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HomeMy WebLinkAboutOrdinances - O-73-59 - 11/19/1973 - APPROVESIDNEY LOEB RECAPTURE AGMT0-V3-59 AN ORDINANCE APPROVING SIDNEY LOEB RECAPTURE AGREEMENT BE AND IT IS HEREBY ORDAINED by the City Council of the City of McHenry, of McHenry County, and State of Illinois, as follows: SECTION 1. That the Recapture Agreement by and between the City of McHenry and Sidney Loeb dated November 19, 1973 be and it is hereby approved. SECTION 2. That the Agreement is incorporated in and made a part of this Ordinance by reference. SECTION 3. That the Mayor be and he is authorized to execute said Agreement and the City Clerk be and is authorized to attest to the signature of the Mayor. SECTION 4. That the City Attorney, Bernard V. Narusis, be and is hereby instructed to cause this Ordinance with Agreement attached to be recorded in the Office of the Recorder of Deeds, of McHenry County, Illinois. PASSED this 19th day of November, 1973. Ayes: Bolger, Datz, Harker, Howard, Pepping, Rogers, Wegener. Nayes: None. Absent: None. APPROVED this 19th day of November, 1973. May/qi- ATE City er 608535 608535 730FL RECAPTURE AGREEMENT This Agreement made and entered into this 19th day of 1\?ovember, , 1973, between the City of McHenry, a Municipal corporation of the County of McHenry, State of Illinois, hereinafter referred to as "CITY" and SIDNEY LOEB, hereinafter referred to as "DEVELOPER". WITNESSETH: WHEREAS, LOEB is the Developer of the property described in the attached Exhibit A, will cause to be constructed a water system and necessary appurtenances to service the real property described in Exhibit A, and which will be available for service to other real pro- perty which is described in attached Exhibit B; and WHEREAS, such water system and necessary appurtenar_.ces will be constructed in accordance with preliminary plans established by the City of McHenry; and WHEREAS, said water system will provide service to sub- stantially greater property depending upon use, than the land described in Exhibit B; and WHEREAS, the Developer is desirous of securing for the benefit of the said property described in Exhibit A the right to use and connect to said proposed water system constructed or caused to be constructed; and WHEREAS, due to the growth of the City it is imperative that said system be constructed for the benefit of the property owners and users locted in said area described in Exhibit A and B as aforesaid and such construction will inure to the benefit and improvement of the CITY in that it will increase the taxable value of the real property within its corporate limits, will aid in the development of the property 608535 which is described in attached Exhibits A and B and will 1 promote the sound planning and development of the City with a strong and sufficient tax base, and will generally promote and protect the general health, safety and welfare of the people of the City; and WHEREAS, the Developer is financially able to cause said water system to be constructed and has indicated his willingness to do so, subject to the terms and conditions hereinafter set forth; and WHEREAS, the City is agreeable to permit the Developer to recover a portion of his costs in the construction thereof from the property owners or users who desire to connect to it and utilize said water system. NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows: 1. The City of McHenry has previously had plans and speci- fications drafted for the extention of said water system. 2. The Developer agrees to cause to be constructed and installed a water system in substantial compliance with said plans and specifications of the City of McHenry. 3. The City does hereby give and grant to the Developer 4 the easement right, privilege and authority to construct, install and use said water system, including a right-of-way adequate in width for the construction and installation thereof in all streets and public ways under the jurisdiction of the City, all in accordance with plans and specifications which have been approved by the City Engineer, as aforesaid. -2- 608535 4. The City shall have the right to approve all bids for con- struction of said facilities and shall have the right to enforce any r 1 contract entered into, and agrees that it will maintain, repair and operate said water system after it has been certified by the City Engineer as having been completed in accordance with the plans and specifications herein referred to, such certification to be made within thirty (30) days after notice of completion, as aforesaid. 5. In estimating the total amount of the recapture it has been necessary for the parties hereto to estimate certain costs in advance of the actual ascertainment of the same. In estimating said costs, the following factors have been used: The engineering expense for preparation of plans and specifications and supervision by the City Engineer and other engineering costs and expenses anticipated by the City Engineer that may properly be charged to the project by reason of the construction of said water system, but not to exceed a total of 12% of the contract cost for the construction of said facility; the total amount of the contract or contracts entered into by the Developer for cost of construction of said water system. 