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Ordinance 2004-16 200400010259 Filed for Record in KENDALL COUNTY► ILLINOIS Revised March 4, 2004 PAUL ANDERSON 04-23-2004 At 03:26 an. ORDINANCE 68.00 STATE OF ILLINOIS ) ss COUNTY OF KENDALL ) ORDINANCE NO. 2004-__��k _ AN ORDINANCE AUTHORIZING THE EXECUTION OF A PLANNED UNIT DEVELOPMENT AGREEMENT OF PROGRESS HOLDINGS,LLC, a Wisconsin Limited Liability Company WHEREAS, it is in the best interest of the UNITED CITY OF YORKVILLE, Kendall County,Illinois,that a certain Planned Unit Development Agreement pertaining to the development of the real estate described on Exhibit"A" attached hereto and made a part hereof entered into by the UNITED CITY OF YORKVILLE; and WHEREAS, said Planned Unit Development Agreement has been drafted and has been considered by the City Council; and WHEREAS, the legal owners of record of the territory which is the subject of said Agreement are ready,willing and able to enter into said Agreement and to perform the obligations as required hereunder; and WHEREAS,the statutory procedures provided in 65 ILCS 5/11-15.1-1,as amended,for the execution of said Planned Unit Development Agreement has been fully complied with; and WHEREAS, the property is contiguous to the City. NOW THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF r 1 THE UNITED CITY OF YORKVILLE,KENDALL COUNTY, ILLINOIS, AS FOLLOWS: Section 1:That the Mayor and City Clerk are herewith authorized and directed to execute,on behalf of the City,a Planned Unit Development Agreement concerning the development of the real estate described therein, a copy of which Planned Unit Development Agreement is attached hereto and made a part hereof. Section 2: That this Ordinance shall be in full force and effect from and after its passage and approval as provided by law. WANDA OHARE 1 JOSEPH BESCO —y— VALERIE BURD L PAUL JAMES LARRY KOT l MARTY MUNNS ROSE SPEARS RICHARD STICKA APPROVED by me,as Mayor of the United City of Yorkville,Kendall County,Illinois,this day of A.D. 20 r MAYOR 2 ,l PASSED by the City Council of the United City of Yorkville,Kendall County,Illinois this day of ���%� A.D. 20 C-� Attest: CITY CLERK — � G Prepared by: Law Offices of Daniel J. Kramer 1107A S. Bridge St. Yorkville, IL 60560 630.553.9500 3 STATE OF ILLINOIS ) )ss. COUNTY OF KENDALL ) PLANNED UNIT DEVELOPMENT AGREEMENT BETWEEN THE UNITED CITY OF YORKVILLE AND PROGRESS HOLDINGS, LLC, a Wisconsin Limited Liability Company THIS PLANNED UNIT DEVELOPMENT AGREEMENT is made and entered into this Gl"4-lri day of PvV Cc( C(i , 2004, by and between THE UNITED CITY OF YORKVILLE, Yorkville, Illinois a municipal corporation, located in Kendall County, Illinois, hereinafter referred to as "CITY", and PROGRESS HOLDINGS, LLC, a Wisconsin Limited Liability Company, hereinafter referred to as "OWNER/DEVELOPER/DEVELOPER", hereinafter referred to as"OWNER/DEVELOPER", upon the following terms and conditions: WITNESSETH WHEREAS, the OWNER/DEVELOPER holds legal title to the real property which is currently located within the municipal boundaries of the CITY and described in Exhibit "A" ("PROPERTY")which is attached hereto and made a part hereof, and WHEREAS, the DEVELOPER is desirous of using said PROPERTY described in Exhibit "A" for B-3 General Business District use, and is desirous of assuring to it that said real property can be used for Service Business District use and all uses set out within this Agreement as attached hereto and incorporated herein as Exhibit"D", and to assure the right to uses under the B-3 General Business District as is time-to-time amended by the CITY; and WHEREAS, the CITY has considered the tract of PROPERTY herein described in Exhibit"A" for B-3 General Business District in order to provide for the orderly development thereof; and WHEREAS, the OWNER/DEVELOPER of the PROPERTY described in Exhibit"A" have requested the CITY to approve this Planned Unit Development Agreement and Final Plat for the PROPERTY; and its Plan Commission has considered the Petition; and the City Council has heretofore approved the proposed land use and the zoning of the same at the request of the OWNER/DEVELOPER; and —1— WHEREAS, all parties to this Agreement are desirous of setting forth certain terms and conditions upon which the PROPERTY heretofore described in Exhibit"A"will be developed within the CITY in an orderly manner; and WHEREAS, OWNER/DEVELOPER and their representatives have discussed the proposed Planned Unit Development Agreement and the development of all the PROPERTY 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 Planned Unit Development Agreement, as required by the statutes of the State of Illinois in such case made and provided. WHEREAS,the Plan Commission and City Council of the United City of Yorkville have further found pursuant to Chapter 10-14-6 F of the City Code that approval of the requested Planned Unit Development and the Special Use for Lot 2 allowing for a Gasoline Service Station selling petroleum,petroleum related products and convenience store meeting the following standards: (i) The establishment,maintenance or operation of the special use will not be unreasonably detrimental to or endanger the public health, safety,morals, comfort or general welfare. (ii) The special use will not be injurious to the use and enjoyment of other property in the immediate vicinity for the purpose already permitted,nor substantially diminish and impair property values within the neighborhood. (iii) The establishment of the special use will not impede the normal and orderly development and improvement of surrounding property for uses permitted in the district. (iv) Adequate utilities, access roads, drainage or other necessary facilities have been or are being provided. (v) Adequate measures have been or will be taken to provide ingress or egress so designed as to minimize traffic congestion in the public streets. (vi) The special use shall in all other respects conform to the applicable regulations of the district in which it is located. (vii) The uses permitted by such exceptions as may be requested or recommended are necessary or desirable and appropriate to the purpose of the development. —2— (viii) The uses permitted in such development are not of such nature or so located as to exercise an undue detrimental influence or effect upon the surrounding neighborhood. (ix) That all minimum requirements pertaining to commercial uses established in the planned development shall be subject to the requirements for each individual classification as established elsewhere in this Title, except as may be specifically varied herein granting and establishing a planned development use. NOW THEREFORE, for and in consideration of the mutual promises and covenants herein contained,the parties agree,under the terms and authority provided in 65 ILCS 5/11-15 through 65 ILCS 13.1-1.1(2002), as amended, as follows: SECTION 1. The CITY in consideration of each party being bound by the terms, covenants, and conditions contained herein, upon execution of this