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Ordinance 2007-051 - I i 200800003620 Filed t or Record in KENDALL COUNTYP ILLINOIS RENNETTA S MICKELSON STATE OF ILLINOIS ) 132-13-2000 At 10.'53 am. ORDINANCE 711,131 ss RHSP Surcharse Iii COUNTY OF KENDALL ) ORDINANCE NO. 2007- S � AN ORDINANCE AUTHORIZING THE EXECUTION OF AN AMENDED AND RESTATED ANNEXATION AGREEMENT FOR THE DEVELOPMENT KNOWN AS WYNSTONE TOWNHOMES WHEREAS, on April 6, 2000, the United City of Yorkville, Kendall County, Illinois, ( "CITY "), in accordance with the statutory procedures provided in Section 11- 15.1-1 of the Illinois Municipal Code, approved and entered into an annexation agreement known as the Wynstone Townhomes Annexation Agreement; and WHEREAS, the OWNERS and DEVELOPERS of the Wynstone Townhomes development, and the legal owner of record of the territory that is the subject of the annexation agreement have requested of the CITY that, pursuant to the provisions and procedures set forth in paragraph of said Annexation Agreement, that said Wynstone Townhomes Annexation Agreement be amended and restated as set forth in Exhibit "A" attached hereto and incorporated herein; and WHEREAS, the OWNERS and DEVELOPERS of the Wynstone Townhomes Development, and the legal owner of record of the territory that is the subject of the Wynstone Townhomes development and Annexation Agreement are ready, willing, and able to enter into an Amended and Restated Annexation Agreement as set forth in Exhibit "A ", and to perform the obligations as required thereunder; and WHEREAS, the corporate authorities of the CITY have determined that it is in the best interests of the United City of Yorkville that the Wynstone Townhomes Annexation Agreement be amended as set forth in Exhibit "A "; and WHEREAS, the statutory procedures provided in Section 11- 15.1 -1 of the Illinois Municipal Code for the authorization and execution of the amended and Restated Annexation Agreement have been fully complied with; and NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, as follows: SECTION 1: That the Mayor be, and is hereby authorized and directed, and the City Clerk is directed, to attest a document known as the "Amended and Restated Wynstone Townhomes Annexation Agreement' set forth in Exhibit "A" hereto, as a comprehensive amendment to the Wynstone Townhomes Annexation Agreement. SECTION 2: That the Amended and Restated Wynstone Townhomes Annexation Agreement made a part of this Ordinance comprehensively amend the Wynstone Townhomes Annexation Agreement entered into and approved under Ordinance No. 2000 -13. SECTION 3: That Ordinance shall be in full force and effect from and after its passage, approval, and publication as provided by law. ROBYN SUTCLIFF JOSEPH BESCO ARDEN JOE PLOCHER WALTER WERDERICH V GARY GOLINSKI MARTY MUNNS ROSE SPEARS JASON LESLIE United City of Yorkville Kendall Count Approved by me, as Mayor of the U y y, Illinois, this 1 Day of _ n • , A.D. 2007. b l/GJ�� Ul MAYOR Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this Day oC7 � , A.D. 2007. ATTEST: �ITYCL RK EXHIBIT "A' THIS INSTRUMENT PREPARED BY AND RETURN TO: Richard M. Guerard 605 Lindsay Circle North Aurora, Illinois 60542 630.966.1000 RESTATED AND AMENDED ANNEXATION AGREEMENT WYNSTONE TOWNHOMES THIS AMENDMENT TO THE ANNEXATION AGREEMENT, AND PLANNED UNIT DEVELOPMENT AGREEMENT ( "Agreement "), is made and entered as of the (0 day of ,)(j0/ , 2007, by and between SB & WD, L.L.C., an Illinois limited liability company ( "Owner ") and ( "Developer "), and the UNITED CITY OF YORKVILLE, a municipal corporation organized and existing under and by virtue of the laws of the State of Illinois ( "City ") by and through its Mayor and Alderman ( "Corporate Authorities "). OWNER, DEVELOPER and the City are sometimes hereinafter referred to individually as a "Party" and collectively as the "Parties ". RECITALS: A. OWNER is the OWNER of record of those certain parcels of real estate legally described on Exhibit "A" attached hereto ( "Wynstone Property "). B. Owner and the CITY, together with the owners of certain other property have heretofore entered into that certain Annexation Agreement dated April 6, 2000 recorded June 14, 2000 as Document 0008080 ( "Annexation Agreement ") which provided for, among other things, the annexation of the Property to the CITY. Also annexed, as a part of the Annexation Agreement, was a parcel of property adjacent to the west, of approximately 2.294 acres, which was granted zoning of B -3 Service Business District. C. The Owner desires to restate and amend the Annexation Agreement for the Property to the City upon terms and conditions recited in this agreement. D. The Owner, after full consideration, recognizes the many advantages and benefits resulting from the annexation of the Property to the City. E. The OWNER desires to amend the annexation agreement to the City for the purposes of developing one contiguous planned unit development (PUD) known as the Wynstone Townhomes (approximately 9.64 acres). F. DEVELOPER further desires to amend the Annexation Agreement as it pertains to the Wynstone Property in accordance with the terms and provisions of this Amendment in order to facilitate the development of the Wynstone Property for developing one contiguous planned unit development, and the CITY is agreeable to amending the Annexation Agreement as it pertains to the Wynstone Property in accordance with the term and provisions of this Amendment. This Amendment is not intended, and shall not be construed, to alter or amend the Annexation Agreement he rights, duties and obligations thereunder as the same pertains to the other real estate being and t p g the g subject of the Annexation Agreement. G. DEVELOPER desires to proceed with the development thereof for residential use in accordance with the terms and provisions of this Agreement. H. The property is currently located within the corporate limits of the City of Yorkville pursuant to an annexation agreement entered into with the United City of Yorkville April 6, 2000 and recorded in the Recorders Office of Kendall County on June 14, 2000 as Document No. 0008080. I. DEVELOPER proposes that a portion of the Wynstone Property as legally described and in Exhibit "A" attached hereto ("R-3 Parcel ") be rezoned as PUD under the R -3 Classification for Townhomes under the provisions of the City Zoning Ordinance ( "Zoning Ordinance "), Residence District with a Special Use for a Planned Unit Development with townhomes. J. All public hearings, as required by law, have been duly held by the appropriate hearing bodies of the City upon the matters covered by this Agreement. K. The City and DEVELOPER have given all appropriate notices due to be given pursuant to applicable provisions of the Illinois Compiled Statutes and the City Code. L. The Corporate Authorities, after due and careful consideration, have concluded that the Agreement of the Annexation Agreement in accordance with the terms and provisions of this Agreement, and the rezoning, subdivision and development of the Property as provided for herein, will inure to the benefit and improvement of the City in that it will increase the taxable value of the real property within its corporate limits, promote the sound planning and development of the City and will otherwise enhance and promote the general welfare of the people of the City. M. (i) Each party agrees that it is in the best interests of the OWNER and DEVELOPER and the City to annex and develop the subject real property described in the Attached Exhibit "B" as a Planned Unit Development (PUD) establishing a unique character 2 i and to provide for the orderly flow of traffic in the development and to adj oining real property. (ii) Each party agrees that it is in the best interest of the local governmental bodies affected and the DEVELOPER and OWNER to provide for specific performance