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Ordinance 2018-31 UNITED CITY OF YORKVILLE KENDALL COUNTY, ILLINOIS ORDINANCE NO. 2018-31 AN ORDINANCE APPROVING AN AGREEMENT IN FURTHERANCE OF CERTAIN OBLIGATIONS SET FORTH IN THE ANNEXATION AGREEMENT AND PLANNED UNIT DEVELOPMENT AGREEMENT (Grande Reserve Subdivision) Passed by the City Council of the United City of Yorkville,Kendall County,Illinois This 8t'day of May,2018 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 June 5,2018. Ordinance No. 2018-31 AN ORDINANCE APPROVING AN AGREEMENT IN FURTHERANCE OF CERTAIN OBLIGATIONS SET FORTH IN THE ANNEXATION AGREEMENT AND PLANNED UNIT DEVELOPMENT AGREEMENT (Grande Reserve Subdivision) WHEREAS, the United City of Yorkville (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, on July 22, 2003, MPI-2 Yorkville Central LLC and MPI-2 Yorkville South I LLC (collectively, the "Original Owners") and the City entered into the Original Agreement in connection with the annexation and development of Grande Reserve. Exhibit I to the Original Agreement details the responsibilities of both the City and the Original Owners as to road improvements, among other responsibilities; and, WHEREAS, Exhibit I specifically obligates the Current Owner to post a letter of credit in an amount equal to the estimated cost of certain road improvements up to a maximum of $3,778,050 less any prior credits earned, for purposes of constructing improvements to Bristol Ridge Road (serving Neighborhoods 6 through 16 in Grand Reserve); Kennedy Road (serving Neighborhoods 7, 18 ad 19 in Grande Reserve); Mill Road (servicing Neighborhoods 1 through 5 in Grande Reserve); design work associated with the signal at U.S. Route 34; and, improvements to Galena Road; and, WHEREAS, Exhibit I establishes benchmarks correlating to the development in the respective Neighborhoods and the overall development of Grande Reserve to be met thereby triggering the Current Owner's obligation to provide a letter of credit in an amount necessary to pay for the improvements required to be undertaken to the aforementioned roadways; and, Ordinance No.2018-31 Page 2 WHEREAS, the Current Owner has agreed to fund engineering costs to allow the City's engineers to proceed with the design and the construction of such improvements notwithstanding the fact that the benchmarks have not been reached in Neighborhoods 1 through 5 in Grande Reserve to require the improvements to Mill Road to be constructed; and, WHEREAS, the Village has agreed to apply and credit the engineering costs paid by the Current Owner against the balance of Current Owner's future road funding obligations. NOW,THEREFORE,BE IT ORDAINED by the Mayor and City Council of the United City of Yorkville, Kendall County, Illinois as follows: Section 1: that the AGREEMENT INFURTHERANCE OF CERTAIN OBLIGATIONS SET FORTH IN THE ANNEXATION AGREEMENT AND PLANNED UNIT DEVELOPMENT AGREEMENT(Grande Reserve Subdivision) attached hereto and made a part hereof as Exhibit A be and is hereby approved and the Mayor and City Clerk are hereby authorized to execute and deliver said Agreement. Section 2: This Ordinance shall be in full force and effect upon its passage, approval, and publication as provided by law. Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this 8`h day of May, 2018. Z)EI- U7y CITY CLERK Ordinance No.2018-31 Page 3 CARLO COLOSIMO Ue KEN KOCH aye JACKIE MILSCHEWSKI Ue ARDEN JOE PLOCHER Ue CHRIS FUNKHOUSER aye JOEL FRIEDERS Ue SEAVER TARULIS aye ALEX HERNANDEZ Ue Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this St day of _�i,!�l�.. , 2018. MAYOR Ordinance No.2018-31 Page 4 AGREEMENT IN FURTHERANCE OF CERTAIN OBLIGATIONS SET FORTH IN THE ANNEXATION AGREEMENT AND PLANNED UNIT DEVELOPMENT AGREEMENT (Grande Reserve Subdivision) This Agreement (the "Agreement') in Furtherance of Certain Obligations set forth in the Annexation Agreement and Planned Unit Development Agreement dated July 22, 2003 (the "Original Agreement'), as from time to time amended, is made and entered into this / Sf day of V UNC , 2018, by and between the United City of Yorkville, Kendall County, Illinois (the "City"), and GRANDE RESERVE (CHICAGO) ASLI VI, L.L.L.P., a Delaware limited liability partnership as the second successor