Agreement and accompanying Ordinance approving the Planned Unit Development Agreement does hereby approve this Agreement on behalf of the CITY. SECTION 2. DEVELOPMENT OF THE PROPERTY. It is contemplated that the PROPERTY consisting of approximately 139,889 square feet will be developed by OWNER/DEVELOPER. Regardless of whether OWNER/DEVELOPER or a third party acquires or develops any specific portion of the PROPERTY,the development of the PROPERTY shall be carried out in general conformity with the development standards hereinafter set forth in this Planned Unit Development Agreement and the Combined Planned Unit Development Plans and Final Plans. To the extent of any conflict, ambiguity or inconsistency between the terms,provision or standards contained in this Agreement and the terms,provisions or standards, either presently existing or hereafter adopted, of the City Code, the Zoning Ordinance, Sign Ordinance, Landscape Ordinance,the Subdivision Control Ordinance, as hereinafter identified, or any other City code, ordinance or regulation, (collectively defined herein as"Development Ordinances") the terms,provision and standards of this Agreement shall govern and control. These Development Ordinances shall be the Ordinances that govern this PROPERTY and as to the dates of this Agreement, and any amendment to the Development Ordinances shall not apply to the PROPERTY. Notwithstanding the foregoing, if any City code,ordinance or regulation is hereafter adopted or amended as to life safety issues which are applied uniformly within the CITY said Ordinance shall apply for that purpose to the PROPERTY. —3— All Development Ordinances in effect as of the date of this Ordinance shall continue in effect insofar as they relate to the development of the PROPERTY, except as provided in this Agreement. These Development Ordinances shall be frozen from the date of this Agreement and any amendments to these Development Ordinances shall not apply to the PROPERTY for a period of five years from the date of execution of this Agreement except as stated for life safety issues. Fees and charges may be assessed against the PROPERTY provided any such fee or charge is or shall be collected by the CITY on a uniform basis from all OWNER/DEVELOPER, users and developers of property within the CITY. The CITY shall not increase the amount of any fee or charge for building permit fees, occupancy permit fees,plan review fees, inspection fees, utility fees, application fees or use fees for the PROPERTY unless such increases are: (i) made generally applicable to all OWNERS/DEVELOPERS,users and developers of property within the CITY; and(ii) such increases are reasonably related to increased costs incurred by the CITY in providing the services for which such fee is assessed. All landscaping and final grading on individual lots shall be the sole responsibility of the person or entity seeking issuance of the building permit for such improvement or the person or entity who are the OWNERS/DEVELOPERS of an individual lot on the date when such improvements are required to be installed, and OWNER/DEVELOPER'S responsibilities relating to such activity shall be deemed assigned to and accepted by said applicant or subsequent OWNER/DEVELOPER. A. APPROVED P.U.D. PLANS. The following combined plans for the PROPERTY have been reviewed by the Yorkville Plan Commission and the City Council and are hereby approved by the CITY: (i) P.U.D. Site Plan(Exhibit`B-1") ("P.U.D. Plan"); (ii) Preliminary Landscape Plan(Exhibit`B-2"); The P.U.D. Site Plan, and Preliminary Landscape Plan are sometimes referred to collectively as the"Combined P.U.D. Plans". The Combined P.U.D. Plans are approved by the CITY in their entirety and any provision or requirement contained in any ordinance,regulation, directive or procedure of the CITY exclusive of this Agreement, in conflict with any aspect or element of the Combined P.U.D. Plans shall be deemed varied hereby so as to conform with and permit the development,use,maintenance and operation of the PROPERTY in substantial conformity with the Combined P.U.D. Plans. All references in this Agreement to a lot number (i.e., Lot 1, Lot 2, etc.) shall mean the corresponding lot as identified on the Final Plat of Subdivision and P.U.D. Plan. B. OWNER/DEVELOPER has represented to the CITY and the CITY acknowledges that the lots identified on the Final Plat of Subdivision may be changed in the future. Any Final Plat of Subdivision("Final Plat") shall be in substantial conformance with the P.U.D. Plan if the Final Plat meets the bulk lot standards as —4— provided in Section Two of the Agreement. Changing the location of the lot lines shall not be considered a change of the P.U.D. Plan or this Agreement so long as the Final Plat meets the bulk standards as provided in Section Two of this Agreement. There shall be a time limit of twenty(20)years between approval of the P.U.D. Plan and submission of the Final Plat for approval by the CITY. OWNER/DEVELOPER shall have the right to subdivide and resubdivide the PROPERTY into lot configurations other than as shown on the P.U.D. Plan or Final Plat of Subdivision, so long as each such lot so platted complies with the requirements of the Yorkville Municipal Code, except as amended by or otherwise provided in this Agreement. A resubdivision of any approved final plat of subdivision shall not be considered a change to the final plat. C. APPROVED FINAL PLANS The following combined final plans for Lots 1 through 3 on the PROPERTY have been reviewed by the City and are hereby approved by the City: (i) Lot 1 through Lot 3 P.U.D. Site Plan(Exhibit"C-1") (ii) Lot 1 through Lot 3 Final Landscape Plan(Exhibit"C-2") The Lot 1 through Lot 3 Site Plan, and Landscape Plan, are sometimes referred to collectively as the"Lot 1 through 3 Final Plans". The Lot 1 through 3 Final Plans are approved by the CITY in their entirety. The Final Engineering Plans are required to be reviewed or approved by the CITY as a condition precedent to OWNER/DEVELOPER applying for and receiving grading, foundation,building and occupancy permits on Lots 1 through 3,provided DEVELOPER complies with all requirements for obtaining such permits as provided in the City Codes, except as amended by this Agreement. The Lots 1 through 3 Final Plans are approved by the CITY in their entirety and any provision or requirement contained in any ordinance, regulation, directive or procedure of the CITY exclusive of this Agreement, in conflict with any aspect or element of the Lots 1 through 3 Final Plans shall be deemed varied hereby so as to conform with and permit the development,use, maintenance and operation of the PROPERTY in substantial conformity with the Lots 1 through 3 Final Plans. D. RESUBDIVISION Any lot may be resubdivided in conformance with the Plat Act from time to time into two or more lots after or concurrently with the initial final plat of subdivision for each such lot. In the event,however, following the approval and recordation of the initial plat of subdivision of each