HomeMy WebLinkAboutOrdinances - ORD-07-1359 - 03/05/2007 - AUTHORIZRE EXEC REDEVELOPMENT AGREEMENT CURTIS COMOrdinance No. ORD-07-1359
AN ORDINANCE AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
WITH CUR7'IS COMMERCIAL INC FOR THE REDEVELOPMENT OF AN APPROXIMATELY
1.105 ACRE PROPERTY LOCATED AT THE NORTHEAST CORNER OF GREEN STREET
AND WAUKEGAN ROAD AND SOUTH OF BOONS LAGOON, IN THE CITY OF MCHENRY,
MCHENRY COUNTY, ILLINOIS
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF MCHENRY,
MCHENRY COUNTY, ILLINOIS, AS FOLLOWS:
SECTION 1: The redevelopment agreement bearing the date of March 5, 2007, between the City
of McHenry, a Municipal Corporation in the State of Illinois, and Curtis Commercial Inc., be and the same
is hereby approved. A complete and accurate copy of said redevelopment agreement, labeled
"Redevelopment Agreement", is attached to this ordinance and incorporated herein by reference.
SECTION 2: The Mayor and City Clerk are hereby authorized to affix their signatures as Mayor
and City Clerk to said redevelopment agreement for the uses and purposed 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hereby repealed to the extent of such conflict.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 and APPROVED this 5 b day of March, 2007.
Voting Aye: Santi, Glab, Schaefer, Murgatroyd, Peterson, Condon, Low.
Voting Nay: None.
Not Voting: None.
Abstained: None.
Absent: Wimmer.
yor
ATTEST:
City erk
1/31/2007 11-04 AM
H \MCHENRY\RedevelopAgmt TIF doc
REDEVELOPMENT AGREEMENT
THIS AGREEMENT ("Agreement") is entered into this day of 0A (2
, 2007, between the City of McHenry, an Illinois municipal corporation ("City")
and LIVIS , an Illinois corporation ("Developer").
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RECITALS
A. In a certain Redevelopment Project Area defined below, the City has identified a
severe need for the location and development of adequate and available multi -family housing, as
well as commercial development, to provide a mix of community activities including business,
entertainment, recreation and civic gatherings to residents thereby retaining current residents and
attracting new residents to the City; and,
B. Pursuant to the Tax Increment Allocation Redevelopment Act of the State of
Illinois, 65 ILCS 5/11-74.4-1, et seq., as from time to time amended ("TIF Act"), the Mayor and
City Council ("Corporate Authorities") approved a redevelopment plan and project for the
Downtown McHenry Tax Increment Redevelopment Project Area ("Redevelopment Project
Area") as set forth in the document entitled "Downtown McHenry Tax Increment
Redevelopment. Project and Plan" ("Redevelopment Plan"), dated January 25, 2002. The
Redevelopment: Plan sets forth a plan for the redevelopment and revitalization of the
Redevelopment: Project Area; and,
C. The Corporate Authorities adopted tax increment allocation financing for the
purpose of implementing the Redevelopment Plan for the Redevelopment Project Area; and,
D. The Corporate Authorities have determined that the presence of certain blighting
factors described in the TIF Plan are detrimental to the public and impair development and
growth in the Redevelopment Project Area, with the result that it is necessary to incur
extraordinary costs in order to develop the Redevelopment Project Area. The presence of
blighting factors in the Redevelopment Project Area will continue to impair growth and
development but for the use of tax increment allocation financing to undertake certain
obligations as hereinafter provided to pay Redevelopment Project Costs (as defined in the TIF
Act and in this Agreement) which necessarily must be incurred to implement the aforesaid
program of redevelopment; and,
E. The Developer proposes to develop an approximately 62,000 square foot mixed -
use multi -family residential housing condominium and commercial project consisting of not less
than twenty (20) condominium homes (45,000 square feet) and approximately 17,000 square feet
of commercial space to be marketed as Riverwalk Center ("Development") on certain property
within the Redevelopment Project Area and legally described on the attached Exhibit A (",S'ubject
Property"); and,
F. The Developer's proposal obligates the Developer to do the following in
connection with development of the Subject Property: (i) undertake and pay for the costs of all
studies, surveys, plans and specifications, professional fees and permits; (ii) construct any public
works or improvements necessary for the provision of utilities and City services to the Subject
Property; (iii) provide all landscaping for the Subject Property; and (iv) construct, market and sell
not less than twenty (20) residential housing units and approximately 17,000 square feet of
commercial space on the Subject Property; and,
G. The Corporate Authorities have determined that the Development of the Subject
Property is consistent with the Redevelopment Plan and is located within the Redevelopment
Project Area; and,
H. Pursuant to the TIF Act the City is authorized under the TIF Act to incur
Redevelopment Project Costs and to make and enter into all contracts necessary or incidental to
the implementation of its Redevelopment Plan; and,
I. In order to induce the Developer to undertake the development and marketing of
the Subject Property, the Corporate Authorities have determined that it is in the best interest of
the City and the health, safety, morals and welfare of the residents of the City for the City to
reimburse the Developer for certain eligible Redevelopment Project Costs incurred by the
Developer detailed as follows: (i) the transfer of the Subject Property to the Developer; (ii)
providing Developer four (4) piers to accommodate eight (8) boat slips, in accordance with the
terms and provisions of this Agreement; (iii) a portion of the cost of construction of a parking
structure, in accordance with this Agreement; and (iv) waive certain other fees in accordance
with this Agreement; and,
J. The Corporate Authorities have determined that the provision by the City to the
Developer of the benefits described herein and the development of the Subject Property pursuant
to this Agreement are in the best interests of the City and the health, safety, morals and welfare of
its residents and taxpayers and will be in furtherance of the Redevelopment Plan and thereby help
provide for economic development and housing opportunities for the inhabitants of the City,
enhance the tax base of the City and other taxing districts and add to the welfare and prosperity
of the City and its inhabitants.
NOW, THEREFORE, the parties, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, agree as follows:
1. Incorporation of Recitals. All of the recitals contained in this Agreement are true
and correct and are hereby incorporated into this Agreement as though they were fully set forth in
this Section 1.
2. Non-refundable Payment to City. In consideration of the option to terminate this
Agreement hereinafter provided to the Developer, upon execution of this Agreement, Developer
shall pay to the City the sum of $25,000 ("Good Faith Deposit") and shall place $100,000 into a
segregated account controlled by the Developer (which the City will receive a full accounting of)
( "Expense Deposit"). Upon issuance of building permits pursuant to the Site Development Plans
referenced below, the Good Faith Deposit shall be returned in full to the Developer. Developer shall
use the Expense Deposit to assemble a bid set of engineering drawings and specifications including
architectural drawings to develop the Subject Property in accordance with the Site Development
Plans during its option period referenced in paragraph 9, below. In the event Developer exercises its
option to terminate this Agreement pursuant to paragraph 9, below, the Good Faith Deposit balance
of $25,000 shall be retained by the City as Liquidated Damages and not a penalty, the parties having
agreed that it would be difficult to ascertain damages as a result of said option exercise. Provided,
however, upon exercise of said option, Developer shall also provide the City with possession of and
all right, title and interest in and to a set of architectural drawings and engineering specifications and
other documents developed to date to be used by bidders to fully develop the Subject Property in
accordance with Site Development Plans.
