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HomeMy WebLinkAboutRESOLUTION - 21-89 - 4/11/1989 - 2ND AMENDMENT TO ANNEX AGRMTRESOLUTION NO. 21-89 A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE CLERK TO EXECUTE A SECOND AMENDMENT TO ANNEXATION AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND LaSALLE NATIONAL BANK, HAMILTON LAKES VILLAGE, LIMITED, TALBOT'S MILL LIMITED PARTNERSHIP AND KIMBALL HILL INC. WHEREAS, the Corporate Authorities of the Village of Elk Grove Village conducted a public hearing on a Petition to Amend an Annexation Agreement previously adopted pursuant to Resolution No. 71-86 and thereafter amended pursuant to Resolution No. 83-86; and WHEREAS, the President and Board of Trustees after having considered the testimony and evidence presented at said public hearing as well as the testimony and evidence presented before the Plan Commission and the findings of said Plan Commission find and believe it to be in the best interest of the Village that the Annexation Agreement as previously amended be further amended as hereinafter set forth. NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of :Elk Grove Village, Counties of Cook and DuPage, Illinois as follows: Section 1: That the Village President be and is hereby authorized to sign the Second Amendment to Annexation Agreement, a copy of which is attached hereto and made a part hereof as if fully set forth and the Village Clerk is authorized to attest said document upon the signature of the Village President. Section 2: That the Village Clerk is hereby authorized to record a copy of said Second Amendment to Annexation Agreement upon its passage and approval. Section 3: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTES: AYES: 5 NAYS: 0 ABSENT: 0 APPROVED: Charles J. Zettek VILLAGE PRESIDENT ATTEST: Patricia S. Smith VILLAGE CLERK PASSED this 11th day of April 1989. APPROVED this -TTt6 day of April 1989. -2- SECOND AMENDMENT TO ANNEXATION AGREEMENT This Second Amendment to Annexation Agreement made and entered into this 11th day of April , 1989, by and between THE VILLAGE OF ELK GROVE VILLAGE, a municipal corporation organized and existing under, and by virtue of the laws of the State of Illinois (hereinafter referred to as the "Village") by and through its present Board of Trustees (hereinafter referred to collectively as "Corporate Authorities"), and LASALLE NATIONAL BANK, not personally, but as, trustee, under trust agreement dated January 8, 1986, and known as Trust No. 110733 (the "Trustee"), HAMILTON LAKES VILLAGE LIMITED, a Texas limited partnership ("Hamilton Lakes"), TALBOT'S MILL LIMITED PARTNERSHIP, an Il- linois limited partnership ("Talbot's Mill"), and KIMBALL HILL, INC., an Illinois corporation ("Kimball Hill") (Trustee, Hamilton Lakes, Kimball Hill, and Talbot's Mill are hereinafter collec- tively referred to as the "Owners"). W I T N E S S E T H: WHEREAS, Hamilton Lakes and Trustee are the owners of record of certain real estate, the legal description of which is set forth on Exhibit A attached hereto, made a part hereof, and incorporated herein by reference (the "Subject Property"), which Subject Property is the subject of a certain Annexation Agreement dated September 9, 1986, by and between the Village, the Trustee, and Hamilton (the "Annexation Agreement"), which Annexation Agreement was amended by an Amendment to Annexation Agreement dated October 28, 1986; and WHEREAS, Kimball Hill has entered into a contract with Hamilton Lakes to purchase a portion of the Subject Property which contract Kimball Hill has assigned to Talbot's Mill; and WHEREAS, the parties hereto wish to enter into certain additional amendments to the Annexation Agreement; and WHEREAS, pursuant to the provisions of Illinois Revised Statute, 1985, Chapter 24, Section 11-15.1-1, et seq., a proposed Second Amendment to Annexation Agreement in substance and form the same as this Second Amendment to Annexation Agreement (the "Second Amendment") was submitted to the Corporate Authorities and a public hearing held thereon pursuant to notice, as provided by statute; NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, it is hereby mutually agreed by and between the undersigned as follows: 1. STATUTORY AUTHORITY. This Second Amendment is made pursuant to and in accordance with the provisions of Illinois Revised Statutes, 1985, Chapter 24, Section 11-15.1-1, et seq. 2. ZONING. Section 4 of the Annexation Agreement shall be amended to be and read as follows: "4. ZONING. The Subject Property shall be divided into three parcels for the purpose of zoning classification, the legal descriptions of which are set forth on Exhibit C attached hereto, made a part hereof and incorporated herein by reference. Promptly after the adoption of this Amendment, pursuant to Section 2.4 of the zoning ordinance of the Village, the parcels shall be classified as follows: Parcel 1: A-2 Multi - Family Residential District; Parcel 2: R-3 Residential District; and Parcel 3: O -T Office Transitional Dis- trict. That there heretofore have been conducted such public hearings as are necessary to grant the zoning classifications provided above and that no further action need be taken by or on behalf of Owners to obtain such zoning classifications. For zoning pur- poses, Owners shall be deemed to own that portion of the Subject Property which falls within the area platted by the Plat of Subdivision of Itasca Farms recorded with the Cook County Recorder of Deeds on July 9,, 1948, as Document No. 14355084." 