Project Narrative General: The intent of this revision to the PUD for Deerfield Senior Residences Project located at 1627 LakeCook Road which was approved by the Village Board in December, 2017 is to alter the proposed access to the Porte Cochere on the west side of the Deerfield Senior Residences building. This revision is a result of our current inability to execute an easement agreement with the owners of our neighbor to the West (Arbor Lakes); we were working with the Campbell family to complete this agreement when the property became under-contract to be sold. The Campbell family stopped the negotiations because they did not want to encumber the eventual purchaser. The sale of Arbor Lakes closed on Monday, October 29, 2018 to Stanton Road Capital. We have had two discussions (October 16th and November 2nd) with Stanton Road Capital and have sent them an easement agreement that reflects our approved PUD Approval. The responses have been slow and in order to close on the project with our capital partners we are looking at another option in case we cannot come to agreement with Stanton Road Capital. Our goal is to try and execute the agreement with Stanton Road Capital but, we are currently at a standstill and want to make sure we can move the project forward; thus, we are submitting this revision to the approved PUD. Detail: The changes are shown on the revised plan prepared by Gewalt Hamilton Engineers as follows: A new full (in/out) access located in the southwest corner of the site. A one-way drive extension from the point of entry to the parking garage to the north parking area. The change from a full-access to a right-in/right-out access from the Wilmot Road extension into Arbor Lakes Drive. We have attached a copy of the revised and approved plan for your reference. John Burke Vice President of Construction – Senior Living Banner Development DEVELOPMENT AGREEMENT / CJE SENIOR LIFE DEERFIELD THIS DEVELOPMENT AGREEMENT (this “Agreement”) is entered into this ___ day of _________________, 2018, by and between DEERFIELD SENIOR RESIDENCES PROPERTY OWNER, LLC, a Delaware limited liability company (referred to as the “Developer”), and the VILLAGE OF DEERFIELD, an Illinois municipal corporation (the “Village”). RECITALS WHEREAS, Developer intends to purchase a certain parcel of unimproved property with an area of approximately 5.2 acres at 1627 Lake Cook Road, Deerfield, Illinois, which is legally described on Exhibit A attached hereto and made a part hereof (the “Subject Property”); and, WHEREAS, Developer has submitted various plans, elevations, schedules, specifications and other documents comprising its Final Development Plan, as that term is defined in the Village Zoning Ordinance, to the Village Plan Commission, which has issued its recommendation for approval; and WHEREAS, the Village’s corporate authorities have received and approved the favorable recommendation of the Village Plan Commission relating to the Final Development Plan, and have determined that the Village’s best interests will be served by approving the Final Development Plan to authorize and permit the development and use of the Subject Property as a 240 unit independent senior living facility, subject to the provisions of Village Ordinance No. 0-17-31; and WHEREAS, the Village’s corporate authorities have adopted or, contemporaneously with the adoption of this Agreement will adopt, all necessary ordinances, passed all necessary motions, and otherwise granted, all necessary approvals approving the Final Development Plan; and WHEREAS, the Village has heretofore adopted the Village Development Code (the “Development Code”) by Ordinance No. 0-93-53, which requires that the Village and a developer enter into a development agreement relative to the development of the certain types of properties located within the Village, including developments such as the Final Development Plan; and WHEREAS, in accordance with Article III of the Development Code, this Agreement has been reviewed by the Director of Community Development and the Village Engineer, who have made recommendations to the President and Board of Trustees of the Village of Deerfield; and WHEREAS, the parties now desire to enter into this Development Agreement, pursuant to the applicable provisions of the Development Code, for the purposes set forth in the Development Code; and WHEREAS, the parties have entered into, or contemporaneously with the adoption of this Agreement will enter into, an Impact Fee Agreement and Construction Permit Agreement, which are adopted and incorporated herein by reference. 1 IT IS THEREFORE AGREED by and between the parties hereto, as follows: 1. Incorporation of Recitals and Exhibits. The above and foregoing recitals, being material to this Agreement, are hereby incorporated and made a part of this Agreement as if fully set forth herein. The Exhibits attached to this Agreement are expressly incorporated herein. 