standards in the development of the subject property. (iii) Each party agrees that a substantial impact will be had on the services of the United City of Yorkville and the Yorkville School District by development of said real property. (iv) The subject real property is located within the corporate boundaries of the CITY; and not within the corporate boundaries of any other municipality. N. It is the desire of the CITY, DEVELOPER and OWNER that the development and use of the Wynstone Property proceed as conveniently as maybe, in accordance with the terms and provisions of this Agreement, and be subject to the applicable ordinances, codes and regulations of the CITY now in force and effect, except as otherwise provided in this Agreement. O. The CITY's Plan Commission has considered the Petition, and the CITY Council has heretofore both requested and approved the proposed land use and the zoning of the same at the request of OWNER/DEVELOPER. P. The OWNER/DEVELOPER and its representatives have discussed the proposed annexation and have had public meetings with the Plan Commission and the CITY Council, and prior to the execution hereof, notice was duly published and a public hearing was held to consider this Agreement, as required by the statutes of the State of Illinois in such case made and provided. NOW, THEREFORE, in consideration of the foregoing preambles and mutual covenants and agreements contained herein, the Parties hereto agree to enter into this Agreement and to supplement and in addition to the Petition for Zoning and Annexation and drawings submitted therewith, including the approved concept PUD plan to be approved by the CITY Council upon the following terms and conditions and in consideration of the various agreements made between the parties: 1. LEGAL CONFORMANCE WITH LAW. This Agreement is made pursuant to and in accordance with the provisions of the CITY Ordinances and applicable provisions of the Illinois Compiled Statutes and the Illinois Constitution. 2. ZONING. As soon as reasonably practicable following the execution of this Agreement, the Corporate Authorities shall adopt such ordinances as may be necessary and appropriate to rezone the Property under the R -3 Residential District of the CITY Zoning Ordinance ( "Zoning Ordinance ") to R -3 with a special use for Planned Unit Development. The zoning map of 3 the CITY shall thereupon be modified to reflect the classifications of the Wynstone Property as aforesaid. 3. SUBDIVISION OF WYNSTONE PROPERTY. a. The Property shall be developed in the manner and in accordance with the Preliminary PUD Plan, and such development shall be in full conformance with the CITY's Zoning Ordinance, Subdivision Regulations, Building Code, and other CITY ordinances, codes, rules and regulations pertaining to the development of the Property as provided in Paragraph 8 of this Agreement, except as otherwise modified or varied pursuant to the terms of this Agreement (the Preliminary Plan is attached as exhibit B). The engineering design for the sanitary sewer, water, storm sewer service and the storm water retention/deten - tion, as well as the streets and sidewalks within, upon and serving the Property, shall be substantially as provided in the Concept PUD Plan. b. OWNERS and DEVELOPER agree that the SUBJECT PROPERTY shall be developed in accordance with the ordinances of the CITY, as approved or subsequently amended, unless otherwise provided for herein, and agree to follow all of the policies and procedures of the CITY in connection with such development except as modified in this Agreement and the Preliminary PUD Plan (Exhibit B). 4. DESIGN STANDARDS. OWNER and DEVELOPER agree to meet the minimum requirements of the CITY's Appearance Code (Ordinance 2005 -51) and exceed the requirements as identified by Exhibit "C" Design Standards and as illustrated by the elevations in Exhibit "C.1" 5. VARIATIONS FROM LOCAL CODES. The specific variations and deviations from the CITY's ordinances, rules, and codes as set forth in Exhibit "D" attached hereto have been requested, approved and are permitted with respect to the development, construction, and use of the Wynstone Property ( "Permitted Variations "). 6. UTILITIES AND PUBLIC HVIPROVEMENTS. OWNER and DEVELOPER agree that any extension and /or construction of the utilities and public improvements shall be performed in accordance with existing CITY subdivision regulations as varied by this Agreement, and such work and the cost thereof shall be the sole responsibility ofDEVELOPER, except as otherwise provided in this Agreement: A. Sanitary Sewer Facilities. DEVELOPER shall cause the Wynstone Property, or such developable portions thereof as maybe appropriate, to be annexed to the Yorkville- Bristol Sanitary District ( "Yorkville Bristol" or "YBSD ") for the purpose of extending and connecting to the sanitary sewer lines and treatment facilities of 4 I Yorkville- Bristol. The installation of sanitary sewer lines to service the Wynstone Property and the connection of such sanitary sewer lines to the existing sewer lines of Yorkville - Bristol shall be carried out in substantial compliance with the Final Engineering as approved by the CITY for each Phase of Development. The CITY shall fully cooperate with OWNER and DEVELOPER in obtaining such permits as may be required from time to time by both federal and state law, including, without limitation, the Illinois Environmental Protection Act, permitting the construction and connection of the sanitary sewer lines to the Yorkville- Bristol facilities, in order to facilitate the development and use of each Phase of Development of the Wynstone Property. The sanitary sewer mains constructed by DEVELOPER for each Phase of Development which are eighteen (18) inches or more in diameter ( "Large Lines ") shall be conveyed to Yorkville - Bristol, and the sanitary sewer lines which are smaller than fifteen inches in diameter ( "Small Lines ") shall be conveyed to the CITY and the CITY shall take ownership of and, at its expense, be responsible for the ongoing care, maintenance, replacement and renewal of said Small Lines following the CITY's acceptance thereof, which acceptance shall not be unreasonably denied or delayed. B. Water Facilities. The CITY represents that the water distribution system of the CITY currently has and the CITY will reserve sufficient capacity to service the Subject Property with potable water for domestic water consumption and fire flow protection, if the Subject Property is developed in accordance with this Agreement. The CITY further agrees, following acceptance by the CITY of the public improvements constructed within the Subject Property, to maintain said water distribution system to and within the Subject Property. The CITY further agrees to cooperate with OWNER and DEVELOPER in obtaining such permits as maybe required from time to time by both federal and state law, including, without limitation, the Illinois Environmental Protection Act, to permit the Subject Property to be served with potable water and fire flow protection. In addition, the CITY will accept dedication of, and thereafter maintain, all primary water lines constructed by DEVELOPER in substantial conformity with the Final Engineering for each Phase of Development, pursuant to applicable provisions of the Subdivision Ordinance and other applicable codes and ordinances of the CITY. Location and size of the water lines to be installed by DEVELOPER shall be in substantial conformity with the Preliminary Engineering, subject to review and approval of Final Engineering for each Phase of Development. DEVELOPER shall connect the Subject Property to the CITY water supply system in accordance with the approved engineering. The CITY shall exercise good faith and due diligence to complete the development shall be as provided by ordinance for all properties in the CITY, except as otherwise provided herein. C. Storm Water Facilities. 