3. APPROVAL OF PLAT OF VACATION AND RESUBDIVISION. Subsequent to the adoption of this Second Amendment, the Village shall approve, accept, and record plats of vacation and sub- division of the Subject Property provided such plats and all other documents required pursuant to the Village's Subdivision Control Ordinance have been prepared by the Owners and approved by the Village in compliance with the Village's Subdivision Control Ordinance, subject to the following variances and excep- tions from strict compliance with such Ordinance: 1. No alleys shall be required pursuant to Section 8.004 of the Subdivision Control Ordinance due to the availability of other access streets and drive- ways and the fact that alleys are not required for loading, unloading or fire protection. 2. The minimum width of right-of-way of a street other than Park Boulevard shall be fifty (50) feet and the paving shall be twenty-eight (28) feet curb -back to curb -back, with public utility, drainage, water, sewer and cable television easements ten (10) feet in width on both sides of the right-of-way. The right-of-way for Park Boulevard shall be eighty (80) feet and the paving shall consist of two (2) twenty-seven (27) feet curb -back to curb -back lanes (B-6.12 curb and gutter) separated by a sixteen (16) feet decorative grass median, with appurtenant twelve (12) feet wide left turn lanes, and reduction of median by like amounts, as OA directed by the Village: Engineer. Easements, six feet in width on the east side of Park Boulevard and four- teen feet in width on the west side of Park Boulevard, shall be granted for installing and maintaining public sidewalks and easements, twenty-five feet in width on both sides of Park Boulevard (except that on east side of Park Boulevard such easement will be narrower where required by the presence of a non -easement area desig- nation on Exhibit E attached hereto), shall be granted for public utilities, drainage, water, sewer and cable television. The median of Park Boulevard and the median islands of the caul -de -sac streets shall be maintained by one of the homeowners' associations established pursuant to declarations of covenants each of which shall be substantially in the form of Exhibit K attached hereto and hereby made a part hereof (the "Homeowners' Declaration") for administering matters common to some of the homeowners of Parcel 1 (each a "Homeowners' Association"). In the event such Home- owners' Associations fail to properly maintain any such medians, the Village shall have the right to do so and to charge such Homeowners' Associations the reasonable cost of such work. 3. Cul-de-sacs shall be permitted with minimum inside diameter of not less than ninety (90) feet and maximum length of not more than six hundred fifty (650) feet. 4. No minimum lot, width or lot size shall apply, provided buildings are developed consistent with the Conceptual Site Plan attached hereto as Exhibit G and hereby made a part hereof, it being expressly under- stood that some attached homes will be conveyed under fee simple ownership, and that some will be conveyed as condominium units. 5. That land previously dedicated to the Village to be used as a well site legally described on Exhibit D attached hereto, made a part hereof and incorporated herein by reference shall be considered part of the land donation required by Section 8.004 of the Sub- division Control Ordinance. 6. Utility easements shall not be required along the rear and side lot lines pursuant to Section 8.004 of the Subdivision Control Ordinance if not needed in the opinion of the Village Engineer; easements shall be granted in connection with the recording of final plats of planned development and subdivision as shown on such documents. 