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HomeMy WebLinkAboutOrdinances - O-98-875 - 07/08/1998 - AAPPROVE FIRST AMENDMENT ANNEX AGMT INLAND BPORDINANCE NO. 0-98-875 AN ORDINANCE PROVIDING FOR THE APPROVAL OF THE FIRST AMENDMENT TO AN ANNEXATION AGREEMENT FOR THE INLAND BUSINESS PARK, LOCATED NEAR THE SOUTHEAST CORNER OF BULL VALLEY AND CRYSTAL LAKE ROADS BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, MCHENRY COUNTY, ILLINOIS, AS FOLLOWS: Section 1: The First Amendment to the Annexation Agreement for the Inland Business Park, bearing the date of .-ruL-V 8 , 1998, by and between the City of McHenry and American National Bank and Trust Company of Chicago, not individually but as Trustee under a Trust Agreement dated September 27, 1993 and known as Trust No. 117509-08, and Inland Capital Fund, L.P., a Delaware limited partnership, be and the same is hereby approved, a copy of which is attached hereto and incorporated herein by reference. Section 2: The Mayor and City Clerk of the City of McHenry, McHenry County, Illinois, are authorized and directed to affix their signatures as Mayor and City Clerk of said City to said Amendment for the purposes and uses therein set forth. Section 3: All Ordinances or parts thereof in conflict with the terms and provisions hereof are hereby repealed to the extent of such conflict. Section 4: This Ordinance shall be published in pamphlet form by and under the authority of the corporate authorities of the City of McHenry, McHenry County, Illinois. Section 5: This Ordinance shall be in full force and effect from and after its passage, approval, and publication in pamphlet form as provided by law. PASSED THIS 8th DAY OF July , 1998. AYES: Bolger, Glab, McClatchey, Murgatroyd, Cuda. NAYS: None. ABSTAINED: None ABSENT: Baird. NOT VOTING: None. APPROVED THIS 8th DAY OF July , 1998. R ATTEST: First Amendment to an Annexation Agreement for the Inland Business Park This Amendment to an Annexation Agreement for the Inland Business Park is made and entered into this 94A day of TUL-V I99 , by and between the City of McHenry, a Municipal Corporation in the State of Illinois (hereinafter referred to as the "City"), and American National Bank and Trust Company of Chicago, not individually but as Trustee under a Trust Agreement dated September 27, 1993 and known as Trust No. 117509-08, and Inland Capital Fund, L.P., a Delaware limited partnership (hereinafter collectively referred to as "Owner"). Recitals A. Owner is the record owner of portions of the real estate legally described on Exhibit A, attached hereto and made a part hereof (hereinafter referred to as the "Property"). B. Said Property was subject to an Annexation Agreement dated July 26, 1995, by and between the City and Owner. C. The City and Owner acknowledge that portions of the Property subject to the original Annexation Agreement have been transferred by the Owner to successors in interest, and that this Amendment shall not apply to those portions of the Property sold or conveyed. D. The City and Owner have determined it to be to their mutual advantage to amend the original Annexation Agreement to provide that the City may accept other forms of construction guarantees instead of only accepting a Letter of Credit, as required under the original Annexation Agreement; and also extend the period in which the City can require the dedication of right-of-way to accommodate a proposed west bypass for Illinois Route 31. E. Pursuant to 65 iLCS 5/11-15.1-1, et seq., a proposed draft of this Amendment was submitted to the City and all required public hearings were held thereon. Now, therefore, in consideration of the covenants and conditions herein contained, it is hereby agreed the Annexation Agreement affecting the Property shall be amended as follows; 1. The words "letter(s) of credit" in paragraphs V and VI of the original Annexation Agreement shall be replaced with the words "construction guarantees)", in order to allow the City to accept other forms of construction guarantees for public improvements in accordance with current City Ordinances. 2. The words "three years" in paragraph VIII, C, 4 of the original Annexation Agreement shall be replaced with the words "eight years", in order to extend the period that the City can require the dedication of right-of-way to accommodate the west bypass for Illinois Route 31. 3. The words ""when construction of the bypass is ready to proceed" and "that the bypass project is ready to go forward" in paragraph VIII, C, 4 of the original Annexation Agreement shall be deleted, in order to clarify that the right-of-way shall be dedicated upon notice from the City. In witness whereof, the City and the Owner have hereunto set their hands and seals and have caused this instrument to be executed by their duly authorized officials and the corporate seal attached hereto, all on the day and year first above written. CITY OF MCHENRY By: IAayor Attes - c �.i_ City Clerk b76f&u W Iaexp LW by the undersigned Land Trwtee, not pefsonaliy butsololy as hMm In tfre vorrdse of the power and authority conferred upon and verrtad in it as &udt Pinta. K is exprssefy undembod and agreed that s= of the warranges, kxiainrrkies, Veser tatlons, covenants, undertakings and agreaments h9min made on the part of the natee ate undertaken by it solely in its capacity as Trustee and not p9rson0j. No pemorz) ilAty or personal resporsibt6ty is assumed by or shall at any time be aseerted or nbr0001)1e against ffie Trustee oa account of any warranty, indemnity, represeri4on, �venenf, unde .Vdng or agreement of the Trustee in ttris instrvrne..t. OWNER American National Bank and Trust Company of Chicago, not individually but as Trustee under a Trust Agreement dated September 27, 1993 and known as Trust No. 117509-08 By. Its: Trust Officer Inland Capital Fund, L.P., a Delaware limited partnership, by Inland Real Estate Investment Corporation, a Delaware Corporation, its general partner B Gam" y. 7 Its: ZN�,p,,Mp bus�Nf�.� pAR1C lb6Al. I*tC.. _ West of the Railroad Tracks art of the Southeast Quarter of the Southwest Quarter of Section 4, Township Thatp of the 44 North, Range 8 East of the Third Principal South 100.0 feet thereof) southeasterlyMeridian lying lso the centerline of Crystal Lake Road (excepting southwest Quarter of the Southeast Quarter of said Section 4 (excepting the South 0.0 feet thereof); also the Southeast Quarter er of the Southeast Quarter of said e Southeast Quarter of said 10 � of the Northwest Quart Section 4; also that P crystal Lake Road and Southwesterly - Section 4 lying Southeasterly of the centerline of Cry also that part of the South line of Bull Valley Road; of the Southwesterly right-of-way North, Range 8 East of the Half of the Southwest Quarter of Section 3, Township ht-of- h, line of the Chicago Third Principal Meridian lying West of the Westerly rig Y and Northwestern Railroad, in McHenry County, 11]inois. East of the Railroad Tracks r of Section 3; Township 44 North, That part of the South Half of the Southwest Q ng east of uarte e Chicago and Range 8 East of the Third Principal Meridian r of s d Section h3 (excepting the Northwestern Railroad; eof and also excepting the East 2251.31 feet thereof), in McHenry North 100.0 feet the County, Illinois.