5 I 1. DEVELOPER shall provide for storm water drainage and the retention/detention thereof upon and from the Wynstone Property, in substantial conformity with the Preliminary Engineering, subject to review and approval of Final Engineering for each Phase of Development, in the following manner: a. Installation of underground sewers within that part of the Wynstone Property to be developed and improved with buildings, structures, streets, driveways, and other locations as identified on the Preliminary Engineering, which improvements shall be conveyed to the CITY and thereafter owned and maintained by the CITY. b. Installation of graded, open swales or ditches and storm water retention/detention areas as depicted on the Preliminary Engineering within that part of the Wynstone Property designated on the Preliminary Engineering for such purpose, subject to review and approval of Final Engineering for each Phase of Development. 2. The CITY, for the full term of this Agreement, and any extension thereof, shall require no more than that degree and type of storm water retention/detention as is currently called for in the existing ordinances of the CITY. D. Sidewalks and Street Related Improvements. DEVELOPER shall cause the curb, gutter, street pavement, street lights, recreational path and public sidewalks, to be installed upon the Wynstone Property in substantial conformity with the Final Engineering as approved for each Phase of Development and the applicable provisions of the Subdivision Regulations of the CITY, as modified or varied pursuant to this Agreement. Notwithstanding anything contained herein or in any CITY ordinance, rule or regulation to the contrary, all public sidewalks and parkway landscaping to be constructed or installed upon the Wynstone Property pursuant to the approved Final Engineering for each Phase of Development maybe installed and completed on a lot by lot or block by block basis, but they remain as a part of the public improvements for each Phase of Development. The CITY shall accept the ownership and maintenance responsibility of the portions of the Trail System/Bike Path, constructed in accordance with the Final Plat and Final Engineering, located in the public right of way. 7. SECURITY INSTRUMENTS. A. Posting Security. DEVELOPER shall deposit, or cause to be deposited, with the CITY such irrevocable letters of credit, contractor's performance bonds or surety bonds ( "Security Instruments ") to guarantee completion and maintenance of the public improvements to be constructed as apart of the development of each Phase of 6 Development as are required by applicable ordinances of the CITY. The amount and duration of each Security Instrument shall be as required by applicable ordinances of the CITY. All such Security Instruments if in the form of an irrevocable letter of credit shall be substantially in the form set forth in Exhibit "F ", attached hereto. The CITY Council, pursuant to recommendation by the CITY Engineer, may from time to time approve a reduction or reductions in the Security Instruments by an amount not in excess of eighty -five percent (85 %) of the value certified by the CITY Engineer of the completed work, so long as the balance remaining in the Security Instruments is at least equal to one hundred ten percent (110 %) of the cost to complete the i remaining public improvements for the applicable Phase of Development. The Security Instruments for the public improvements for each Phase of Development shall be deposited with the CITY prior to the recordation of the Final Plat for each Phase of Development. B. Release of Underground. Upon completion and inspection of underground improvements in each Phase of Development; and recommendation of acceptance by the CITY engineer, DEVELOPER shall be entitled to a release or appropriate reduction of any applicable Security Instrument, subject to a maintenance Security Instrument remaining in place for a one year period from the date of acceptance by the CITY, in conformance with the CITY Subdivision Control Ordinance. C. Release of Streets. Upon completion of street and related road improvements in each Phase of Development; and recommendation of acceptance by the City engineer, DEVELOPER shall be entitled to a release or appropriate reduction of any applicable Security Instrument, subject to a maintenance Security Instrument remaining in place for a one year period from the date of acceptance by the CITY, in conformance with the City Subdivision Control Ordinance. D. Transfer and Substitution. Upon the sale or transfer of any portion of the Wynstone Property, DEVELOPER shall be released from the obligations secured by its Security Instruments for public improvements upon the submittal and acceptance by the CITY of a substitute Security Instrument approved by the CITY, securing the costs of the improvements set forth therein by the proposed DEVELOPER. 8. PROCEDURE FOR ACCEPTANCE OF ANY PUBLIC IMPROVEMENTS. The public improvements constructed as a part of the development of each Phase of Development shall be accepted by the CITY pursuant to the provisions of the Subdivision Ordinance. The CITY shall exercise good faith and due diligence in accepting said public improvements following DEVELOPER's completion thereof for each Phase of Development in compliance with the requirements of said ordinance. 9. AMENDMENTS TO ORDINANCES. All ordinances, regulations, and codes ofthe CITY, including, without limitation those pertaining to subdivision controls, zoning, storm water 7 management and drainage, building requirements, official plan, and related restrictions, as they presently exist, except as amended, varied, or modified by the terms ofthis Agreement, shall apply to the Wynstone Property and its development for a period of five (5) years from the date of this Agreement. Any Agreements, repeal, or additional regulations which are subsequently enacted by the CITY shall not be applied to the development of the Wynstone Property except upon the written consent of DEVELOPER during said five (5) year period. After said five (5) year period, the Wynstone Property and its development will be subject to all ordinances, regulations, and codes of the CITY in existence on or adopted after the expiration of said five (5) year period, provided, however, that the application of any such ordinance, regulation or code shall not result in a reduction in the number of residential building lots herein approved for the Wynstone Property, alter or eliminate any of the ordinance variations provided for herein, nor result in any subdivided lot or structure constructed within the Wynstone Property being classified as non - conforming under any ordinance of the CITY. The foregoing to the contrary notwithstanding, in the event the CITY is required to modify, amend or enact any ordinance or regulation and to apply the same to the Wynstone Property pursuant to the express and specific mandate of any superior governmental authority, such ordinance or regulation shall apply to the Wynstone Property and be complied with by DEVELOPER, provided, however, that any so called "grandfather" provision contained in such superior governmental mandate which would serve to exempt or delay implementation against the Wynstone Property shall be given full force and effect. 10. BUILDING CODE. The CITY has adopted the International Building Code, which is updated approximately every three years. The building codes for the CITY in effect as of the date of building permit application will govern any and all construction activity within the Subj ect Property. 