3. Submittal of Site Development Plans. Within thirty (30) days of full execution of
this Agreement., the Developer shall submit to the City for its review and consideration: (i) the
applicable planning and zoning public hearing application ( "Public Hearing Application "); (ii) Site
Development Plans substantially as depicted on the attached Exhibit B; (iii) landscape plans; and (iv)
building and parking structure renderings (collectively the "Site Development Plans"). The City
shall review the Site Development Plans and Public Hearing Application and promptly (in no case
more than 30 days after receipt of the Site Development Plans) schedule a public hearing before the
Planning and Zoning Commission. Within ninety (90) days of the date of approval of the :Public
Hearing Application and Site Development Plans by the City Council, the Developer shall submit a
building permit application for development of the Subject Property, in accordance with the
approved Site Development Plans. All required submissions of the Site Development Planes shall
comply with all applicable federal, state, county, municipal or administrative laws, ordinances, rules,
regulations, codes and orders (collectively, the "Legal Requirements") relating in any way to the
Development.
4. Construction of Improvements/Permits/Pier Construction. Promptly following
the last to occur of the following, but in any event not later than August 1, 2007 (provided that the
City does not unreasonably delay approval of all of the Site Development Plans or issuance of all
required building permits): (a) City approval of all of the Site Development Plans; (b) Developer's
receipt of all required building permits for the Development; and (c) satisfaction of all of
Developer's lender's conditions to commencement of construction the Developer shall commence
construction of the improvements on the Subject Property. Construction shall be done solely at the
Developer's expense subject to reimbursement for such expenses pursuant to this Agreement and all
improvements shall be constructed in a good and workmanlike manner in accordance with all
applicable coders, ordinances, rules and regulations of the City. It shall be Developer's responsibility
to apply and pay for all required construction permits. All piers constructed by Developer,
permanent or temporary, shall be constructed at its cost and be designed and constructed the same as
those constructed as part of the Riverwalk Place Subdivision to the east of the Subject Property.
Subject to the Developer providing to the City for its approval, at Developer's expense, an
engineering study confirming the capacity of the City's existing storm sewer system, the City
covenants that the Developer shall be permitted to tie the Development into the existing storm sewer
system and shall not be required to construct storm water detention systems in connection with the
Development of the Subject Property.
Developer shall be permitted to install two temporary signs advertising the construction and
development of the Subject Property each being not more than forty-eight (48) square feet in size.
One of the signs should be located at the corner of Green and Waukegan Streets and the other off
Green Street adjacent to the riverwalk and gazebo. The signs shall be removed from the Subject
Property no later than December 31, 2008.
5. Transfer of Property. The City represents and warrants that it owns fee simple title
to the Subject Property and all right, title and interest to four (4) piers to accommodate eight (8) boat
slips on the Fox River, to be located in the City -owned Riviera Marina. Following (i) approval of
the Site Development Plans by the Corporate Authorities; (ii) deposit in escrow with Heritage Title
by Developer ofa fully executed deed of reconveyance of the Subject Property and the four (4) piers
to accommodate eight (8) boat slips to the City; and (iii) filing with the City Clerk the Letter of
Credit referenced herein (which deposit shall be made simultaneously upon conveyance of title to the
Subject Property to Developer), the City shall convey all right, title and interest in the Subject
Property and the four (4) piers to accommodate eight (8) boat slips, at no cost to Developer in
accordance with the terms of this Agreement, upon the earlier to occur of the following: (a) the
Developer Termination Option Date (as hereinafter defined); or (b) upon waiver of Developer's
Termination Option Date, within five (5) business days after City's receipt of a written request from
Developer to complete the conveyance.
6. Security for Project Construction. The purpose of the escrow, letter of credit and
deed of reconveyance referenced in the preceding paragraph shall be to secure completion of the
obligations of the Developer under this Agreement. The escrow agent, Heritage Title, and escrow
instructions for the deed of reconveyance shall be in substantially the form attached hereto as Exhibit
C. The escrow instructions shall provide that, upon the reasonable determination of the Corporate
Authorities that: the Developer is in material breach of its obligations under this Agreement, as
referred to in paragraph 23, below, following all notice and remedy periods provided for herein, the
deed of reconveyance shall be filed in the Office of the Recorder of Deeds for McHenry County.
The deed of reconveyance shall be released back to the Developer upon satisfaction of all of its
obligations under this Agreement or release of the letter of credit, referenced below, which ever
occurs first and the escrow instructions shall so provide. To further secure performance of the
Developer's obligations under this Agreement, including payment of all subcontractors working on
the Subject Property, Developer shall file with the City Clerk a clean, irrevocable and unconditional
letter of credit, in the sum of $1,500,000 ("Letter of Credit"). The Letter of Credit shall be procured
as a part of (and not an addition to) the line of credit being obtained by the Developer with respect to
the development of the Subject Property. The terms of the Letter of Credit shall provide, among
other provisions reasonably required by the City, that upon the reasonable finding by the Corporate
Authorities that the Developer is in material breach of its obligations under this Agreement, as
referred to in paragraph 23 below (after lapsing of all applicable notice and remedy periods) the City
may draw on the Letter of Credit to pay lien holders, subcontractors and material suppliers for labor
and materials previously provided and to complete development of the Subject Property and install
all required public improvements in accordance with the Site Development Plans. In the event that
the Corporate Authorities draw on the Letter of Credit and cause the deed of reconveyance to be
transferred, this Agreement shall be deemed terminated with no right of recourse in the future by the
parties hereto against each other for any reason. The City Administrator in his reasonable discretion
shall approve the form of and institution, which the Letter of Credit is drawn. Upon certification by
Developer to the City, supported by reasonable documentation, that it has spent eighty percent (80%)
of the costs set forth in the projected project budget attached hereto as Exhibit D, the City shall
release the Letter of Credit. If requested by Developer's lender, the City agrees to (a) subordinate its
rights in connection with the Letter of Credit and the deed of reconveyance to Developer's lender;
and (b) provide Developer's lender with reasonable notice and cure periods related to this
Agreement, provided that the City be granted the right to review and approve all requisition requests
of the Developer to Developer's lender. Such review and approval rights shall be limited to ensuring
that all requested requisitions are for costs related to the Development and the City shall have no
right to disapprove a requisition request for any other reason. The City shall have three (3) business
days after receipt of a requisition request to review and approve the request, and if neither an
approval nor denial is issued within such three (3) business day period, the requisition request shall
be deemed approved.
