicago Title Insurance Company (the "Title Company" ) in the minimum amount of insurance covering title to the Redevelopment Property on or after the date herein, showing title in the City of Elgin subject only to: (a) title exceptions set forth in Section 4A above, (b) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing and which the City shall so remove at that time, (c) acts of the Developer and all parties through or for the Developer, and (d) zoning laws, statutes and ordinances, including, but not limited to matters relating -13- to the Tax Increment Act, the South Grove Redevelopment Project Area and Redevelopment Plan and the Elgin Center City Redevelopment Project Area and Redevelopment Plan. The Developer may also obtain its own initial title commitment for the Redevelopment Property. If such title commitment obtained by the Developer discloses the existence of title exceptions other than as identified in this paragraph, and the Developer provides written notice to the City of the unacceptability of such other title exceptions, then such other title exceptions shall be deemed Conditions Precedent to be waived or satisfied prior to the closing of the effected Redevelopment Parcel . D. If the title commitment or plat of survey discloses either unpermitted exceptions or survey matters that render the title not in conformance with the provisions of this agreement (hereinafter referred to as "Survey Defects" ) , the City shall have thirty (30) days from the date of delivery thereof to have the exceptions removed from the commitment or to correct such Survey Defects or to have the title company commit to insure against loss or damage that may be occasioned by such exceptions or Survey Defects, and, in such event, the time of closing shall be thirty (30) days after the delivery of the commitment or the time expressly specified in Section 4A hereof, whichever is later. If the City fails to have the exceptions removed or correct any Survey Defects or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions or Survey Defects within the specified time, Developer may terminate this Agreement or may elect, upon written notice to the City -14- within ten (10) days after the expiration of the thirty (30) day period, to take title as it then is . If Developer does not so elect, this Agreement shall be deemed cancelled and null and void with no further liability of either party hereunder. E . General taxes shall be adjusted ratably as of the time of closing. If the amount of the current general taxes is not then ascertainable, the adjustment thereof shall be made on the basis of the amount of the most recent ascertainable taxes . The City shall pay the amount of any stamp tax imposed by state or county law or local ordinance on the transfer of title, if any, and furnish a completed real estate transfer declaration signed by the City or the City' s agent in the form required pursuant to the Real Estate Transfer Tax Act of the State of Illinois and shall furnish any declarations signed by the City or the City' s agent or meet other requirements as established by any county or local ordinance with regard to a transfer or transaction tax. 5 . Demolition of Existing Crocker Theater Building. The City agrees that as of the closing for Parcel 1 of the Redevelopment Property it shall have completed at its expense the demolition of the existing Crocker Theater building now located on Parcel 1 of the Redevelopment Property. Such demolition of the existing Crocker Theater building by the City shall include the removal of the structure, footings and foundations and the removal of all material and debris from the site . In the event the City elects to salvage portions of the architectural elements of the facade of the existing -15- Crocker Theater building the Developer agrees to utilize such salvaged architectural elements in an appropriate fence or other streetscape along the boundary of Parcel 1 of the Redevelopment Property on South Grove Avenue . The design of any such fencing or streetscape shall be determined and agreed to by the City and Developer as part of the development review and zoning process referred to in Section 3 hereof . 6 . Vacation of Portion of Wellington Avenue . The City agrees that as of the closing for Parcel 2 of the Redevelopment Property it shall have provided for the vacation of that portion of Wellington Avenue legally described in Exhibit B hereto. It is agreed and understood that in the event the Developer desires or requires the relocation and/or undergrounding of any public utility or public service facilities which are located within said portion of the Wellington Avenue right-of-way to be vacated that any such relocation or undergrounding issues shall be identified as Conditions Precedent during the feasibility period referred to in Section 2 hereof . 