Lot contained within the PROPERTY, OWNER/DEVELOPER shall be entitled to resubdivide each such lot without further Plan Commission review provided the following conditions are met: —5— (i) All resubdivided lots shall comply with the standards of this Ordinance; (ii) Each resubdivided lot shall have access by way of fee title or recorded easements of record in form reasonably acceptable to the CITY to: 1. A public street for ingress and egress; 2. Water mains; 3. Sanitary sewers; 4. Storm sewers; 5. Electric distribution facilities; and 6. Such other public utilities as may be necessary and appropriate for the use and occupancy of such subdivided lot. (iii) Utilities for which easements shall be necessary as set forth in(ii), above, shall be installed and accepted or collateralized in accordance with the Yorkville Municipal Code. (iv) Each subdivided lot shall have sufficient off-street parking located thereon as provided in the Yorkville Ordinance or have access to and use of off- street parking on other portions of the PROPERTY by way of easements as provided in Section 211(ii). E. ARCHITECTURAL ELEMENTS Any changes to the elevations for Lots 1-3 prior to receipt of a building permit shall be reviewed and approved by staff if the revised elevations comply with BOCA code requirements. F. LAND USE FOR THE PROPERTY Except as otherwise provided in this Agreement, the development and use of the PROPERTY shall comply with the standards established under the`B-3"zoning classification as set forth in the Yorkville Municipal Code. If there is any conflict between the regulations of the Yorkville Municipal Code, as amended from time to time, this Agreement shall govern, as provided by Section 2 and 5 of this Agreement. (i) Uses. Those uses listed in Exhibit"D" attached hereto shall constitute permitted uses or special uses on the PROPERTY (individually a "Permitted Use"and collectively the"Permitted Uses"). Any uses not listed in Exhibit"D" shall be deemed special uses and shall require subsequent application by the applicable OWNER/DEVELOPER pursuant to provisions for special use under the Yorkville Municipal Code. The permitted uses and special uses listed in Exhibit"D"shall survive any —6— amendments to the Yorkville Municipal Code. Any application for Special Use shall be processed in conformance with the Yorkville Municipal Code. (ii) Building Height. The maximum height of any building or structure shall be thirty-five feet to the top of the parapet wall, exclusive of the screened rooftop mechanical equipment and its aesthetic architectural features as measured from the average finished ground level at the perimeter of the building. (iii) Setback and Yard Requirements. Building and Landscaping setback requirements from public street rights-of-way, roadway easements and adjacent land uses for each lot within the PROPERTY shall be as identified on the P.U.D. Plan attached as Exhibit"C-1". If IDOT requests DEVELOPER to convey property or condemns property for additional right-of-way, the required setbacks for the PROPERTY as shown on the P.U.D. Plan shall always be measured from the existing property line so that the PROPERTY shall continue to comply with this Agreement and shall not be considered non-conforming by the CITY. The development of the property shall conform with the building setback,parking setbacks, and landscape setbacks stated and depicted on Exhibit"C-1" attached hereto and incorporated herein by reference. (iv) Number of Buildings. Each zoning lot may contain one principal building, together with any accessory uses. G. PARKING AND LOADING BERTH REQUIREMENTS Except as expressly deviated in this Agreement, the off-street parking regulations shall be governed by the regulations provided in Section 10-11-1, 10-11-2 and 10-11-3 of the Yorkville Ordinance in effect at the time this Agreement is enacted. These parking provisions shall apply to the PROPERTY, notwithstanding any later amendments to this Section by the CITY. Parking spaces shall be a minimum of 9 feet by 18 feet. (i) Drive-thru: Any facility containing a drive thru drugstore shall contain stacking for a minimum of 3 cars per service window. (ii) Location of Parking: Parking for any use can be located either: 1) on the lot upon which the use is located; 2) on other lots of the PROPERTY with a properly recorded cross-access easement for parking between the two lots. —7— H. PERIMETER LANDSCAPING AND BUFFERING (i) The PROPERTY and each lot contained therein shall be landscaped in substantial compliance with the Final Landscape Plan attached hereto as Exhibit"C-2". The OWNER/DEVELOPER of each lot shall only be responsible for installing and maintaining that portion of the perimeter landscaping identified on the Perimeter Landscape Plan located upon such OWNER/DEVELOPER'S or Developer's lot. The landscaping for each lot within the PROPERTY shall be installed prior to the issuance of any occupancy permit for the principal structure on such lot,weather permitting, or, in the event of adverse weather conditions,within sixty(60) days following the commencement of the next successive planting season following issuance of such occupancy permit. (ii) Perimeter landscaping may be phased. However, said landscaping shall be installed on a lot by lot basis prior to the issuance of a final occupancy permit for each lot. The landscaping for each lot within the PROPERTY shall be installed prior to the issuance of any occupancy permit for the principal structure on such lot,weather permitting, or, in the event of adverse weather conditions, within sixty(60) days following the commencement of the next successive planting season following issuance of such occupancy permit. The perimeter landscape standards set forth in this Agreement and in the Perimeter Landscape Plan shall be the only perimeter landscape standards or ordinance applicable to the PROPERTY. I. INTERIOR LOT LANDSCAPING The interior lot landscaping plans to be submitted to the City Staff pursuant to Section 2F of this Agreement shall contain all of the information reasonably necessary to assess its compliance with this Section of the Agreement. Such plan shall be in substantially the same format as the Perimeter Landscaping Plan. J. BUILDING AND PARKING ENVELOPE The P.U.D. Plan(Exhibit`B-1") identifies envelopes within which the building or buildings and parking lot on each lot within the PROPERTY may be constructed("Building and Parking Envelope"). The purpose of the Building and Parking Envelope is to provide reasonable flexibility in design, configuration and location of the commercial buildings within the Building and Parking Envelope. The actual building footprint and parking lot location for each building —8— constructed within the PROPERTY may be adjusted to meet the reasonable needs and requirements of the uses of such building provided such building footprint and parking lot location is located within the Building and Parking Envelope as identified on the P.U.D. Plan. K. EXTERIOR LIGHTING All exterior pole mounted lighting