7. Redevelopment Project Incentives. As specified in Exhibit E hereto, the City shall:
(i) transfer title to the Subject Property, including four (4) piers accommodating eight (8) boat slips,
at no cost; (ii) waive the first $227,000 and 50% in excess of $287,000 of the required building
permit and capital development fees relating to the Subject Property; (iii) reimburse Developer for
$424,028 relating to the costs of the public portion of the parking deck to be constructed on the
Subject Property; and (iv) defer transfer of title to the Subject Property to Developer until
construction is ready to proceed. Item (iii) is hereinafter referred to as "Redevelopment Project
Costs". Request for reimbursement of Redevelopment Project Costs shall follow the procedure
hereinafter set forth below. Reimbursement of the Redevelopment Project Costs shall be paid out of
tax increment funds generated from Development of the Subject Property on a first priority basis
before payment to other parties (including the City). No interest shall accrue on all Redevelopment
Project Costs from the time they are incurred by Developer until Developer receives reimbursement
from the City.
8. ]Procedures for and Application of Reimbursement to the Developer.
;�. The Developer shall advance all funds and all costs necessary to: (i) to
develop the Development; and (ii) undertake other matters eligible for reimbursement pursuant to
this Agreement in connection with the foregoing.
b. To establish a right of reimbursement for a specific Redevelopment Project
Costs under this Agreement, the Developer shall submit to the City a written statement in the form
attached to this Agreement as Exhibit F ("Requestfor Reimbursement") setting forth the amount of
reimbursement requested and the specific Redevelopment Project Costs for which reimbursement is
sought. Each Request for Reimbursement shall be accompanied by such bills, contracts, invoices,
lien waivers or other evidence as the City shall reasonably require to evidence the right of the
Developer to reimbursement under this Agreement. The City shall have thirty (30) days after receipt
of any Request for Reimbursement from the Developer to approve or disapprove of such Request
and, if disapproved, to provide the Developer in writing and in detail an explanation as to why it is
not prepared to pay such reimbursement. The only reasons for disapproval of any expenditure for
which reimbursement is sought shall be that such expenditure is not an eligible Redevelopment
Project Cost, that it is not contained on Exhibit E, or that it was not incurred and completed by the
Developer in accordance with all applicable Development Code requirements and the provisions of
this Agreement, including without limitation all plans and specifications for the improvements
submitted to and pre -approved by the City. The parties acknowledge that the determination of
Redevelopment Project Costs and qualification for reimbursement under this Agreement are subject
to the TIF Act, all amendments to the TIF Act both before and after the date of this Agreement, and
administrative rules and judicial interpretations rendered during the term of this Agreement. The
City has no obligation to the Developer to attempt to modify said rules or decisions but will
cooperate with the Developer in obtaining approval of Redevelopment Project Costs.
C. The City shall pay the Developer per the amount requested on the Request for
Reimbursement within sixty (60) days of receipt of a Request for Reimbursement.
d. Upon written notice from the Developer, the City, within five (5) days of
receipt of such written notice, shall provide the Developer with a financial statement of the
Redevelopment Project Area.
9. "Term.
a. Unless earlier terminated pursuant to this Agreement, the term of this
Agreement shall commence on the date of execution and end on December 31, 2025 ("Termination
Date").
b. On or prior to the date that is ninety (90) days after the date of this Agreement
("Developer Termination Option Date"), Developer shall have the unilateral right to terminate this
Agreement without further obligation to Developer, if Developer (1) determines that the total
estimated cost of the development of the Subject Property, as determined by competitive
construction bids received, exceed the total estimated cost set forth in the projected project budget
attached hereto as Exhibit D, by more than $250,000; (ii) receives an environmental assessment
report indicating that Hazardous Materials (as hereinafter defined) are present on the Subject
Property or that the asbestos removal and remediation by the City was not effective or created any
adverse condition; or (iii) is unable to obtain a hard financing commitment for the Development.
Developer shall exercise this right to terminate the Agreement by delivering written notice to the
City before the Developer Termination Option Date stating that the Developer is terminating the
Agreement. Said written notice of termination shall provide an explanation of why the Developer
Termination Option is being exercised and include documentation supporting such explanation
("Termination _Notice"). The termination of the Agreement shall be effective five (5) business days
after the City's receipt of the Termination Notice, unless the parties agree, in writing, otherwise.
C. In the event that Developer exercises its right to terminate the Agreement, the
Corporate Authorities may, in its sole discretion, amend Exhibit E hereto to increase the amount of
incentives provided by the City to the Developer so long as the sole source of such increased amount
of incentives is lax increment funds generated from Development of the Subject Property. If the City
and the Developer do not agree to such amendment within twenty (20) business days of the City's
receipt of the Termination Notice, this Agreement shall terminate, without any further action by any
party hereto.
10. Verification of Tax Increment. The Developer shall use its best efforts to cooperate
with the City in obtaining copies of all real estate tax bills payable in 2008, and paid in each
subsequent year during the term of this Agreement, for the Development.
11. PJo Liability of City to Others for Developer's Expenses. The City shall have no
obligations to pay costs of the Development or to make any payments to any person other than to the
Developer, as provided for in this Agreement, nor shall the City be obligated to pay any contractor,
subcontractor, mechanic, or material man providing services or materials to the Developer for the
development of the Subject Property.
12. Time; Force Majeure. Time is of the essence of this Agreement, provided, however,
a party shall not be deemed in material breach of this Agreement with respect to any obligations of
this Agreement on such party's part to be performed if such party fails to timely perform the; same
and such failure is directly due in whole or in part to any strike, lock -out, labor trouble (whether legal
or illegal), civil disorder, inability to procure materials, wet soil conditions, failure or interruptions of
power, restrictive governmental laws and regulations, condemnations, riots, insurrections, war,
terrorism, fuel shortages, accidents, casualties, floods, earthquakes, fires, acts of God, epidemics,
quarantine restrictions, freight embargoes, acts caused directly or indirectly by the other party (or the
other party's agents, employees or invitees) or similar causes beyond the reasonable control of such
party ("Force Majeure"). If one of the foregoing events shall occur or either parry shall claim that
such an event shall have occurred, the party to whom such claim is made shall investigate same and
consult with the party making such claim regarding the same and the parry to whom such claim is
made shall grant any extension for the performance of the unsatisfied obligation equal to the ;period
of the delay, which period shall commence to run from the time of the commencement of the Force
Majeure; provided that the failure of performance was reasonably caused by such Force Majeure.
13. Assignment. This Agreement may not be assigned by the Developer without
amendment of this Agreement. However, this Agreement and all Developer rights hereunder may be
collaterally assigned to Developer's lender without any further action and without the consent of the
City.