7 . Acquisition of Portion of Abandoned Union Pacific Railroad Company Right-of-Way. The City agrees to attempt to acquire at its expense that portion of the abandoned Union Pacific Railroad Company right-of-way legally described in Exhibit B hereto (such portion of the abandoned Union Pacific Railroad Company right-of-way is hereinafter referred to as the "Subject Abandoned Railroad Right-of-Way" ) . The City shall use to the extent necessary and to the extent permitted by law its eminent domain power to acquire title to the -16- Subject Abandoned Railroad Right-of-Way. In the event the City acquires title to the Subject Abandoned Railroad Right-of-Way the City shall convey title to the Subject Abandoned Railroad Right-of-Way to the Developer as part of Parcel 2 of the Redevelopment Property pursuant to the provisions of Section 4 of this agreement . In the event the City conveys title to the Subject Abandoned Railroad Right-of-Way to the Developer the Subject Abandoned Railroad Right-of-Way shall be part of Parcel 2 of the Redevelopment Property to be utilized as depicted in the Subject Redevelopment Plan, as same may be amended as provided in Section 3A hereof . In the event the City has not acquired title to the Subject Abandoned Railroad Right-of-Way line as of the scheduled closing of Parcel 2 of the Redevelopment Property then the parties agree to the following alternatives : (1) Developer may elect to proceed with the scheduled closing of Parcel 2 of the Redevelopment Property with the parties conducting a subsequent closing for the Subject Abandoned Railroad Right-of-Way after the City acquires title thereto; (2) the scheduled closing on Parcel 2 of the Redevelopment Property may be extended by mutual agreement of the parties for a reasonable amount of time to allow the City to complete the acquisition of title to the Subject Abandoned Railroad Right-of-Way Line; (3) the Subject Redevelopment Plan for Parcel 2 of the Redevelopment Property may be amended if mutually agreed to by the parties as is reasonably necessary to reflect the deletion of the Subject Abandoned Railroad Right-of-Way from Parcel 2 of the -17- Redevelopment Property; or (4) the Developer may terminate this Agreement upon written notice to the City prior to the first closing date of either Parcel 1 or Parcel 2 of the Redevelopment Property. 8 . Acquisition of 122 South Grove Avenue. The City agrees to attempt to acquire at its expense the property commonly known as 122 South Grove Avenue, Elgin, Illinois and legally described in Exhibit D hereto (122 South Grove Avenue is hereinafter referred to as "122 South Grove Avenue" ) . The City shall use to the extent necessary and to the extent permitted by law its eminent domain power to acquire title to 122 South Grove Avenue . In the event the City acquires title to 122 South Grove Avenue the City shall convey title to 122 South Grove Avenue to the Developer pursuant to the provisions of Section 4 of this agreement. In the event the City conveys title to 122 South Grove Avenue to the Developer 122 South Grove Avenue shall be part of Parcel 1 of the Redevelopment Property to be utilized as depicted in the Subject Redevelopment Plan, as same may be amended as provided in Section 3A hereof . In the event the City has not acquired title to 122 South Grove Avenue as of the scheduled closing of Parcel 1 of the Redevelopment Property then the parties agree to the following alternatives : (1) Developer may elect to proceed with the scheduled closing of Parcel 1 of the Redevelopment Property with the parties conducting a subsequent closing for 122 South Grove Avenue after the City acquires title thereto; (2) the scheduled closing on Parcel 1 of the Redevelopment Property may be extended by mutual -18- agreement of the parties for a reasonable amount of time to allow the City to complete the acquisition of title to 122 South Grove Avenue; (3) the Redevelopment Plan for Parcel 1 of the Redevelopment Property may be amended if mutually agreed to by the parties as is reasonably necessary to reflect the deletion of 122 South Grove Avenue from Parcel 1 of the Redevelopment Property, such amendment to consist of removing such area from the planned open space of Parcel 1 of the Redevelopment Property; or (4) the Developer may terminate this agreement upon written notice to the City prior to the first closing of either Parcel 1 or Parcel 2 of the Redevelopment Property. 9 . Redevelopment for Subject Residential Condominium Redevelopment and Subject Townhome Redevelopment . A. It is agreed and understood that the Redevelopment Property is being conveyed by the City to the Developer for the sole purpose of Developer redeveloping the Redevelopment Property and constructing thereon the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property and the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property. Developer shall cause the Redevelopment Property to be redeveloped and improved with the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property and the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property in conformance with the terms of this agreement . The redevelopment of the Redevelopment Property shall conform in all respects with the -19- ordinance (s) reclassifying the Redevelopment Property to a planned multiple family residence zoning district or as directed by the City as is necessary to comply with ordinances, building codes or other requirements of law. Developer shall also cause all work performed in connection with the redevelopment of the Redevelopment Property to be performed in a workmanlike manner. Except as otherwise provided in this Agreement, all costs and expenses relating to the redevelopment of the Redevelopment Property, including without limitation, the construction of the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property and the construction of the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property, shall be the responsibility of and shall be paid for by the Developer. B. Developer shall commence construction of the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property within ninety (90) days following the closing for Parcel 1 of the Redevelopment Property, weather permitting. Developer shall be deemed to have commenced construction of the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property upon initiation of the construction