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Home My WebLink AboutOrdinances - ORD-03-1195 - 11/17/2003 - AUTHORIZE ROAD IMPROVEMENT SETTLEMENT AGREEMENT JAOrdinance No. ORD-03-1195 An Ordinance Authorizing the Execution of Road Improvement Settlement Agreement NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, as follows: SECTION 1: The Mayor and City Council of the City of McHenry find that a Road Improvement Settlement Agreement among the City of McHenry, Jack Pease and First Midwest Trust No. 4991 is in the best interest of the City to reimburse Jack Pease for a portion of expenses paid to improve the intersection of Bull Valley Road and Crystal Lake Road. SECTION 2: The Mayor and City Clerk are hereby authorized and execute a Road Improvement Settlement Agreement directing: • the beneficiary of First Midwest Trust No. 4991 to reimburse Jack Pease in the amount of $32,000; and • the City of McHenry to provide a total reimbursement to Jack Pease in the amount of $12,500. PASSED and APPROVED this 17TH day of NOVEMBER , 200 3 Voting Aye: LOW, MURGATROYD, WIMMER, PETERSON, CONDON BOLGER, GLAB Voting Nay: Not Voting: NONE Abstained: NONE NONE Absent: ATTEST: ROAD IMPROVEMENT SETTLEMENT AGREEMENT This Agreement is made at McHenry, Illinois, as of this /Y 8'day of 22003, between the CITY OF McHENRY, ILLINOIS, an Illinois municipal corporation (the "City"), JACK PEASE (the "Developer") and FIRST MIDWEST TRUST NO.4991 (`BackhausBrackmann). WHEREAS, MIDWEST BANK OF McHENRY COUNTY (the "Bank") is the owner of record of certain real estate commonly known as 5555 Bull Valley Road, McHenry, Illinois; and WHEREAS, JACK PEASE and SHAW PROPERTIES, LTD., as tenants in common, are the owners of record of certain real estate referred to as 5403 to 5467 Bull Valley Road, McHenry County, Illinois; and WHEREAS, BACKHAUSBRACKMANN is the owner of record of certain real estate commonly known as the northwest corner of Crystal Lake Road and Bull Valley Road, McHenry, Illinois; and WHEREAS, the City determined, upon advice and recommendation of its City Engineers, that it was in the best interest of the community that with the development of the property known as Valley View Commons, an office condominium development, certain Road Improvements should be made to Bull Valley Road, which included the following (the "Road Improvements"): Widening, resurfacing and striping of Bull Valley Road west of Crystal Lake Road to provide a continuous left -turn lane for the benefit of Midwest Bank of McHenry County, Pease/Shaw Properties, Ltd., BackhausBrackmann and the City of McHenry; and WHEREAS, the installation of said Road Improvements benefited other properties and property owners; and WHEREAS, the Developer installed the Road Improvements by paying more than the original cost of Road Improvements upon the understanding that the City would provide by appropriate ordinance and related procedures for the Developer to recapture an equitable portion of the additional cost thereof from the owners of surrounding lands which benefited therefrom; and WHEREAS, Developer, BackhausBrackmann and the City of McHenry have come to an agreement with regard to the equitable portion of the cost to be paid by BackhausBrackmann for the Road Improvements. THEREFORE, in consideration of the mutual promises and agreements contained herein, the City, Developer and BackhausBrackmann agree as follows: SECTION 1: The Developer has paid all costs incurred in the installation of the Road Improvements. "Costs" shall include the construction costs only, as outlined in Exhibits "A" attached to this Agreement and made a part hereof. The City has paid all costs incurred for engineering plans, inspections, legal fees, review fees and any easement cost. SECTION 2: In order to effect a fair and equitable allocation of the cost of the Road Improvements between the Developer and BackhausBrackmann, it is hereby agreed that BackhausBrackmann shall pay to Developer the total sum of $32,000.00 upon execution of this Agreement by the parties. SECTION 3: Upon execution of this Agreement, the City shall pay to the Developer the amount of $12,500.00, which represents the amount previously collected from Midwest Bank of McHenry County by the City, which represents Midwest Bank of McHenry County's portion of the cost of the Road Improvements, pursuant to a certain Annexation Agreement, between Midwest Bank of McHenry County and the City. 2 SECTION 4: That in consideration of the sum of $32,000.00 received by Developer from Backhaus/Brackmann, City, Developer and BackhausBrackmann hereby release each other, their heirs, executors, administrators, successors and assigns from all claims for any sums due Developer and/or City from Backhaus/Brackmann for the Road Improvements and payment of the above amount by BackhausBrackmann to Developer is the total payment owed to Developer by BackhausBrackmann and satisfies any and all amounts owed to Developer, their successors and assigns for said Road Improvements. SECTION 5 : If any term, covenant or condition of this Agreement, or the application thereof, to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such a term, covenant or condition to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term, covenant or condition of this Agreement shall be valid and enforceable to the fullest extent permitted by law. WHEREOF, the parties hereto have set their hands this day of 2003. CITY OF McHenry, an Illinois municipal corporation, By: MAYOR ATTEST: TY CLE agree%Is( midwest trust 4991 road improvement settlement agreement FIRST MIDWEST TRUST NO.4991 '"1 41 A - I W* F TV -4 ) ,1;s Statement Is Based Solely upon Information and belief upon information furnished by the beneficiary or beneficiaries of the aforesaid trust. The undersigned has no personal knowledge of any of the facts or statements herein contained Ps ,. 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Traffic Cwtai b Prc�eclian 7,Op0AQ 7,000.QO . 5,102 FT 40 Thermoplastic SWOing• 0.50.. 2,561.00 321 i=T' �Therntcptac5c Striping • . 0$5 208.65'• , 98 ' FT 12'.Thermcplasda Striping tA5 102.90 • •155 SF Thermapfasdc Letters & by!mhols : 3-M 405:0t::. . _ 66 EA Raised Reflectire Pawemen; A&jrkem SOM . 3,esoxa. SO*-- FT' Grading A Shaping D.tche3• .-• :' 20.00 • : 1,000.00 1,500. SY. Parkway Reotoraf n' .• :. Z.00 . 3.0=00' . ToW Pralsosal I .1 P600 C-Xmts #m CM, htc• . d peg 4 3nfD t TQTr-L P.03 Nov-og-2001 12: 21 e478443477 ' I '