Loading...
HomeMy WebLinkAboutResolution #3437RESOLUTION NO. 3437 A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF CANTON, FULTON SQUARE CORPORATION, NORWEST BANK ILLINOIS, AND DRURY MANAGEMENT, INC. WHEREAS, the City Council of the City of Canton, Illinois has reviewed the terms of the Agreement, a copy of which is .attached hereto and -made a part hereof as Exhibit A; and, WHEREAS, the City Council of the City of Canton, Illinois has determined that it is in the best interest of the City of Canton to approve said Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Dlinois as follows: 1. That the Agreement which is attached hereto and made a part hereof as Exhibit A, is hereby approved, said agreement to be subject to and Effective pursuant to the terms and conditions set forth therein. 2. That the Mayor of the City of Canton, Illinois is hereby authorized and directed to execute and deliver said Agreement on behalf of the City of Canton. 3. That this Resolution shall be in full force and effect immediately upon its passage by the City Council of the City of Canton, Fulton County, .Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois, at a regular meeting this 15th .clay of September, 1998, upon a roll call vote as follows: AYES: Aldermen Hartford, Nblleck, Sarff , Meade, Nidiffer, May, Shores . NAYS: None . ABSENT: Alderman Phillips . AP OVED: Donald E. Edwards, Mayor Attest:. Nancy es, City Jerk THIS DEVELOPMENT AGREEMENT ("Agreement") made and entered into as of the ~ day of OCi~ , 1998, by and between the CITY OF CANTON, an Illinois municipal corporation, 210 East Chestnut Street, Canton, Illinois 61520 ("City"), FULTON SQUARE CORPORATION, an Illinois corporation, P.O. Box 130, Canton, Illinois 61520 ("Fulton Square"), NORWEST BANK ILLINOIS, N.A., a national banking corporation, 2 North Main Street, Canton, Illinois 61520 ("Norwest"), and DRURY NANAGffi~[SNT, INC., a corporation, 3007 North Knoxville, Peoria, Illinois 61603 ("Burger King"). WITNESSETH WHEREAS, Burger King desires to develop a parcel of real estate located at the Northwest corner of the intersection of East Locust Street and First Avenue in the City of Canton ("Burger King Parcel"); and WIiSREAS, Norwest desires to develop a parcel of real estate located at the Northeast corner of the intersection of Locust Street and Main Street in the City of Canton ("Norwest Parcel"); and WHffi2EAS, City and Fulton Square desire to have an entrance to the Fulton Square/City parcel, located between North Main Street and North First Avenue, immediately South of Locust Street ("Fulton NP81/xorw~s! sink IIM-SIC-C-TUl ab9.11.9e 1 Square Parcel"); and WHEREAS, all parties hereto agree that the removal of certain areas of the medians dividing the East/West traffic on Locust Street ("Locust Median") and the North/South traffic on Main Street at a point North of Locust Street ("Main Street Median") would be in the parties' best collective interest for the development of the Norwest Parcel and Burger King Parcel and the improvement of access to the Fulton Square Parcel; and WHEREAS, City desires to encourage and foster business development in the area where the Norwest Parcel, Burger King Parcel and Fulton Square Parcels are located; NOW, THEREFORE, in consideration of the mutual covenants, payments and conditions heretofore and hereinafter set out, the parties hereto agree as follows: 1. ~riTENTION: It is the intention of the parties to jointly cooperate with each other to encourage and assist the Illinois Department of Transportation ("IDOT") in approving the removal of certain portions of the Locust Median and Main Street Median in order that east-bound traffic on Locust Street may enter onto the Burger King Parcel ("Burger King Entrance") and Norwest Parcel ("Norwest Locust Street Entrance") from Locust Street and west- bound traffic on Locust Street may enter onto the Fulton Square wrsl/xorv.st 9aatc sb9.11.9i 2 Parcel from a new entrance along the North boundary line of the Fulton Square Parcel at its intersection with the South right-of- way line of Locust Street ("Fulton Square Entrance"). Additionally, the parties agree to cooperate with Norwest in obtaining removal of the Main Street Median so that south-bound traffic on Main Street may turn left and enter the Norwest Parcel through the existing Norwest entrance on Main Street or such other new entrance as may be developed to the Norwest Parcel along Main Street ("Norwest Main Street Entrance"). The parties additionally intend that Norwest and Burger King will consolidate the existing Burger King Entrance and Norwest Locust Street Entrance into a new entrance to be used by both parties and their customers along the North line of Locust Street at its intersection with the Southeast corner of the Norwest Parcel and the Southwest corner of the Burger King Parcel ("Consolidated Entrance"). Norwest and Burger King agree to grant appropriate cross easements to the other in order to accomplish the construction and intended use of the Consolidated Entrance. 