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Ordinance 2012-29 UNITED CITY OF YORKVILLE KENDALL COUNTY, ILLINOIS ORDINANCE NO. 2012-29 ORDINANCE APPROVING AN AGREEMENT FOR SUBDIVISION IMPROVEMENT AND COMPLETION AND EARLY MUNICIPAL ACCEPTANCE (Briarwood/Cornerstone Subdivision) Passed by the City Council of the United City of Yorkville,Kendall County, Illinois This 25`x'day of September, 2012 Prepared by and Return to: United City of Yorkville 800 Game Farm Road Yorkville, IL 60560 Published in pamphlet form by the authority of the Mayor and City Council of the United City of Yorkville,Kendall County, Illinois on October 11, 2012. Ordinance No. 2012-A ORDINANCE APPROVING AN AGREEMENT FOR SUBDIVSION IMPROVEMENT COMPLETION AND EARLY MUNICIPAL ACCEPTANCE (Briarwood/Cornerstone Subdivision) WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), is a municipality organized and existing under the Illinois Constitution of 1970; and WHEREAS, Prism Development Associates, Inc. (the "Developer") is seeking the City's early acceptance of subdivision improvements; and WHEREAS, the City and Developer have worked cooperatively over the past several years to identify the outstanding required Subdivision improvements to be completed by Developer to be in compliance with City requirements; and WHEREAS, the City Council has determined that it is in the best interest of City to accept subdivision improvements subject to the provisions set forth in the agreement attached hereto as Exhibit "A, NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the United City of Yorkville, Kendall County, Illinois, that the Agreement for Subdivision Improvement Completion and Early Municipal Acceptance by and between the United City of Yorkville and Prism Development Associates, Inc. is hereby approved in the form attached hereto and presented to this meeting and the Mayor and City Clerk are hereby authorized to execute same. Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this day of , A.D. 2012. CITY CLERK Ordinance No. 2012-0! Page 2 1 ROSE ANN SPEARS DIANE TEELING KEN KOCH `j JACKIE MILSCHEWSKI �/ 1l CARLO COLOSIMO MARTY MUNNS CHRIS FUNKHOUSER LARRY KOT 1 Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this Jr day of OC 1 o6E-k 2012. QV MAYOR Ordinance No. 2012-_qq Page 3 BRIARWOOD/CORNERSTONE SUBDIVSION IMPROVEMENT COMPLETION AND EARLY MUNICIPAL ACCEPTANCE AGREEMENT. This agreement ("Agreement") is made and entered into this 57 day of ©mao��_ , 2012 by and between the United City of Yorkville, an Illinois municipal corporation ("City") and Prism Development Associates, Inc., an Illinois corporation ("Developer") WHEREAS, the City is a municipality organized and existing under the Illinois Constitution of 1970; and WHEREAS, the Developer is the owner of three (3) lots located in the Briarwood/Cornerstone Subdivision located at the northwest corner of Illinois Route 47 and Green Briar Road in Yorkville, Illinois ("Subdivision"); and WHEREAS, in 2004 the Developer undertook development of the Subdivision improvements which remain unfinished to date; and WHEREAS, the City and Developer have worked cooperatively over the past several years to identify the outstanding required Subdivision improvements to be completed by Developer to be in compliance with City requirements; and WHEREAS, the Developer and City agree that upon completion of the outstanding punch list items as specified below the City will accept the Subdivision and public improvements and release the existing public improvement bonds as specified herein; and NOW THEREFORE, in consideration of the foregoing premises and in further consideration of the mutual covenants, conditions and agreements herein contained, Developer and City hereby agree as follows: 1. Incorporation of Recitals. The recitals contained in the preamble hereto are material and are hereby incorporated part of he Ag_, menr. Develop y :�, � , t r�P �e�- and City shall fully cooperate with each other in carrying out the terms of this Agreement. Both parties represent that they have full authority to enter into this Agreement pursuant to applicable law. 2. On or before June 30, 2013, Developer shall perform all work necessary to complete the outstanding punch-list items, which are identified and incorporated herein as Exhibit"A" ("Punch List"), in accordance with satisfaction of City codes. 3. Subject to Developer's completion of the Punch List as determined pursuant to City inspection, the City shall on or before July 31, 2013 accept the Subdivision improvements and release all public improvement bonds or letters of credit ("Existing Surety") for subdivision improvements being held by the City in the current amount of $477,576.49, and the City shall not thereafter require the subsequent posting of security for public improvements other than as specified in paragraphs 4 below. 4. Simultaneously with the City's release of the Existing Surety, the Developer shall post a maintenance bond in the amount of$155,000.00 for a term of twelve months from the date of the City's acceptance of the Subdivision improvements. At the expiration of the twelve month maintenance bond period, the City shall release the $155,000.00 maintenance bond and retain a bond in the amount of$50,000 for a period of up to five years as surety for parkway trees and sidewalks in the event that the individual home builders fail to install said parkway trees and sidewalk. Upon the City's release of the Existing Surety and maintenance bond, the Developer will post surety acceptable to the City in the amount of$50,000 for a period of five years from the date of the City's release of the maintenance bond to complete the sidewalks or parkway trees. Upon expiration of the five year term, the $50,000 sidewalk ana parkway tree surety shall be released by the City to the Developer. 5. The terms of this Agreement shall supersede and control over any conflicting terms, conditions or provisions of the Subdivision annexation agreement of the City's Municipal Code. IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their proper officers duly authorized to execute same, the day and year first written above. UNITED CITY OF YORKVILLE, PRISM DEVELOPMENT ASSOCIATES, INC. An Illino' muni pal or ration An Illinois co oration„ Its: Mayor Its: (Y-1 G s Attest: Its: City Clerk