of the foundation of the condominium building to be constructed on Parcel 1 of the Redevelopment Property. Upon Developer commencing construction of the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property Developer shall continue with such construction in as -20- expeditious a manner as is reasonably practicable . Developer shall not encumber title to Parcel 1 of the Redevelopment Property until after Developer has commenced construction of the Subject Residential Condominium Redevelopment on such Parcel 1 of the Redevelopment Property. Developer shall complete the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property no later than twenty-four (24) months following the closing on such parcel (hereinafter referred to as the "Completion Date for the Redevelopment of Parcel 1 of the Redevelopment Property" ) , provided, however, that such Completion Date for the Redevelopment of Parcel 1 of the Redevelopment Property shall be extended by one (1) day for each day of which construction is delayed or stopped due to accident, strikes, shortages of materials, extreme weather, acts of God or other causes not within Developer' s reasonable control . If the Developer wishes to make a claim for an extension of the Completion Date for the Redevelopment of Parcel 1 of the Redevelopment Property the Developer shall provide the City written notice thereof within thirty (30) days after the occurrence of the event giving rise to Developer ' s claim for such extension. Such claim shall advise the City of the circumstances the Developer alleges justifies an extension of time of the Completion Date for the Redevelopment of Parcel 1 of the Redevelopment Property. If adverse weather conditions are the basis for a claim for additional time, such claim shall be documented by data substantiating that weather conditions were abnormal for the period of time and could not have been -21- reasonably anticipated, and that weather conditions had an adverse effect on the scheduled construction. Claims by the Developer for an extension of time for the Completion Date for the Redevelopment of Parcel 1 of the Redevelopment Property must be approved by the City Council of the City. The Subject Residential Condominium Redevelopment of Parcel 1 of the Redevelopment Property shall be deemed completed when Developer has completed construction of all buildings and site improvements, including without limitation landscaping, and has obtained a final occupancy permit for at least one of the residential condominium units to be constructed on Parcel 1 of the Redevelopment Property. C. The deed of conveyance conveying Parcel 1 of the Redevelopment Property to Developer shall contain a provision making such conveyance subject to the terms and obligations of this Development Agreement . In the event the Developer shall have failed to commence construction of the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property on the date specified in this agreement the City may file suit within the Circuit Court for the Sixteenth Judicial Circuit, Kane County, Illinois, for a determination that Developer has so breached this agreement and therein may pursue any and all available remedies at law, equity or otherwise including but not limited to providing for a judgment and order terminating the Developer ' s rights in and to the Redevelopment Property and require the conveyance back to the City of the Developer ' s rights, title and/or interest in or to the Redevelopment Property free and clear of all -22- rights of the Developer. In the event the Developer fails to complete the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property by the Completion Date for Redevelopment of Parcel 1 on the Redevelopment Property, as such date may be extended pursuant to Section 9B hereof, or Developer is otherwise in default of a material term or condition of this agreement, the City may file suit within the Circuit Court for the Sixteenth Judicial Circuit, Kane County, Illinois, for a determination that Developer has so breached this agreement and therein may pursue any and all available remedies at law, equity or otherwise, but not including any remedy of conveyance or reversion of Parcel 1 of the Redevelopment Property. D. Developer shall commence construction of the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property within ninety (90) days following the closing for Parcel 2 of the Redevelopment Property, weather permitting. Developer shall be deemed to have commenced construction of the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property upon the commencement of the construction of foundations for the townhomes to be constructed on Parcel 2 of the Redevelopment Property. Upon Developer commencing construction of the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property Developer shall continue with such construction in as expeditious a manner as is reasonably practicable. Developer shall not encumber title to Parcel 2 of the Redevelopment Property until after Developer has -23- commenced construction of the Subject Residential Townhome Redevelopment on such Parcel 2 of the Redevelopment Property. Developer shall complete the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property no later than sixty (60) months following the closing on such parcel (hereinafter referred to as the "Completion Date for the Redevelopment of Parcel 2 of the Redevelopment Property" ) , provided, however, that such Completion Date for the Redevelopment of Parcel 2 of the Redevelopment Property shall be extended by one (1) day for each day of which construction is delayed or stopped