14. 'Developer Indemnification. The Developer hereby indemnifies and holds harmless
the City, its agents, officers and employees against all injuries, deaths, losses, damages, claims, suits,
liabilities, judgments, costs and expenses (including any liabilities, judgments, costs and expenses
and reasonable attorney's fees) which may arise directly or indirectly from the failure of the
Developer or any contractor, subcontractor or agent or employee thereof (so long as such contractor,
subcontractor or agent or employee thereof is hired by the Developer) to timely pay any contractor,
subcontractor, laborer or material man; from any default or breach of the terms of this Agreement by
the Developer; or from any negligence or reckless or willful misconduct of the Developer or any
contractor, subcontractor or agent or employee thereof (so long as such contractor, subcontractor or
agent or employee is hired by the Developer). The Developer shall, at its own cost and expense,
appear, defend and pay all charges of attorneys, costs and other expenses arising there from or
incurred in connection therewith. If any judgment shall be rendered against the City, its agents,
officers, officials or employees in any such action, the Developer shall, at its own expense, satisfy
and discharge the same. This paragraph shall not apply, and the Developer shall have no obligation
whatsoever, with respect to any acts of negligence or reckless or willful misconduct on the part of the
City or any of its officers, agents, employees or contractors. To secure this indemnification,
Developer shall require its insurer to name the City as an additional insured on all applicable
insurance policies during construction of improvements on the Subject Property. Evidence of
compliance with this insurance requirement shall be tendered to the City Administrator upon request.
The City hereby indemnifies and holds harmless the Developer, its agents, officers and employees
against all injuries, deaths, losses, damages, claims, suits, liabilities, judgments, costs and expenses
(including any liabilities, judgments, costs and expenses and reasonable attorney's fees) which may
arise directly or indirectly from any breach or default of the terms of this Agreement by the City, or
from any negligence or reckless or willful misconduct of the City or agent or employee thereof. The
City shall, at its own cost and expense, appear, defend and pay all charges of attorneys, costs and
other expenses arising there from or incurred in connection therewith. If any judgment shall be
rendered against the Developer, its agents, officers, officials or employees in any such action, the
City shall, at its own expense, satisfy and discharge the same. This paragraph shall not apply, and
the City shall have no obligation whatsoever, with respect to any acts of negligence or reckless or
willful misconduct on the part of the Developer or any of its officers, agents, employees or
contractors.
15. Retained Personnel. Following execution of this Agreement, Developer shall, at all
times, comply with the City's retained personnel ordinance, but in no case shall be responsible for
reimbursement of legal fees incurred by the City in the negotiation or drafting of this Agreement.
16. No Recourse. No recourse under or upon any obligation, covenant or provision of
this Agreement, or for any claim based thereon or otherwise in respect thereof shall be had against
the City, its officers, agents and employees, in any amount or in excess of any specific sum agreed by
the City to be paid to the Developer or anyone of them, hereunder, subject to the terms and
conditions herein; and no liability, right or claim at law or in equity shall attach to or shall be
incurred by the City, its officers, agents, and employees in excess of such amounts; and all and any
such rights or claims against the City, its officers, agents and employees are hereby expressly waived
and released as a condition of and as consideration for the execution of this Agreement by the City.
17. Waiver. Any party to this Agreement may elect to waive any remedy it may enjoy
hereunder, provided that no such waiver shall be deemed to exist unless the party waiving such right
or remedy does so in writing. No such waiver shall obligate such party to waive any right or remedy
hereunder, or shall be deemed to constitute a waiver of other rights and remedies provided said party
pursuant to this Agreement.
18. Severability. If any section, subsection, term or provision of this Agreement or the
application thereof to any party or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of said section, subsection, term or provision of this Agreement or the application of same
to parties or circumstances other than those to which it is held invalid or unenforceable, shall not be
affected thereby.
19. Notices. All notices, demands, requests, consents, approvals or other instruments
required or permitted by this Agreement shall be in writing and shall be executed by the party or an
officer, agent or attorney of the party, and shall be deemed to have been effective as of the date of
actual delivery, if delivered personally, or as of the third (3`d) day from and including the date of
posting, if mailed by registered or certified mail, return receipt requested, with postage prepaid,
addressed as follows:
To the Developer: John B. Curtis
Curtis Commercial, Inc.
1128 West Algonquin Road
Lake in the Hills, Illinois 60156
And
Jeffrey W. Krol
Jeffrey W. Krol and Associates, Ltd.
Presidents Plaza
8700 W. Bryn Mawr, Suite 810 North
Chicago, Illinois 60631
To the City: City Administrator
City of McHenry
333 South Green Street
McHenry, Illinois 60050-5494
20. Successors in Interest. Except as otherwise restricted herein, this Agreement shall
be binding upon and inure to the benefit of the parties to this Agreement and their respective
successors and assigns.
21. No Joint Venture, Agency or Partnership Created; No Recourse. Neither
anything in this Agreement nor any acts of the parties to this Agreement shall be construed by the
parties or any third person to create the relationship of a partnership, agency, or joint venture
between or among such parties.
22. No Discrimination - Construction. The Developer for itself and its successors and
assigns agrees that in the construction of the improvements on the Subject Property provided for in
this Agreement the Developer shall not discriminate against any employee or applicant for
employment because of race, color, religion, sex or national origin. The Developer shall take
affirmative action to require that applicants are employed and that employees are treated during
employment, wilthout regard to their race, creed, color, religion, sex or national origin. Such action
shall include, but not be limited to, the following: employment upgrading, demotion or transfer;
recruitment or recruitment advertising and solicitations or advertisements for employees; layoff or
termination; rates of pay or other forms of compensation; and selection for training, including
apprenticeship. The Developer agrees to post in conspicuous places, available to employees and
applicants for employment, notices, which may be provided by the City, setting forth the provisions
of this nondiscrimination clause. Developer shall pay wages according to applicable law including
the Prevailing 'Wage Act (820 ILCS 130/1, et. seq.), if required to be paid under such applicable law.
23. Remedies - Liability.
a. If Developer fails to comply with any material provision of this Agreement,
the City shall provide the Developer with a written statement indicating in adequate detail any failure
on the Developer's part to fulfill its obligations under this Agreement. Except as required to protect
against further damages, the City may not exercise any remedies against the Developer in connection
with such failure until thirty (30) days after giving such notice. If such default cannot be cured
within such thirty (30) day period, such thirty (30) day period shall be extended for such time as is
reasonably necessary for the curing of the same (including as much time as is necessary to remove
any liens on the Subject Property, as long as Developer is diligently pursuing the release), so long as
the Developer diligently proceeds with such cure; if such default is cured within such extended
period, the default shall not be deemed to constitute a breach of this Agreement. A default not cured
as provided above shall constitute a breach of this Agreement ( "Breach "). Any failure or delay by
the City in asserting any of its rights or remedies as to any default or alleged default or Breach shall
not operate as a waiver of any such default or Breach of any rights or remedies it may have as a result
of such default or Breach.