constructed on the PROPERTY shall not exceed a maximum height of 30_feet, measured from the pavement. Said lighting shall be white light, downcast, not to exceed an average of seven(7) footcandles. DEVELOPER may place accent lighting, at its sole discretion, to illuminate the building and any of the lot's entrances, so long as the light leaving the site does not exceed City Code. SECTION 3. ROADWAYS, STREETS AND ACCESS. A. ACCESS LOCATIONS (i) Approval of access points by the IDOT must be obtained prior to the issuance of a Certificate of Occupancy by the CITY. (ii) The CITY shall use its best efforts with IDOT to obtain the access points to the PROPERTY shown on the Final Site Plans (Exhibit"C-1"). (iii) The CITY shall use its best efforts with to cooperate with the owner of the adjacent property to the south and east of the Property to secure a cross access easement to the adjacent development for the benefit of public health and safety. B. CITY COOPERATION As to those locations over which the CITY has jurisdiction, the CITY shall issue all necessary approvals and permits for curb cuts and access locations,pursuant to any application for a Final Plat of Subdivision. As to all other curb cuts and access locations, OWNER/DEVELOPER or subsequent lot OWNER/DEVELOPER shall be responsible for obtaining all necessary approvals and permits from the governmental authority with jurisdiction thereover and the CITY shall fully cooperate with, and exercise its best efforts in support of, DEVELOPER or subsequent lot OWNER/DEVELOPER in obtaining said approvals and permits. SECTION 4. CHANGES TO THE PLANNED DEVELOPMENT. The PROPERTY shall be developed in substantial compliance with the Combined Planned Unit Development Plans and any final plans or plats approved by the CITY. Changes to the Planned Development hereby approved shall be evaluated and processed as follows: —9— A. DEFINITIONS (i) Major Changes: Major changes shall include any changes to the Planned Development which require an amendment of this Agreement,or any other change for which a public hearing is required by law or by the Yorkville Municipal Code, except as specifically provided herein. (ii) Minor Changes: Minor changes shall include any change not defined herein as a major change or a technical change. Minor changes shall include,but not be limited to, changes to the Combined P.U.D. Plans, Lots 1 through 3 Plans or approved Additional Plans and Materials that do not alter the intent of this Agreement. A substantial resubdivision of the entire PROPERTY of an approved Final Plat of Subdivision may be considered a minor change of the P.U.D. Plan and the Final Plat of Subdivision and require Plan Commission and City Council approval,but no public hearing. (iii) Technical Changes: Technical changes shall include any change to the engineering plans and specifications, and any change to the building plans, which is determined by the City Engineering,Director of Public Works, Building Commissioner,Fire Chief,Director of Planning or Director of Economic Development as the case may be, to be: (i) in substantial compliance with the Combined P.U.D. Plans as approved by the City Council and; (ii) in compliance with the Yorkville Municipal Code, except as specifically varied or deviated as provided in Section 2 and 5 of this Agreement herein. Technical changes shall include,but not be limited to: 1)relocation of any road, sidewalk or easement; 2) alteration to any Storm Detention Facility. (iv) Items Not Considered Changes: The CITY acknowledges that any change of lot lines from the P.U.D. Plan to the Final Plat of Subdivision shall not be considered a change of the Planned Unit Development Agreement. B. PROCEDURES (i) Major changes may be approved by the City Council after public hearing and recommendation by the Yorkville Plan Commission pursuant to submittal and processing of a petition to amend the Special Use as a Planned Development and a petition for preliminary plan approval, as set forth in the Yorkville Municipal Code. Major changes shall only require approval by a majority of the City Council. —10— (ii) Minor changes may be approved by the City Council without Yorkville Plan Commission review or public hearing. Minor changes shall only require approval by a majority of the City Council. (iv) Technical changes may be approved by the City Engineer, Director of Public Works,Building official, City Administrator, or other City personnel so empowered by the City Council as the case may be. SECTION 5. DEVIATIONS. To the extent that any element of the Combined P.U.D. Plans, Lot 1 through 3 Final Plans,Additional Plans and Materials, final plans, final plats, or this Agreement, deviate from the standards of the Subdivision Regulations,Zoning Ordinance, Sign Ordinance, Landscape Ordinance or other ordinance of the CITY, or any amendments thereto, or any other City of Yorkville ordinances, appropriate deviations, exceptions or("Deviations")to the applicable ordinance shall be deemed to be granted hereby. SECTION 6. ON-SITE EASEMENTS AND IMPROVEMENTS. A. EASEMENT REQUIREMENTS All landscape,public utility, drainage, cross-access and related maintenance agreements, and stormwater detention easements to be granted to the CITY upon, under and across portions of the PROPERTY shall be established through the recordation,by the then OWNER/DEVELOPER or OWNERS/DEVELOPERS of the land affected, of an as-built easement plat,plotting the location of each easement granted based upon the actual location of the utility line, structure or basin as constructed. All such easements required for the PROPERTY shall be established as aforesaid prior to the issuance of the first occupancy permit within the PROPERTY. B. UTILITIES AND OFF-SITE ROADWAYS All utilities may be phased. Any lot to be developed shall provide minimum utilities acceptable to the City Engineer. DEVELOPER acknowledges that utilities constructed during further phases of development may enhance service of lots already developed and may require abandonment of previously installed utilities. SECTION 7. OFF-SITE EASEMENTS AND CONSTRUCTION. CITY acknowledges and agrees that stormwater detention required as part of the development of the PROPERTY may be located either on the PROPERTY or"off-site", so long —11— as OWNER/DEVELOPER obtains a written recorded easement for drainage purposes and submits the same to the City Engineer for approval. The detention provided for the PROPERTY shall meet applicable City ordinances. SECTION 8. SANITARY SEWER SERVICE. The CITY shall allow OWNER/DEVELOPER connection to the sanitary sewers as required by the City Engineer. The CITY represents and warrants to DEVELOPER that it owns, operates and maintains a sanitary sewer system within its borders of the subject PROPERTY, which mains have at this time, sufficient capacity to accommodate the anticipated sanitary sewer requirements of the PROPERTY to the extent the PROPERTY is developed in accordance with the P.U.D. Plan. The CITY shall cooperate with OWNER/DEVELOPER in obtaining all necessary off-site easements and shall grant OWNER/DEVELOPER access to all CITY-owned rights-of-way to enable OWNER'S/DEVELOPER'S provision of sanitary sewer service to the PROPERTY. OWNER/DEVELOPER shall restore property affected by off-site extension of sanitary sewer lines to its condition existing prior to said construction. SECTION 9. POTABLE WATER SERVICE. The CITY represents and warrants that it owns, operates and maintains a potable water supply and distribution system within its borders and water mains within the right-of-way along a portion of the perimeter of the PROPERTY,which system and mains have, sufficient capacity and pressure to accommodate the anticipated potable water and fire protection needs of the PROPERTY to the extent the PROPERTY is developed in accordance with the P.U.D. Plan. The OWNER/DEVELOPER agrees that at least two sources of water shall be available for the property as indicated on the Final Engineering Plan. The CITY shall cooperate with OWNER/DEVELOPER in obtaining all off-site easements necessary and shall grant OWNER/DEVELOPER access to all CITY owned right-of-way to enable OWNER'S/DEVELOPER'S provision of potable water service to the PROPERTY. OWNER/DEVELOPER shall restore property affected by off-site extension of water lines to its condition existing prior to said construction. SECTION 10. PRELIMINARY GRADING AND PREPARATION OF THE PROPERTY FOR DEVELOPMENT. A) OWNER/DEVELOPER shall have the right after obtaining approval of Final Engineering but prior to approval and recordation of a Final Plat of Subdivision,to undertake preliminary grading work, filling and soil stockpiling,which plans shall be reasonably satisfactory to the City Engineer, so long as OWNERMEVELOPER complies with the Site Development Permit requirements of the United City of Yorkville Soil Erosion and Sediment Control Ordinance. —12— B) OWNER/DEVELOPER shall have the right after obtaining approval of Final Engineering but prior to approval and recordation of the Final Plat of Subdivision,may install foundations and steel frames for buildings prior to its approval and recording of a Final Plat on the property only if applicable building permits have been applied for and issued by the CITY. C) OWNER/DEVELOPER shall have the right after obtaining approval of Final Engineering but prior to approval and recordation of the Final Plat of Subdivision,may install underground utilities, only after all necessary EPA and CITY permits for extension of municipal utilities have been granted in preparation for the development of the PROPERTY. D) Any such work undertaken by OWNER/DEVELOPER shall be at the sole risk of the OWNER/DEVELOPER and without injury to the property of surrounding property OWNER/DEVELOPER. No letter of credit,bond or other security shall be required by OWNER/DEVELOPER as a condition precedent to the commencement of such work. SECTION 11. BUILDING PERMITS. The CITY shall issue building permits for construction of improvements upon the PROPERTY within twenty(20)working days subsequent to receipt of application therefore. If the application is denied, the CITY shall provide a written statement within said period specifying the reasons for denial of the application including specifications of the requirements of law which the application or supporting documents fail to meet. The CITY shall review and provide written comments or approve the resubmittal plans within fourteen(14) calendar days of the resubmittal. The CITY shall issue such building permits upon compliance with those requirements. OWNER/DEVELOPER may apply for and the CITY shall issue building permits for portions of the PROPERTY after approval but prior to recordation of a Final Plat for any such portion of the PROPERTY, and prior to the installation and availability of storm sewer, sanitary sewer and potable water service to such portion of the PROPERTY. A gravel haul road outside the right-of-way reasonably deemed satisfactory to the Fire Department for emergency use must all be in place prior to issuance of said permits. Notwithstanding the foregoing,no occupancy permits shall be issued for such portions of the PROPERTY until the availability of such utilities to the structure in question is demonstrated, including a binder course of pavement on the street fronting the structure seeking an occupancy permit. Prior to the DEVELOPER, its lessees or successors and assigns receiving a building permit, a recorded reciprocal easement agreement for stormwater maintenance must be provided to the CITY. SECTION 12. CERTIFICATES OF OCCUPANCY. The CITY shall issue certificates of occupancy for buildings constructed within the PROPERTY within three(3)working days subsequent to application therefore, or issue a letter of denial within said period informing the applicant specifically as to what corrections are —13— necessary as a condition to the issuance of a certificate. Inability, due to adverse weather conditions, to install a final surface course on driveways, service walks,public sidewalks, stoops, landscaping(including parkway trees) and final grading, shall not delay the issuance of a temporary certificate of occupancy,which shall contain specific deadlines for completion of each of the items not completed. The CITY shall not issue a final occupancy permit unless the Final Plat of Subdivision for the PROPERTY is recorded. SECTION 13. SECURITY FOR PUBLIC IMPROVEMENTS. A. Approval of any payout reduction of the bond posted to secure certain improvements, as required by the Yorkville Subdivision Ordinance("Reduction") shall not be withheld if the bonded improvements substantially conform to the Final Engineering Plan. Improvements requiring a bond shall be as per City Ordinances and Standard City Bond Forms for Public Improvements a copy of which is attached hereto as Exhibit"F". If public or private improvements, grading or landscaping are not completed per plans,DEVELOPER shall post a bond or letter of credit for 110%of estimated cost of completion or certificate of occupancy may be withheld as to affected areas of the PROPERTY by the CITY. The CITY shall,within sixty (60) days from the request for the Reduction and after receipt of the appropriate lien waivers from the DEVELOPER, either approve said Reduction, or shall notify DEVELOPER in writing of the reason or reasons for not approving said payout or Reduction. Upon satisfying said reasons and notification by DEVELOPER to the City Engineer,the City Council may authorize the Reduction. Neither the CITY or the City Engineer shall require the DEVELOPER to install, construct or pay for any other improvements not included in the Final Engineering as approved by the CITY concurrent with the Final Plat approval. B. Within twenty(20) days following a DEVELOPER's request therefore, underground Public Improvements, and surface level structures appurtenant thereto, shall be inspected by the CITY and certificates of completion issued therefore by the CITY upon a finding of compliance with the final engineering plans pertaining