due to accident, strikes, shortages of materials, extreme weather, acts of God or other causes not within Developer' s reasonable control . If the Developer wishes to make a claim for an extension of the Completion Date for the Redevelopment of Parcel 2 of the Redevelopment Property the Developer shall provide the City written notice thereof within thirty (30) days after the occurrence of the event giving rise to Developer ' s claim for such extension. Such claim shall advise the City of the circumstances the Developer alleges justifies an extension of time of the Completion Date for the Redevelopment of Parcel 2 of the Redevelopment Property. If adverse weather conditions are the basis for a claim for additional time, such claim shall be documented by data substantiating that weather conditions were abnormal for the period of time and could not have been reasonably anticipated, and that weather conditions had an adverse effect on the scheduled construction. Claims by the Developer for an extension of time for the Completion Date for -24- the Redevelopment of Parcel 2 of the Redevelopment Property must be approved by the City Council of the City. The Subject Residential Townhome Redevelopment of Parcel 2 of the Redevelopment Property shall be deemed completed when Developer has completed construction of all buildings and site improvements, including without limitation landscaping, and has obtained final occupancy permits for all of the residential townhomes to be constructed on Parcel 2 of the Redevelopment Property. E. The deed of conveyance conveying Parcel 2 of the Redevelopment Property to Developer shall contain a provision making such conveyance subject to the terms and obligations of this Development Agreement . In the event Developer shall have failed to commence construction of the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property on the date specified in this agreement the City may file suit within the Circuit Court for the Sixteenth Judicial Circuit, Kane County, Illinois, for a determination that Developer has so breached this agreement and therein may pursue any and all available remedies at law, equity or otherwise including but not limited to providing for a judgment and order terminating the Developer ' s rights in and to Parcel 2 of the Redevelopment Property and require the conveyance back to the City of Developer' s rights, title and/or interests in or to Parcel 2 of the Redevelopment Property free and clear of all rights of the Developer. In the event the Developer fails to complete the Subject Residential Condominium Redevelopment on Parcel 2 of the -25- Redevelopment Property by the Completion Date for Redevelopment of Parcel 2 on the Redevelopment Property, as such date may be extended pursuant to Section 9D hereof, or Developer is otherwise in default of a material term or condition of this agreement, the City may 'file suit within the Circuit Court for the Sixteenth Judicial Circuit , Kane County, Illinois, for a determination that Developer has so breached this agreement and therein may pursue any and all available remedies at law, equity or otherwise, but not including any remedy of conveyance or reversion of Parcel 2 of the Redevelopment Property. 10 . Removal of Parcel 2 of the Redevelopment Property from the Flood Plain. The City agrees that as of the closing date for Parcel 2 of the Redevelopment Property it shall have provided at its expense for the regrading of Parcel 2 of the Redevelopment Property so as to raise the, grade of Parcel 2 of the Redevelopment Property above the current elevation of the one hundred year flood plain. In the event the City has not completed such regrading of Parcel 2 of the Redevelopment Property as of the scheduled closing of Parcel 2 of the Redevelopment Property then the parties agree that the scheduled closing date on Parcel 2 of the Redevelopment Property shall be extended for a reasonable period of time not to exceed one hundred and eighty (180) days to allow the City to complete such regrading of Parcel 2 of the Redevelopment Property. The following specifications will be followed by the City when filling Parcel 2 of the Redevelopment Property: -26- A. Fill will be compacted to 95% of the maximum density obtained with the Standard Proctor Test Method issued by the American Society for Testing and Materials (ASTM Standard D-698) . This requirement applies to fill pads prepared for residential or commercial structure foundations and does not apply to fill areas intended for other uses . B. All structural fill shall be clean, well graded granular materials placed in layers of iiot more than 6" in thickness, at moisture contents at orll above optimum and compacted to the minimum density of 90% of the standard proctor. C. The contractor performing the fill work will thoroughly break and turn soil underlying the area to be filled to a depth of 6" before deposit_on of granular fill material . D. Structural fill shall not be placed on frozen ground. 