6. It is understood by the City that the Developer will ad- vance, or cause to be advanced, the necessary funds for the installation and completion of said water system. 7. The total estimated cost under Paragraph 5 above, for the project is $13, 552. 00. The Developer's proportionate share of said cost is $5, 121. 30 to service the property described, as aforesaid, in attached Exhibit A, plus whatever additional amount it may be required to pay for the total cost of the project in the event a -3- 4�t�t�5�5 sufficient amount is not collected by the Developer from other property owners to pay for the total cost of construction. In the event the total cost of the project as outlined in Paragraph 5 above exceeds by five percent (5%) of the total estimated cost, all excess over the original estimated cost shall be added to such estimate for the purpose of calculating the amount attributable to Developer's property des- cribed in attached Exhibit A and the amount attributable and available for recapture on the property described in attached Exhibit B, and the attached Schedule I shall be amended accordingly. B. Certain property hereinabove described in Exhibit B will be benefited by the construction and installation of said water system and all property owners or users falling within the area of Exhibit B who may be served by said water system shall have the right to con- nect thereto, provided said property owners or users shall first have paid to the Developer their proportionate cost of the construction of said water lines, as set forth in attached Schedule I. 9. No person or corporation shall be permitted to connect to said water system for any land, regardless of whether said land lies within or without the corporate limits of the City of McHenry without having first paid to the City on behalf of the Developer the connection fee as hereinabove provided for and as set forth in attached Schedule I. Upon payment of such connection fee, the City shall issue a receipt and release in duplicate, showing such payment, and the City shall forthwith deliver one of the two receipts, together with the connection fee paid to the Developer, it being understood that any charges for collection of the same by the City shall not be deducted from the connection fee provided for herein. The City shall then, if all of its ordinances have been complied with, and provided further that the - 4- 608535 City Engineer has certified that said water system has sufficient capacity to accomodate the additional load, issue a permit for corn r nection to said water system as to such land as may then lie within the corporate limits of the City. In order to encourage the early recapture of the funds advanced by Developer herein, the City agrees to cause payment in accordance with Schedule I attached hereto. 10. This Agreement shall remain in full force and effect for a period of twenty (20) years from the date of its execution or until such time as Developer has been reimbursed for the total cost of said water system as hereinabove set forth in Paragraph 7, less the sum of $5, 121. 30 as hereinabove set forth, which sum represents Developer's unreimbursable proportionate share of the construction cost of the project as defined in Paragraph 7 hereinabove, whichever shall occur first. 11. The Developer shall require the contractor or contractors constructing said water system to comply with all the requirements by the City of McHenry. The contractor or any of its sub -contractors shall agree not to look to the City of McHenry in any manner for payment of the cost of construction of said facility. 12. The Developer agrees to keep and maintain books, records and contracts showing its expense for construction of said facilities and the City agrees to keep and maintain books and records showing connection fee receipts collected by it. Such books, records and contracts shall be available for examination by the duly authorized officers or agents of the City and Developer respectively upon re- quest during normal business hours. 14. Any and all notices required hereunder shall be directed to the City of McHenry, McHenry Municipal Building, McHenry, Illinois or - 5- 605535 to the Developer, c/o Sidney Loeb, 1339 Irving Park Road, Bensenville, Illinois, 60106. IN WITNESS WHEREOF the said City has caused its corporate seal to be hereto affixed and has caused this contract to be signed by the Mayor of said City and attested to by the City Clerk, and Sidney Loeb has caused his signature to be affixed hereto on the day and year hereinabove first written. C- P�C'.�' r l • 'r Its 'City Clerk I CITY OF MCHENRY i 4 s Mayor Sidney oeb 6 )8.53 i EXHIBIT A That part of the Northwest Quarter of the Southea st Quarter of Section 27, Township 45 North, Range 8 East of the Third Principal Meridian, described as follows: Beginning at the Southwest corner of Lot 4 in Shady Crest Subdivision; thence North 5° Ol' 33" along the Westerly line of said Lot 4, 458. 