Title
Orland Park Bike Trail Project - Budget Adjustment
History
We have applied to the Illinois Department of Natural Resources for a wetland authorization under the Interagency Wetland Policy Act so as to allow the discharge of clean non-toxic fill material into the Orland Park Bike Trail Project, located east of LaGrange Road and north of 143rd Street, between the Norfolk & Western R.R. tracks and the Tinley Creek Forest Preserve in Orland Park, Cook County, Illinois. The IDNR Permit # is 07-07831; and as a condition to the issuance of a permit from the IDNR, the Purchaser is required to compensate for said wetland impacts, and elects to do so through a "Wetland Bank" and it has been determined that we shall be required to purchase a total of 0.68 acres of wetland credit (0.34 acre/impacts x 2.0 ratio = 0.68 acre/credits), due to the proposed impacts to the wetlands resulting from the development of the Project; and the Project is located in the Lake Michigan watershed and the Wetland Bank is also located in the same watershed, on Sauk Trail Road in Sauk Village, in Cook County, the purchase of wetland credits in the Sellers' Sauk Trail Wetland Mitigation Bank in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, it is agreed as follows:
1. RECITALS: The recitals are hereby incorporated herein by this reference.
2. COMPENSATION: Purchaser shall, subject to the terms and conditions hereinafter provided, pay to the Seller the sum of SIXTY-ONE THOUSAND TWO HUNDRED DOLLARS ($61,200.00) for 0.68 wetland credits in the Wetland Bank. The Purchase Price shall be paid in the following manner:
a) PURCHASE PRICE: Upon receipt or as a condition of final permit notice from the IDNR (Permit Approval Notification), Purchaser shall pay Seller the Purchase Price as stated herein, or $61,200.00. All payments hereunder shall be made to BANCO JOINT VENTURE. Upon payment of the Purchase Price, Seller shall notify the IDNR that the Purchaser has finalized payment of 0.68 acres of credit from the Sauk Trail Wetland Mitigation Bank.
b) REQUIRED AMOUNT OF CREDITS: Should the weland credits required be increased ordecreased from the time of Agreement execution to the time Purchase Price has been paid, the Agreement shall be modified to reflect an adjusted Purchase Price based on the same price per acre as originally set out in the Agreement, if Seller has such credits available.
3. SELLER'S PERFORMANCE INDEMNITY: In consideration of the Purchase Price, Seller affirms that it has sufficient wetland credits released by the USACOE in the Wetland Bank to satisfy the wetland credits required by Purchaser and hereby does sell such credits to Purchaser. Purchaser shall have no obligation to perform any of the responsibilities of the Seller, or satisfy any other obligations of Seller now or hereinafter as set forth by the USACOE in the development and maintenance of the Sauk Trail Wetland Mitigation Bank.
On July 28, 2008 this item was reviewed and approved by the Recreation and Parks Committee and referred to the Board for approval.
Financial Impact
This money will be transferred from the General Fund to the Capital Budget 023-4004-451-7070
Recommended Action/Motion
I move to approve accepting the amount not to exceed $61,200.00 from BANCO JOINT VENTURE, INC. for the purchase of a total of 0.68 acres of credit from the Sauk Trail Wetland Mitigation Bank;
and
Approve transferring the $61,200.00 needed for this Project from the General Fund to the Capital Budget Account.