11. FEES AND CHARGES. During the first five years following the date of this Agreement, the CITY shall impose upon and collect from the OWNER and /or DEVELOPER, and their respective contractors and suppliers, only those permit, license, tap on and connection fees and charges, and in such amount or at such rate, as are in effect on the date of this Agreement and as is generally applied throughout the CITY. 12. CONTRIBUTIONS. OWNER and DEVELOPER shall not be required to donate any land or money to the CITY, or any other governmental body, except as otherwise expressly provided in this Agreement. 13. HOMEOWNERS ASSOCIATION AND DORMANT SSA. In order to provide for the maintenance of the Subdivision signage, common areas and open space, in the event the Homeowner's Association fails to so maintain, OWNER agrees to execute a consent to the creation of a dormant Special Service Area prior to execution of the First Final Plat of Subdivision by the CITY; and the CITY shall have approved ordinances encumbering all residential units of said subdivision, as to common subdivision signage, storm water management or other common areas of the subdivision. 8 I 14. OWNER'S/DEVELOPER'S CONTRIBUTIONS. OWNER or DEVELOPER shall be responsible for making the following contributions to compensate the Yorkville Community School District 4115 ( "School District ") and the United City of Yorkville, Recreation Department ( "Recreation Department ") for the estimated impact which is projected to be experienced by said districts as a result of the development of the Wynstone Property in the manner provided for under this Agreement: A. School Contribution. OWNER or DEVELOPER shall provide cash -in -lieu of land to the CITY for school purposes ( "School Contribution "). The total land area required for contribution pursuant to applicable ordinances of the CITY, based upon the Preliminary Plat, is .829 acres. The school contribution shall be paid by a cash contribution in accordance with the CITY ordinances made at time of recording the first final plat in accordance with the amount per unit in Exhibit `D'. The fee shall be paid per individual residential dwelling unit concurrent with the building permit application for that particular residential dwelling unit. The DEVELOPER has agreed to pay a transition fee to the School District in the amount of $3,000 per unit. The land -cash fee will be paid at the rate of $1,494.49 per unit on a per - building permit basis as building permits are issued. The method of payment will be in accordance with the CITY'S current procedure. This procedure is for the Builder for a home to pay the fee for that unit to the School District directly and receive a receipt from the School District for the unit paid and then for this receipt to be presented by the Builder to the CITY prior to the issuance of a building permit for that unit, on a lot by lot basis. Said fees are being paid voluntarily and with the consent of OWNER and DEVELOPER based upon this contractual agreement voluntarily entered into between the parties after negotiation of this Agreement. OWNER AND DEVELOPER knowingly waives any claim or objection as to amount of the specific fees negotiated herein voluntarily. B. Park Contribution. OWNER or DEVELOPER shall provide a contribution of cash only to the CITY for park purposes ( "Park Contribution "). The total land area required for contribution for park purposes pursuant to applicable ordinances of the CITY, based upon the Preliminary Plat, is 1.23 acres. The park contribution shall be paid by a cash contribution at the rate of $124,230. The Park Contribution shall be paid per individual residential dwelling unit concurrent with the building permit application for that particular residential dwelling unit. C. The fees listed in Exhibit `B" shall be paid to the CITY for each unit. Unless otherwise provided in this Agreement, said development, transition, impact, and other fees shall be paid per individual residential dwelling unit concurrent with the building permit application for that particular residential dwelling unit. 9 i i 15. PROJECT SIGNS. Following the date of this Agreement and through the date of the issuance of the final occupancy permit for the Wynstone Property, DEVELOPER shall be entitled to construct, maintain and utilize up to two (2) offsite subdivision identification, marketing and location signs at such locations within or without the corporate limits of the CITY as DEVELOPER may designate (individually an " Offsite Sign" and collectively the " Offsite Signs "). DEVELOPER shall be responsible, at its expense, for obtaining all necessary and appropriate legal rights for the construction and use of each of the Offsite Signs. Each of the Offsite Signs maybe double faced signs which shall not exceed twenty (20) feet in height with an area for each sign face not exceeding two hundred (200) square feet, subject to the requirements of any permitting authority other than the CITY. Each Offsite Sign may be illuminated. In addition to the Offsite Signs, DEVELOPER shall be permitted to construct, maintain and utilize signage upon the Wynstone Property as identified in Exhibit "H ". attached hereto. 16. MODEL HOMES/PRODUCTION UNITS. During the development and build out period of the Wynstone Property (subsequent to final plat approval), DEVELOPER, and such other persons or entities as DEVELOPER may authorize, may construct, operate and maintain model homes within the Wynstone Property staffed with DEVELOPER'S, or such other person's or entity's, sales and construction staff, and may be utilized for sales and construction offices. The number of such model homes and the locations thereof shall be as from time to time determined or authorized by DEVELOPER. No off - street parking shall be required for any model home other than the driveway for such model home capable of parking two (2) cars outside of the adjacent road right -of -way. Building permits for model homes, and for up to six (6) production dwelling units, shall be issued by the CITY upon proper application therefore prior to the installation of public improvements (provided a gravel access road is provided for emergency vehicles and upon proof to the CITY the OWNER has demonstrated to the Bristol Kendall Fire Protection District fire hydrants within 300 feet of the dwelling units are operational). Prior to issuance of occupancy permits of model homes, water shall be made available within 300' of homes. There shall be no occupation or use of any production dwelling units until the binder course of asphalt on the street, the water system and sanitary sewer system needed to service such dwelling unit are installed and operational. Any fire hydrants that are not in service within 30 days of installation shall be marked or bagged by the OWNER. DEVELOPER may locate temporary sales and construction trailers upon the Wynstone Property during the development and build out of said property, provided any such sales trailer shall be removed within two (2) weeks following issuance of the final occupancy permit for the Wynstone Property or upon the occupancy of model homes within the Wynstone Property, whichever shall first occur. Prior to construction of the sales trailer the DEVELOPER shall submit an exhibit of the model trailer site with landscaping and elevations for the Cities approval. The parking lot must have a hard surface before occupancy is permitted. DEVELOPER hereby agrees to indemnify, defend and hold harmless the CITY and the Corporate Authorities (collectively "Indemnitees ") from all claims, liabilities, costs and expenses incurred by or brought against all or any of the Indemnitees as a direct and proximate result of the construction of any model homes or production dwelling units prior to the installation of the public street and water improvements required to service such dwelling unit. DEVELOPER shall be permitted to obtain building permits in the same manner for additional model homes and for initial production dwelling units in each 10 I I I Phase of Development as the Final Plat and Final Engineering for each such Phase ofDevelopment is approved by the CITY. The foregoing indemnification provision shall, in such case, apply for the benefit of Indemnitees for each Phase of Development. 