to the Original Owners (the "Current Owner") of the residential development commonly known as Grand Reserve located within the City("Grande Reserve"). WHEREAS, the City is a non-home rule municipality duly organized in accordance with the 1970 Constitution of the State of Illinois and the laws of the State; and, WHEREAS, on July 22, 2003, MPI-2 Yorkville Central LLC and MPI-2 Yorkville South I LLC (collectively, the "Original Owners") and the City entered into the Original Agreement in connection with the annexation and development of Grande Reserve. Exhibit I to the Original Agreement details the responsibilities of both the City and the Original Owners as to road improvements, among other responsibilities; and WHEREAS, Exhibit I specifically obligates the Current Owner to post a letter of credit in an amount equal to the estimated cost of certain road improvements up to a maximum of $3,778,050 less any prior credits earned, for purposes of constructing improvements to Bristol Ridge Road (serving Neighborhoods 6 through 16 in Grand Reserve); Kennedy Road (serving Neighborhoods 7, 18 ad 19 in Grande Reserve); Mill Road (servicing Neighborhoods 1 through 1 5 in Grande Reserve); design work associated with the signal at U.S. Route 34; and, improvements to Galena Road; and, WHEREAS, Exhibit 1 establishes benchmarks correlating to the development in the respective Neighborhoods and the overall development of Grande Reserve to be met thereby triggering the Current Owner's obligation to provide a letter of credit in an amount necessary to pay for the improvements required to be undertaken to the aforementioned roadways; and, WHEREAS, the City has requested the Current Owner to fund engineering costs to allow the City's engineers to proceed with the design and the construction of such improvements notwithstanding the fact that the benchmarks have not been reached in Neighborhoods 1 through 5 in Grande Reserve to require the improvements to Mill Road to be constructed. NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the City and the Current Owner agrees to enter into this Agreement in furtherance of, and as a supplement to,the Original Agreement as follows: Section 1. The foregoing recitals are hereby incorporated into this Agreement as if fully restated. Section 2. The Current Owner hereby agrees to pay to the City the total sum of $215,000.00 to fund the engineering costs for Mill Road. The payment shall be made in one lump sum to the City within 15 calendar days of this agreement being fully executed. In recognition of the single payment, the City agrees that Current Owner shall have no further liability as to the engineering fees referenced herein. Section 3. The funding referenced herein shall apply to and be credited against the balance of Current Owner's future road funding obligations. 2 Section 4. Nothing in this agreement shall be deemed to alter the rights and obligations of the parties in the Original Annexation Agreement or any amendments thereto, and is only meant to facilitate the funding of the Mill Road engineering costs prior to the benchmarks for same having been met. Section S. This Agreement shall be in full force and effect from its execution by the parties hereto and terminate upon the payment referenced herein having been made. Section 6. This Agreement, and any exhibits attached to this Agreement, may be amended only in writing, signed by all parties with the adoption of any ordinance or resolution of the City approving the amendment, as provided by law, and by execution of the amendment by the parties or their successors in interest. Except as otherwise expressly provided herein, this Agreement supersedes all prior agreements, negotiations and discussions relative to the subject matter hereof. Section 7. This 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. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers on the above date in Yorkville, Illinois. United City of Yorkville,an Illinois municipal Corp ion By: a a Mayor Attest: 3 bF-Qu-r- City Clerk U GRANDE RESERVE(CHICAGO)ASLI VI, L.L.L.P.a Delaware limited liability limited partnership By: Avanti Properties Group II,L.L.L.P., By: Avanti m Corporation, By: Andrew Dubill,Executive Vice President Attest: OAA"e 4