2. Identification of Development/Improvement Plan. A. For purposes of this Agreement, the “Development Plan” for the Subject Property shall consist of the documents listed on Exhibit B hereto, which documents have been approved by the President and Board of Trustees pursuant to the Development Code, and which are hereby incorporated and made a part of this Agreement by this reference. B. In accordance with Section 3-101-B of the Development Code, the Developer has provided the Village Engineer and the Director of Community Development with copies of a Final Improvement Plan as a part of its Development Plan. The term “Improvement Plan” when used herein shall include only those documents and/or plans or those specific parts of documents and/or plans listed in Exhibit B that depict public or private improvements that are Guaranteed Improvements as defined in Section 5(A) below. Said final engineering plans are identified as a part of Exhibit B. The Developer agrees to grant to the Village all easements reasonably requested by the Village which are depicted on the Developer’s Final Development Plan. 3. Site Development Schedule. In accordance with Section 3-102-B(4)(a) of the Development Code, the development of the Subject Property will proceed substantially in accordance with the schedule attached hereto as Exhibit C and made a part hereof. The parties recognize and acknowledge that this development schedule is subject to variables relating to weather, strikes, work stoppages, acts of God and other matters outside of the reasonable control of the Developer or their contractors and subcontractors. 4. Improvement Plan Details. In accordance with Section 3-102-B(4)(b) of the Development Code, all proposed improvements are depicted and detailed on the Improvement Plan. 5. Performance Guaranty. Except as provided in the following Paragraphs A and B, Developer shall submit a performance guarantee as required by Article IV of the Development Code. A. In accordance with Article IV and Section 3-102-B(4)(c) of the Development Code, Developer shall provide to the Village, no later than the issuance date of the general building permit, in a form satisfactory to the Village, an irrevocable commercial letter of credit equal to 110% of the total cost estimate approved by the Village Engineer for access roads, erosion control, sidewalks, utilities, fire hydrants, drainage and landscaping (the “Guaranteed Improvements”) which are described on the Improvement Plan. In addition, the Village agrees that Developer may post cash in lieu of a letter of credit, which cash shall be held in an interest bearing account 2 controlled by the Village, with interest to be credited and paid to Developer upon any refund of said security. B. At the time that Developer completes Guaranteed Improvement(s) in accordance with the Improvement Plan and makes payments for such Guaranteed Improvement(s) and partial reduction of the letter of credit, Developer shall provide Village with documentation: (i) identifying the specific Guaranteed Improvements completed by Developer, (ii) the estimated cost for such Guaranteed Improvements, (iii) certificates from the Inspecting Engineer (defined below) that such Guaranteed Improvements have been fully and satisfactorily completed, (iv) all appropriate contractor and/or subcontractor lien waivers for the work performed and materials supplied for the specific Guaranteed Improvements, and (v) such other and further invoices, bills, contracts or documentation as the Village shall reasonably request to evidence completion of the Guaranteed Improvements in accordance with the Improvement Plan. Except as expressly modified herein, all reductions and the final discharge of the letter of credit or other security shall be in accordance with Sections 4-107 and 4-109 of the Development Code. 6. Inspecting Engineer. Pursuant to Section 4-106 of the Development Code, the Village Engineer, or any mutually acceptable registered professional engineering firm designated by the Village Engineer, shall be the “Inspecting Engineer” authorized to ensure that the development complies with the approved Improvement Plan, the Village Standards, and Specification Manual and this Agreement. To the extent that the Village Engineer designates a professional engineering firm to serve as the Inspecting Engineer, such Inspecting Engineer shall invoice the Village for engineering services rendered, and the Developer shall promptly reimburse the Village for such engineering fees and costs, subject to the limitations in Chapter 20, Article 2, Section 9.215(3) of the Village Municipal Code.