b. If there is a Breach of this Agreement by the Developer or if the Developer is
in default under any agreement for the assembly of land for the Development, or if all or a portion of
any such agreement is terminated, the City may elect to terminate this Agreement or exercise any
right or remedy it may have at law or in equity, including the right to specifically enforce the terms
and conditions of this Agreement. If any voluntary or involuntary petition or similar pleading under
any section or sections of any bankruptcy or insolvency act shall be filed by or against the Developer
which is not dismissed within sixty (60) days, or any voluntary or involuntary proceeding in any
court or tribunal shall be instituted to declare the Developer insolvent or unable to pay the
Developer's debts which proceeding is not dismissed within sixty (60) days, or the Developer makes
an assignment for the benefit of its creditors, or a trustee or receiver is appointed for the Developer
or for the major part of the Developer's property, the City may elect, to the extent such election is
permitted by law and is not unenforceable under applicable federal bankruptcy laws, but is not
required, with or without notice of such election and with or without entry or other action by the
City, to forthwith terminate this Agreement. To effect the City's termination of this Agreement
hereunder, the City's sole obligation shall be to record, in the office of the McHenry County
Recorder, a Certificate of Default, executed by the President of the City or such other person as shall
be designated by the City, stating that this Agreement is terminated pursuant to the provisions of this
subsection, in which event this Agreement by virtue of the recording of such certificate, shall ipso
facto automatically become null and void and of no further force and effect.
C. If, in the Developer's judgment, the City is in material default of this
Agreement, the Developer shall provide the City with a written statement indicating in adequate
detail any failure on the City's part to fulfill its obligations under this Agreement. The Developer
may not exercise any remedies against the City in connection with such failure until thirty (30) days
after giving such notice. If such default cannot be cured within such thirty (30) day period, such
thirty (30) day period shall be extended for such time as is reasonably necessary for the curing of the
same, so long as the City diligently proceeds with such cure; if such default is cured within such
extended period, the default shall not be deemed to constitute a breach of this Agreement. A default
not cured as provided above shall constitute a breach of this Agreement. Any failure or delay by the
Developer in asserting any of its rights or remedies as to any default or any alleged default or breach
shall not operate; as a waiver of any such default or breach of any rights or remedies it may have as a
result of such default or breach.
d. If the City materially fails to fulfill its obligations under this Agreement after
notice is given by the Developer and any cure periods described this Agreement have expired, the
Developer may elect to terminate this Agreement or exercise any right or remedy it may have at law
or in equity, including the right to specifically enforce the terms and conditions of this Agreement.
e;. In addition to any other rights or remedies, a party may institute legal action
against the other party to cure, correct or remedy any default, or to obtain any other remedy
consistent with the purpose of this Agreement, either at law or in equity, including, but not limited to
the equitable remedy of an action for specific performance; provided, however, no recourse under or
upon any obligation contained herein or for any claim based thereon shall be had against the City, its
officers, agents, attorneys, representatives or employees in any amount or in excess of any specific
sum agreed to be paid by the City hereunder, and no liability, right or claim at law or in equity shall
be attached to or incurred by the City, its officers, agents, attorneys, representatives or employees in
any amount in excess of any specific sums agreed by the City to be paid hereunder and any such
claim is hereby expressly waived and released as a condition of and as consideration for the
execution of this Agreement by the City. Notwithstanding the foregoing, in the event either party
shall institute legal action against the other party because of a breach of any agreement or obligation
contained in this Agreement, the prevailing party shall be entitled to recover all cots and expenses,
including reasonable attorneys' fees, incurred in connection with such action.
f. The rights and remedies of the parties are cumulative and the exercise by a
party of one or more of such rights or remedies shall not preclude the exercise by it, at the same time
or different times, of any other rights or remedies for the same default or for any other default by the
other party.
24. Conveyance.
a. The Subject Property shall be conveyed by the City to the Developer by
warranty deed ("Deed"). The conveyance of the Subject Property shall be consummated through an
escrow with Heritage Title, in accordance with the provisions of a "New York Style" escrow
agreement with such special provisions inserted as may be required to conform to this Agreement
and the requirements of any lender of Developer. Concurrently with the deposit of the Deed, the
City shall deposit an affidavit of title and other documentation reasonably requested by the title
company in order to effectuate the closing.
b. As a condition to the acceptance of the Subject Property by the Developer, the
City shall deliver or cause to be delivered to the Developer, not later than thirty (30) days prior to the
date of the conveyance, a title commitment for an ALTA 1992 Form Owners Title Insurance Policy
("Title Policy") issued by Heritage Title showing title to the Subject Property in the name of
Developer subject only to the permitted exceptions set forth in the Owners' policy issued by Ticor
Title, under policy no. 682953, dated December 16, 2005, Exhibit G attached hereto. The Title
Policy shall contain affirmative endorsements against all mechanic's lien claims and over all of the
standard general exceptions contained in the policy. The City shall cause the Title Policy to be
issued to the Developer on the date of conveyance.
C. The City shall pay all costs associated with providing an accurate survey of the
Subject Property and title policy. Developer shall pay all closing costs and any other costs associated
with the transfer of the Subject Property, pursuant to this Agreement.
25. ]Environmental Matters. The City hereby represents and warrants to the Developer
that the environmental condition of the Subject Property is set forth in a certain written
Environmental Assessment Reports prepared by the Green Environmental Group, Ltd., dated
October 28, 2005 and Midwest Environmental Consulting Services, Inc. dated March 13, 2006,
previously provided to Developer. Other than statements and representations made therein, the
Corporate Authorities represent and warrant they have no actual knowledge that Hazardous Materials
(as hereinafter defined) have been placed, held, located or disposed on or at (i) the Subject Property
or any part thereof, (ii) the surface waters or ground waters on or under the Subject Property; (iii) the
soils comprising the Subject Property; or (iv) any improvements located thereon with respect to any
of which the rernoval, clean-up or taking of any remedial action is or would be required under any
federal, state or local environmental or similar statute, law or ordinance, and the Subject Property has
never been used as a dump site or storage site (whether permanent or temporary) for any Hazardous
Material, with respect to any of which the removal, clean-up or taking or any remedial action is or
would be required under any federal, state or local environmental or similar statute, law or ordinance.
For the purposes of this Agreement, the term "Hazardous Material " means any hazardous, toxic or
dangerous waste, substance or material. Provided, however, Developer acknowledges that asbestos
referenced in said Report was recently removed by the City in relation to the Medical Arts Building
demolished by the City in approximately 2006. It is Developer's responsibility to further investigate,
if it wishes, to determine whether the asbestos removal and remediation by the City was completely
effective or caused any adverse condition to the Subject Property.
26. Amendment. This Agreement, and any exhibits attached to this Agreement, may be
amended only in a writing signed by all the parties with the adoption of any ordinance or resolution
of the City approving said amendment, as provided by law, and by execution of said 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.
