Resolution 1992-12 STATE OF ILLINOIS )
) SS. � , ?,
COUNTY OF KENDALL )
RESOLUTION DECLARING PRELIMINARY DETERMINATION
AND INTENTION TO RECAPTURE UNDERGROUND PIPE SLEEVING COST
NOW COMES the City Council of the United City of the Village of Yorkville,
a body politic, of the County of Kendall, State of Illinois which does hereupon
motion duly made, seconded and approved by a majority vote of the City
Council resolve as follows:
DETERMINATION OF PUBLIC INTEREST
The City Council of the United City of the Village of Yorkville does
make a preliminary determination that it is in the best public interest, convenience,
and necessarily is required to install a pipe for sleeving purposes in order
to extend sewer and water mains across Illinois State Route 71 during the
construction phase of a road expansion project of Illinois Route 71 by the
Illinois Department of Transportation so as to allow the City of Yorkville
to extend municipal services from the north side to the south side of Route
71 without causing damage to the completed road construction project.
DEVELOPER'S ADVANCE OF COST
WHEREAS, Pride Petroleum and its successors, heirs, and assigns,
have currently advanced the sum of Twelve Thousand Dollars ($12,000.00)
for the installation of the sleeving pipe to permit the expansion of City sewer
and water facilities south of Illinois Route 71 ; and
WHEREAS, the benefit to the public of said sleeving during the construction
phase of Route 71 benefits an area of approximately Two Hundred Forty
(240) acres of land in addition to that owned by Pride Petroleum and its
successors, heirs, and assigns;
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As a further part of said Recapture Agreement, Pride Petroleum shall
pay the United City of the Village of Yorkville the sum of Six Thousand
Dollars ($6,000.00) on or before March 15, 1992; and the further sum of
Six Thousand Dollars ($6,000.00) on or before April 15, 1992, said sums
to be repaid for the purpose of reimbursing the City for funds previously
expended by the City in completing said sleeving operation.
NOW THEREFORE AS HEREBY AGREED that Pride Petroleum, and
its successors, heirs, and assigns shall be allowed a recapture fee of One
Hundred Dollars ($100.00) per acre until its entire cost advance for the
sleeving of Route 71 is recaptured plus interest calculated at seven percent
(70) per annum.
Said recapture shall continue for a period of time until ten (10) years
expires from the date of execution of this Resolution.
That the City of Yorkville shall collect through its City Collector said
recapture cost at such time as any acreage contained in the attached Exhibit
"A" is in fact annexed to the City of Yorkville. Said fee shall be collected
at the annexation stage by the City of Yorkville and remitted promptly to
Pride Petroleum or its designated successor, agent or representative.
The City of Yorkville has made a determination of the approximate
area to be benefitted by said improvement and the exhibit attached hereto
as Exhibit "A" is incorporated herein by reference as though setforth in
full.
Said Pride Petroleum has certified to the United City of the Village
of Yorkville that the actual funds stated above have been advanced for said
improvement.
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This Resolution was duly and regularly introduced and passed at a
regular meeting of the United City of the Village of Yorkville, Kendall County,
Illinois on the 11-.3fd day of 1992.
K NETH KI O . , Mayo
ATTEST :
CHERYL ALBIN, City Clerk
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