17. CONTRACTORS TRAILERS. The CITY agrees that from and after the date of execution of this Agreement, contractor's and subcontractor's supply storage trailers may be placed upon such part or parts of the Wynstone Property as required and approved by DEVELOPER for development purposes. Said trailers may remain upon the Wynstone Property until the issuance of the last final occupancy permit for the Wynstone Property. No contractor's trailers or supply trailers shall be located in the public right -of -way. 18. OVERSIZING OF IMPROVEMENTS. In the event oversizing of public improvements is hereafter requested and properly authorized by the CITY for the Wynstone Property, and agreed to by DEVELOPER, for any of the public improvements constructed to develop the Wynstone Property for the purpose of serving property other than the Wynstone Property, the CITY shall enter into a Recapture Agreement, as defined in Paragraph 20.A. hereof, with DEVELOPER providing for the payment of the cost of such oversizing by the OWNER of properties benefited by the same. The improvements which qualify as oversized and the identity of the benefited properties shall be identified at the time of approval of Final Engineering for a Phase of Development. 19. LIMITATIONS. In no event, including, without limitation, the exercise of the authority granted in Chapter 65, Section 5/11 -12 -8 of the Illinois Compiled Statutes (2002) ed., shall the CITY require that any part of the Wynstone Property be designated for public purposes, except as otherwise provided in this Agreement or identified on the Preliminary Plat. 20. RECAPTURE AGREEMENTS. A. Encumbering the Wvnstone Property. Except as otherwise expresslyprovided in this Agreement, there are currently no recapture agreements or recapture ordinances affecting public utilities which will be utilized to service the Wynstone Property which the CITY has any knowledge of or under which the CITY is or will be required to collect recapture amounts from OWNER, DEVELOPER, or their successors, upon connection of the Wynstone Property to any of such public utilities, nor does the CITY have any knowledge of a pending or contemplated request for approval of any such recapture agreement or ordinance which will effect the Wynstone Property. 21. ONSITE EASEMENTS AND IMPROVEMENTS. In the event that during the development of the Wynstone Property DEVELOPER determines that any existing utility easements and/or lines require relocation to facilitate development of the Wynstone Property in accordance with the Preliminary Plan, the CITY shall fully cooperate with DEVELOPER in causing the vacation and 11 i i relocation of such existing easements, and all costs thereof shall be borne by the DEVELOPER. if any easement granted to the CITY as a part of the development of the Wynstone Property is subsequently determined to be in error or located in a manner inconsistent with the intended development of the Wynstone Property as reflected on the Preliminary Plat and in this Agreement, the CITY shall fully cooperate with DEVELOPER in vacating and relocating such easement and utility facilities located therein, which costs shall be borne by DEVELOPER. Notwithstanding the foregoing, and as a condition precedent to any vacation of easement, DEVELOPER shall pay for the cost of design and relocation of any such easement and the public utilities located therein. a. Within 30 days of a written request from the United City of Yorkville, which includes legal descriptions and exhibits as necessary, the OWNER or DEVELOPER SHALL grant permanent and temporary construction easements as necessary for the construction of extension of City utilities and appurtenances and /or other utilities to serve the subject property and other properties within the City of Yorkville. b. Within 30 days of a written request from the United City of Yorkville, which includes legal descriptions and exhibits as necessary, the OWNER or DEVELOPER SHALL convey by Warranty Deed, fee simple title of future highway or road right of way to the United City of Yorkville as necessary, regardless of whether or not these right of way needs have been previously identified in this agreement. Such request for conveyance of right of way shall have no impact on any previously entitled land development density. 22. DISCONNECTION. OWNER and DEVELOPER agree that DEVELOPER shall develop the Wynstone Property as a subdivision to be commonly known as Wynstone Subdivision in accordance with the Concept PUD Plan approved by the CITY in accordance with the terms hereof, and shall not, as either the OWNER or DEVELOPER of said property, petition to disconnect any portion or all of said property from the CITY. 23. CONFLICT IN REGULATIONS. The provisions ofthis Agreement shall supersede the provisions of any ordinance, code, or regulation of the CITY which may be in conflict with the provisions of this Agreement. 24. ANNEXATION FEE. The CITY hereby confirms and agrees that, since the Property has been annexed to the CITY since 2000, no annexation fee shall become due or payable regarding the Property, except as otherwise provided in this Agreement. 25. GENERAL PROVISIONS. A. Enforcement. This Agreement shall be enforceable in the Circuit Court of Kendall County by any of the parties or their successors or assigns by an appropriate action at law or in equity to secure the performance of the covenants and agreements contained 12 i herein, including the specific performance of this Agreement. This Agreement shall be governed by the laws of the State of Illinois. B. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the OWNER, DEVELOPER and their successors in title and interest, and upon the CITY, and any successor municipalities of the CITY. It is understood and agreed that this Agreement shall run with the land and as such, shall be assignable to and binding upon subsequent grantees and successors in interest of the OWNER, DEVELOPER, and the CITY. The foregoing to the contrary notwithstanding, the obligations and duties of OWNER and DEVELOPER hereunder shall not be deemed transferred to or assumed by any purchaser of a lot improved with a dwelling unit who acquires the same for residential occupation, unless otherwise expressly agreed in writing by such purchaser. C. This Agreement contains all the terms and conditions agreed upon by the parties hereto and no other prior agreement, excepting the Annexation Agreement it amends, regarding the subject matter hereof shall be deemed to exist to bind the parties. The parties acknowledge and agree that the terms and conditions of this Agreement, including the payment of any fees, have been reached through a process of good faith negotiation, both by principals and through counsel, and represent terms and conditions that are deemed by the parties to be fair, reasonable, acceptable and contractually binding upon each of them. D. Notices. Notices or other materials which any party is required to, or may wish to, serve upon any other party in connection with this Agreement shall be in writing and shall be deemed effectively given on the date of confirmed telefacsimile transmission, on the date delivered personally or on the second business day following the date sent by certified or registered mail, return receipt requested, postage prepaid, addressed as follows: (i) If to OWNER and /or DEVELOPER: SB & WD, LLC 605 Lindsay Circle North Aurora, IL. 60542 Attn: Richard M. Guerard Fax: (630) 966 -1006 with a copy to: Guerard, Kalina & Butkus 100 W. Roosevelt Road Wheaton, IL 60187 Attn: Richard M. Guerard Fax: (630) 690 -9652 13 (ii) If to CITY: United CITY of Yorkville Attn: CITY Clerk 800 Game Farm Road Yorkville, I160560 Fax: (630) 553 -4350 with a copy to: John Wyeth, Esq. 800 Game