27. Counterparts. 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 at McHenry, Illinois.
City of McHenry
By:
Its Mayor
Developer
By:�,-
�s
EXHIBIT A
to Redevelopment Acgemmt
PARCEL 1:
THAT PART OF THE SOUTHEAST 1/4 OF SECTION 26 AND PART OF THE NORTHEAST 1/4 OF
SECTIO14 35, TOWNSHIP 45 NORTH, RANGE 8 EAST OF THE THIRD PRINCIPAL MERIDIAN,
DESCRIBED AS FOLLOWS:
COMMENCING AT A POINT SOUTH 70 AND 3/4 DEGREES EAST, 132 FEET FROM A POINT NORTH
32 AND 3/4 DEGREES EAST, 68 FEET FROM THE SOUTH 1/4 CORNER OF SAID SECTION 26;
THENCE NORTH 19 AND 3/4 DEGREES EAST, 13S.10 FEET TO A POINT IN THE SOUTHERLY
LINE OF PRIVATE LANE (NOW VACATED) AS SHOWN IN PLAT OF VENICE PARK ADDITION;
THENCE SOUTHEASTERLY.PARALLEL TO THE NORTH LINE OF WAUKEGAN ROAD, 56 FEET TO A
POINT; THENCE SOUTH 19 AND 3/4 DEGREES WEST 135.1 FEET TO THE NORTH LINE OF
WAUKEGAN ROAD; THENCE NORTHWESTERLY ALONG THE NORTH LINE OF WAUKEGAN ROAD 56 FEET
TO THE POINT OF BEGINNING;
IN MC (HENRY COUNTY, ILLINOIS.
PARCEL 2:
THAT PART OF THE SOUTHEAST 1/4 OF SECTION 26, TOWNSHIP 45 NORTH, RANGE 8 EAST OF
THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
COMMENCING AT A STAKE WHICH STANDS NORTH 32 AND 3/4 DEGREES EAST, 68 FEET FROM
THE SOUTH 1/4 CORNER OF SAID SECTION 26; THENCE SOUTH 70 AND 3/4 DEGREES EAST,
132 FEET; THENCE NORTH 19 AND 1/4 DEGREES EAST, 135.10 FEET TO A POINT IN TIRE
SOUTHERLY LINE OF PRIVATE LANE (NOW VACATED) AS SHOWN IN PLAT OF VENICE PARK
ADDITION; THENCE NORTHWESTERLY ALONG THE SOUTHERLY LINE OF SAID PRIVATE LANE (NOW
VACATED), 44.37 FEET; THENCE NORTHEASTERLY AT RIGHT ANGLES TO THE LAST DESCRIBED
LINE 30 FEET TO A POINT IN THE NORTHERLY LINE OF SAID VACATED PRIVATE LANE, SAID
LINE ALSO BEING THE SOUTHERLY LINE OF LOT 1 IN BLOCK 2 IN VENICE PARK ADDITION;
THENCE NORTHWESTERLY ALONG THE SOUTHERLY LINE OF SAID LOT 1, 44.43 FEET TO THE
SOUTHWEST CORNER OF SAID LOT 1; THENCE NORTHEASTERLY ALONG THE WESTERLY LINE OF
SAID LOT 1, 101.55 FEET; THENCE NORTHWESTERLY 112.2 FEET TO A POINT IN THE
EASTERLY LINE OF GREEN STREET, SAID POINT BEING 145.61 FEET NORTHEASTERLY FROM
THE ANGLE POINT IN SAID GREEN STREET; THENCE SOUTHWESTERLY ALONG THE EASTERLY
LINE OF GREEN STREET 145.61 FEET TO AN ANGLE POINT; THENCE SOUTH 157.53 FEET
ALONG THE EAST LINE OF SAID GREEN STREET TO THE POINT OF BEGINNING:
IN MC HENRY COUNTY, ILLINOIS.
PARCEL 3:
THAT FART OF LOT 1 IN BLOCK 2 IN VENICE PARK ADDITION TO MCHENRY, UNIT NO. 1, A
SUBDIVISION OF PART OF THE SOUTHEAST FRACTIONAL 1/4 OF SECTION 26 AND PART OF THE
NORTHEAST FRACTIONAL 1/4 OF SECTION 35, TOWNSHIP 45 NORTH, RANGE 8 EAST OF THE
THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 25,
1941 AS DOCUMENT NO. 152920 IN BOOK 7 OF PLATS, PAGE 68, DESCRIBED AS FOLLOWS:
BEGINNING AT THE POINT OF INTERSECTION OF THE SOUTHERLY LINE OF BOONE LAGOON WITH THE
WESTERLY LINE OF SAID LOT 1 AND RUNNING THENCE SOUTH 28 DEGREES AND 31 MINUTES WEST,
ON THE WEST LINE OF SAID LOT 1, FOR A DISTANCE OF 48.41 FEET TO A POINT: THENCE
SOUTHEASTERLY ON A LINE FORMING AN ANGLE OF 106 DEGREES AND 38 MINUTES TO THE LEFT,
WITH A PROLONGATION OF THE LAST DESCRIBED LINE, AT THE LAST DESCRIBED POINT, FOR A
DISTANCE OF 31.97 FEET TO A POINT; THENCE NORTHEASTERLY ON A LINE FORMING AN ANGLE OF
83 DEGREES 35 MINUTES SO SECONDS TO THE LEFT WITH A PROLONGATION OF THE LAST
DESCRIBED LINE, AT THE LAST DESCRIBED POINT, FOR A DISTANCE OF 43.17 FEET TO THE
SOUTHERLY LINE OF SAID BOONE LAGOON; THENCE NORTHWESTERLY ON THE SOUTHERLY LINE OF
SAID BOONE LAGOON FOR A DISTANCE OF 23 FEET TO THE PLACE OF BEGINNING;
IN MCHENRY COUNTY, ILLINOIS-.
05-073-0017
LEGAL DESCRIPTION
Vacant land, .05 acres, McHenry, Illinois
THAT PAR]" OF LOT 1 IN BLOCK 2 IN VENICE PARK ADDITION TO McHENRY, Ut TI' NO_
1, A SUBDF%rISION OF PART OF THE SOUTHEAST QUARTER OF SECTION 26 AND PART
OF THE NORTHEAST QUARTER OF SECTION 35, ALL IN TOWNSHIP 45 NORTH, RANGE 8
EAST OF THE THIRD PRINCIPAL'. MERIDIAN, ACCORDING TO THE PLAT THEREOF
RECORDED FEBRUARY 25, 194-1 AS DOCUMENT NO. 152920, IN BOOK 7 OF PLATS, PAGE
69, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTH-WEST CORNER OF SAID LOT
1 THENCE NORTT3 28 DEGREES 42 MINUTES 56 SECONDS EAST ALONG THE WEST LINE
OF SAID LOT 1, A DISTANCE OF 62.27 FEET; 'THENCE SOUTH 77 DEGREES 55 I%U TUTES
04 SECONDS EAST, A DISTANCE OF 3197 FEET; TTIENCE SOUTH 17 DEGREES 32.
MINUTES 13 SECONDS WEST, A DISTANCE OF 64.82 FEET TO THE SOUTH LINE OF SAID
LOT 1; THENCE NORTH 71 DEGREES 33 MNUIES 47 SECONDS WEST ALONG SAID
SOUTH LINE, A DISTANCE OF 43.90 FEET TO THE POINT OF BEGINNING, IN MCFLENRY
COUNTY, I].LINOIS.