3 7. The Village will permit an upgrade in street lights which varies from the standard Commonwealth Edison lights, provided that Commonwealth Edison will install and maintain said lights. The installation costs shall be borne by the owners causing such lights to be installed and the: energy and maintenance costs will be billed to and paid for by the Village. The cost for maintenance and energy over and above the standard street light cost will be billed by the Village to such owners on an annual basis in advance. If the number of street: lights installed exceeds the number required by the Village, the additional main- tenance and energy costs shall be the responsibility of the owners. Said Plat shall be substantially in accordance with the proposed Plat of Subdivision attached hereto as Exhibit E and made a part hereof and incorporated herein by reference. 4. ZONING VARIATIONS. Section 6 of the Annexation Agree- ment shall be amended to be and read as follows: 116. Zonina Variations. The Subject Property shall be developed in accordance with the Zoning Ordinance of the Villacle except that the following variations shall apply to the respective parcels: Parcel 1 (Multi -Family) 1. The requirement of Section 9.12 of the Zoning Ordinance that a building envelope of thirty (30) feet be deducted for the purpose of calculating common open space shall be reduced to ten (10) feet. Parking spaces located adjacent to dedicated streets shall be deemed to be permitted obstructions within the common open space and shall be considered common open space. The Village Engineer and Building Commissioner collec- tively shall have the right to permit up to five (5) feet of encroachment onto easement areas by any such protrusion by the developer during the initial construction. The instal- lation of swing sets and other playground and park equipment shall not be deemed an en- croachment onto easement areas. 2. Common Open Space, as defined by the Zoning Ordinance, shall not all be conveyed to a not-for-profit corporation, but part thereof may be owned by individual fee simple lot owners or condominium associations, except that within Parcel 1 (Multi -Family Residential Distract) the retention ponds, a single private park area approximately one and two-tenths (1..2) acres in size as de- picted on the Conceptual Site Plan, and some other portions of the Common Open Space shall be conveyed to one or more of the Homeowners' Associations. The Homeowners' Associations shall administer matters common to all homeowners within such associations, includ- ing, without limitation, landscape main- tenance and snow removal, within the Common Open Space, whether owned by an association or by fee simple owners; the Homeowners' Associations shall. have the right to impose legally enforceable liens to pay the expenses related thereto. The Homeowners' Declara- tions shall restrict the improvement and use of all Common Open Space, whether owned by association or fee: simple owners to uses appropriate to Common Open Space. The park site shall be developed with landscaping, playground equipment and park equipment having a total value of a minimum of Twenty- five Thousand Dollars ($25,000). 3. The bulk regulations set forth in Section 5.1 of the zoning ordinance shall be varied to permit within Parcel 1 (Multi - Family Residential. District) attached single family homes without side yards, where attached, provided that side yards of at least ten (10) feet are present at the ends of buildings containing attached units. Minimum lot widths shall not apply with regard to such attached single family homes. 4. Section 5.34 E (2) shall be varied to permit shared driveways serving not more than eight (8) units to be placed within fifteen (15) feet of a building. 5. The permitted uses contained in Section 5.31 shall be deemed to include model units, sales offices, and sales trailers for the purpose of selling units on the subject property. Such trailers shall be removed not later than thirty (30) days after occupancy permits for all model types are granted. 6. Neither the driveways to the garages, nor the parking spaces adjacent to E or on the driveway's shall be deemed to be part of a parking lot for purposes of inter- preting the zoningordinance. Section 3.55A shall be varied to permit guest parking spaces in the front yard setbacks consistent with the guest parking spaces shown on the Conceptual Site Plan attached hereto as Exhibit G, which spaces shall also not be deemed to be part of a parking lot for purposes of interpreting the zoning ordi- nance. Parcel 3 (Office Transitional) 1. The maximum permissible height pursuant to Section 5.73 B. of the Zoning Ordinance shall be increased from three (3) stories or thirty-five (35) feet to six (6) stories or ninety (90) feet for a maximum of two (2) buildings. 2. Notwithstanding the requirements of Section 3.96 C. of the Zoning Ordinance, the OWNERS are permitted to install one parking space for every two hundred eighty-five (285) square feet of office space. Such public hearings as are necessary to grant the foregoing variations have heretofore been conducted and no further action need be taken by or on behalf of OWNERS to obtain such variations once the Subject Property is annexed to the VILLAGE." 