thereto. The responsible DEVELOPER shall post, or cause the subcontractor constructing such Public Improvements to post a maintenance bond in the amount of ten percent(10%)of the cost of constructing such Public Improvements as listed in the Standard City Bond Form attached hereto and incorporated herein as Exhibit"E", to guarantee the workmanship and materials of such Public Improvements for a period of twelve(12)months following the date of acceptance by the City Council. Upon the expiration of said twelve(12)month guarantee period, the CITY shall make a final inspection of such Public Improvements, and upon the correction by DEVELOPER of such defects or damage as may then exist effecting the same,the CITY shall accept conveyance of such underground Public Improvements from such DEVELOPER by bill of sale or such other conveyance device as may be approved by the City attorney. —14— SECTION 14. SPECIAL ASSESSMENTS AND TAXATION. (If there is common signage, parking, maintenance or detention) Without the prior written consent of OWNER/DEVELOPER,the CITY shall not,within ten(10)years from the execution of this Agreement: A. any special assessment or special tax for the cost of any improvements in or for the benefit of the PROPERTY except as specified herein; or B. undertake any local improvements in, on or for the benefit of the PROPERTY pursuant to the imposition of a special assessment or special tax against the PROPERTY, or any portion thereof; or C. levy or impose additional taxes on the PROPERTY, in the manner provided by law for the provision of special services to the PROPERTY or to an area in which the PROPERTY is located or for the payment of debt incurred in order to provide such special services. D. The CITY shall create a Back-Up Special Tax Service Area to provide for on-site of the PROPERTY maintenance of detention,perimeter landscaping,ponds, and common subdivision signage which is located on the PROPERTY only,not off- site signs, which shall only be activated in the event DEVELOPER or its assigns fail to maintain those elements of the subject real PROPERTY. DEVELOPER shall submit a written waiver and consent of the Back-Up Special Tax Service Area prior to issuance of the first certificate of occupancy on the subject premises. The Back-Up Special Tax Service Area shall not be levied upon by the CITY without providing a ninety(90)day advance written notice to DEVELOPER or any active property OWNER/DEVELOPERs' association allowing them an opportunity to cure any maintenance default weather permitting or labor or other force majeure that would delay performance being given consideration by the CITY. This ninety(90) day notice and opportunity to cure period shall also be tolled if the DEVELOPER has ordered material to cure the defects but is still awaiting delivery of that material. The levy sought may not exceed Twenty Five Cents ($.25)per One Thousand Dollars and 00/100 ($1,000.00) of assessed value. Nothing in this Section 16 shall prevent the CITY from levying or imposing additional property taxes upon the PROPERTY in the manner provided by law,which are applicable to and apply equally to all other properties within the CITY. —15— SECTION 15. RECAPTURE AGREEMENTS. The CITY represents and warrants to DEVELOPER that there are no recapture fees that are or shall become due and payable by the OWNER/DEVELOPER or DEVELOPER as a result of connection to any utility or road improvements serving the PROPERTY. SECTION 16. COMPLIANCE WITH STATE STATUTES. In the event that any one or more provisions of this Agreement do not comply with any one or more provisions of the Illinois Compiled Statutes or the governing rules of the Water Pollution Control board or the Federal or State Environmental Protection Agencies,then the CITY, OWNER/DEVELOPER, and DEVELOPER, and all of their respective successors and assigns, agree to cooperate to comply with said provisions which shall include,but not be limited to, the passage of resolutions and ordinances to accomplish such compliance. SECTION 17. PLATTING OF LANDSCAPE BUFFERS. All landscape buffers required under this Agreement may, in the sole discretion of the responsible OWNER/DEVELOPER,be included within and platted as part of the applicable lot. In such event,the OWNER/DEVELOPER of such lot within which the landscape buffer is located, shall maintain, at such OWNER/DEVELOPER'S expense, the landscape material contained therein following the responsible OWNER/DEVELOPER'S construction and completion of such landscape buffer. SECTION 18. CONVEYANCES. Nothing contained in this Agreement shall be construed to restrict or limit the right of the OWNER/DEVELOPER and/or DEVELOPER to sell or convey all or any portion of the PROPERTY,whether improved or unimproved. SECTION 19. CONFLICT IN REGULATIONS AND ORDINANCES. The provisions of this Agreement and Ordinance approving this Agreement shall supersede the provisions of any ordinance, code,or regulation of the CITY which may be in conflict with the provisions of hereof. SECTION 20. AMENDMENT TO THIS ORDINANCE. This Agreement shall not be amended by the CITY without the prior written consent of the DEVELOPER. —16— SECTION 21. BINDING EFFECT, SUCCESSION IN INTEREST. This Agreement and the Ordinance approving it shall constitute a covenant running with the land and be binding upon and inure to the benefit of the parties hereto, their successors in interest, assignees, lessees, and upon any successor municipal authorities of the CITY and successor municipalities. Except as otherwise expressly provided herein,upon the conveyance or assignment by OWNER/DEVELOPER of its interest in the PROPERTY to any successor, assign, or nominee, OWNER/DEVELOPER and/or such DEVELOPER, as the case may be, shall be released from any and all further liability or responsibility under this Ordinance except to the extent previously undertaken by OWNER/DEVELOPER, or for which OWNER/DEVELOPER has posted security to perform an obligation in which case OWNER/DEVELOPER shall be bound to continue to complete its performance unless a replacement bond or letter of credit is posted by the new OWNER/DEVELOPER or DEVELOPER, and accepted by the CITY which shall not be unreasonably withheld. In such event the original OWNER/DEVELOPER shall be released from the underlying obligation to perform. The CITY shall thereafter look only to the successor, assign, or nominee of OWNER/DEVELOPER concerning the performance of such duties and obligations of OWNER/DEVELOPER hereby undertaken. SECTION 22. INCORPORATION OF EXHIBITS. All exhibits attached to this Agreement are hereby incorporated herein and made a part of the substance hereof. SECTION 23. EFFECTIVE DATE. The effective date of the Ordinance approving this Agreement shall be the date of execution of this Agreement. SECTION 24. NOTICES. Any notices required hereunder shall be in writing and shall be served upon any other party in writing and shall be delivered personally or sent by registered or certified mail,return receipt requested,postage prepaid, addressed as follows: If to the CITY: Mayor and City Clerk 800 Game Farm Road Yorkville, IL 60560 With a copy to: Daniel J. Kramer, City Attorney 1107A S. Bridge St. Yorkville, IL 60560 —17— If to OWNER/DEVELOPER: Progress Holdings,LLC Attn: Wade Joyner 407 W. Galena Blvd. P.O. Box 1625 Aurora, IL 60507 or to such other addresses as any party may from time to time designate in a written notice to the other parties. SECTION 25. ENFORCEABILITY. This Agreement shall be enforceable in any Court of competent jurisdictions by any of the parties hereto by an appropriate action of law or in equity to secure the performance of the covenants herein contained. In the event any portion of said Agreement becomes unenforceable due to any change in Illinois Compiled Statutes or Court Decisions, said enforceable portion of this Agreement shall be exercised there from and the remaining portions thereof shall remain in full force and effect. SECTION 26. ENACTMENT OF ORDINANCES. The CITY agrees to adopt any ordinances which are required to give legal effect to the matters contained in this Agreement or to correct any technical defects which may arise after the execution of this Agreement. —18— If to OWNER/DEVELOPER: Progress Holdings, LLC Attn: Wade Joyner 407 W. Galena Blvd. P.O. Box 1625 Aurora, IL 60507 or to such other addresses as any party may from time to time designate in a written notice to the other parties. SECTION 25. ENFORCEABILITY. This Agreement shall be enforceable in any Court of competent jurisdictions by any of the parties hereto by an appropriate action of law or in equity to secure the performance of the covenants herein contained. In the event any portion of said Agreement becomes unenforceable due to any change in Illinois Compiled Statutes or Court Decisions, said enforceable portion of this Agreement shall be exercised there from and the remaining portions thereof shall remain in full force and effect. SECTION 26. ENACTMENT OF ORDINANCES. The CITY agrees to adopt any ordinances which are required to give legal effect to the matters contained in this Agreement or to correct any technical defects which may arise after the execution of this Agreement. —18— IN WITNESS WHEREOF,the undersigned have hereunto set their hands and seals this �AG'iday of �1''\-i-V- ui , 20�d. CITY: THE UNITED CITY OF YORKVILLE By: ��a4l MAYOR l Attest: ITY CL K —19— OWNER/DEVELOP : PROGRESS 0 D GS, LLC, a Wisconsin Limited Liability Company By: Attest: Dated: Prepared by: Law Offices of Daniel J. Kramer 1107A S. Bridge Street Yorkville, Illinois 60560 630.553.9500 —20— EXHIBIT LIST Exhibit A - Legal description of property Exhibit B - PUD Plans Exhibit B-1 - Preliminary PUD Site Plan Exhibit B-2 - Preliminary Landscape Plan Exhibit C - Final PUD Plan Exhibit C-1 - Final PUD Site Plan Exhibit C-2 - Final Landscape Plan Exhibit D - United City of Yorkville B-3 Business District Exhibit E - Bond Form LEGAL DESCRIPTION THAT PART OF THE NORTHWEST QUARTER OF SECTION 28, TOWNSHIP 37 NORTH , RANGE 7 EAST OF THE THIRD PRINCIPAL MERIDIAN , DESCRIBED AS FOLLOW: COMMENCING AT THE INTERSECTION OF THE CENTER LINE OF U . S . ROUTE 34 WITH THE EASTERLY RIGHT OF WAY LINE OF ILLINOIS ROUTE 47; THENCE SOUTH 04 DEGREES 52 MINUTES 00 SECONDS WEST ALONG SAID EASTERLY LINE OF ILLINOIS ROUTE 47, A DISTANCE OF 425 .04 FEET FOR THE POINT OF BEGINNING ; THENCE NORTH 04 DEGREES 52 MINUTES 00 SECONDS EAST ALONG SAID EASTERLY LINE 425.04 FEET TO THE CENTER LINE OF U . S . ROUTE 34; THENCE SOUTH 83 DEGREES 46 MINUTES 47 SECONDS EAST ALONG SAID CENTER LINE 385.72 FEET; THENCE SOUTH 06 DEGREES 13 MINUTES 13 SECONDS WEST 400 FEET; THENCE SOUTH 79 DEGREES 59 MINUTES 12 SECONDS WEST 62 .46 FEET TO A POINT SOUTH 85 DEGREES 06 MINUTES 00 SECONDS EAST 315.80 FEET FROM THE POINT OF BEGINNING; THENCE NORTH 85 DEGREES 06 MINUTES 00 SECONDS WEST 315.80 FEET TO THE POINT OF BEGINNING, (EXCEPT THAT PART ACQUIRED BY THE DEPARTMENT OF TRANSPORTATION OF THE STATE OF ILLINOIS THROUGH PROCEEDINGS HELD IN THE CIRCUIT COURT FOR THE. 16TH JUDICIAL CIRCUIT AS CASE 74 ED 3) , IN THE TOWNSHIP OF BRISTOL, KENDALL COUNTY, ILLINOIS . �x b�4 ''ail FINAL P.U.D. 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PWAV-60 aN,Tj-AGGM r,,Tv v6r,DA,(P"AK L NP&Aor PIZ14 5 G3D S5Y�8S�!GeI�OReb[rSS NiI pN a- 2 10-7D-1 10-7D-1 CHAPTER BUSINESS DISTRICTS ARTICLE D. B-3 SERVICE BUSINESS DISTRICT SECTION: 10-7D-1: Permitted Uses 10-7D-2: Special Uses 10-7D-3: Lot Area 10-7D-4: Yard Areas 10-7D-5: Lot Coverage 10-7D-6: Maximum Building Height 10-7D-7: Off-Street Parking And Loading 10-7D-1: PERMITTED USES: All uses permitted in the B-2 District. Agricultural implement sales and service. Appliance - service only. Automotive sales and service. Boat sales. Building material sales. Business machine repair. Car wash without mechanical repair on the premises. Catering service. Drive-in restaurant. January 2000 City of Yorkville i �� 10-7n-1 10-7D-1 Electrical equipment sales. Feed and grain sales. Frozen food locker. Furniture repair and refinishing. Golf driving range. Greenhouse. Kennel. Mini-warehouse storage. Miniature golf. Motorcycle sales and service. Nursery. Orchard. Park - commercial recreation. `1 Plumbing supplies and fixture sales. Pump sales. Recreational vehicle sales and service. Skating rink. Sports arena. Taxicab garage. Tennis court - indoor. Trailer rental. Truck rental. Truck sales and service. January 2000 City of Yorkville 10-7D-1 10-7D-4 Upholstery shop. Veterinary clinic. (Ord. 1973-56A, 3-28-1974; amd. Ord. 1986-1, 1-9-1986; Ord. 1988-7, 4-14-1988; Ord. 1995-19, 8-10-1995; Ord. 1998-21, 6-25-1998) 10-7D-2: SPECIAL USES: All special uses permitted in the B-2 District. Amusement park. Boat launching ramp. Boat rental and storage. Daycare centers. Stadium. (Ord. 1973-56A, 3-28-1974; amd. Ord. 1995-19, 8-10-1995; Ord. 1995-20, 8-10-1995) 10-7D-3: LOT AREA: No lot shall have an area less than ten thousand (10,000) square feet. (Ord. 1986-1, 1-9-1986) 10-7D-4: YARD AREAS: No building shall be erected or enlarged unless the following yards are provided and maintained in connection with such building, structure or enlargement: A. Front Yard: A front yard of not less than fifty feet (50'). (Ord. 1973-56A, 3-28-1974) B. Side Yards: 1. A minimum side yard shall be required between buildings within the B-3 District of twenty feet (20') between a building constructed thereon and the side lot line, except in any existing B-3 Zoning District within the corporate boundaries where no minimum side yard shall be required between buildings, except where a side yard adjoins a street, wherein a minimum yard of not less than thirty feet (30') shall be required. January 2000 City of Yorkville 10-7D-4 10-7D-7 2. The Zoning Board of Appeals may, upon application, grant a variance to any petitioner seeking to vary the side yard requirements in a B-3 District if the variance is sought for a parcel of real estate that is sought to be developed as a planned unit development because of the unique nature of the parcel or development sought thereon. (Ord. 1986-1, 1-9-1986; amd. 1994 Code) C. Rear Yard: A rear yard of not less than twenty feet (20'). (Ord. 1973-56A, 3-28-1974) D. Transitional Yards: Where a side or rear lot line coincides with a residential district zone, a yard of not less thirty feet (30') shall be required. A transitional yard shall be maintained only when the adjoining residential district is zoned R-1 or R-2 One-Family Residential. (Ord. 1973-56A, 3-28-1974; amd. Ord. 1987-1, 2-12-1987) E. Parking Lot Setback Requirements: 1. Arterial Roadways: When a parking lot located in the B-3 Zoning District is located next to an arterial roadway, as defined in the City's Comprehensive Plan, a twenty foot (20') setback from the property line is required. 