Where the Village has entered into an annexation agreement, it may provide in such agreement that, at its option or by mutual agreement, it may extend the term thereof for a period up to an additional 20 years. The term of the annexation agreement may be extended whether or not the land has been annexed to the Village during the prior term.

The Village Board may, but is not required to, hold a public hearing before the corporate authorities prior to exercising this option. During the term of any extended annexation agreement, it may be amended in the same manner as amendments may be made to an annexation agreement within its initial term. In order for the Village, by its option, to initiate the extension of the term of an annexation agreement, the agreement must have provided for such extension.

The method of notice by which the owner of the property shall be informed of the exercise by the Village of its option shall be in accordance with the terms of the annexation agreement; or if the agreement is silent as to a method, the Village may exercise its option by notifying the owner in writing not more than two years nor less than three months before the termination of the agreement. The Village may elect to exercise its option with regard to all of the property previously covered under the annexation agreement or only a portion thereof. If the extension requires the approval of all parties, that approval shall be procured before the extended term may commence.

To the extent that an annexation agreement shall contain certain covenants of the owners which, by the terms of the annexation agreement survived its term, they shall continue in effect during the period of the extended annexation agreement and thereafter. The Village may only exercise its option for a single extension of an annexation agreement; but the Village and the then owner of property which was not annexed during the term of an annexation agreement may, in the manner provided for by law for the entering into an annexation agreement, agree that the property shall be bound by a newly negotiated and executed annexation agreement. All extended annexation agreements may also be referred to as development agreements.

(Ord. 5091, 9-9-2002; amd. Ord. 6086, 11-13-2012)