PD #70 DEVELOPER AND OUTER DRIVE EAST AGREEMENT
This Agreement entered into as of the 8th day of February, 1993 between Illinois Center Plaza Venture, an Illinois limited partnership, ("ICPV") and The 400 Condominium Association, an Illinois not-for-profit corporation (the Association")
W I T N E S S E T H
WHEREAS, on September 17, 1969 the City of Chicago adopted a Residential Business Planned Development ("RBPD No. 70") which established development parameters for the property generally bounded by Wacker Drive, Lake Shore Drive, Randolph Street and Michigan Avenue (the "1969 Planned Development")
WHEREAS, the parties to this Agreement entered into an agreement memorialized in a letter from ICPV to Grorge Caleel, President of the Association dated February 5, 1979 (the "1979 Agreement"), which established certain development specifications for the property 500 feet north of the building commonly known as 400 East Randolph Street, Chicago, Illinois (the "400 Building"), east of Field Boulevard and west of Lake Shore Drive as existing on the date hereof (the "Restricted Property") in lieu of the provisions of an amendment that was adopted in 1979 to the 1969 Planned Development (the "1979 Amendment");
WHEREAS, ICPV has applied for a 1993 amendment to RBPD No. 70 as amended in 1979 (the "1993 Amendment"); and
WHEREAS, the parties to this Agreement now desire to re-state and re-affirm the 1979 Agreement and modify its provisions to reflect the adoption of the 1993 Amendment.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed as follows:
1. This Agreement supersedes the 1979 Agreement.
2. ICPV and the Association hereby agree that notwithstanding the provisions of the 1979 Amendment or the 1993 Amendment:
(A) Any buildings to be hereafter constructed within the southern 250 foot portion of the Restricted Property, ICPV shall comply with the site coverage limitations and off-street parking minimums of the 1969 Planned Development; and
(B) Any residential buildings to be hereafter constructed in the northern 250 foot portion of the restricted Property, ICPV shall also comply with the site coverage and off-street parking requirements of the 1969 Planned Development.
Provided, however, that any townhouses to be hereafter constructed on the Restricted Property between the Upper Level (plaza) and +30 feet above the Upper Level, ICPV may develop said townhouses in accordance with the site coverage limitations provided in the 1993 Amendment.
3. ICPV agrees to cooperate in the planning of a pedestrian traffic connection between the 400 Building and the pedestrian walkway system which will eventually be constructed when the adjacent property to the north of the 400 Building and east of Field Boulevard is developed. To that end, ICPV shall notify the Association in writing six months prior to commencement of construction of a building at such location and the Association will provide plans to ICPV of the base of the 400 Building within two months of receiving such notice. After receipt of plans of the base of the 400 Building, ICPV will direct its architect to provide for the design for the adjacent property location (s) for a pedestrian traffic connection between the 400 Building and the pedestrian walkway system. It shall be the option of the Association to elect to connect to said pedestrian walkway system.
4. ICPV hereby represents to the Association that ICPV, Metropolitan Structures and Illinois Center Corporation are the only parties presently holding an ownership interest in or purchase contracts or purchase options on the undeveloped portions of the Restricted Property. ICPV, Metropolitan Structures and Illinois Center Corporation hereby agree that the terms of this agreement shall be binding on their successors and assigns, and that in selling or leasing any portion of the Restricted Property this Agreement will be incorporated by reference in any contract for sale and deed or conveyance or lease for said property, and shall constitute a restriction thereon.
5. ICPV hereby agrees with the Association that this Agreement shall be executed in five counterparts with executed counterparts to be retained by the parties hereto and an executed counterpart to be filed with the City Council Committee on Zoning and the City of Chicago Department of Planning and Development and with one counterpart to be delivered to the Clerk of the City of Chicago.
6. Nothing in this Agreement shall be deemed to modify the effect of zoning changes enacted after due notice and hearing subsequent to the 1993 Amendment, except any zoning changes initiated or consented to by ICPV or its successors or assigns.
7. If the performance of any of the covenants herein would violate such future zoning changes, (eg. a city maximum limitation on parking which would be less than the 1969 Ordinance for residential buildings), then said covenants shall be deemed null and void from the effective date of said zoning change. However, all other covenants herein, the performance of which would not violate said zoning changes, shall remain in full force and effect.
8. Any liability of ICPV hereunder shall be collected solely from the net assets of ICPV. No partner of ICPV nor any such partner's separate property shall have any liability hereunder. A deficit capital account of a partner of ICPV shall not be deemed an asset or property of ICPV.
9. Metropolitan Structures and Illinois Center Corporation hereby represent to the Association that they have the authority to execute this Agreement as General Partners of ICPV and to bind ICPV as a result.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement effective as of the day and year first above written.
ILLINOIS CENTER PLAZA VENTURE,
an Illinois limited partnership by its
Illinois Center Corporation
By Metco Properties,
An Illinois limited partnership
a General Partner
The 400 Condominium Association, an Illinois
(bold print emphasis added by R. F. Ward, July, 2000)