Farm Road Yorkville, I160560 Fax: (630) 553 -4350 or to such other persons and /or addresses as any party may from time to time designate in a written notice to the other parties. E. Severabilitv. This Agreement is entered into pursuant to the provisions of Chapter 65, Sec. 5/11- 15.1 -1, et seq., Illinois Compiled Statutes (1998 ed.). In the event any part or portion of this Agreement, or any provision, clause, word, or designation of this Agreement is held to be invalid by any court of competent jurisdiction, said part, portion, clause, word or designation of this Agreement shall be deemed to be excised from this Agreement and the invalidity thereof shall not effect such portion or portions of this Agreement as remain. In addition, the CITY, OWNER, and DEVELOPER shall take all action necessary or required to fulfill the intent of this Agreement as to the use and development of the Wynstone Property. F. Agreement This Agreement, and any Exhibits or attachments hereto, may be amended from time to time in writing with the consent of the parties, pursuant to applicable provisions of the CITY Code and Illinois Compiled Statutes. This Agreement may be amended by the CITY and the OWNER of record of a portion of the Wynstone Property as to provisions applying exclusively thereto, without the consent of the OWNER of other portions of the Wynstone Property not affected by such Agreement. G. Convevances. Nothing contained in this Agreement shall be construed to restrict or limit the right of the OWNER or DEVELOPER to sell or convey all or any portion of the Wynstone Property, whether improved or unimproved. H. Necessary Ordinances and Resolutions. The CITY shall pass all ordinances and resolutions necessary to permit the OWNER, DEVELOPER, and their successors or assigns, to develop the Wynstone Property in accordance with the provisions of this Agreement, provided said ordinances or resolutions are not contrary to law. The CITY agrees to authorize the Mayor and CITY Clerk to execute this Agreement or to correct any technical defects which may arise after the execution of this Agreement. 14 i I. Term of Agreement. The term of this Agreement shall be twenty (20) years. In the 1 event construction is commenced within said twenty -year period all of the terms of this Agreement shall remain enforceable despite said time limitation, unless modified by written agreement of the CITY and DEVELOPER/OWNER. J. Captions and Paragraph Headings. The captions and paragraph headin s use _ _ p g d herein j are for convenience only and shall not be used in construing any term or provision of this Agreement. J. Recording. This Agreement shall be recorded in the Office ofthe Recorder ofDeeds, Kendall County, Illinois, at DEVELOPER's expense. K. Recitals and Exhibits. The recitals set forth at the beginning of this Agreement, an g g �' � d the exhibits attached hereto, are incorporated herein by this reference and shall constitute substantive provisions of this Agreement. L. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document. M. No Moratorium. The CITY shall not limit the number of building or other permits that may be applied for within any opened phase due to any CITY imposed moratorium and shall in no event unreasonably withhold approval of said permits or approval for the Final Plat of any Phase of the subdivision. Nothing contained herein shall affect any limitations imposed as to sanitary sewer or water main extensions by the Illinois Environmental Protection Agency, or Yorkville- Bristol Sanitary District. N. Highway 47. DEVELOPER agrees to comply and pay the cost of compliance with all State requirements with regard to the entrance into the development from State Highway 47. O. Time is of the Essence. Time is of the essence of this Agreement and all documents, agreements, and contracts pursuant hereto as well as all covenants contained in this Agreement shall be performed in a timely manner by all parties hereto. P. Exculpation. It is agreed that the CITY is not liable or responsible for any restrictions on the CITY's obligations under this Agreement that may be required or imposed by any other governmental bodies or agencies having jurisdiction over the Wynstone Property, the CITY, the DEVELOPER, or OWNER, including, but not limited to, county, state or federal regulatory bodies. 15 i IN WITNESS WHEREOF, the parties hereto have set their hands and seals to this Agreement as of the day and year first above written. DEVELOPER & OWNER: CITY: SB & WD, L.L.C., UNITED CITY OF YORKVILLE, an an Illinois limited liability company Illinois municipal corporation by Wyndham Deerpoint Homes, Inc., Managing Member By: /��K� By: lj"� AJ Mayor Title: President Attq Dated: 7// P l4 7 U CITY Clerk Dated: - 7 11 0 1(3 - 7 I 16 LIST OF EXHIBITS EXHIBIT "A ": Legal Description of Wynstone Property EXHIBIT "B ": Preliminary PUD Plan EXHIBIT "C ": Design Standards EXHIBIT "D ": Permitted Variations EXHIBIT ` E ":Development Fee List EXHIBIT "F ": Form Letter of Credit EXHIBIT "H ": Project Signage i Exhibit "A" Legal Description THAT PART OF THE NORTHWEST QUARTER OF SECTION 9 TOWNSHIP 36 NORTH, RANGE 7 EAST OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS COMMENCING THE NORTHWEST CORNER OF SAID NORTHWEST QUARTER THENCE SOUTH ALONG THE WEST LINE OF SAID NORTHWEST QUARTER 569 20 FEET TO THE CENTERLINE OF ILLINOIS STATE ROUTE NO. 47 THENCE SOUTH 35 DEGREES, 00 MINUTES, 00 SECONDS EAST, ALONG SAID CENTERLINE, 1062.70 FEET TO A POINT HEREINAFTER REFERRED TO AS "POINT All THENCE NORTH 35 DEGREES, 00 MINUTES, 00 SECONDS WEST, ALONG SAID CENTERLINE, 597 50 FEET; THENCE NORTH 52 DEGREES, 50 MINUTES, 00 SECONDS EAST, 265 00 FEET FOR THE POINT OF BEGINNING; THENCE SOUTH 35 DEGREES, 00 MINUTES, 00 SECONDS EAST, PARALLEL WITH SAID CENTERLINE, 543.13 FEET TO A LINE DRAWN NORTH 41 DEGREES, 20 MINUTES, 00 SECONDS EAST FROM POINT "Ali; THENCE NORTH 41 DEGREES, 20 MINUTES, 00 SECONDS EAST, 633.61 FEET TO A SOUTHWESTERLY LINE OF "OAK HILL FARM" (AS OCCUPIED AND MONUMENTED) AS SHOWN IN A PLAT RECORDED IN PLAT BOOK 5, AT PAGE 16; THENCE NORTH 53 DEGREES, 33 MINUTES, 06 SECONDS WEST, ALONG SAID SOUTHWESTERLY LINE, 684.96 FEET TO AN ANGLE POINT THERIN; THENCE NORTH 13 DEGREES, 10 MINUTES, 12 SECONDS WEST, ALONG A WESTERLY LINE OF SAID OAK HILL FARM 41.45 FEET TO THE SOUTHEAST CORNER "WALNUT RIDGE, KENDALL TOWNSHIP, KENDALL COUNTY r ILLINOIS "; THENCE SOUTH 71 DEGREES, 40 MINUTES, 28 SECONDS WEST, ALONG THE SOUTH LINE OF SAID WALNUT RIDGE, A DISTANCE OF 179.88 FEET TO A SOUTHWEST CORNER OF THEREOF; THENCE NORTH 18 DEGREES, 19 MINUTES, 32 SECONDS WEST, ALONG SAID SOUTH LINE, 15.90 FEET; THENCE SOUTH 71 DEGREES, 40 MINUTES, 28 SECONDS WEST, ALONG SAID SOUTH LINE, BEING ALSO THE NORTHERLY LINE OF A TRACT CONVEYED TO GERRIT AND SELMA IRENE HALBESMA BY DEED RECORDED -MAY 1, 1941 IN DEED BOOK 79 AT PAGE 597, A DISTANCE OF 256.17 FEET TO A LINE DRAWN NORTH 35 DEGREES, 00 MINUTES, 00 SECONDS WEST, PAPALLEL WITH SAID CENTERLINE, FROM THE POINT OF BEGINNING; THENCE SOUTH 35 DEGREES, 00 MINUTES, 00 SECONDS EAST, 434.77 FEET TO THE POINT OF BEGINNING IN KENDALL TOWNSHIP, KENDALL COUNTY, ILLINOIS. 1 Location Map Ilk Z011Ebr-B=It Ramm.. :ZONEDR-� ®► / Al _ L ega l Descr dvrn�nv, a. I.ie rmmeulva w. '.'��F- F / � / \ • Rrc �taN4rtue �Ilotl,rbM.rc cerrenMN4 Vnr `� \ \'\ \ \\ Rnb ad � � m w. at r, " v,n,�ie• o�i'r a' A A a t y r +mn m,ra ..k WE I uf4 b � d t ,r,ut 'b'giaca a u w ' w al i t ra . d a,tM T •� � ra tlD IongnMHlnt�euNlarym � \ �a!$j� '� r<ulmwlrr,t .<�wlm.ay.us.+w.v,r.a� Existing Zoning - R -3 Mull-Family Proposed Zoning- R -3PUD Total Townhome Units - 56 Units Total Site Area - 9.64 Ac. ZON ED B -3 v �`r'' Gross site Density - 5.8 D.U. /Ac. 1 of \ Y 1 Building Coverage 1.46 Acres =15.2% ParWng/Ddves Coverage 1.43 Acres =20.1% valk N r r Off -Street Parking 60 Spaces Garage /Driveway Parking 224 Spaces l(ENDA+ CC ; 1 t( \ Total Parking Provided 284 Spaces ZOPNr B -3 ` \ \\ ZONED B -3 .. \ UNINCORPORATED �, �• y KENDALICOUN'fb' v Wynst Deve � . ,Iry Plan City o f Y Sheet I of I 0 0 0 0 ° 0 0 0 0 0 0 0 EXHIBIT 'C'— DESIGN STANDARDS Wynstone Townhomes 1. Square Footage Unit A Main floor 621 13 units Upper floor 911 Total 1,532 Unit B Lower floor 878. 