Resolution 1995-28 1, R.,
RESOLUTION NO. 199
RE LUTION AMENDING RESOLUTIONS
NUMBERS 1995- '-AN 1995- TO PROVIDE FOR A CHANGE IN
PAYMENT METHODS FOR RECAPTURE FEES
NOW COMES the City Council of THE UNITED CITY OF THE VILLAGE OF
YORKVILLE, having first duly considered upon motion made and seconded that Resolution
Numbers 1995-�`Aand IM-/3. which provide a recapture structure for sanitary sewer on the
North and Southwest portions of the CITY OF YORKVILLE, shall be amended as follows:
I.
PAYMENT OF RECAPTURE FEES
1. One Third (1/3) of the amount calculated for the entire plat calculated for the unit of
land being final platted is to be paid to the CITY OF YORKVILLE along with a Letter of Credit
assuring payments as specified from a City approved financial institution in an amount equal to
two thirds (2/3) of said entire amount, prior to the final plat being executed by the City. The
Letter of Credit as hereinabove provided shall expressly provide that it may be drawn against by
the City at any time the developer or subdivider fails to make the payments.
2. One Third (1/3) of said amount for the entire final plat shall be paid upon issuance
of the first occupancy permit or one year after the final plat is recorded, whichever occurs first.
At this time the Letter of Credit may be reduced to an amount equal to one third (1/3) of said
entire amount.
3. The final amount due, as calculated per the ordinance for the entire final plat, shall
be paid prior to the acceptance in full or in part of the Public Improvements or two years after
the final plat is recorded, whichever occurs first. The Letter of Credit will be returned after said
payment.
r
l .
H.
The above payment method shall take the place of and supersede those payment structures
set out in the current recapture Resolutions. It shall effect the method of payment only. In all
other respects those recapture resolutions shall remain in full force and effect.
IN WIT N SS WHEREOF, the Resolution has been enacted this LAiy of
1995.
YOR
CItY CLERK
ATTEST: