Ordinance 2015-53 UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
ORDINANCE NO.2015-53
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,
ILLINOIS,APPROVING AN ECONOMIC INCENTIVE AGREEMENT
(Fountainview)
Passed by the City Council of the
United City of Yorkville,Kendall County,Illinois
This 27`b day of October,2015
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 July 5,2017.
Ordinance No. 2015-53
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS,APPROVING AN ECONOMIC INCENTIVE AGREEMENT
(Fountainview)
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City") is a duly
organized and validly existing non-home-rule municipality created in accordance with the
Constitution of the State of Illinois of 1970 and the laws of the State; and,
WHEREAS, Hari Development Yorkville, LLC, an Illinois limited liability corporation
(the "Developer") is the contract purchaser of a certain tract of property(the "Subject Property")
which was a portion of the territory that was annexed by the Mayor and City Council (the
"Corporate Authorities") pursuant to Ordinance Number 2007-33 on April 24, 2007, and
included in the plat of subdivision, recorded on February 24, 2011, as Kendall County Document
No. 2011-3625 ("Fountainview Plat"); and,
WHEREAS, the Developer desires to develop Lot 1 of the Subject Property with a
special use as permitted by the underlying B-3 zoning classification and regulations (subject to
various deviations from the City's Zoning Code); and,
WHEREAS, the Developer has submitted a Plat of Resubdivision of the Fountainview
Plat to the City for its approval, which Plat contemplates the resubdivision of Lot 1 into Lot 101
and Lot 102. Lot 101 (containing approximately 0.93 acres) will be the location of a Dunkin
Donuts business in a building of approximately 2000 square feet with a drive through window
and a small outdoor seating area; and, Lot 102 (approximately 0.86 acres) will be a mixed use
consisting of a fuel/gasoline service station with a convenience store. The retail building to be
located on Lot 102 may also house a coffee shop, restaurant or tavern/lounge with a video
gaming operation in a separate unit of the building. Lot 2 will not be subdivided but will remain
Ordinance No.2015-576
Page 1
available for development (approximately one acre) and in the interim be used as on-site parking
for the Lot 101 and 102 developments (collectively the "Project"); and,
WHEREAS, the Developer also intends to align existing easements and public and
private improvement rights pertaining to Lot 1 as previously approved and made a part of the
Fountainview Plat with its proposed development and to cooperate with the City and the other
owner of property included in the Fountainview Plat in planning for the management and
maintenance of easements and appurtenances; and,
WHEREAS, the Developer has advised the City that in order to redevelop the Subject
Property and to undertake the Project as has been proposed, the Developer shall need financial
assistance due to the replatting, redesign and new engineering plans required in connection with
the amendments to the Planned Unit Development permitting the special uses as described
above; and,
WHEREAS, the Corporate Authorities have determined that the economic development
incentives for the benefit of the Developer as authorized by the Economic Development Act
(Sec. 8-1-2.5 of the Illinois Municipal Code) and the Economic Incentive Act (Sec. 8-11-20 of
the Illinois Municipal Code) and the completion of the Project by the Developer pursuant to the
Economic Incentive Agreement by and between the City and the Developer are in the best
interests of the City and the health, safety, morals and welfare of its residents and taxpayers,
thereby providing for economic development,-enhancing the tax base of the City and other taxing
districts and adding to the welfare and prosperity of the City and its inhabitants.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the
United City of Yorkville, Kendall County, Illinois, as follows:
Ordinance No.2015-53
Page 2
Section 1. The Economic Incentive Agreement (Fountainview), attached hereto and
made a part hereof, is hereby approved and the Mayor and City Clerk are hereby authorized to
execute and deliver said Agreement on behalf of the City.
Section 2. The Mayor and City Administrator are hereby authorized and directed to
undertake any and all actions as may be required to implement the terms of said Agreement.
Section 3. This Ordinance shall be in full force and effect from and after its passage,
approval, and publication as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois, this
d7 day of QCTO6FR , A.D. 2015.
CITY CLERK
CARLO COLOSIMO ave KEN KOCH ave
e
JACKIE MILSCHEWSKI 0L P LARRY KOT ave
CHRIS FUNKHOUSER Vlaq JOEL FRIEDERS 0. e
DIANE TEELING SEAVER TARULIS aye,
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
aol�o
C day of M A R C H , A.D. 205:
)1&
MAYOR//
Attest:
&&--4��
CITY CLERK
Ordinance No.2015-53
Page 3
ECONOMIC INCF,NTIVE AGREEMENT
(T-ountainvicrit,)
THIS ECONOMIC INCENTIVE AGREEMENT dated as of the 23rd day of
....................................
March ' 2016. by and between the United City of Yorkville. Kendall County, Illinois, a
municipal corporation (hereafter the'`City'}, Standard Bank and "Frust Company. as trustee under
trust aoreement dated October 15, 2008 and known as Trust No. 20456, and t-lari Development
Yorkville. L.,CX. an Illinois limited liability corporation (hereafter"Developer ).
PREAMBLES:
WHEREAS. the City is a duly organized and validly existing non-home-rule
municipality created in accordance with the Constitution of the State of Illinois of 1970 and the
laws of the State: and,
WHEREAS, the Trustee is the owner and the Developer is the contract purchaser of a
certain tract of property legally described as:
Lot I and Lot 2 in Fountainview, being a subdivision of the southwest quarter
of Section 4 and part of the southwest quarter of Section 5, Township 36
North, Range 7, East of the Third Principal Meridian, in Kendall County,
Illinois, according to the plat thereof recorded February 24. 2011 as document
number 2011-3625
PINs 05-05-400-043 and 05-05-400-044
(the "Subject Prol)ertu') which was a portion of the territory that was annexed by the Mayor and
City Council (the "Cofporate Authorities') pursuant to Ordinance Number 2007-33 on April 24,
2007, and included in the plat of subdivision, recorded on February 24. 2011, as Kendall County
Document No. 2011-3625 ("Fountainview Plat"); and,
WHEREAS, the Developer desires to develop Lot t of the Subject Property with special
uses as permitted by the underlying B-3 zoning classification and regulations (subject to various
deviations frorn the City's Zoning Code); and,
WH IZF..AS. the Developer has submitted a Plat of Resubdivision of the Fountainvie�v
Plat to the Cite for its approval. v hick Plat contemplates the resubdivision of t-ot I into Lot 101
and I...ot 102: and.
«IIEIZEAS. the Developer also intends to align existing easements and public and
private improvement rights pertaining to Lot I as previously approved and made a part of the
Fountainview Plat with its proposed development; and,
WHEREAS. the Developer proposes to subdivide Lot 1. as depicted on the Plat of
Resubdivision attached hereto as Exhibit A. into two (2) new parcels, Lots 1.01 and Lots 102
(collectively the `. etiv Lois). Lot 101 (containing approximately 0.93 acres) will be the location
of a Dunkin Donuts business in a building of approximately 2000 square feet with a drive
through window and a small outdoor seating area; and. Lot 102 (approximately 0.86 acres) will
be a mixed use consisting of a fuel/gasoline service station with a convenience store. The retail
building to be located on Lot 102 may also house a coffee shop, restaurant or tavcrnflounge with
a video gaming operation in a separate unit of the building. Lot 2 will not be subdivided but will
remain available for development(approximately one acre) and in the interim be used for off-site
parking for the Lot 101 and 102 developinents (collectively the-Prgject"); and.
WHEREAS, the Developer has advised the City that in order to redevelop the Subject
Property and to undertake the Project as has been proposed, the Developer shall need financial
assistance due to the replatting, redesign and new engineering plans required to connection with
the amendments to the Planned Unit Development permitting the special uses as described
above; and
WIIEREAS. pursuant to the Illinois Municipal Code. 65 ILCS (-I-l. et seq. (the
"Code"). as from time to time amended, and, more specifically. Sec. 8-1-2.5 of the Code (the
-Eeonotnic• Dereloinnenl ,tet'}. the Corporate :authorities are empowered to appropriate and
expend funds fear economic development purposes including the making of grants to ani
commercial enterprise as deemed necessary for the promotion of economic development; and.
WHEREAS. pursuant to the Code, and, more specifically. Sec. 8-1 1-20 of the Code (the
"Economic• Incentive flet"), the Corporate Authorities are empowered to enter into economic
incentive agreements or redevelopment agreements relating to the development or
redevelopment of land within the City's corporate limits by which the City is authorized to
rebate, share and/or pledge a portion of any retailer's occupation taxes received by the City
pursuant to the Illinois Retailers' Occupation Tax Act(35 ILCS 120/1 et seq.) ("Sales Taxes'") as
a direct result of such development or redevelopment;and,
WHEREAS. the Corporate Authorities have determined that the economic development
incentives for the benefit of the Developer as authorized by the Economic Development Act and
the Economic Incentive Act and the completion of the Project by the Developer pursuant to this
Agreement are in the best interests of the City and the health, safety, morals and welfare of its
residents and taxpayers, thereby providing for economic development, enhancing the tax base of
the City and other taring districts and adding to the welfare and prosperity of the City and its
inhabitants.
NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants hereinafter set forth, the parties agree as follows:
Section 1. Preambles. The fore<going Preambles are hereby incorporated into this
=agreement as if fully restated in this Section 1.
Section 2. Statements of Alutual (In del-stall ding.
A. Lander the Economic Incentive Act. in order to qualify for a sharing or rebate of
all or a portion oi'Sales Taxes derived from the business operations inCtided in the Project, the
City must find that the property subject to the sharing or rebate a-reement. if vacant, has been
vacant for at least a year, or if a building had been located thereon, such building had been
demolished within the last near and did not meet applicable building codes; or. such building was
underutilized; and, as a direct result of any economic incentive agreement, the City will benefit
through the retention or creation of jobs; the strengthening of its commercial environment; the
enhancement of its tax base; and that the development will serve as a catalyst for the commercial
development of adjacent areas.
B. Upon completion of the Project in accordance with the terms of this Agreement,
the City further agrees to rebate to the Developer the percentages of the Sales Taxes (as
hereinafter defined) generated from the retail businesses operating at the New Lots as hereinafter
set forth, based upon the following findings:
1. The Subject Property had been and remained vacant for at least one year;
2. The Project is expected to create job opportunities within the City;
3. The Project will serve to further the development of adjacent areas;
4. That without incentives including the Sales "fax Rebate hereinafter set
forth, the Project would not proceed;
4
�. That the Developer meets the Irigh standards of" creditworthiness and
financial strength by warranting that the Developer has contributed no less
than I 0"10 of the total cost of the Project:
6That the Project will strengthen the commercial sector of the City;
That the Project will enhance the tax base of the Citv; arid,
8. That this Agreement to share, rebate or pledge Sales Taxes is in the best
interest of the City.
Section 3. Developer's Obligations.
A. The Developer covenants and agrees to acquire fee simple title to Lot I and Lot 2
of the Fountainview Plat on or before December 3 t,2015.
S. The Developer hereby covenants and agrees to advance all funds necessary to
construct the Project on Lot 101 in accordance with the approved plans, construct the Project on
Lot 102 in accordance with the permitted special use, construct the Project on both New Lots in
accordance with building permits; and, the terms of this Agreement. The Developer agrees to
commence construction of the Project on Lot 101 on or before March 1. 2016, and complete
construction thereof on or before March 31, 2017. The Developer agrees to commence
construction of the Project on Lot 102 on or before December 31, 2018 and complete
construction on or before December 31, 2019; provided, however, ill the event construction of
the Project on Lot 102 is not commenced on or before December 31, 2018 and completed on or
before December 31, 2019, the obligations of the City to rebate Sales Taxes as provided in
Section 4 hereof shall be reduced as hereinafter set forth in said Section.
5
C. The Developer covenants and agrces that a certificate of occupancy from the City
for the Project on l.:ot 101 shall have been issued on or before June 30, 2017. The Developer
covenants and agrees that a certificate of occupancy for the Project on I...ot 102 shall have been
issued on or bet-ore December 31. 2019; provided. however, in the event a certificate of
occupancy is not issued for the Proicct on trot 102 on or before December 31. 2019, the
obligations of the Village to rebate Sales "faxes as provided in Section 4 shall be reduced as
hereinafter set forth in said Section.
Section 4. Obligations on the Part of the 011.
A. So long as no notice to the Developer of an event of default pursuant to Section
18 hereof has been issued and remains outstanding, the City agrees to reimburse the Developer a
maximum amount of $93,000 from Sales Taxes generated from all business operation at the
Subject Property for a period of ten (10) years but only in the event the Project is completed on
Lot 101 on or before March 1., 2017, and have been issued a certificate of occupancy therefor on
or before ,tune 1, 2017, and, the Project is completed on Lot 102 on or before December 31,
2019, and have been issued a certificate of occupancy on or before December 31, 2019. 1n the
event the Project on Lot 102 is not completed and been issued a certificate of occupancy on the
aforesaid dates,the amount of Sales Taxes to be reimbursed to the Developer shall be reduced to
$63,350.00.
B. Commencing on January I following the issuance of a certificate of occupancy
for any part of the Project located at the New l.,ots. the City shall reimburse the Developer a
percentage of Sales Taxes generated by businesses located at the New Lots until the first to
6
Oecur: .lanuarx ( i-oiio�\,ing the tenth (I V) arinik ersary of the bate of a certif irate of occupancy
unless the amount due to the Developer has been paid:
Year Rebate
1 80
'0
r
i 60
4 s()
S s()
6 50
7 40
8 3()
9 20
As stated above, reimbursement to the Developer shall be made as follows:
For the Period Date Paid
January through April June 30
May through August October 31
September through December February 28
Section S. Undertakingv on the Part of Developer.
A. The Developer hereby covenants and agrees to promptly pay. as the same become
due, any and all taxes and governmental charges of any kind that may at any time be assessed
with regard to its operation including all real estate taxes assessed against the Subject Property or
any other location in the City owned or controlled by the Developer.
B. The Developer shall indemnify and hold harmless the City, its agents,officers and
employees against all injuries. deaths, losses, damages, claims, suits, liabilities,judgments, costs
and expenses (including any liabilities,judgments, costs and expenses and reasonable attorney's
fees) which may arise directly or indirectly from any third-party claims made against the City as
7
a result of the failure of the Developer- or any contractor. subcontractor or agent or employee
thereof'(so lone as such contractor. subcontractor or agent or employee thereof is hired by the
Developer) to timely pay any contractor, subcontractor, laborer or materialmen; from any default
or breach of the terns of this Agreement by the Developer; or frorn any negligence or reckless or
willful misconduct of the Developer or any contractor. subcontractor or agent or employee
thereof (so long as such contractor, subcontractor or agent or employee is hired by the
Developer). The Developer shall, at its own cost and expense, appear, defend and pay all
charges of attorneys. costs and other expenses arising therefrom or incurred in connection
therewith. If any judgment shall be rendered against the City, its agents, officers, officials or
employees in any such action, the Developer shall, at its own expense, satisfy and discharge the
same. The paragraph shall not apply, and the Developer shall have no obligation whatsoever,
with respect to any acts of negligence or reckless or willful misconduct on the part of the City or
any of its officers, agents, employees or contractors.
Section 6. Term. Unless earlier terminated pursuant to Section 18, the term of this
Economic Incentive Agreement shall commence on the date of issuance of certificate of
occupancy of Lot 101 and terminate on the earlier of. (i) receipt by the Developer a rebate of the
amount of 595.000 unless reduced to $63,350 as provided in Section 4 Sales Tax; or, (ii)January
I of the eleventh year after an issuance of a certificate of occupancy for a part of the Project(the
"Termination Date").
Section 7. Verification of.Sales Taxes. The Developer shall use its best efforts to
cooperate with the City in obtaining certified copies of its reports to the Illinois Department of
Revenue of all remittances of all sales and service taxes.
8
i
Section 8. A'o I_icrbititt' uf Qr for Others Jar Developer's F_rrenses. The City shall
have no obligation to pay costs of the Project or to make anypayments to ani! person other than
the Developer, nor shall the City be obligated to pay any contractor. subcontractor, mechanic. or
rnaterialman providing services or materials to the Developer for the development of the Project.
The Developer agrees to comply -with the Illinois Prevailing Wage Act. 820 II,CS 130/0.01 et
.seg.,as may be required.
Section 9. Nine; Fierce Majeure. Time is of the essence of this Economic Incentive
Agreement, provided, however, a party shall not be deemed in material breach of this Economic
Incentive Agreement with respect to any obligations of this Economic Incentive Agreement on
such party's part to be performed if such party fails to timely perform the same and such failure
is due in whole or in part to any strike, lock-out, labor trouble (whether legal or illegal), civil
disorder, weather conditions, failure or interruptions of power, restrictive governmental laws
and regulations, condemnations, riots, insurrections, acts of terrorism, war, fuel shortages,
accidents, casualties, floods. earthquakes. fires, acts of God, epidemics, quarantine restrictions,
freight embargoes, acts caused directly or indirectly by the other party (or the other party's
agents, employees or invitees) or similar causes beyond the reasonable control of such party
("Farce Mcjeure"). if one of the foregoing events shall occur or either party shall claim that
such an event shall have occurred, the party to whore such claim is made shall investigate same
and consult with the party making such claim regarding the same and the party to whom such
claim is made shall grant any extension for the performance of the unsatisfied obligation equal to
the period of the delay, which period shall commence to run from the time of the commencement
9
of the force Majeure: provided that the Failure of'performance was reasonably caused by Stich
I orce \Majeure.
Section III. Assignment, This Economic Incentive Agreement may not be assigned by
the Developer without the prior written consent of the Cite. which consent shall not be
unreasonably withheld: provided. however. an assignment of this agreement to a bona fide
financial institution if the assignment for the benefit of financing.the Proiect may be made by the
Developer only with prior notice to the City.
Section 11. Waiver. Any party to this Economic Incentive Agreement tray elect to
waive any remedy it may enjoy hereunder.. provided that no such waiver shall be deemed to exist
unless the party waiving such right or remedy does so in writing. No such waiver shall obligate
such party to waive any right or remedy hereunder. or shall be deemed to constitute a waiver of
other rights and remedies provided said party pursuant to this Economic Incentive Agreement.
Section 12. Severability. If any section, subsection, term or provision of this Economic
Incentive Agreement or the application thereof to any party or circumstance shall, to any extent,
be invalid or unenforceable, the remainder of said section, subsection, term or provision of this
Economic Incentive Agreement or the application of same to parties or circumstances other than
those to which it is held invalid or unenforceable,shall not be affected thereby.
Section 13. Notices. All notices, demands. requests, consents, approvals or other
instruments required or permitted by this Economic Incentive Agreement shall be in writing and
shall be executed by the party or an officer, agent or attorney of the party, and shall be deemed to
have been effective as of the date of actual delivery, if delivered personally. or as of the third
10
(5") day from and including the date of pasting, if mailed by registered or certified mail. return
receipt requested, with postage prepaid. addressed as fellows:
To the Developer: Hari Development Yorkville, L.:L,C`
u'o Lec Fry Companies, Inc.
425 N. Cass Avenue. Suite 209
Westmont. Illinois 60559
llari Development Yorkville, LLC
c/o Sid Ahmed, Agent
1440 Maple Avenue, Suite 6A
Lisle, 11,60532
With a col tv to: Mark W. Daniel
17 West 733 Butterfield Road
Unit F
Oakbrook Terrace, Illinois 60181
To the City: United City of Yorkville
800 Game Farm Road
Yorkville, Illinois 60560
Attention: City Administrator
With a copy to: Kathleen Field Orr
Kathleen Field Orr&Associates
53 West Jackson Blvd., Suite 935
Chicago, Illinois 60604
Section 14. Successors in Interest. This Economic Incentive Agreement shall be
binding upon and inure to the benefit of the parties to this Economic Incentive Agreement and
their respective successors and assigns.
Section 15. No Joint Venture,Agency or Partnership Created. Neither anything in this
Economic Incentive Agreement nor any acts of the parties to this Economic Incentive Agreement
shall be construed by the parties or any third person to create the relationship of a partnership,
agency. or joint venture between or among such parties.
Section 16, Warranties and Covenants of the Developer.
11
A, The Developer covenants and agrees that at all tirnes it shall compl% \, ith all
applicable zoning ordinances and re!ltIlatiorrs. building, code. lire cone and all other City
ordinances, resOlutions and reS_ulations.
B. The Developer hereby covenants and agrees to comply Nvith all applicable laws,
rules and regulations of the State of Illinois. the United States and all agencies of each of there
having jurisdiction over it.
Section 17. A "o Discrimination — Construction. The Developer for himself and his
successors and assigns agrees that in the construction of the improvements at the Subject
Property provided for in this Economic incentive Agreement the Developer shall not
discriminate against any employee or applicant for employment because of race, color, religion,
sex or national origin.
Section 18. Remedies—Liability.
A. If, in the City's judgment, the Developer is in material default of this Economic
Incentive Agreement, the City shall provide the Developer with a written statement indicating in
adequate detail any failure on the Developer's part to fulfill its obligations under this Economic
Incentive Agreement. Except as required to protect against further damages, the City may not
exercise any remedies against the Developer in connection with such failure until thirty(30)days
after giving such notice. If such default cannot be cured within such thirty (30)day period, such
thirty(30)day period shall be extended for such time as is reasonably necessary for the curing of
the same, so long as the Developer diligently proceed with such cure: if such default is cured
within such extended period, the default shall not be deemed to constitute a breach of this
Econornic Incentive Agreement. A default not cured as provided above shall constitute a breach
12
of this Economic Incentive Agreement. Any failure or delay by the City in asserting any of its
rights or remedies as to ally default or alle(led default Or breach shall not operate as a waiver of
am such default or breach of any rights or remedies it mai have as a result Of'such default or
breach.
B. If the Developer materially fails to fulfill his obligations under this Economic
Incentive Agreement after notice is given by the City and any cure periods described in
paragraph (a) above have expired. the City may elect to terminate this Economic Incentive
Agreement or exercise any right or remedy it may have at lav or in equity, including the right to
specifically enforce the terms and conditions of this Economic Incentive Agreement. If any
voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare the
Developer insolvent or unable to pay the Developer's debts, or the Developer makes an
assignment for the benefit of its creditors, or a trustee or receiver is appointed for either one of
the Developer or for the major part of the Developer's property, the City may elect, to forthwith
terminate this Economic Incentive Agreement.
C. If. in the Developer's judgment, the City is in material default of this Economic
Incentive Agreement. the Developer shall provide the City with a written statement indicating in
adequate detail any failure on the City's part to fulfill its obligations under this Economic
Incentive Agreement. The Developer may not exercise any remedies against the City in
connection with such failure until thirty (30) days after giving such notice. If by its nature such
default cannot reasonably be cured within such thirty(30) day period, such thirty(30)day period
shall be extended for such time as is reasonably necessary for the curing of the same, so long as
tite City diligently proceeds with such cure; if such default is cured within such extended period.
13
the def{cult shall not be deemed to constitute a breach of this Economic Incentive. Agree.rnent.
default not cured as provided above shall constitute a breach of this f._conomic Incentive
Agreement. :any failure or delay by the Developer in asserting any of their rights or remedies as
to anv default or any alle,Y-ed default or breach shall not operate as a waiver of any such default
or breach of shall not operate as a waiver of any such default or breach of any rights or remedies
it may have as a result of such default or breach.
D. In addition to any other rights or remedies. a party may institute legal action
against the other party to cure, correct or remedy any default, or to obtain any other remedy
consistent with the purpose of this Economic Incentive Agreement, either at law or in equity.
including, but not limited to the equitable remedy of an action for specific performance.
provided. however, no recourse under or upon any obligation contained herein or for any claim
based thereon shall be had against the City, its officers. agents, attorneys, representatives or
employees in any amount or in excess of any specific sum agreed to be paid by the City
hereunder, and no liability, right or claim at law or in equity shall be attached to or incurred by
the City, its officers, agents, attorneys. representatives or employees in any amount in excess of
any specific sums agreed by the City to be paid hereunder and any such claim is hereby
expressly waived and released as a condition of and as consideration for the execution of this
Economic Incentive Agreement by the City. Notwithstanding the foregoing, in the event either
party shall institute legal action against the other party because of a breach of any Economic
incentive Agreement or obligation contained in this Economic incentive Agreement. the
prevailing party shall be entitled to recover all costs and expenses, including reasonable
attorneys' fees. incurred in connection with such action.
14
The ri'hts and remedies of*the parties are cumulative and the exercise by a parte
of one or more of such rights or remedies shall not preclude the exercise by it. at the same time
or different times. of`any other rights or remedies for the same default or for any other default by
the other party.
Section 19. Amendment. This Economic Incentive Agreement. and any exhibits
attached to this Economic incentive Agreement, may be amended only in a writing signed by all
the parties with the adoption of any ordinance or resolution of the City approving said
amendment, as provided by law, and by execution of said amendment by the parties or their
successors in interest. Except as otherwise expressly provided herein, this Economic Incentive
Agreement supersedes ail prior Economic Incentive Agreement, negotiations and discussions
relative to the subject matter hereof.
Section 20. Counterparts. This Economic Incentive Agreement may be executed in two
or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.
l;
IN WITNESS WHEREOF. the parties hereto have caused this Economic Incentive
A!rreement to be executed by their duly authorized officers on the above date at Yorkville.
Illinois.
United Cite of Yorkville, an Illinois
municipal corporation
By:
avor
Allesi:
CW-y' lark
Har' D ve�ent Yorkville, LLC
By:
ager
STANDARD BANK AND TRUST COMPANY as Trustee tinder trust agreement dated
October 15,2008 and known as Trust No 456
Bv• Name: Thomas Clifford
Dated: MArch 23 , 2016 Title: Senior Vice-President/Senior Trust
Officer
This instrument is Aped, sealed and delivered by STANDARD BANK AND TRUST
COMPANY,solely in its oanacity as Trustee as aforesaid.Any and all duties.obligpations
and liabilities of the Trustee hereunder are to be performed by said STANDARD
BANK AND TRUST CCMPANY only as such Trustee.Any claims.demands and!iabitities
whlcn may at any tme be asserted aga,rst the Trustee he�eu^der shat)be pa d,collected
or sacseeo aga,nst on y ^e provery or asses !n the ;) s f;s',on of said
;T.A,�DARD- ?ANS( AND .RUST COMPANY as Tnustee as ab-esalc, and the said
S-ANDARD BANK AND TRGST CCYPANY does not unde,aKe no, snail it have
any perscra; or �odiv!cual !iabUity or ooi.gao-r of any nature f-�atsoever by virtue
of the ezecjtice and oe''very hereof,nor shun STANDARD BANK ANS TRUST COMPANY,
either Inaividualiy or as Trustees, be under any duty or oNrpaton to sequester
the rents. Issues, and ^rofits arisng from the prcpery oescribed or any other Property
which it may hold under the terms and conditions of said Trust Agrsemenl
16
f:�itibit-t
Subject Property
17
PUBLIC:UTILITY&DRAINAGE EASEMENT PROVISIONS PIN#0505#00943 COPYRIGHT g 201 s
ANON-EXCLtlSIVEEASEMENT IS HEREBY RESERVED FOR ADGRMREDTOSWAMFRITECH, FINAL PLAT OF SUBDIVISION eritCorp
NUCOR,COM ED,IDOSES INTFRCABLC,OTHER PUBLIC UTILITIES,AND HOLDERS OF EXIdTING
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TO INSTALL REQUIRED SERVICE CONNECTIONS USUR
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