Ordinance 2011-89 CA
Ordinance No. 2011-
ORDINANCE AMENDING REQUIREMENTS FOR IMPROVEMENT SECURITIES
WHEREAS, the United City of Yorkville, Kendall County, Illinois, is a non-home-rule
municipality pursuant to the Illinois Municipal Code and Article VII, Section 7 of the
Constitution of the State of Illinois of 1970; and,
WHEREAS, as authorized by the Illinois Municipal Code, the City has established
requirements in connection with all development within its boundaries for the posting of
securities to guarantee the construction of all required public improvements to service any
development as specifically set forth in Title 8, Chapter 1, Section 7 (8-1-7) and Title 11,
Chapter 5, Section 1 (11-5-1) of the City Code; and,
WHEREAS, the Mayor and City Council of the City (the "Corporate Authorities")
approved a Final Plat for the O'Keefe Subdivision Unit One by Craig R. Knoche & Associates
dated August 20, 2007, which Final Plat depicted the development of a water park to be known
as "Raging Waves" and recorded with the Kendall County Recorder on May 22, 2008; and,
WHEREAS, as required by the City Code security for the public improvements for the
Development, in the amount of$428,952.02 was delivered to the City; and,
WHEREAS, as a part of the development approval process, the Corporate Authorities
imposed two and three-quarters percent (2.75%) admission as tax which applied to the
Development and the City agreed to rebate said admissions tax, all as provided in an Annexation
Agreement dated September 26, 2006, as amended June 10, 2008 and June 22, 2011 (collectively
the "Annexation Agreements"); and,
1
WHEREAS, the City has been requested to reduce the amount of security the City now
maintains in connection with the construction of the public improvements for the Development
on the condition that the City withhold the admissions tax generated by the Development until
the earlier of the completion of the public improvements for the Development or the
accumulation of the amount of the admissions tax withheld by the City equals the total amount of
security, as mandated by City Code; and,
WHEREAS, the Corporate Authorities are prepared to consider the reduction of the
security required in connection with the Development on the condition that an escrow be
established into which any amounts of admissions tax to be rebated shall be deposited as
securing for the public improvements to serve the Development until such time as all
requirements of the City Code are met.
NOW, THEREFORE, BE IT ORDAINED, by the Mayor and City Council of the
United City of Yorkville, Kendall County, Illinois, as follows:
Section 1. The foregoing preambles are hereby adopted as if fully restated herein.
Section 2. The security required in the amount of $428,952.02 for the public
improvements to be constructed in connection with the Development pursuant to Title 8, Chapter
1, Section 7 (8-1-7) and Title 11, Chapter 5, Section (11-5-1) is hereby reduced to $100,000 on
the condition that admissions tax to be rebated pursuant to an Annexation Agreements be held in
escrow by the City until such time as the required public improvements are completed and
accepted by the City or the amount held in escrow by the City as security for the public
improvements to serve the Development is equal to the amount required pursuant to the City
Code.
2
Section 3. This Ordinance shall be in full force and effect immediately upon its passage
by the Mayor and City Council and approval as provided by law.
United City of Yorkville, Kendall County, Illinois, this day of
A.D. 2011.
CHRIS FUNKHOUSER GEORGE T. GILSON, JR.
CARLO COLOSIMO ? DIANE TEELING
JACKIE MILSCHEWSKI j MARTY MUNNS r'
1 yl
ROSE SPEARS i LARRY KOT
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
this 170 day of &-C r_-fill , A.D. 2011.
� f
Mayo
Attest:
City erk
3