13 units Main floor 1,420 Total 2,298 Unit C Lower floor 409 36 units Main floor 812 Upper floor 812 Total 2,033 Average Square Footage: 1,984 2. Masonry Products shall be incorporated on the front fagade of 100% of the buildings and all sides. 3. Approximately 75% Premium Siding material on the front fagade (100% of the 75% being masonry) 4. Partial Premium Siding material of masonry on all sides of Townhomes. 5. Major Architectural Features; a. All units with covered porches b. Decorative Dormers on rear fagade c. Rear balconies with decks 6. All units with two car garages. 7. Fagade variations and a side -load street front unit 8. Parking in rear of buildings, screened from streets by design. 9. Landscaping plan for each unit to be provided at Final Plan. I I Y+ :�� �. �` �ti }•�xcat.¢. r " r— r �i4t�,'` " � � �r��7ie ��� '`'t'`�S;r, . 1: � t Y: ���:.'�" a srL.[�a' Y' •f riff• rt, �`.��rz� - 3�` ii�•�r�, �3a r ' ��� o u - +. - .. w t - r r � � 1 MCI Unit A Unit C Unit C Unit C Unit C Unit B Front Elevation Tow nhome Concept /,� :lrchit+.�ts and Planm•r.�. h:c South Elgin, Illinois WA Bloodgood SIx - p Bmster _ 1 •I 4 Unit B Unit A Right Elevation Left Elevation 7 >«, ;, _ 1 Am 1 11 a g. 1i J! -1 1 1111111- .w s Unit B Unit C Unit C Unit C Unit C Unit A Rear Elevation Townhome Concept ,� r1r+•luhrts azyl PlaxUUis, but WYN" South Elgin, Illinois �� Bloodgood Sharp Buster EXHIBT D PERMITTED VARIATIONS AND DESIGN STANDARDS I I. Permitted Variations to Zoning Ordinance: a. Section 12.15.5: Sign Code i. Increase sign face area and height standards to comply with the standards set forth in Exhibit "H" attached thereto b. PUD for 56 attached townhome units with common area and building envelopes in substantial conformance with the Preliminary Plan (Exhibit B -1 and B -2). II. Permitted Variations to Subdivision Ordinance: a. PUD for 56 attached townhome units with common area and building envelopes in substantial conformance with the Preliminary Plan (Exhibit B -1 and B -2). b. 8 -feet of "bounce" in the detention area — total varies from 0 to 8 feet c. Porches can encroach into the setbacks case by case basis to allow flexibility to move buildings around to save trees. d. 3:1 backslope and 4:1 foreslope on the pond — helps reduce the impact of the meandering berm to save trees. e. 10 -year event does not have to be stored in the first 2 -feet of the pond, this would force the pond to be bigger thus eliminating more trees since the "foot print" of 2 -foot of depth in this pond is small. III. Permitted Variations for Signage: a. The provisions of the Zoning Ordinance are hereby varied as necessary and appropriate to permit the construction and use of those signs as identified in Paragraph 15 of this Agreement and I Exhibit "H" attached hereto. Exhibit E United City of Yorkville Fee Schedule Fee Type Fee I Timing of Payment Fire District Development Impact Fee $1000 / unit I Building Permit I (Note: This fee is not "locked" by this agreement.) Library Dev. Impact Fee I $500 /unit I Building Permit Engineering Dev. Impact Fee I $100 /unit I Building Pen Municipal Building Dev. Impact Fee I $5,509 /unit if paid at bldg permit I Building Permit $3,288 /unit if pre -paid at first final plat or Pre -Paid at Final Plat Parks & Recreation Dev. Impact Fee _I $50 /unit I Building P Police Dev. Impact Fee I $300 /unit I Building Permit Public Works Dev. Impact Fee I $700 /unit I Building Permit Review Fees I Actual City Costs Incurred I Developer to reimburse as costs are incurred Coordination Fee 35% of approved engineer's cost I Final Plat l estimate for land improvements Administration Fee 1 I 1.75% of approved engineer's cost Final Plat estimate for land improvements School District Transition Fee $3,000 /unit Paid to School District prior to application for Building Permit Building Permit Fees Calculated based upon $650 per house plus Building Permit $.20 per square foot area of house as defined by City Public Walks/Driveway Inspection Fee $35 /unit I Building Permit Weather Warning Siren Fee I $75 /acre I Final Plat Water Connection Fee I $3,171 /unit I Building Permit Water Meter Costs Vary based on current City Fees Building Permit (Note: This fee is not "for ked" by this agreement) I (Currently $390) City Sanitary Sewer Connection Fee I $2000 /unit SF/MF I Building Permit Water and Sewer Inspection Fee I $25 /unit I Building Permit Yorkville Bristol Sanitary District $3,660 /acre f At time of annexation to Annexation Fee I Sanitary District (Note. This fee is not locked" by this agreement.) Yorkville Bristol Sanitary District $1,400 /unit Building Permit, Paid by Connection Fee I separate check to YBSD (Note: This fee is not locked " by this agreement.) .) Yorkville Bristol Infrastructure $3,660 /acre I At time of IEPA permitting Participation Fee I unless otherwise agreed to by YBSD (Note: This fee is not "locked" by this agreement.) Yorkville Bristol Permit Review Fee I $50 per Lp of 8" diameter or larger sanitary I Due at permitting. (Note: This fee is not "locked" by this agreement.) sewer or $800 minimum (whichever is more) Park Land Cash Contribution I $2,218 /unit I Building Permit School Land Cash Contribution I $1 ,494.49 /unit I Building Permit i t • W (Letterhead of a Bank, Savings -and Loan or Mortgage House) _ 70__ - , I Mayor and Aldermen City of Yorkville 800 Game Farm Road Yorkville, II.. 60560 Re: Subdivision Name Letter of Credit No, ,For Account of Amount Date Gentlemen: The undersigned by . its' duly (name of financial institution) (name & title) authorized agent„ hereby establishes and issues this Irrevocable Letter of Credit in favor of the City of Yorkville in the amount of S which represents 110% of the cost of the irnprovernents described herein. Such credit is available to be drawn upon by said City upon presentation to this bank of your demand for payment accompanies by a copy of this Letter ofCCredit. This Letter of Credit is issued for the purpose of securing and paying for the installation of the following public improvements in 'the aforesaid subdivision: DIVISION "A".- SANITARY SEWERS (engineer's estimate ) DIVISION "B" - WATER MAIN (engineers estimate = DIVISION "C" - STORM SEWERS (engineer's estimate = DIVISION "D" - STREETS (engineer's estimate — ) DIVISION "E" - DETENTION BASIN (engineer's estimate — 1 - DMSION "F" - NUSC. 11NAPROVEMSNTS (engineeer, estimate = ) Total engineer's estimate = The costs of the foregoing improvements are detailed in the attached Engineer's Cost Estimate. ' I The developmem is legally described as follows: I See Attached Exhibit "A" Said public improvements shall be constructed by (subdivider) our customer, in accordance with the plans, specifications. completion schedules -and cost estimates prepared by (subdivide a engineer) The undersigned agrees that this Irrevocable Letter of Credit shall remain in full force and effect and pertain to any and all amendments or modifications which may be made from time to time to the plans, specifications and cost estimated for said modifications. This Irrevocable Letter of Credit shall expire on , 20 . provided, however. the undersigned shall not* the City Clerk by certified or registered mail, return receipt requested, at least ninety (90) days prior to said expiration date, that said Letter of Credit is About to expire. In no event shall this Irrevocable Letter of Credit or the obligations contained herein expire except upon said prior written notice, it being expressly agreed by the undersigned that the above expiration date shalt be extended as required to comply with this