5. SPECIAL USE (PLANNED DEVELOPMENT). The Conceptual Site Plan attached hereto as Exhibit G is hereby approved for Parcel 1 (Multi -Family Residential District). The preliminary and final land use and zoning plats, if consistent with the Conceptual Site Plan and if all additional details and documents prepared in connection therewith are acceptable to the Village Authorities, will be approved. Such public hearings as are necessary to approve an amended preliminary and/or final land use and zoning plat have heretofore been conducted. Prior to approval of any preliminary or final land use and zoning plats, all submission requirements of the Zoning Ordinance must be complied with but nc public hearing need be held. Provided such submission require- ments are met, preliminary and final approval may be granted concurrently. Final land use and zoning plats may be submitted for por- tions of Parcel 1 (Multi -Family Residential District) to permit the development of Parcel 1 (Multi -Family Residential District) in phases. The final plat for the first phase shall be submitted E subsequent phases shall be submitted no later than two years from the date of approval of the final plat for the first phase. Construction for each phase shall be completed within three years of approval of the final plat for such phase. 6. SIDEWALKS. Section 9 of the Annexation Agreement shall be amended to be and read as, follows: "9. SIDEWALKS. Owners shall construct sidewalks as required by the Village Subdivision Control Or- dinance, including a sidewalk shall be constructed on the north side of Devon Avenue, but no sidewalk shall be constructed on the south side of Devon Avenue. The developer of Parcel 3 shall extend the sidewalk along the north side of Devon Avenue at existing grade from the westerly border of the subject property to the easterly edge of the I-290/Devon Avenue bridge deck provided permits can be: obtained from appropriate governmental authorities to construct the sidewalk; the developer of Parcel 3 will not be required to build out the existing northerly shoulder of Devon Avenue or to traverse the ravine north of the existing shoulder. Subject to the foregoing, such sidewalk will be con- structed not later than the construction of the side- walk east of Park Boulevard on the north side of Devon Avenue. The sidewalk along Devon shall be a minimum of five (5) feet wide and all other sidewalks shall be a minimum of four (4) feet wide." 7. WATER. Section 10 of the Annexation Agreement shall be amended to be and read as follows: "10. WATER. For the purpose of providing water to the Subject Property and the buildings to be located thereon, the developer of Parcels 1 and 2 shall connect to the existing village water mains located at the southeast corner of the, site, at the western terminus of Wellington Avenue and at the western terminus of Montego Drive, or such other location as the Village may approve pursuant to final engineering plans, submitted with final land use and zoning plats. In addition, water mains shall be extended to the northern boundary of the Subject Property at Lincoln and Martha Streets to be available for service to the property shown on Exhibit H attached hereto, made a part hereof and incorporated herein by reference ("Itasca Farms"). Such developer shall be entitled to reimbursement from the owners of Itasca Farms at the time of connection for that portion of the cost of such water mains representing the cost of oversizing and the cost of any portions of the mains added to the design for the Subject Property specifically to provide service to 7 Itasca Farms, in accordance with the Recapture Agree- ment attached hereto as Exhibit I, made a part hereof and incorporated herein by reference." 8. SANITARY SEWER. Section 11 of the Annexation Agreement shall be amended to be and read as follows: "11. SANITARY SEi4EE . The developer of Parcels 1 and 2 shall provide sanitary sewer service to the Subject Property, and the buildings to be constructed thereon, by connection into the existing Village sewer system located at the southeast corner of the site. The Village agrees that the existing sewer is adequate to accommodate the needs of the Subject Property now and when fully developed. Such developer shall con- struct the sanitary sewers of adequate size to accom- modate the future connection of any or all of Itasca Farms. Such developer shall be entitled to reimbur- sement from the owners of Itasca Farms for a portion of the cost of said sewers representing the cost of oversizing and the cost: of any portions of the system added to the design for the Subject Property specifi- cally to provide service to Itasca Farms, in accordance with the Recapture Agreement attached