R-29-11 Res Funding Agrmt Derby PlazaRESOLUTION NO. __ _ _ (
A RESOLUTION AUTHORIZING THE EXECUTION OF A FUNDING AGREEMENT FOR
PUBLIC IMPROVEMENTS IN RELATION TO THE DERBY PLAZA DEVELOPMENT
(Derby Plaza)
WHEREAS, CMC Real Estate Holding, LLC (hereinafter referred to as the "Developer ") is the
owner of property commonly referred to as Derby Plaza, hereinafter referred to as "the subject property ";
and
WHEREAS, the Developer is ready, willing, and able to enter into said agreement and perform the
obligations as required therein; and
WHEREAS, a copy of said Funding Agreement has been attached hereto and included herein
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village
of Lemont, Counties of Cook, DuPage, and Will, State of Illinois, as follows:
Section 1. That the President be and is hereby authorized and directed, and the Village Clerk is
directed to attest to a document known as the "Funding Agreement," a copy of which is attached hereto and
made a part hereof.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF LEMONT, COUNTIES OF COOK, DUPAGE AND WILL, ILLINOIS, ON THIS 11th
DAY APRIL, 2011.
Debby Blatzer
Paul Chialdikas
Clifford Miklos
Ron Stapleton
Rick Sniegowski
Jeanette Virgilio
AYES NAYS ABSENT ABSTAIN
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Approve, me this 11th day of April, 2011
Attest:
CHARLENE M. SMO LEN, Village Clerk
. REA Village President
FUNDING AGREEMENT FOR PUBLIC IMPROVEMENTS IN RELATION TO
THE DERBY PLAZA DEVELOPMENT
THIS FUNDING AGREEMENT, made and entered into on this day set forth next
to the signatures of the parties hereto, by and between the VILLAGE OF LEMONT, an
Illinois municipal corporation (herein after referred to as "Village ") and CMC Real Estate
Holdings, LLC (herein after referred to as "CMC ").
WITNESSETH:
WHEREAS, CMC owns certain property commonly known as Derby Plaza
located within the Village which was annexed (Ordinance 0- 68 -06), rezoned (Ordinance
0- 69 -06) and grant Planned Unit Development (Ordinance 0- 70 -06) by the Village on
October 9, 2006 (Ordinances 0- 68 -06, 0 -69 -06 and Ordinance 0 -70 -06 are incorporated
herein by reference and are collectively referred to as the Derby Plaza Development
Ordinances); and
WHEREAS, The Village is engaged in certain public improvements commonly
referred to as the McCarthy /Derby Road Improvements made necessary and
contemplated to be undertaken, in part, as a result of the Derby Plaza Development; and
WHEREAS, Pursuant to the Derby Plaza Development Ordinances and laws of
the Village, CMC is required to pay a proportionate share of the McCarthy /Derby Road
Improvements (hereinafter referred to as the "CMC Public Improvement Contribution ");
and
WHEREAS, the Parties have conferred and agreed upon the amount and timing of
CMC Public Improvement Contribution.
NOW, THEREFORE, in consideration of the foregoing Recitals and the
covenants and conditions hereinafter contained, the adequacy and sufficiency of which
the parties hereto hereby acknowledge; the parties hereby mutually agree as follows:
1) The Parties agree that the CMC Public Improvement Contribution shall be in the
amount of $290,000.00 payable as follows:
a) CMC shall pay to the Village the amount of $180,000.00 on or before December
1, 2011.
b) CMC shall pay to the Village the amount of $110,000.00 on or before April 1,
2012.
2) CMC shall have no further obligation related to the cost for construction of the
McCarthy /Derby Road Improvements it being understood that all other costs shall be the
responsibility of the Village or parties other than CMC.
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Attest:
IN WITNESS WHEREOF, the parties hereto have set their hands and seals this
of April, 2011.
Attest:
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Charlene Smollen, Village Clerk
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VILLAGE OF LEMONT, an Illinois
Municipal Corporation
Village President
CMC Real Estate Holdings, LLC
By:
Jozef Czupta, President