66-18-0327
EDMBIT B
to Redevelopment Agreement
IZ�
4-
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Retail
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Retail
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Retail
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P,etail
Core
Floorp[an for First Floor
EXHIBIT C
to Redevelopment Agreement
Date: Escrow Officer:
Escrow No.:
STRICT SOLE ORDER ESCROW
To: Heritage Title Company
4405 Three Oaks Road
Crystal Lake, Illinois 60014
The accompanying Warranty Deed and PTAX Real Estate Transfer Declaration form are hereby
deposited with Heritage Title Company, as escrowee, to be filed in the Office of the Recorder of Deeds
for McHenry County upon written letter of direction signed by the Mayor of the City of McHenry
representing that the McHenry City Council has determined that the Developer referenced in a
Redevelopment Agreement dated , 2007 ("Redevelopment Agreement") is in
material breach of its obligations there under, has been given all required notice and has failed to remedy
the breach and that the Warranty Deed deposited in escrow shall be filed in the Office of the Recorder of
Deeds for McHenry County or in obedience to the process or order of the Court as aforesaid.
The Heritage Title Company, as escrowee, is hereby expressly authorized to disregard, in its sole
discretion, any and all notices or warnings given by any of the parties hereto, or by any other person or
corporation, but the said escrowee is hereby expressly authorized to regard and to comply with and obey
any and all orders, judgments or decrees entered or issued by any Court with or without jurisdiction, and
in case the said escrowee obeys or complies with any such order, judgment or decree of any court, it shall
not be liable to any of the parties hereto or any other person, firm or corporation by reason of such
compliance, notwithstanding any such order, judgment or decree was entered without jurisdiction or be
subsequently reversed, modified, annulled, set aside or vacated, in case of any suit or proceeding
regarding this escrow, to which said escrowee is or may be at any time a party it shall have a lien on the
contents hereof .For any and all costs, attorneys' and solicitors" fees, whether such attorneys or solicitors
shall be regularly retained or specially employed and other expenses which may have incurred or become
liable for on account thereof, and it shall be entitled to reimburse itself therefore out of said deposit, and
the undersigned jointly and severally agree to pay to said escrowee upon demand all such costs and
expenses so incurred.
In no case shall the Warranty Deed deposited herewith be surrendered except upon the above -referenced
written letter received from the City of McHenry or in obedience to a Court order, or upon written notice
from the City of McHenry that Developer has completed all of its obligations under the Redevelopment
Agreement and that the Warranty Deed shall be returned to the City of McHenry.
The foregoing berms, conditions and instructions have been read and approved and the Escrow Fee is to
be charged to and paid by the following parties upon the execution of this escrow agreement:
CITY OF MCHENRY DEVELOPER
City Administrator
Agreed to and accepted by Escrowee, Heritage Title Company
IM
EXHIBIT
to Redevelopment Agreement
RrvEi?WALrCRL4CW
I110 North Green Street
b& 1-jenry, Ininnis
REVENUE
Candomintums (24 Units)
17�,41
Commercial (17,OOD sq ft)
Bast Slips, Net
Commercial Rental Revenue
$
11,665,417
TOTAL REVENUE
PROJECT COSTS
TOTAL
LkN0
Land Acquis0ion
$
1,348,972
Closing Costs
10,000
SUBTOTAL LAND
$
1.3ss.972
SITE IMPROVEMENTS
Bt-LEVEL PARKING GARAGE
$
619,550
BUILDING -SITE
$
81,000
CAISONS
$
-
OTHER
$
366,680
SUBTOTAL SITE IMPROVEMENTS
5
1,06T,230
NEW CONSTRUCTION COSTS
Shell
$
3,744,000
Condo
$
1,800,000
Refaa
$
720.000
General Condilions
$
240.000
Contingency
$
360,000
SUBTOTAL NEWCONSTRUCTIC14
$
6,861,Ot}0
SOFT COSTS
Real Estate Taxes
$
48,0W
Permits I Impact Fees
$
287,000
Survey and Engineering
$
25,000
Ardulect
$
125,000
Legal- Purchase
$
10,000
Legal- Lease
S
25,000
Legal- Cando Closes
5
25,000
Legal - Closes
$
10,000
TI Allowance
$
135,000
Rent Abatement
$
-
Accounting I Tax
$
20,000
Pmfesioeal Fees (ConsunartslSlum6)
$
50,000
Sales & Uarketing Ofiice
$
50,000
Broker Fees - Residential
$
370,800
Broker Fees - Commercial Leasing
$
85,000
Broker Fees - Commercial Est
$
114,750
Closing Casts (condo I retail)
$
116.654
GC Fee
$
575,000
Project G S A
$
425,000
Project Insurance
$
150,000
Soft Cost Contingency
$
100,000
Office
$
120,000
Interest
$
850,000
Loan Costs
5
50.000
SUBTOTAL SOFT COSTS
$
3,76T,204
TOTAL ElEVELOPMEtTTCOST
$
13,057,406
Exhibit E
to Redevelopment Agreement
Redevelopment Project Incentives
Land Acquisition/Site Preparation (including 4 piers accommodating
8 boat slips) $1,348,972
Permit Fee/lmpact Fee Reimbursement
Public parking deck
$ 227,000, plus 50% of
any fees in
excess of
$287,000
$ 424,028
$2,000,000, plus 50% of
any fees in
excess of
$287,000
Exhibit F
to Redevelopment Agreement
Form of Request for Reimbursement
REQUEST FOR REIMBURSEMENT
City Administrator
City of McHenry
333 South Green Street
McHenry, Illinois 60050-5494
Re: Redevelopment Agreement, dated , 200_ (the
between the City of McHenry, an Illinois municipal corporation and
(collectively the "Developer')
Dear Sir:
"Agreement'), by and
You are requested to disburse funds from the Special Tax Allocation Fund pursuant to Section 4(b) or
Section 4(c) of the Redevelopment Agreement described above in the amount(s), to the person(s) and for the
purpose(s) set forth in this Request for Reimbursement. The terms used in this Request for Reimbursement shall
have the meanings given to those terms in the Redevelopment Agreement.
1. Request for Reimbursement No.:
2. Payment due to:
3. Amount to be Disbursed:
4. The amount requested to be disbursed pursuant to this Request for Reimbursement will be used to
reimburse the Developers for those Redevelopment Project Costs of the Development detailed in
Schedule 1 attached to this Request for Reimbursement.