11 . Environmental . The City agrees at its expense to investigate and if necessary remediate environmental conditions on the Redevelopment Property ,pursuant to the State of Illinois Site Remediation Program land to obtain a No Further Remediation Letter (s) for a residential standard for Parcel 1 and Parcel 2 of the Redevelopment Property. Developer agrees to reasonably cooperate; with the City in the City' s efforts to obtain a No Further 1Remediation Letter (s) for Parcel 1 and Parcel 2 of the Redevelopment Property including, but not limited to, providing all plans and other documentation regarding the Subject Residential Condominium -27- Redevelopment on Parcel 1 of the Redeveliopment Property and the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property. In the event the City has not acquired the No Further Remediation Letters) for Parcel 1 and Parcel 2 of the Redevelopment Property s of the scheduled closing for the effected parcel of the Redevelopment Property then the parties agree to the following alternatives : (1) the scheduled closing on the effected parcel on the Redevelopment Property may be extended by mutual agredment of the parties for a reasonable amount of time to allow the City to obtain the No Further Remediation Letter (s) fora the effected parcel of the Redevelopment Property; or (2) either party may terminate this agreement upon written notice to the other party prior to the first scheduled closing date of either Parcel 1 or Parcel 2 of the Redevelopment iProperty. 12 . Public Utilities . The Cityl represents to the Developer that water, sanitary sewer and (storm sewer utilities are located in the vicinity of the Subject Redevelopment Property as set forth in the October 5, 2001 memorandum attached hereto as Exhibit E . 13 . Assessment of Redevelopment Property. The City and the Developer agree that the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property and the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property should be assissed for general real estate taxes in the manner provided icy Illinois Compiled Statutes as they may be amended from time to time . This provision shall not be deemed to prevent Developer or its -28- successors or permitted assigns from appealing or challenging assessments against the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property or the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Property which Developer or. its successors or permitted assigns consider to be contrary to law. The Developer agrees that as long as any taxi increment bonds are outstanding the Developer and no person ' affiliated with the Developer or any successor or permitted assign of the Developer shall do any of the following: 11 A. Seek to reduce the total equalized assessed valuation of the Subject Residential Condominium Redevelopment on Parcel 1 of the Redevelopment Property below a total of $2 , 500, 000 . 00 upon completion of the redevelopment improvements; or B. Seek to reduce the total equalized assessed valuation of the Subject Residential Townhome Redevelopment on Parcel 2 of the Redevelopment Propert below a total of $8 , 500 , 000 . 00 upon completion of the redevelopment improvements; or C. Request a full or partialiexemption for general real estate taxes for any portion Of the Redevelopment Property; or D. Request an assessment at is value not otherwise permitted by law. It is agreed that the transfer of common areas to a condominium or other association and the resulting assessed valuation of $1 per Illinois statutes shall not be deemed a -29- violation of the foregoing provisions . It is further agreed that the provisions of this section shall not be deemed or construed as a guarantee by the Developer of a total equalized assessed valuation of the Redevelopment Property. 14 . Compliance with Laws . Notwithstanding any other provisions of this agreement it is expressly agreed and understood by the Developer and the City that the redevelopment of the Redevelopment Property including without limitation Developer ' s construction of condominium units and townhomes thereon shall be in accordance with all applicable federal, state, city and other requirements of law. Developer shall also at its expense procure all plermits and licenses, pay all charges and fees, and give all notices necessary and incident to the due and lawful prosecution of the work necessary to provide for the redevelopment of the Redevelopment Property as described in this agreement . 15 . Survival . All representtions, warranties, indemnities and covenants made by thea parties under this agreement, the terms of this agreement and the obligations of the parties under this agreement shall be deemed re-made as of the closings and shall survive the closings, and the remedies for the breach thereof shall survive the closings and shall not be merged into the closing documents . 16 . Default . The City and Developer agree that, in the event of a default by other party, the other party shall , prior to taking any such action as may be available to it, provide written notice to the defaulting party stating that they are giving the defaulting party thirty (30) days within -30- which to cure such default . If the default shall not be cured within the thirty (30) day period aforesaid, then the party giving such notice shall be permitted oto avail itself of remedies to which it may be entitled under this agreement . The provisions of this paragraph shall not be deemed or construed to delay or toll the imposition of liquidated damages provided for in this agreement . 17 . Remedies . If either party fail or refuses to carry out any of the material covenants or obligations hereunder, the other party shall be entitled to pursue any and all available remedies as specified herein or otherwise available at law, equity or otherwise . Notwithstanpling the foregoing or anything else to the contrary in this agreement, no action shall be commenced by the Developer algainst the City for monetary damages . Venue for the resolution of any disputes or the enforcement of any rights pursuant to this agreement shall be in the Circuit Court of Kane County, Illinois . 18 . Time . Time is of the essence of this agreement . 