hereto as Exhibit I." 9. PUBLIC STREETS. :Section 13 of the Annexation Agreement shall be amended to be and read as follows: 1113. PUBLIC STREf'.TS. The Owners agree to dedi- cate and construct the public streets delineated on Final Subdivision Plat approved by the Village accord- ing to Village ordinance and standards provided there- for (except as herein modified), and shall provide the Village with adequate ;security to guarantee said construction in such form as hereinafter set forth. Park Boulevard will be constructed to the following cross section: Sub -base Granular Material Type "B" - 4" Bituminous Base Course - 8" Bituminous Concrete Binder Course - 2 1/2" Bituminous Concrete Surface Course Class I - 1 1/2" Pozzolonic Base Course shall be prohibited on all public streets. "The Owners agree that the developer of Parcels 1 and 2 shall pay 12�% and the developer of Parcel 3 shall pay 12'% of the cost of a fully actuated 8 phase signal system at Devon Avenue and Park Boulevard, 0 subject to the approval. of the Cook County Highway Department. "The owner of Parcel 3 shall continue to provide access to the Village well site located at the south- west corner of the Subject Property (the "Well") over the existing improved sub -grade road and shall grant appropriate permanent Easements and construct appro- priate pavement facilities to maintain access to the Well simultaneously with the construction of the southerly building to be constructed within Parcel 3 in a manner as directed. by the Village Engineer to a minimum structural number of 3.0." 10. DETENTION. Section 14 of the Annexation Agreement shall be amended to be and read as follows: 1114. DETENTION. The developer of Parcels 1 and 2 shall construct detention areas for Parcels 1 and 2 to be located as shown on Final Engineering Drawings approved by the Village as required by Village Stan- dards. The maximum allowable release rate for the subject property will be 0.10 cubic feet per second per acre. The developer of Parcel 3 shall construct deten- tion areas for Parcel 3 as shown on Exhibit G, and as required by Village Standards. The areas serving Parcels 1 and 2 shall be owned and maintained by one or more of the Homeowners' Associations, and the areas serving Parcel 3 shall be owned and maintained by the owner of Parcel 3 or its successors or assigns, all in accordance with Village Standards, including the use of chemicals and/or aeration, if necessary, to maintain water quality therein." 11. PUBLIC IMPROVEMENTS - SECURITY. Section 15 of the Annexation Agreement shall be amended to be and read as follows: "15. PUBLIC IMPROVEMENTS - SECURITY. The developers of portions of the Subject Property shall be required to give the Village security for the install- ation of all public improvements, publicly owned and maintained, constructed by each of them, such security to be in the form of letters of credit, or cash escrow deposits or such other :security which may be deemed by the Village Attorney or the Village Manager to be satisfactory, including but not limited to an irrevo- cable letter of credit drawn on a bank with assets in excess of $100 million dollars, such letter being effective for the length of time required to complete such improvements and certifying that adequate funds will remain available in a form to allow the Village to procure the funds irrevocably committed to complete the 0 required public improvements and construction, if said improvements shall not be constructed within eighteen (18) months of the date of the engineering permit and the responsible owner shall continue such default for a period of sixty (60) days after written notice thereof by the Village to the responsible owner. "At the time public improvements are installed and approved by the Village Engineer, the responsible owner shall submit (a) the Certificate of Acceptance and Initial Conveyance, (b) the Deed of Conveyance/Bill of Sale, (c) one (1) set of mylar as -built drawings, (d) two (2) sets of blue line as -built prints, and (e) a two (2) year Maintenance Bond in the amount of ten (10%) percent of the cost of public improvements not expiring during the months of November, December, January, February, March, or April, to the Village prior to the formal acceptance of said improvements by the President and Board of Trustees for permanent maintenance by the Village." 