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Home My WebLink AboutOrdinances - ORD-08-1449 - 12/15/2008 - AUTHORIZE EXECUTION FIRST AMENDMENT REDEV AGMT HISORDINANCE NO.ORD-08-1449 AN ORDINANCE AUTHORIZING THE EXECUTION OF THE FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT WITH HISTORIC MCHENRYLLC, ANILLINOIS LIABILITY COMPANY (COLLECTIVELY THE "DEVELOPER") AND THE CITY OFMCHENRY, AN ILLINOIS LOCAL GOVERNMENT (THE "CITY"), FOR THE PROPERTY LOCATED AT 1111 N GREEN STREET IN THE CITY OFMCHENRY, MCHENR Y CO UNTY, ILLINOIS BE IT ORDAINED by the MAYOR AND CITY COUNCIL of the CITY OF MCIAENRY, McHenry Country, Illinois, as follows: SECTION l: The First Amendment to the Redevelopment Agreement bearing the date of December 15, 2008, between the City of McHenry, a Municipal Corporation in the State of Illinois, and Historic McHenry LLC, an Illinois Liability Company be and the same is hereby approved. A complete and accurate copy of said First Amendment to the Redevelopment Agreement with Historic McHenry, labeled "First Amendment to the Redevelopment Agreement with Historic McHenry", 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 First Amendment to the Redevelopment Agreement with Historic McHenry for the: uses and purposes therein set forth. SECTION 3: If any section, paragraph, subdivision, clause, sentence or provision of this Ordinance shall be adjudged by any Court of competent jurisdiction to be invalid, such judgment shall not affect, impair, invalidate or nullify the remainder thereof, which remainder shall remain and continue in full force and effect. SECTION 4: All ordinances or parts thereof in conflict with the terms and provisions hereof are hereby repealed to the extent of such conflict. SECTION 5: 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 6: This ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form provided by law. PASSED and APPROVED this 15'h day of December 2008. Voting Aye: SANTI, SCHAEFER, MURGATROYD, WiMMER, PETERSON, CONDON Voting Nay: G LAB Abstained: NONE Absent: NONE (SEAL) ATTEST: �\ C City Clerk J#nic C. Jones Passed: Approve 122'115/2009 APPRPVED: jz,�, (" ;�� Mayor Susan E. Low First ,Amendment to the Redevelopment Aereement with Historic McHenry THIS FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT WITH HISTORIC MCHENRY ( "First Amendment') is entered into this 15ffi day of December 2008, between the City of McHenry an Illinois municipal corporation ( "City') and Historic McHenry, LLC ( "Developer "). Recitals A. On or about October 15, 2007 the City entered into a Redevelopment Agreement with the Developer ( "Original Agreement"). B. The parties hereto desire to amend certain terms and provisions of the Original Agreement pursuant to this First Amendment and leave the remaining terms of the Original Agreement in full force and effect. NOW, THEREFORE, the parties, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, agree that the Original Agreement is amended as follows and the remaining terms of the Original Agreement continue in full force and effect: 1. Incorporation of Recitals. The sixth recital is hereby amended by deleting "Historic McHenry Condominiums" and replacing it with "City Center". 2. Acquisition of Subject Property; Development Plan; Conveyance to City for RiverwallL Section 2(a) shall be deleted in its entirety and replaced with the following: "The Developer shall acquire fee simple title to the Subject Property after the construction of the project is completed". 3. Construction of Improvements. Section 3(a) shall be amended by deleting the following provision: "Within one hundred twenty (120) days following approval of all construction plans and specifications required for approval pursuant to the Legal Requirements, the Developer shall commence development of the Subject Property in accordance with the Legal Requirements and Site Plan". Section 3(e) shall be amended by deleting it in its entirety and replacing it with the following: "Construction of the development per the approved Site Plan shall commence on or before March 1, 2010, and the Developer covenants and agrees that completion of construction in accordance with the Site Plan and Legal Requirements shall have occurred on or before October 1, 2011". 4. Term. Section 7 shall be amended by deleting "December 31, 2012 and replacing it with "December 31, 2014". 5. Exhibit A Legal Description of Property. Exhibit A shall be deleted and replaced with the attached amended Exhibit A. IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by their duly authorized officers on the above date at McHenry, Illinois. City of McHenry By: ta'c';� % Susan E. Low, Mayor Attest: Min 1 Jat.Jones, Ci erk Historic McHenry, LLC An Illinois Limited Liability Company By: F Its Membdi• and Manager Attest: r' Exhibit A That part of Lots 24 and 25 in the County Clerk's Plat of part of the South Half of Section 26, Township 45 North, Range 8 East of the Third Principal Meridian according to the Plat thereof recorded May 6, 1902 as Document No. 14084 in Book 2 of Plats, Page 38, described as follows: Commencing at the intersection of the center line of Green Street with the Southwesterly line, extended Southeasterly, of said Lot 24, being a point one (1) chain North of the South Quarter corner of said Section 26; thence North 70 degrees 00 minutes 00 seconds West (Deed) [North 72 degrees 06 minutes 08 seconds West (Measured)] along said Southwesterly line and said Southeasterly extension of the Southwesterly line of said Lot 24, for a distance of 55.92 feet to a point of beginning; thence continuing North 70 degrees 00 minutes 00 seconds West (Deed (North 72 degrees 06 minutes 08 seconds West (Measured)] along said Southwesterly line and said Southeasterly extension of the Southwesterly line of said Lot 24, for a distance of 146.09 feet:; thence North 15 degrees 06 minutes 52 seconds East (Measured), for a distance of 301.38 feet; thence South 59 degrees 26 minutes 51 seconds East (Deed) [South 57 degrees 32 minutes 59 seconds East (Measured)], a distance of 6.81 feet; thence North 15 degrees 06 minutes 52 seconds East (Measured), a distance of 55.91 feet, to a point on the Northeasterly line of said Lot 24; thence South 59 degrees 05 minutes 43 seconds East (Deed) [South 61 degrees 11 minutes 51 seconds East (Measured)] along the Northeasterly line of Lots 24 and 25, for a distance of 131.00 feet; thence South 21 degrees 53 minutes 14 seconds West (Deed) [South 19 degrees 47 minutes 06 seconds West (Measured)], for a distance of 53.39 feet; thence South 25 degrees 17 minutes 45 seconds West (Deed) [South 23 degrees 11 minutes 37 seconds West (Measured)], for a distance of 119.01 feet; thence South 00 degrees 04 minutes 59 seconds East (Deed) [South 02 degrees 11 minutes 07 seconds East (Measured)], for a distance of 153.77 feet; thence Southwesterly along a non -tangential curve to the right having a radius of 30.00 feet as said curve is convexed to the Southeast for an are distance of 18.71 feet (said curve having a chord bearing of South 60 degrees 04 minutes 01 seconds West (Deed) [South 57 degrees 57 minutes 53 seconds West (Measured)] and a chord distance of 18.41 feet] to the place of beginning. All containing 1.0227 acres (44,546 sq.ft.), more or less, in the City of McHenry, McHenry County, Illinois.