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II `. ` .
<br /> AGREEMENT
<br /> THIS AGREEMENT(thiS"AgreemenY')is made as of the/(1� day of April, 2001, by and between �the CITY OF
<br /> DECATUR, ILLINOIS the "CITY" , a munici al cor oration, and JDN DEVELOPMENT COMPANY, INC. "JDN" , a Delaware
<br /> � ) P P � )
<br /> corporation,with an address of 359 East Paces Ferry Road, NE, Suite 450,Atlanta, Georgia 30305.
<br /> WHEREAS,JDN owns, and wishes to develop,those premises(the"Premises")described on Exhibit A attached hereto
<br /> and made a part hereof, which are south of and adjacent to that portion of Maryland Avenue, in Decatur, Illinois, (the
<br /> "Improvement Area")described on Exhibit B attached hereto and made a part hereof; and,
<br /> I WHEREas, the CITY requires improvement (as set forth below, the "ImprovemenY') to the Improvement Area prior to
<br /> any subdivision or other improvement of the Premises;and,
<br /> WHEREAS, the CITY estimates the Improvement to the Improvement Area will cost approximately Two Hundred Fifty
<br /> Thousand Dollars($250,000.00); and,
<br /> WHEREAS, JDN is willing to make the Improvement to the Improvement Area, subject to partial reimbursement by the
<br /> CITY as set forth herein.
<br /> Now, THEREFORE, for and in consideration of the premises, the promises, and the terms and conditions set forth
<br /> herein, the receipt and sufficiency of which are hereby acknowledged,the CITY and JDN agree as follows:
<br /> 1. (a) The CITY, at its sole cost and expense, shall grant andlor provide, as appropriate, all rights, licenses, and easements
<br /> necessary(the "Easements") for JDN to perform the Improvement to the Improvement Area, and shall indemnify and hold
<br /> JDN harmless in connection therewith. The Easements shall be provided together with the approvai of the"Plans"(defined
<br /> in subsection 1(b), below). The Easements shall be temporary in nature for the period necessary to perform the
<br /> Improvement, and shall expire upon acceptance of the Improvement by the CITY as provided herein unless the CITY
<br /> requires a permanent easement.
<br /> (b) JDN shall perform the Improvement to the Improvement Area. The scope of the Improvement shall be as set forth in
<br /> Exhibit C attached hereto and made a part hereof. The Improvement shall be to CITY standards and in substantial
<br /> conformance with those portions of Maryland Avenue immediately adjacent to the Improvement Area, and all plans and
<br /> specifications therefor(the"Plans")shall be approved by the Director of Engineering antl Infrastructure for the CITY prior to
<br /> the start of construction of the Improvement.
<br /> 2. All contracts executed by JDN for the Improvement, and all subcontracts executed thereunder, shall require the contractor
<br /> and subcontractor(s), as the case may be, to comply fully with all requirements of the Illinois Prevailing Wage Act(820 ILCS
<br /> 130/0.01 et seq.,the"Act"),and JDN shall also fully comply with the Act.
<br /> 3. (a) Upon completion of the Improvement by JDN in accordance with the Plans, JDN shall provide the CITY with written
<br /> notice of such completion and, subject to subsection 3(b) below, the CITY shall accept the Improvement. Promptly(but in
<br /> no event more than thirty (30) days) upon acceptance by the CITY of the Improvement, the CITY shall reimburse JDN, in ,
<br /> part, for the Improvement in the total amount of One Hundred Twenty-Five Thousand Dollars ($125,000.00) (the "Partial ',
<br /> ReimbursemenY'). In the event the Partial Reimbursement, or any lesser portion thereof which is due pursuant to �
<br /> subsection 3(b) below, has not been paid within such thirty (30) days after acceptance, the CITY shall also pay JDN a I
<br /> Twelve Thousand Five Hundred Dollar ($12,500) late fee together with interest at the rate of 1.5% per month or portion �
<br /> thereof on any outstanding amount until such is paid.
<br /> (b)To the extent that any portion of the Improvement is not accepted because such has not been performed substantially in
<br /> accordance with the Plans, the CITY shall provide JDN with a written punchlist of any element of the Improvement which
<br /> requires further work("Compliance Punchlist") to come into compliance with the Plans, and the CITY may elect to withhold
<br /> from the Partial Reimbursement only the estimated cost to complete the Compliance Punchlist until that work is complete, at
<br /> which time such shall be paid in accordance with the provisions of subsection 3(a), above.
<br /> (c) JDN shall furnish the CITY with a performance bond (the"Bond") (or some other similar financial instrument acceptable
<br /> to the CITY), in the sum of One Hundred Twenty-Five Thousand Dollars ($125,000.00), in a form and with security
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