R94-155 AUTHORIZING FIRST AMENDMENT TO ANNEXATION AGREEMENT

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. , , • - 2 - the authority of 65 ILCS 5/11-15.1-1, et seq., the City, Pheasant Run and Westerman agree as follows: 1. Paragraph 4 of the Annexation Agreement is hereby amended to provide that reservation of tax credits by the Authority for the Project must occur not later than March 17, 1995. If such reservation of tax credits by the Authority does not occur on or before March 17, 1995, neither City nor Pheasant Run shall have any further obligation to one another under any of the remaining terms of this agreement and it shall thereafter become unenforceable as to City and Pheasant Run unless both parties agree to further extend this Agreement. 2. Paragraph 5 of the Agreement is hereby amended to provide that tax credits are reserved by the Authority for the Project on or before March 17, 1995. 3. Paragraph 5(a) is hereby amended to provide that no later than June 15, 1995 Pheasant Run shall deposit the sum of$255,000 with Calumet Federal Savings and Loan Association. 4. Paragraph 6 of the Agreement is hereby amended to provide that reservation of tax credits are to be reserved on or before March 17, 1995. 5. Paragraph 6(b) is hereby amended to provide for improvements to Neeley Avenue to be completed not later than February 15, 1996, provided the City shall use due diligence to extend a fully operable 8" water main to the Premises not later than October 15, 1995 for use by Pheasant Run..