2. Nonarterial Roadways: When a parking lot located in the B-3 Zoning District is located next to a nonarterial roadway, as defined in the City's Comprehensive Plan, a ten foot (10') setback from the property line is required. (Ord. 1998-32, 11-5-1998) 10-7D-5: LOT COVERAGE: No more than fifty percent (50%) of the area of the zoning lot may be occupied by buildings and structures, including accessory buildings. (Ord. 1973-56A, 3-28-1974) 10-7D-6: MAXIMUM BUILDING HEIGHT: No building or structure shall be erected or altered to exceed a maximum height of thirty five feet (35') or three (3) stories, not in excess of thirty five feet (35'). (Ord. 1973-56A, 3-28-1974; amd. Ord. 1998-8, 3-26-1998) 10-7D-7: OFF-STREET PARKING AND LOADING: All in accordance with regulations set forth in Chapter 11 of this Title. (Ord. 1973-56A, 3-28-1974) January 2000 City of Yorkville IRREVOCABLEPUBLIC IW'ROVEMENT BOND Bond No.�_, KNOW ALL MEN BY THESE PRESENTS, ,as PRINCIPAL, a corporation organized and existing under the laws of the State of _ and authorized to do business in the State of Illinois, and , as SURETY, a corporation organized and existing under the laws of the State of , and authorized to transact business in the State of Illinois, are held and firmly bound unto the UNITED CITY OF YORKV1LLE,Illinois, a municipal corporation,as OBLIGEE, its successors and assigns in the sum of (S )Dollars, lawful money of the United States for the payment of which to be made to the OBLIGEE, its successors and assigns. Said PRINCIPAL and SURETY,hereby firmly bind ourselves,our heirs,administrators, executors, successors, and assigns,jointly and severally,by this Irrevocable Bond. This Irrevocable Bond is issued for the supply, installation and construction of all subdivision improvements regarding the Subdivision, in accordance with applicable UNITED CITY OF YORKViLf E ordinances, and plans and specifications and the Development Agreement and/or Annexation Agreement for Subdivision,as approved by the UNITED C>;TY OF YORKVILLE, and as may be amended or modified from time to time by agreement of PRlNC.i.PAL AND OBLIGEE, including the following improvements: 1 DIVISION"A"—SANITARY SEWERS (Engineers estimate=$ ) DIVISION"B"—WATERMAIN (Engineers estimate=$ ) DIVISION"C"— STORM SEWERS (Engineers estimate=$ ) DIVISION"D"—STREETS (Engineers estimate= $ ) DIVISION"E"—DETENTION BASIN (Engineers estimate= $ ) DIVISION"'F'—MISCELLANEOUS I P.ROVEMENTS (Engineers estimate=$ } Total engineers estimate=$ The PRINCIPAL,has agreed to pay all expenses incurred by the OBLIGEE for engineering, legal fees and other expenses in connection with the making of such improvement(s); and that in the event of a default declared by the OBLIGEE,the OBLIGEE shal l have the authority to complete the work required, at the expense of the PRINCIPAL and SURETY. The condition of this obligation is such that if the OBLIGEE accepts the aforesaid improvements by action of the Yorkville City Council, and the said PRINCIPAL posts acceptable surety guaranteeing maintenance of the improvements for one(1)year,then this obligation shall be null and void; otherwise it shall remain in full force and effect. The SURETY will, upon written declaration of default by the OBLIGEE to the PRINCIPAL and SURETY, at the option of the OBLIGEE, complete the improvement(s), pay to the OBLIGEE or the PRINCIPAL such amounts up the principal amount of this Irrevocable Bond,which will allow the OBLIGEE or the PRINCIPAL to complete the improvements, or pay the person designated by the OBLIGEE who has 2 completed the improvements. Failure of SURETY to honor the OBLIGEE'S demand of either payment or performance within fifteen (15)business days shall constitute dishonor. It is agreed that any one or more of the following;exclusive list of circumstances shall constitute a default by the PRINCIPAL, and shall entitle the OBLIGEE to make demand on this Irrevocable Bond: 1. That the PRINCIPAL has failed to satisfactorily complete or carry on the work, installation and construction of the required improvement(s), as scheduled or at a faster pace; or 2. That the PRINCIPAL has demonstrated that it will be unable to complete the improvements; or 3. That the improvement(s)have been or are likely to be the subject of liens or other claims by contractors, subcontractors or third parties. This Irrevocable Bond sets forth in full the terms of the undertaking between the SURETY and OBLIGEE, and such undertaking shall not in any way be modified, amended, amplified or limited by reference of any document, instrument or agreement referred to herein. Any such reference shall not be deemed to incorporate said document or agreement into this Irrevocable Bond,but is made for the purpose of identifying the items and costs of completion. The obligations of SURETY under the Irrevocable Bond are not dependent upon the financial solvency of the PRINCIPAL and as such shall continue even if the PRINCIPAL has filed bankruptcy. 3 This Irrevocable Bond shall remain in full force and effect and shall not be discharged or reduced until rclease is granted in writing by certification of the City Clerk and OBLIGEE'S acceptance of all of the improvements secured by this Irrevocable Bond_ This Irrevocable Bond may be substituted by the PKINCIPAL and SURETY prior to the completion of all the aforementioned improvement(s) by submitting a new Irrevocable Bond in the same form and substance as this Irrevocable Bond to the City Clerk in an amount equal to one hundred and ten percent G 10%)of the estimated cost to complete and pay for all the remaining above described improvements, certified as remaining by OBLIGEE. Any renewal, replacement or amendment of this irrevocable Bond shall clearly state the then current total balance as well as the amount applicable to each of the estimates for public improvements which are the subject of this Irrevocable Bond. The SURETY further agrees and commits to pay the OBLIGEE six percent (6%)prejudgment interest and consequential damages, including all of its costs and attorney's fees reasonably incurred in the enforcement of this Irrevocable Bond if wrongfully dishonored by SURETY. 4 IN WITNESS WHEREOF, we have set our hands and seals this day of )o_ $y' By: PRINCIPAL SURETY By: OBLIGEE Anton Graff City Administrator, United City of Yorkville 5