19 . Notices . All notices shall 8e required to be in writing and shall be served on the parties at the addresses following their signatures . The mailing of a notice by registered or certified mail, return receipt requested, or personal delivery by courier service Ishall be sufficient service . 20 . Interpretation. This agreement shall be construed, and the rights and obligations of the City and Developer hereunder shall be determined in accordance with the laws of -31- the State of Illinois without reference to its conflict of laws rules . 21 . Relationship of the Parties . This agreement shall not be deemed or construed to create an employment, joint venture, partnership or other agency relationship between the parties hereto. 22 . Failure to Enforce Provisions . The failure by a party to enforce any provision of this agreement against the other party shall not be deemed a waiver (of the right to do so thereafter. 23 . Amendments . This agreement may be modified or amended only in writing signed by both parties hereto, or their permitted successors or assigns as the case may be . 24 . Entire Agreement . This agrleement contains the entire agreement and understandings of the parties hereto with respect to the subject matter as set forth herein, all prior agreements and understandings having been merged herein and extinguished hereby. 25 . Joint and Collective Work Product . This agreement is and shall be deemed and construed to be a joint and collective work product of the City and the Developer, and, as such, this agreement shall not be construed against the other party, as the otherwise purported drafter of same, by any court of competent jurisdiction in order to resolve any inconsistency, ambiguity, vagueness or conflict, if any, in the terms and provisions contained herein. 26 . Assignment . This agreement shlall be binding on the parties hereto and their respective successors and permitted -32- assigns . This agreement and the obligatipns herein may not be assigned without the express written consent of each of the parties hereto, which consent may be withheld at the sole discretion of either of the parties hereto . Notwithstanding the preceding sentence, the Developer may assign its rights under this agreement to a corporation, partnership, limited liability company or other form of business association formed or authorized to do business in the State of Illinois provided that not less than fifty (50%) percent of the ownership interest is owned, directly or indirectly, by Raymond E. Plote and members of his immediate family and further provided that no such assignment will relieve the Developer of its obligations hereunder. 27 . No Conflicting Interests . Developer hereby represents and warrants that the Developer, nor any associated person or organization, presently owns 6r has any beneficial interest in the Redevelopment Property being conveyed to Developer or entitled to receive any income from the subject Redevelopment Property. In compliance with 50 ILCS 105/3 . 1, Developer shall provide the City with ' a written statement subscribed by an owner, authorized trustee, corporate official or managing agent, under oath, disclosing the identity of every person having an interest, real ior personal, in the development group and every shareholder entitled to receive more than seven and one/half (7 1/2%) percent of the total distributable income of any corporation which will have an interest, real or personal , in such property upon the -33- acquisition of any interest by the Developer in the Redevelopment Property. IN WITNESS WHEREOF, the parties hereto have entered into and executed this agreement on the date and year first written above . CITY OF ELGIN, a municipal PAR DEVELQPMENT GROUP, INC. , an corporation Illinois dorporation 1111110 By �!�� BY Mayor Its REIRIMPINN Attest : Attest : Fdli4v1-"fr‘-tC City Clerk Address : Address : City of Elgin Par Development Group, Inc . c/o City Manager 1061 E. Main Street, Suite 100 150 Dexter Court East Dundee, IL 60118 Elgin, IL 60120-5555 Attention' David R. Plote and Todd Lipschutz with a copy of any notice to: with a copy of any notice to : William A. Cogley Warren R. IFuller Corporation Counsel Fuller and Berres City of Elgin Attorneys at Law 150 Dexter Court 69 S . Bar -ington Road Elgin, IL 60120-5555 South Barrington, IL 60010 -34- EXHIBIT A Legal Description of Parcel 1 of the Redev,lopment Property: That part of Lot 13 lying easterly ofhe easterly line of Riverside Drive in Block 21 of the Original Town of Elgin, on the east side of the Fox River, in the City of Elgin, Kane County, Illinois. Commonly known as 96 S . Grove Avenue, Elgin, Kane County, Illinois . Permanent Index Number 06-14-433-031 . EXHIBIT B Legal Description of Parcel 2 of the Redevelopment Property: That part of the Southwest Quarter of Section 13 , Township 41 North, Range 8 East of the Third Principal Meridian described as follows : Lots 3 through 18 , both inclusive, in Blo k 1 of 0. Davidson' s Addition to Elgin, in the City of Elgin, Kane County, Illinois . ALSO Lots 1 through 16, both inclusive, in Blcck "A" of Davidson' s Grove Avenue Subdivision, in the City of Elgin, Kane County, Illinois . Commonly known as property bounded by Lake Street on the south, South Grove Avenue on the west, rairie Street on the north and Wellington Avenue on the east, Elgin, Kane County, Illinois. Permanent Index Number 06-13-35 -038 and also That portion of to be vacated Wellington Avenue lying south of the south line of Prairie Street and north of the north line of Lake Street in the southwest quarter of Section 13 , Township 41 North, Range 8 East of the Third Principal Meridian, in the City of Elgin, Kane County, Illinois . and also That part of the abandoned Union Pacific Railroad Company Right-of-Way as presently exists bounded on the north by the south line of Prairie Street and bounded on the southeast by the southeast line extended southwest rly of William F. Sylla ' s Resubdivision (being also a northwesterly line of Lake Street) in the City of Elgin, Kane County, Illinois . Part of Permanent Index Number 06-13-502-008 . --' • .;"'l - " . - `e.,,_10' /1:4-- -i..,-,,-,..,. 