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APPROVING A ROAD IMPROVEMENT IMPACT FEE CREDIT AGREEMENT BETWEEN THE COUNTY OF KANE AND MIF GENEVA PARK-M, LLC & MIF GENEVA PARK-J, LLC
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WHEREAS, MIF Geneva Park-M, LLC & MIF Geneva Park-J, LLC (hereinafter the "Applicant"), with offices at 411211 W 22nd Street, Suite 800, Oak Brook, IL 60523, plans to initiate New Development pursuant to Kane County Road Improvement Impact Fee Ordinance 22-27, (hereinafter the "Ordinance"); and
WHEREAS, the MIF Geneva Industrial Park (hereinafter the "Development") received site specific development approval from the City of Geneva on July 3rd, 2024; and
WHEREAS, the Applicant and the County desire to enter into an Impact Fee Credit Agreement (hereinafter the "Agreement" in accordance with the Ordinance; and
WHEREAS, pursuant to the Agreement the Applicant is obligated to make various improvements to highway(s) in the County's highway system that are part of the Comprehensive Road Improvement Program (CRIP) as set forth in the Ordinance, the value thereof being not less than $208, 535.95; and
WHEREAS, Section Twelve of the Ordinance requires the County Board to review and ratify Impact Fee Credit Agreements for impact fee credits in excess of $100,000 and if approved thereby to direct the County Engineer to execute said approved Impact Fee Credit Agreement on behalf of the County; and
WHEREAS, said highway improvements are deemed by the County to be of immediate benefit to the residents of Kane County in that the improvements shall facilitate the efficient movement of traffic and shall provide for the safety of the motoring public.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the County Engineer is hereby directed to execute an Impact Fee Credit Agreement (a copy of which is on file with the County Clerk's Office) for said Development on behalf of the County of Kane with MIF Geneva Park-M, LLC & MIF Geneva Park-J, LLC...
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