5. The undersigned certifies that:
(i) the amounts included in 3 above were made or incurred in connection with the
construction of the Development and were made or incurred in accordance with the
construction contracts, plans and specifications heretofore in effect;
(ii) the amounts paid or to be paid, as set forth in this Request for Reimbursement, represents
a part of the funds due and payable for Redevelopment Project Costs;
(iii) the expenditures for which amounts are requisitioned represent proper Redevelopment
Project Costs identified in the Redevelopment Project Costs Exhibit B to the Agreement,
have not been included in any previous Request for Reimbursement, have been properly
recorded on the Developers' books and are set forth on the attached Schedule 1, with paid
invoices attached for all sums for which reimbursement is requested;
(iv) the moneys requisitioned are not greater than those necessary to meet obligations due and
payable or to reimburse the Developers for its funds actually advanced for
Redevelopment Project Costs;
(v) the amount of Redevelopment Project Costs to be reimbursed in accordance with this
Request for Reimbursement, together with all amounts reimbursed to the Developers
pursuant to the Agreement (excluding there from interest on Notes) is not in excess of
(vi) the Developers are not in default under the Redevelopment Agreement and nothing has
occurred to the knowledge of the Developers that would prevent the performance of its
obligations under the Redevelopment Agreement.
Attached to this Request for Reimbursement is Schedule 1, together with copies of invoices or
bills of sale and Mechanic's Lien Waivers covering all items for which reimbursement is being
requested, and a copy of the Redevelopment Project Cost Schedule on which it has been noted all
Redevelopment Project Costs heretofore reimbursed to the Developers.
Developer
Date: By:
Its
EXHIBIT G
to Redevelopment Anent
T
'nCOR TITLE INSURANCE COMPANY `
OWNER'S POLICY (1992)
POLICY No.: 2000" 000682953 6P$ SCHEDULE B
EXCEPTIONS FROM COVERAGE "
THIS POLICY DOES NOT JNSUFE AGAINST LOSS OR DAMAGE SUSTAINED BY THE INSURM,
(AND',THE-COMPANTY WILL NOT, PAY COSTS, .ATTORNEY',S FEES OR EXPENSES) -BY- REASON C-15
THE �POLLOWTNG E.XCEPTION8:
GFISERA-t, EXCEPTIONS, ;
(]") RIGHTS OR CLAIMS OF PARTIES IN POSSESSION 140T SIIOVIN BY PUBLIC RECORDS.
(2) ENCROACHMENTS, OVERLAPS, BOUNDARY LINE DISPUTES, OR OTHER MP.TTERS WlglCi-i
WOULD BE DISCLOSED 2Y AN ACCtMATE SURVEY AND INSPECTION OF THE PREMISES..
(3) , EASEMENTS,- OR CLAIMS OF EA.SE3,IENTS , NOT SHOWN BY' THE PUSL"s C REC_ORTDS'.
(4) ANY LIEN, OR RIGHT TO A L11E1,17, FOR SERVICES, LABOR- OR DIATZPIA, HERETOFOP'E'
OR HERE_AFT£R FURNISHED,' !MPOSED, BY LAia -zdlD; NOT SHC*M> HE : PUBLIC
RECORDS..
(5) TAXES OR SPECIAL "ASSESSMENTS WHICH ARP NOT SHOTaTid AS EXISTING LIENS BY THE'
PUBLIC RECORDS.
SPECIAL EXCEPTIONS_ TE:E MORTGAGE, IF ANY, DEFERRED TO ITT ITE.T9 4 OF SCREDULE A.
Q 1 . TAXES FOR THE YEAR (S) ? 0 05` aT1C7 2006
NOTE: 2005 TAXES 'NCT YET DUE A:qD
PEFI�LAI EITT INDEX ?TTMSER (S)
09-26-459-015 = PARCEL 1
09-26-459-009 = PAP,CEL 2
09-26-459-017 = PARCEL 3
F; 2. RIGHTS OF PU8=7 SERVICE, CGMP?iNY OF NOR.'I'HEM I_LLINOIS, T^S SUCCESaOFS 'A2,40
ASSIGNS, TO IiAY, MAINTAIN ARID OPER—ATE AGAS 'LAIN AND NECESSARY APPURTENANCES
IV, UPON, U27DER AND ALONG THE EAST , SID_ OF GRFET77 STREET, UNDER AND BY
VIRTUE OF THE GRANT FROM T,,ATHR-.fX M. BELLED. RECORDED MARCH 3, 1953 As
DOCLJy?ENT NO. 262690' (EK 419/PG 135) , AND TFIF PPOVISIONS THEREIN CONTAINED.
AFFECTS PA3t=- 2 .
G 3. RIGHTS Oz' THE STATE tJc 11,LT10IS, THE PU3LIC AND, ADJOINT—NG ?P.OPERTY ,0P7NERS i0
TAF. tTP7II3TERRU=i D' FLO;'T''OF :FIE 4'JATFR OF' BOONE CREr K ANID TO, A N. ?A-RT 0i'" THR
I,A.TTD THLAT MAY FAL> THE BED OF FOONE LAGOOJT'
S`d 17 f 16�05 12 : 3 i.:23
3`0,_],.
TICOR TITLE INSURANCE COMPANY
OWNER'S POLICY (1992)
POLICY NO_: 2000 0006582,953 SM SCAEDITLE B
EXCEPTIONS FROM COVERAGE
(CONTMED)
AFFECTS ` PARC°ELS 2 F.ND 3
H RIGHTS OF TYE STA<'E OF ILLINOIS, THE PUELIC, ADJOINING OTAMERS MID THE
MMNI.CIPALITY IN AND TO TIU%T PART OF THE L7IN_D FALLING IN THE BED OF BOONE,
CREEK OR BOONE LAGOON OR ANY IINNATURAL ACCRETIONS THERETO, ALSO RIGHTS OF',
ADJOINING PROPERTY OWNERS IN AND TQ THE , FREE lulD U13ORSTRUCTED, FLOW, OF SKID
WATERS.
'AFFECTS PARCELS 2 AIM 3
Z 5. ,RIGHTS OF WAY FOR DRAINAGE TILES, DIT-214ES , FEEDERS AND LTERALS , IF ANY,
! 6. RIGHTS OF THE PUBLIC, THE STATE OP ILLINOIS'AND THE MUNICIPALITY IN ANI) TO
THAT PART OF THE LAND, IF ANY, TAKEN OR USED FOR ROAD PtTRPOSES,
Al 7. PROVISTONS CONTAINED IN THE PLAT OF 'vENICE PPURK ADDITION TO MCHENRY, I.P.-IT 1 , •
AFORESFID, RELATING TQ Sq-,tFETS AND HICI;-WAYS,
AFFECTS PARCEL 3
(Y BUILDING LINES AS CONTAINED IN THE' AFORESAID PLAT GE' FUE'3 IVISION.
AFFECTS THE NORTHERLY 2S FEET BACK: FPCM BASE LINE.
AFFECTS PARCEL 3
AND
Exceptions from coverage acceptable to the City of McHenry and
Developer as referenced in an owner's policy currently on order
relating to the .05 acre parcel being acquired by Developer.'
Sti) 12/16/05 12 -? 1 : 23