12. LANDSCAPING AND SCREENING PLAN. Section 17 of the Annexation Agreement shall be amended to be and read as follows: 1117. LANDSCAPING AND SCREENING PLAN. A. The developer of Parcels 1 and 2 with regard to Parcels 1 and 2 and the developer of Parcel 3 with regard to Parcel 3 shall prepare and submit a detailed land- scaping and screening plan for such parcels where they abut residential properties. Said landscaping and screening plan will be submitted to the Plan Commission for review and recommendation and to the Village Board for approval prior to the issuance of any building permits. In addition, the responsible developer shall prepare and submit a detailed interior landscaping and screening plan for each. individual Parcel as required by applicable Village ordinance. The entry landscape plan by Hitchcock Design Group, dated February 27, 1989, consisting of Sheet 1 entitled Conceptual Entry Plan and Elevation and Sheet 2 entitled Conceptual Entry Landscape Plan, a copy of which is attached hereto as Exhibit J and is hereby incorporated by ref- erence is hereby approved. "B. Notwithstanding the foregoing, the Village shall issue such occupancy permits prior to completion of landscaping and screening if the responsible owner provides: (i) certification by an architect or land- scape engineer that it is not feasible to install the remaining landscaping due to the season, and (ii) a letter of credit in the amount of 110% of the estimated cost of the remaining landscaping improvements drawable 10 by the Village to compl'''ete such landscaping in the event the responsible owner fails to do so within nine (9) months of the issuance of any such occupancy permits. Vic. The Village shall continue to interpret the parkway tree requirements under the Subdivision Control Ordinance to apply exclusively to Parcel 2 the Or- dinance Establishing Minimum Site Development And Landscaping Requirements to apply exclusively to Parcels 1 and 3." 13. SIGNS. Section 18 of the Annexation Agreement shall be amended to be and read as follows: 1118. Sians and Fe:ncina. All signs not in conformity with the Village sign ordinance shall be subject to review, and approval by the Village Board with regard to size, design, manner of illumination, and placement. A total of 1,200 square feet of permanent signs and 500 square feet of temporary signs shall be permitted for Parcel 1 (Multi - Family Residential District); a total of 200 square feet of permanent signs and 200 square feet of temporary signs shall be permitted for Parcel, 2 (Single Family Residential Dis- trict); and a total of 1,000 square feet of permanent signs and 500 square feet of temporary signs shall be permitted for Parcel 3 (Office -Transitional District). For purposes of determining the square footage of a sign, both sides shall be counted if verbiage is included on both sides, otherwise only one side, shall be counted. The owners of Parcels 1, 2, and 3 may, aggregate the square footage of the size of temporary signs and into one or more combinations which shall not exceed the total aggregate square footage of temporary signage permitted, i.e., 1,200 square feet. The owners may erect such combined temporary signs on any one or more of the parcels. Those signs designated as temporary shall be removed within one (1) year of the granting of a certificate of occupancy for the portion of the project where such temporary sign is located. The entry identifica- tion plan for Parcels 1 and 2 shown on Exhibit J hereto to be located at both the intersection of Park Boulevard and Devon Avenue and on Devon Avenue at the east end of the subject property, is hereby approved and an entry iden- tification plan for Parcel 3 located at the northwest corner of Devon Avenue and Park Boulevard, compatible with Exhibit J will be approved, subject to final approval of the Village Board as to actual square footage, manner of illumination, and exact location. For purposes of determining the dimen- sions of such entry identification plan, the size of the attached letters shall be determinative and the stone wall shall not be deemed to be a portion thereof. The entry identification improvements located on Parcel 1 and Parcel 2 Fel shall be maintained by one or more of the Homeowners' As- sociations, and those on Parcel 3 shall be maintained by the owner of Parcel 3. To the extent that the Village Board gives final approval, fencing shall be permitted in front of the build- ing set -back line on street frontage along a street clas- sified as a major street." 14. DONATION OF LAND. Section 21 of the Annexation Agree- ment shall be amended to be and read as follows: "21. DONATION OF LAND. In lieu of any land donation required by Section 8.004 of the Subdivision Control Ordinance, Talbot's Mill agrees to create a one and two-tenths acres private park owned by one of the homeowners' associations within Parcel 1. In addition, Talbot's Mill agrees to contribute $208,400 to the Village in lieu of any additional land donation for park or other purposes." 