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X44 i R O W H0 M E B 14DU V IN I C d / C on iNu ul il ea Liz ice` a WE--i �. I. ! t'iit III w x ■■ t,iii I I.I x �` .�nD C w fo f_ I.-I HIL — e o`, IE.F. iI rt i�1I -oma. at ,rI � :.IIIII Al +a ■t IME �,t -_:l' cA B 1 .� 414v/ ;� a 1.111 . 11111 ■■I 1■■ 1111 ■■I I■■ 111111 I..1 �.. I �E. I [AO II too �= 1■■ 1REI,, '' 0■I •■ 111111 .11 ■ II Er ■■I rA I' I Iz ■■ E_ ! ■ a NE I ICE1 VP :77. U.a II 11.1 ■■I' w ■■■■ II■■I 11:::1 ' • I iI II -. I If-1 ' j ll I r- 11 I. _ .nom ■EI II ■■I I1.1 1,■■1 !Mill I■■I I�■.l lilt lull F Ii U4r4 f I■■ :a ; a , r a -4 F ■■ I■t. I,__! I . ' Ierilx _-�I '_II a �.: I1-i I —I Q II L ilia' r itimilil PI 6* 4_11:1111■ rill' ■■II■■ —, I w = ■■1 Fiji /Ill x < •• .-, .-. Jr-e, .^ " ,o, .., e!, A`. 0 -", <-* PP". ,`. -'i ,•"\ _ — --- ` ,,., -1 P', ,"'' " n I I I. I I 1 1 I I I rail I I bedroom 2 i j kitchen breakfast o .:- I I y ummosimmommi 1 I garage • � ! I i ::r I I :.. dining room 'te: . I I :It I I rZL all bath i i • i NM PAI i i �L ,.�.� C�Sj i — an `i0 'SIE 4111 j i life L� d• I . . . j 1 1 . . . --' living room amity room �7 master boom i i t. i entry I ' . i I j _ j j j II i —---- - 1 1 ------ - I . `�� -- ��� -- ��� i Total Area: 2,160 square feet i j i i 9 2 Bedrooms Third Floor Plan Second Floor Plan First Floor Plan 1 1/2 Bathrooms 2 Car Garage RIVER PARK PLACE ELGIN, ILLINOIS Rowhome Al Plans and Elevation I'AR DEVELOPMENT INC.&RENTAL SYSTEMS,L..L.C. PAPPAGEORGE/HAYM ES,L"ID. i i — - fist i It," { ti bedroom 2 i L' '� j kitchen — — — — } i," 1 I'' J1 • \ n garage . . . 1II� o Vis' 4r I- bath,,.. iral t ,t Ilii ,I; /1 k. • n jI mow' dining room --- a p ... alt __INN a a IIII 1 I, I lswool 1. 11111'. 'MP ' ) 1,,,iit w LL 1 M III ii / 14 cil maul —I t *' master bedroom I 'I' f° 1 living room • • • i 1 ',1 family room n. k III ■ 111 1 -- r t I' , � _ a ) i 1 Total Area: 2,160 square feet 3 1 I j -...__j..... ! 2 Bedrooms i j I ) 2 1/2 Bathrooms ) Third Floor Plan Second Floor Plan First Floor Plan 2 Car Garage •3 :3 ) RIVER PARK PLACE ELGIN, ILLINOIS Rowhome A2 Plans and Elevation } PAR DEVELOPMENT 1NC.&RENTAL SYSTEMS,L..L.C. I'APPAGEORGE/IIAY]NES,LTD. f '(LL'I`SAINAVIi/A9II0A9VJJVJ 'O"I"'1`S/YA.LSAS 7V.LNi111 V 3NI INAWJO'1AAA(I'UVJ c SUO!3 AaII g awo(Mog SIONITII `NIO'Ia a DV Z d x U V d II d A I U (. ( C I ( ( C ji C C. - 111 I F. III II IULl �f. . I IMN a C. , . 441II ii I9 II 1111 !!! •,o:•0.X,4SM),:.D a' >rll' , 1 ® ® - __._ __.___.. _N-IN - , MEM .... ....-... t. f I i l • bath '1 1 U' 1 iiii4ibedroom 1 •0i H4lirili l t , ,-- —' , rte, :1_i I'` �r I. bath �. `'4 bedroom bedrooms — r1 ---L_.... . _r , li it 5), • .�, 1 \----- �ao �.sa® 1 �j 1 + „i > I I I Third Floor Plan Fourth Floor Plan I I 1 I 1 • Ili ®� O • X11 61' rIli i, 4 • . __ .. ... KII iii ..---F,,, �owder . ..._: i, 4.: m ,, IF garage i tl " i. b l ;i,C living i' " T111foyer ?i.... 1,....,_,,, t'+ _� room 'i den r, �! dining,,,,, ;'o+7< , ,i, 11 ! II111 ll e 1' t 1 _ . Yii '1 e, —___ "� lam!' . ..= :�kitchen F +e. .e 44*iY'Y' ,ill' �. ,I First Floor Plan �-.----Th 4r u:, Second Floor Plan Total Area: 2,400 square feet • ) x ! I.: 3 Bedrooms 3 1/2 Bathrooms 3 4 11. 2 Car Garage RIVER PARK PLACE ELGIN,ILLINOIS`` Rowhome B Floor Plan• PAR DEVELOPMENT INC.&RENTAL SYSTEMS.1...1..(:. 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H H 1 1 1 1 1 1 H U ■,�„ __ win me 's) 1 11 1 111 11 1 II H _ ,,r i __ i i, ��S ,�001111N.71 '- Mon in r }m MI ■ ON _r •' Cr�n.. ■�I . 111.0 I It l'r �' � I f2 St- I IZ X14 fr •) �__� • , :i���� wv r . 1 u 1��m � ■�wa1.� � ..� 'II ���' , II �f 111 � 1IIIIIIIIIITI r, IIIL_„1IIIIIIIII ---= —'— ' I11111J1111jjjj1j11jJ 00/ill ....._ __..... _ IIIIIIIIIM____ ' II illitt Mid-Rise Condominium Future Infill Building(s) Existing Crocker Theater (Only facades to be constructed) (Only facade to remain) (Retail opportunity along Grove Avenue) ) ( Y / RIVER PARK PLACE ELGIN,ILLINOIS Mid-Rise Grove Avenue Elevation PAPPAGF.ORGE/AAYMES,LTD. PAR DEVE1,01'MEN'r INC &RENTAL SYSTEMS,L..L.C. • 9 if r iko I . _ Retail 1 • I , I WJ 2175 at. • Future commercial Infill opportunity - I ...- __ ------'--a--__..—.__'il • Entry to upper I parking garage 1 _ level o � -----1 �_....._..,.. _� i --- o -i _ .._... ________ .. , J .., ! , • q [555 i • _" " J• aril In 4 1 ,..., 1! II--_••�t / l • Ir\ J!.WIflA.CII (shown on pool 1 .. II--11 'Main saoorlda 1� �p,,� ll Type a Floors ■ bu Wing entry !; I ^"r entry Iedroom 12 l -1 l etlroom+Den2 Bedroom..Den 5 a, ♦ .-•'..''I a atlroom 26 -1-i- _-- _r.- Total 58 0 ... ..... .j -. _Ilt• —_ Retail 2775 LI I58 �, I I - --- Exterior parking 56 spaces(Inc!.2 MCP.) • .._,..._.__' ° Sce w flout Retail j i. I Unit MTypem6 Floors • ./. ' 1 Bedroom 12 ---- 1 Bedroom.Dan 6 . I;I l 2 Bedroom 30 2 Bedroom.Den 6 I i r 9aedroom 6 ._ Il_ -....5. ._._. ......-_ Total 60 _..__ ntry3o ref f I Oerege parking 60 spaces 7 ppe�rking garage I Exterior parking 56 spares fine!2 PCP.l . ,. IeYel 43.r . . .. .... .... - .... .. 6 h.brick&stone wall -- ._ .,..._r'' ' 0' 20• 50' ' _ _.. ...___—.__-.-.-...._......_. - _ _.