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 ...
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