02 feet to the Northwest corner of said Lot 4 and also the center line of State Route 120; thence South 740 16' 28" East, along said state highway center line, 494. 68 feet to the Northeast corner of the property formerly owned by Henry C. Wohlert and Rosina C. Wohlert (as described in Book 376 of Deeds, page 117, in McHenry County, Illinois); thence South 10 001 43" West, along the Easterly line of said Wohlert property, 322. 23 feet to the South line of the Northwest Quarter of the Southeast Quarter of said Section 27; thence North 900 00' 00" West, along said South line, 510. 61 feet to the point of beginning, all containing 4. 4438 acres, more or less, in McHenry County, Illinois. Gross area: 4. 4438 acres Road area: 0. 3647 acres Net area: 4. 0791 acres 608535 EXHIBIT B The following described real estate in the County of McHenry, and State of Illinois, to -wit: Item I Lots 11 and 12 of A. H. Hanley's Out Lots to West McHenry, a Subdivision of part of the Northeast Quarter of the Southeast Quarter of Section 27 Township 45 North Range 8 East of the Third Principal Meridian, according to the plat thereof recorded September 9, 1879, in Book 1 of Plats, Page 7, in McHenry County, Illinois. That part of the Northeast Quarter of the Southeast Quarter of said Section 27 which lies South of the center line of the highway running from McHenry to Woodstock and West of a line which is 3 chains and 37 links East of the West line of said Northeast Quarter of the Southeast Quarter (excepting therefrom Lots 11 and 12 of A. H. Hanley's Out Lots to West McHenry, and also excepting therefrom that part thereof which lies South of the North bank of the creek) in Township 45 North, range 8 East of the Third Principal Meridian, in McHenry County, Illinois. Also: Item II Except the West 254. 3 feet thereof, that part of the North West Quarter of the South East Quarter of Section 27, Township 45 North, Range 8 East of the Third Principal Meridian, McHenry County, Illinois, described as follows: Beginning at the South East corner of the North West Quarter of the South East Quarter of said Section 27; thence West 10. 19 chains to a stake; thence North to the center of the road; thence Southeasterly along the center of the road 10. 57 chains to the East line of the North West Quarter of the South East Quarter of said Section 27; and thence South on the eighty line to the place of beginning, containing 1. 96 acres, more or less. Also: Item III That part of the Northwest Quarter of the Southeast Quarter of Section 27, Township 45 North, Range 8 East of the Third Principal Meridian, described as follows: The East 54. 3 feet of the West 154. 3 feet by parallel measure- ment as measured on the South line thereof of that part of the Northwest Quarter of the Southeast Quarter of said Section 27, described as follows: Beginning at the Southeast Corner of the Northwest Quarter of the South- east Quarter of said Section 27; thence West 10.19 chains to a stake; thence Northeasterly 408. 2 feet to a point in the center line of State Route 120 that is 697. 62 feet Northwesterly (measured along said center line) from the East line of said-z Section 27; thence Southeasterly along the center line of State Route 120, a distance of 10. 57 chains to the East line of the Northwest Quarter of the Southeast Quarter of said Section 27; thence Southerly on the aforesaid East line of the Northwest Quarter of the Southeast Quarter, to the place of beginning, in McHenry County, Illinois. Also: Item IV The East one hundred (100) feet of the West two hundred fifty-four and three tenths (254. 3) feet, as measured on the South line thereof, of that part of the North West Quarter of the South East Quarter of Section 27, 608535 EXHIBIT B (cont) Township 45 North, Range 8, East of the Third Principal Meridian, described as follows: Beginning at the South East corner of the North West Quarter of the South East Quarter of said Section 27; thence West ten and nineteen hundredths (10. 19) chains to a stake; thence North to the center of the road; thence Southeasterly along the center of the road, ten and fifty-seven hundredths (10. 57) chains to the East line of the North West Quarter of the South East Quarter of said Section twenty-seven (27); thence South on aforesaid East line of the North West Quarter of the South East Quarter to the place of beginning, in McHenry County, Illinois. SAI 608535 SCHEDULE I Share of Costs Allocated to Various Parcels of Real Estate Benefited By the Construction of the Water System Described in the Recapture Agreement Between the City of McHenry and Sidney Loeb, Dated November 19, 1.973. Real Estate Benefited Per cent of Cost Estimated Dollar By Water System to be recaptured Amount to be Recapzured Item I in Schedule B of Said Agreement 13.17% $1,784.79 Item II in Schedule B of Said Agreement 30.95% $4,194.34 Item III in Schedule B of Said Agreement 4.018% $ 544.51 Item IV in Schedule B of Said Agreement 7.40% $1,002.84 Real Estate Described in Exhibit A of Agreement 37.79% $5,121.30 City of McHenry Real Estate Described as Park 6.66% $ 902.56 Total Estimated Dollar Cost of Water System $13,550