15. PAYMENT OF FUND. Section 23 of the Annexation Agree- ment shall be amended to be and read as follows: 1123. PAYMENT OF FUND. The Village acknowledges that it has received from Hamilton Lakes Thirty-eight Thousand Eight Hundred Thirty-two dollars ($38,832) for use in connection with the Village's Municipal Purpose Fund." 16. ROAD EXTENSION FUNDS. Section 24 of the Annexation Agreement shall be amended to be and read as follows: 1124. ROAD EXTENSION FUNDS. Owners shall post an irrevocable letter of credit in the amount of $275,000 as security for their obligation to donate to the Village up to the amount of such letter of credit for improvements to an extension of Park Boulevard over Martha Street in the Itasca Farm Subdivision, consist- ing of roadway construction and storm water drainage improvements related tc run-off from road improvements only, within five (5) years of the date of the first occupancy certificate to be issued within the subject property (the "First O.C."). In the event the Village elects to construct such improvements, it shall draw upon such letter of credit up to the full amount thereof for the purpose of paying the cost of such improvements. Such letters of credit shall be for a term of one year or less and shall be replaced by a new letter at least twenty (20) days before the expiration date (the "Replacement Letter"). The amount of each Replacement Letter shall be adjusted to reflect changes pFa in the Construction Cost Index published by American City & County magazine (or a comparable index, if such index ceases to be published) from the date of the Second Amendment to Annexation Agreement to the date of the Replacement Letter.. If a letter of credit deli- vered pursuant hereto is scheduled to expire prior to such expiration of such five (5) year period, the Village shall also be entitled to draw upon such letter of credit in the event a Replacement Letter of credit is not received for such letter of credit within twenty (20) days of its expiration date. Such funds shall then be held in a cash escrow until such time as the Village elects to utilize such funds as herein pro- vided. In the event that improvements to Martha Street are not commenced within five (5) years of the date of the First O.C., the letter of credit or cash escrow funds shall be returned to the Owners. In the event the Village utilizes any or all of such funds or draws upon such letter of credit for the purpose of con- structing improvements, the Owners and the Village shall enter into a recapture agreement substantially consistent with the terms of Exhibit I for the purpose of recapturing the full. cost of such improvements." 17. Beisner Road. If the Village elects to vacate that portion of the Beisner Road right-of-way line east of and ad- jacent to the Subject Property or to convey such right-of-way to Developer of Parcel 2, and the Village completes such conveyance or vacation prior to the issuance of the first occupancy certifi- cate for any improvements on the Subject Property, the owner of Parcel 2 will accept such vacation or conveyance and one or more of the homeowners' associations shall landscape and maintain such area in accordance with Village codes and ordinances. 18. NOTICE. All notices and demands shall be sent by cer- tified or registered mail addressed as follows: To Hamilton Lakes Village or Trustee: Hamilton Lakes Village Limited c/o Trammell Crow Company - Residential One Pierce Place Suite 750 West Tower Itasca, Illinois 60143 To Kimball Hill or Talbot's Mill: Kimball Hill, Inc. 5999 New Wilke Road Suite 504 Rolling Meadows, Illinois 60008 13 To the Village: Village Hall 901 Wellington Avenue Elk Grove Village, Illinois 60007 Attn: Village Manager 19. TRUSTEE'S EXCULPATION. This Amendment is executed by Trustee not personally but as Trustee as aforesaid in the exer- cise of the power and authority conferred upon and vested in it as such Trustee, and it is expressly understood and agreed that nothing herein contained shall be construed as creating any liability on Trustee personally to perform any covenant either express or implied herein contained, all such liability, if any, being expressly waived by all parties hereto and by every person now or hereafter claiming any right hereunder, and that so far as Trustee personally is concerned, the parties hereto look solely to the subject property for the enforcement hereof. 20. FULL FORCE AND EFFECT. Except as expressly amended or modified hereby, the Annexation Agreement shall remain in full force and effect in accordance with its terms. IN WITNESS WHEREOF, the. Parties hereto have set their hands and seals this 11th day of April , 1969, the same being done after public hearing, notice and statutory require- ments having been fulfilled. HAMILTON LAKES VILLAGE LIMITED By: Its: KIMBALL HILL, INC. By: Its: TALBOT'S MILL LIMITED PARTNERSHIP By: Its: 14 LaSALLE NATIONAL BANK, as Trustee as aforesaid and not personally By: Attest: VILLAGE OF ELK GROVE By: Charles J. Zettek Village Presi ent Attest: Patricia S. Smith Village Clerk 15