notice provision. This l revoc able Letter of Credit shall remain in effect until 20 without regard to (expiration date) any default in payment of money owed to the issuer by our customer and without regard to other claims which the Issuer may have against our customer, and in no event shall terminate without notice as specified above. This Letter of Credit maybe reruwed by the Issuer or our customer prior to the above expiration date by submitting a new Letter of Credit to the same form and substance as this Letter of Credit to the City Clerk in an amount equal to 110% of the estimated cost to complete and pay for the above described improvements. It is agreed that the following shall be considered a default by our customer and shall entitle the City to make demand on this Letter of Credit: 1. that said Letter of Credit will expire within thirty (30) days and has not been renewed; or 2. that the aforesaid improvements have not been completed by the subdivider at least thirty (3 0) days prior to the aforesaid cxpimtlon date; or 3. that the owner and/or subdivider has failed to complete or terry on the work of the installation and construction of the required improvements in accordance with the schedule, or at a faster pace if the installation of the private improvements shall be completed before public improvements to service them are available; or 4, that the City of Yorkville has determined that the owner and/or subdivider has demonstrated that they will be unable to complete the improvement; or i 5. that the City of Yorkville has determined that the public improvements or other improvements covered by this commitment have been or are likely to be the subject .of Haw other claims by contractors. subcontractors or third parties; or na 6. that if more Hinds axe disbursed at this time on order of the owner and/or subdivider insufficient fiends will -remain irrevocably committed to guarantee the completion of all improvements, and such certification indicates that the owner and/or subdivider finds that s. breach ofthe owner's and/or has been notified that the municipality subdivider's obligations has occurred and has not been cured within a period of thirty (3 0) days. The Issuer's obligation to the City is based solely on this Irrevocable Letter of Credit engagement between this financial institution and the City and is not subject to instructions from our customer. It is recognized that the City has directed our customer to proceed with the construction of public improvements upon the guarantee of this irrevocable commitment. It is further acknowledged that the consideration for this irrevocable commitment is provided by agreements between this financial institution and our customer. This Irrevocable Letter of Credit sets forth in full the terms of this undertaking between the Issuer and the City, and such undertaking shall not in any way be modified, i mulled, herein, and such limited by reference to any documents, instruument or esteem y reference shall not be deemed to incorporate berein by reference any document, instrument or agreement. Demands on this Letter of Credit shall.be made by presenting the Issuer with a letter from the City Cleric ofthe City of Yorkville demanding payment accompaniedby the certificate ofthe City Clerk of the City of Yorkville certifing the basis for the default and demand on this Letter of Credit. The undersigned agrees that this Letter of Credit shall not be reduced or discharged except upon receipt of a certificate of the City Clerk of the City of Yorkville certifying that this Letter of Credit may be reduced. The outstanding balance of this Letter of Credit shall be the face amouru of this Letter of Credit less any amount which is discharged upon certificate of the City Clerk; Provided however, the outstanding balance ofthis Letter of Credit shall not be reduced to less than 25% of the approved engineer's esdm.te upon which this Letter of Credit is based until the City Council &cc" the aforementioned improvements and a certificate of the City Clerk certifying that the Letter of Credit has been released by the City Council ofthe City. All acts, requirements and other preconditions for the issuance of this Irrevocable Letter of Credit have been completed. The undersigned further agrees and =gages that it will be responsible and liable for attorney fees and court costs which may be incurred by . the City in enforcing collection of this Lerner of Credit in accordance with its' terms. • r We hereby engage with you that all d=mds for payment in conformity with the terms of this Irrevocable Letter of Credit will be duly honored on presenution to us prior to expiration of this Letter of Credit. BY: ATTEST: Name: Name: Title: Title; STATE OF ILLINOIS) ) SS COUNTY OF } I, the undersigned, a Notary Public in and far the County and State aforesaid, do hereby certify that personally known to me to be the of the (title) and personally known to me to be the (name of institution) (title) of said institution, and who are personally known to me to be the same persons whose names are subscribed tb the foregoing Letter of Credit as such and (tide) (title) respectively, and caused the corporate seal of said to be LT3x*d thereto (name of institution) pursuant to authority given by the Board of Directors thereof as their free and voluntary acts and as the free and voluntary act and deed of said institution. Given under my hand and official seal this _ day of 20_, SEAL Notary Public i EXHIBIT "H" PROJECT SIGNAGE I. Onsite Project Identification Signs: 1. Number:3 2. Maximum Height: 20 Feet i 3. Maximum Sign Faces Per Sign: 2 4. Maximum Sign Face Area Per Side: 200 square feet 5. Illumination: Permitted 6. Minimum Setback from Property Line: 5 feet 7. Location: As from time to time determined by DEVELOPER II. Onsite Model Home Signs: 1. Number: 1 sign for each model home 2. Maximum Height: 6 Feet 3. Maximum Sign Faces Per Sign: 2 4. Maximum Sign Face Area Per Side: 32 square feet 5. Illumination: Permitted 6. Minimum Setback from Property Line: 5 feet 7. Location: As from time to time determined by DEVELOPER III. Onsite Directional and information Signs: 1. Number: No maximum number 2. Maximum Height: 6 Feet 3. Maximum Sign Faces Per Sign: 2 4. Maximum Sign Face Area Per Side: 16 square feet 5. Illumination: Permitted 6. Minimum Setback from Property Line: 5 feet 7. Location: As from time to time determined by DEVELOPER IV. Onsite Sales or Marketing Signs /Flags: 1. Number: 12 2. Maximum Height: 10 Feet 3. Maximum Sign Faces Per Sign: 2 4. Maximum Sign Face Area Per Side: 16 square feet 5. Illumination: Permitted 6. Location: As from time to time determined by DEVELOPER V. Offsite Sales & Project Identification Signs. 1. Number:3 2. Maximum Height: 20 Feet 3. Maximum Sign Faces Per Sign: 2 4. Maximum Sign Face Area Per Side: 200 square feet 5. Illumination: Permitted H -1 6. Minimum Setback from Property Line: 5 feet 7. Location: At Route 47 and new access to Project built by DEVELOPER as a part of the Project. As from time to time determined by DEVELOPER. V. Permanent Entry Monument Signs: Permanent entry monument signs and treatments shall be permitted in compliance with applicable provisions of the CITY Sign Ordinance and Subdivision Ordinance, or as otherwise approved by the CITY Council or Building and Zoning Officer upon request by DEVELOPER. Permanent entry monument signs and treatments shall not be located in public j right -of -way and shall have adequate separation from underground utilities. VI. Other Signs: In addition to those permitted signs as identified in this Exhibit "H ", DEVELOPER shall further have the right to from time to time install and utilize such other signage upon the Subject Property as otherwise permitted pursuant to the provisions of applicable ordinances of the CITY. U:\RMG\Pending Projects \yorkvilletownhome \Yorkwood Est Exhibit H.doc H -2