— MIME . — e • RIVER PARK PLACE ELGIN,ILLINOIS Crocker Theater Site Plan PAR DEVELOPMENT INC.&RENTAL SYSTEMS,L.L.C. PAPPAGEORGE/HAYMES,LTD. &SG/JJR - v --- • I.... a ..I 1 111111 x311 S ,1 - MI II 1 & UNIT 09 II '" 02 I ? i� >2q9sfII UNIT o3 111 <; I M15s1 sf i i UNITf u a '� IC] '..�UNIT of , , 979 sf 1 P ' 1403 sf . , _.. 12 in, ,_.E 0 1L fff s1 ,,;d�. _�'I ISI Q J 17 Ai 1 jr•,_ ■-. k nV9� '5r 0 1j w: ` I`�J ` � �_ hi ... � �um Ula<`wqi � i�---��;; - _; Qii rrr�(1© �A • 'fi=® .rl }' '4,---1111110._PI / F, 0. : YS n n [1., At�i� ! ^► :. �-,�. �""�_ I yz rte•. w .:,_ i 4{• /, lL e'1.�1.:.--..r.—e:,;,- .{,; n1A1��(R'.�le.14' -1" �,j��d1,, --t." - i ' M.,r_� ......•...-.,� ..,,,air ...�m..,....._,.�..m.._..._,. :..� , „ il -- 1.',)'L.2 --R. — I MIME �r7\�/i. tom■ Ifo)l y ! 1� , ! i A� nF 0.1 1 Ul .r.i ,,, ., di om 1 i. -..,.,.• 1 4a... r. 'P J ! EL>_0p .., ice, l'him i6 5 - - " %_: 'j _ i a �..I♦ — I UNIT o7 3 _- simami �� ;s UNIT o5 1155 sf 3 R r I UNITs04 963 sf iti! UNIT o8il UNITo6 it :li 944 s a 4 ,,,-_ h' -.a �'f:«.1—.4.%*.. q 'u:3.—..J:.�Sn.,:a�P¢.�J,Yd�n°T.&ze x---- 0 .�r, 7 2 6 {�. r�,: ol II .11111.11Pfir' ..3—_,u: S�Jcc_=�iL :(-_ ) Unit Type Typical Floor - - - 0 1 Bedroom 2 1 Bedroom+Den 1 2 Bedroom 5 2 Bedroom+Den 1 3Bedroom 1 0, 20, 50. Total 10 INIMINNI ) ) 1 RIVER PARK PLACE ELGIN,ILLINOIS Mid-Rise Typical Floor Plan PAR DEVELOPMENT INC.&RENTAL SYSTEMS,L.L.C. PAPPAGEORGE/HAYMES,LTD. 7)-1-1`S1413.1.SAti"IVIN:411 IV DNI.LNMWJOI IAI(121VJ �fauu wnS u;ea I!uf1 SIONI'I'II`NI9'Ia a DV 'Id x II V d 2I 3. A I II f .1 Nis uo saauds Supped !WI 0S9 ( � . O'upped lallu11d pans-uo OS C` I &upped(pails-Bo)a3IJlnS 9L spun auuognnoll.ioj Supped(ped).iouo xa Z£Z i Supped(pa2ui 2)Joua3uj Z6Z : •. (.;" i. •n•Q 1'3°1 9L1 t'• • sopuo3 09 {• sauco4mo)j 911 C III ' II I saseI.{d c 9L1 911 09 sII JO J 9 - 9 ysOSSI Pala £ (.,. : r . 9 - 9 Ts 00t7 uaP+Pala Z 0E - 0£ Ts OZZI PaSZ ( 9 - 9 T'S 096 uaP+Pala I ; Z I - Z I Ts 0t'6 Pala I -fr£ 17E - Ts 00SZ au.1oumo11 c: Z8 Z8 - T's 09 I Z aWoumo) £. c ' IuJo,L 3A0.19 aa130.13 •3•S acini ( EXHIBIT D Legal description for 122 South Grove Avenuel: Parcel 1 : That part of Lot 15 in Block 21 of James T. IGifford' s Original plat of Elgin, Kane County, Illinois, described as follows : Commencing at a point on the Northeasterly1 line of Lot 14 in said Block 21, that is 22 . 0 feet Southeasterly of the Northeast corner of said Lot 14 ; thence southeasterly along said Northeasterly line and along the Northeasterly line of said Lot 15, 195 . 38 feet to a point of i tersection of said Northeasterly line with the Northwesterly line of a 1 . 0 foot wide party wall extended Northeasterly Ifor the point of beginning; thence Southwesterly along said Northwesterly line extended Northeasterly, and along said Northwesterly line and along said Northwesterly line extended Southwesterly, being along a line which forms an angle of 89 degrees 57 minutes to the right with the prolongation of the last described course, 81 . 08 feet to a point on the Southerly line of said Lot 15; thence Easterly along said Southerly line Which forms an angle of 147 degrees 02 minutes to the left with the prolongation of the last described course, to a line drawn Southwesterly as measured at right angles to the Northeasteily line of said Lot 15, from a point on said Northeasterly line which is 154 feet Southeasterly of the Northeasterly corner of said lot; thence Northeasterly along said line to the Northeasterly line of said lot; thence Northwesterly along sai Northeasterly line 2 . 62 feet to the point of beginning, in the City of Elgin, Kane County, Illinois . Parcel 2 : That part of Lot 15 in Block 21 of the Original Town of Elgin, Kane County, Illinois, as laid out byj James T. Gifford, described as follows : Beginning at a point on the Easterly line of said lot and the Westerly li e of Grove Avenue (formerly River Street) , which is 154 fe t Southerly on said line from the Northeasterly corner o said lot, thence Southwesterly at right angles with Grove (Avenue and along the Southerly line of a portion of said lot heretofore conveyed to William H. Hintze to the North line of Prairie Street, and the South line of said lot, thence East along the South line of said lot to the Southeast corner of said lot and to the Westerly line of Grove Avenue, and thenc Northwesterly along the Westerly line of Grove Avenue and he Easterly line of said lot about 50 feet and 6 inches to the place of beginning, Kane County, Illinois . I Commonly known as 122 S . Grove Avenue, jElgin, Kane County, Illinois . Permanent Index No. 06-14-433-0141 . EXHIBIT E 0,E1,„ City of Elgin Memorandum •er 5, 2001 TO: Bill Cogley, Corporation Counsel FROM: RayMoller, Director of Economic Develd ment IP SUBJECT: Public Utility Capacity for Par Development South Grove Residential Project As per your request, I spoke with Joe Evers, Elgin City Engineer, regarding the availability of various utilities at their proposed project on South Grove Avenue. The information; in the utility can be summarized as follows: 2" 1. Water *Wellington Street ,line, i4 block North of Lake Street *Grove Avenue between 8" ! line Prairie Street and Lake Street *Crocker Theater Site 101" line *Prairie Street between 12," line South Grove and Wellington Street 2 . Storm Townhome Site New storm sewer in Sewer the parking lot Crocker Theater Site S±orm sewer in existing parking lot 3 . Sanitary Townhome Site 18" line at south Sewer Property line on Crocker Theater Site 0" interceptor Sewer lines on Riverside Drive If you require additional information, please ' contact me. Sinc- / Raymond H. Moller Director of Economic Development Business Services dw EXHIBIT E