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HomeMy WebLinkAboutOrdinances - O-98-876 - 07/08/1998 - APPROVE FIRST AMENDMENT ANNEX AGMT OLDE MILL PONDSORDINANCE NO. 0-98-876 AN ORDINANCE PROVIDING FOR THE APPROVAL OF THE FIRST AMENDMENT TO AN ANNEXATION AGREEMENT FOR OLDE MILL PONDS, LOCATED ON THE SOUTH SIDE OF MCCULLOM LAKE ROAD APPROXIMATELY ONE-HALF MILE WEST OF ILLINOIS ROUTE 31 BE 1T 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 Olde Mill Ponds, bearing the date of TU(.\/ 9 , 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 April 15, 1991 and known as Trust No. 113739-09, and Inland Land Appreciation Fund II, 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. ( EXI1 i b i -f A-)_ - _ 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 Section 3: All Ordinances or parts thereof in conflict with the terms and provisions hereof are hereby repealed to the extent of such conflict.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 .11998. ATTEST: — Q, d&&--Yro� �0, CITY CLERK First Amendment to an Annexation Agreement for Olde Mill Ponds This Amendment to an Annexation Agreement for Olde Mill Ponds is made and entered into this ffA day of -I qB 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 April 15, 1991 and known as Trust No. 113739-09, Inland Land Appreciation Fund II, 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. 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 guarantee(s)", in order to allow the City to accept other forms of construction guarantees for public improvements in accordance with current City Ordinances. 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: s Mayor .�.M Pill (WAR l 2ir ` Th*kt*unwd tsaxeauted by the undersigned Land Trustea, not personally but solely as T Wcbe in the exercise of the power and authority conferred upon and vested in it as sual Trustee. It is expressly undwrtood and agroed that of the w,arrar.09s, inderrre5es, roprowrtatfons, covenants, undertakings anal agreaments herein mads on fhs part of the Trtr M are undertaken by k solely in it capacity tis Trustee and not personally. No personal Wky or personal respormbity is assumed by or shall at any time be asserted or errtoroedble ag*O the Trustee cs account of any ^/aaany, inde:mdy, represer>taifon, coverft urldw2ftg or agreement of the Trustee in this instrument OWNER American National Bank and Trust Company of Chicago, not individually but as Trustee under a Trust Agreement dated April 15, 1991 and known as Trust No. 113739-09 By: I- /--& Its: Frost Officer Inland Land Appreciation Fund 11, L.P., a Delaware limited partnership, by Inland Real Estate Investment Corporation, a Delaware Corporation, its general partner By: G� Its: 6st tit srr A 01,bk MIU. PoN�S GAL lax. Parcel 1: That part of .the Southwest Quarter of the Southwest Quarter of Section 23, Township 45 North, Range 8East of the `Third Principal Meridian lying Southwesterly of the Southwesterly right-of-way line of McCullom Lake Road, in McHenry'*County, Illinois. ALSO Parcel 2: That part of the Northwest Quarter of the Northwest Quarter of Section 26, Township 45 North, Range 8 East of the Third Principal Meridian lying Southwesterly of the Southwesterly right-of-way line of McCullom Lake Road, in McHenry County, Illinois. ALSO - Parcel 3:' The East 40.04 feet of the Northeast Quarter of the Northeast Quarter of Section 27, Township 45 North, Range 8 East of the Third Principal Meridian, in McHenry County, Illinois. ALSO Parcel 4s` The'East"40.04 feet of Lot 8.in McHenry Plat No..6 of Section Z-2, Township 45 north. Range.8 East of the Third Principal Meridian, as recorded May 6, 1902 as Document No. 14082 in Book 2 of Plats, page 34, in McHenry County, Illinois.