2. ENGINEERING EXPENSES: Engineering expenses shall be performed by the City's Engineers, Maurer-Stutz, Inc., 6 East Elm Street, Canton, Illinois 61520 ("Maurer-Stutz") and the City shall initially pay for all engineering expense incurred in connection wvsi/xorwst Baalc 1111-BR-C-lul ab9.11.96 3 with the plans for the removal of the Locust Median and Main Street Median. All reasonable engineering expenses paid by the City which are allocable to the removal of the Locust Median and the Main Street Median shall be reimbursed to the City by Norwest, Burger King and Fulton Square, based on the allocation method stated in paragraph 5 hereof. The parties hereto shall jointly submit the proposed plan to remove the Locust Median and Main Street Median and replace the same and, as well, create the new Fulton Square Entrance and Consolidated Entrance so that the same is approved by IDOT. 3. ~]~: City shall provide all labor and material for the removal of the Locust Median and the Main Street Median. City may bid the removal and replacement of pavement work, to the extent required by State statutes, in accordance with State statutes, and shall be free to accept or reject any and all bids for the removal and/or replacement work. All parties to this Agreement shall be entitled to review and approve all such bids for removal or replacement prior to the acceptance by the City. Bids neither approved nor rejected by any party within fourteen (14) calendar days after receipt thereof, shall be deemed approved irrevocably and conclusively. avsl/aorwst eaalc ~m-ax-c-PUl W9.11.9i 4 4. ~pT ar~!11,(wNT; Norwest, Burger King and Fulton Square shall reimburse the City for the actual expense of labor, materials, other incidental work and engineering expenses for the replacement of the Locust Median and Main Street Median with pavement. 5. ALLOCATION: Maurer-Stutz has .prepared and is in the process of continuing to prepare allocations of the parties' outstanding interests. The theory behind the allocation is as follows: (a) Norwest shall pay 100$ of the Main Street Median replacement. Additionally, Norwest shall pay 25~ of the Locust Street Median replacement. (b) Burger King shall pay 25$ of the Locust Street Median replacement. (c) Fulton Square shall pay 50$ of the Locust Street Median replacement. Each party hereto shall be privy to and have the right to approve any and all costs and expenses or any parts thereof which they will be required to pay under this Agreement. The parties acknowledge that Maurer-Stutz has furnished, under cover dated August 14, 1998, proposed estimates of each party's share of the Main Street Median replacement and Locust Street Median anal/xornat n.nx ~-nR-~-r,.i ab9.ii.sa 5 replacement. To the extent that any of these costs exceed the estimates for this particular work by more than 10~, any party to this Agreement may withdraw herefrom following the City's receipt of bids for the actual work to be performed. City shall cause Maurer-Stutz to fully advise each of the parties hereto. as to the nature of the bids received and provide each party hereto with a detailed copy of the work to be performed, together with a breakdown of all replacement expenses and a proposed allocation thereof. City shall be authorized to pay any budgeted or bid items previously approved by the parties and such amounts, once paid, shall become eligible for reimbursement to the City by each party in accordance with the allocations contained herein. Any change orders shall be in writing and be approved and signed by all the parties hereto to become an obligation reimbursable to the City by the remaining parties. City shall notify the parties in writing of any change orders and any change orders not approved or rejected by any party within three (3) business days of receipt shall be deemed approved absolutely and conclusively against such party. City shall monitor the disbursement of funds relative to the bids or change orders and obtain appropriate contractor's affidavits and lien waivers for all such disbursements. ~~ibo~..t n.n,~ ~-~-~-~ sb9.11.98 6 6. ACCESS AGREEIKENTS; Norwest and Burger King shall cooperate with IDOT in providing IDOT with access agreements of the usual and customary kind for the Consolidated Entrance. Fulton Square and City shall cooperate with IDOT in providing IDOT with appropriate access agreements for the New Fulton Square. Entrance. 7. ; It is the goal of the parties to accomplish the removal and replacement of the Median within ninety (90) days from the date this Agreement is executed. The parties agree, in good faith, to commence their duties under this Agreement as soon as possible so that the removal of the Locust Median and the Main Street Median and the replacement thereof with pavement may be accomplished as soon as possible. Once the City has accepted the bids and the bids have been let to a contractor, the failure to complete the removal of the Locust Median and Main Street Median and replace the same with pavement in a timely manner shall not be deemed a release or variation of any party's obligation to reimburse the City for any expenses hereunder. The parties agree that the City shall promote and enforce the terms of the contract, as let, which shall contain appropriate incentives and/or penalties to promote the timely completion of the work hereunder. 8. BINDING: Each of the parties hereto who are corporations or limited liability companies, represent and warrant to the other MP61/ltorw~st Hank ta-eR-c-rul sbf.11.9~ 7 that the appropriate action by the City Council, or Board of Directors, as the case may be, has occurred and that the person signing on behalf of any corporate entity or limited liability company has authority to fully bind the corporate entity, limited liability company or municipality to the terms and conditions contained herein. This Agreement shall be binding upon the heirs, successors and assigns of each of the parties hereto. 9 - ATi'QBrIEY' S FEES : In the event any party hereto shal l fail to perform any of the terms and conditions to be made and performed by that party, the breaching party shall pay the reasonable attorney's fees and expert witness fees, court costs and reasonable litigation expenses incurred by any party enforcing this Agreement against the breaching party. MP61/IforrNt 8aak tM-nl~-c-lul sb9.11.i~ 8 1 WITNESS the hands and seals of the parties hereto as of the day and year first above written. NORWEST HANK ILLINOIS, N.A., BY : ~- Au orized Officer ~" t~ CITY OF ANION, C~~ BY: Mayor ATTEST: City lerk araa~sorr..e n.nx m.-eK-c-rua sbs.aa.~s FULTON SQUARE CORPORATION, BY• uthorized Officer DRURY M~TAGEMEI~T , INC . BY: ized Obi 9