A.   The village may enter into an annexation agreement with one or more of the owners of record of land in unincorporated territory subject to the following provisions; provided, however, that any public hearings required by law to be held before the adoption of any ordinance amendment provided in such agreement shall be held prior to the execution of the agreement, and all ordinance amendments provided in such agreement shall be enacted according to law:
      1.   Filing:
         a.   All annexation agreements must be filed with the village clerk and shall be reviewed by the economic development committee of the village.
         b.   Each agreement:
            (1)   Shall be accompanied by the required filing fee per section 13-1-9 of this chapter;
            (2)   Shall be accompanied by any notice fees the village may have to incur;
            (3)   Shall state the effective date and duration of the annexation agreement, which may not exceed twenty (20) years in duration from the date of execution of the agreement;
            (4)   Shall provide the legal description, parcel number and common address of the property subject to annexation;
            (5)   Shall state the name and address of all owners of record of the property subject to annexation, and proposed land developers and any beneficiaries of a land trust of the subject property;
            (6)   Shall state the current zoning and proposed zoning of the property;
            (7)   Shall state whether the agreement shall be binding upon the successor owners of record of the land which is the subject of the agreement and shall state such in the agreement;
            (8)   Shall have a provision stating either:
               (A)   That petitions for annexation will be filed with such other units of local government and diligently pursued to a final decision; or
               (B)   Petitions will be filed to annex such property to such other units of local government and diligently pursued to a final decision within ninety (90) days of the date of notification by such other units of local government that such property meets the statutory qualifications for annexation to such other units of local government; and
            (9)   Shall contain any other provision or language required by this chapter or by law.
         c.   The agreement may be entered into when the property is not contiguous to the village and shall be considered a preannexation agreement.
         d.   The agreement may provide for the following as it relates to the land which is the subject of the agreement:
            (1)   The continuation in effect, or amendment, or continuation in effect as amended, of any ordinance relating to:
               (A)   The subdivision regulations found in title 12 of this code;
               (B)   The zoning ordinance found in title 11 of this code;
               (C)   Any official comprehensive plans adopted by the village;
               (D)   The building, housing and related restrictions found in titles 8, 9 and 10 of this code;
            (2)   Limitations upon increases in permit fees required by the village;
            (3)   Abatement of property taxes;
            (4)   Granting of utility franchises for such land; and
            (5)   Any other matter neither inconsistent with the provisions of this chapter nor forbidden by law.
      2.   Hearing: The village economic development committee shall hold a public hearing upon the proposed annexation agreement or amendment to an annexation agreement with notice of the public hearing being published not more than thirty (30) nor less than fifteen (15) days before the date of the hearing at least once in one or more newspapers published in the village and posted as required by law. After the public hearing, the economic development committee shall make a recommendation to the village board on the proposed annexation agreement with the recommendation being based on review and application of the following standards:
         a.   The suitability of the subject property for uses authorized by the existing zoning;
         b.   The length of time the property has remained vacant as zoned considered in the context of land development in the area;
         c.   The suitability of the subject property for uses authorized by the proposed zoning;
         d.   The existing land uses of nearby property;
         e.   Existing zoning of nearby property, relative gain or hardship to the public as contrasted and compared to the hardship or gain of the individual property owner resulting from the approval or denial of the zoning amendment application;
         f.   The extent to which adequate streets connected to the arterial street system are available or can be reasonably supplied to serve the uses permitted in the proposed zoning classification;
         g.   The extent to which the proposed amendment is consistent with the need to minimize flood damage and whether the development of the subject property for uses permitted in the proposed zoning classification would have a substantial detrimental effect on the drainage patterns in the area;
         h.   The extent to which adequate services (including, but not limited to, fire and police protection, schools, water supply and sewage disposal facilities) are available or can be supplied to serve the uses permitted in the proposed zoning classification; and
         i.   The extent to which the proposed amendment is consistent with the public interest, giving due consideration for the purpose and intent of this chapter, including the following specific purposes:
            (1)   To conserve and protect the taxable value of land and structures;
            (2)   To protect the air, water and land resources within the village from the hazards of pollution and misuse;
            (3)   To protect land and structures from natural hazards, including flooding and erosion;
            (4)   To preserve and protect historic locations, structures and groups of structures;
            (5)   To preserve and protect and encourage the development of structures, groups of structures and neighborhoods of distinctive architectural character and appearance;
            (6)   To provide for the orderly and functional arrangement of land uses and structures;
            (7)   To establish standards for the orderly development or redevelopment of geographic areas within the village;
            (8)   To secure for the public locations for housing, employment, shopping, education and recreation that are adequate in terms of health, safety, convenience and number;
            (9)   To facilitate the adequate provision of transportation, water, sewage disposal, schools, parks and other public facilities;
            (10)   To conserve and protect natural resources including prime agricultural land, mineral resources and areas of scientific interest; (Ord. 2009-113, 9-21-2009)
            (11)   To permit public involvement in the planning of private land uses which have the potential for significant impact on the use and enjoyment of surrounding property or on the public resources and facilities of the village; and (Ord. 2009-113, 9-21-2009; amd. 2011 Code)
            (12)   To promote any official comprehensive plan adopted by the village.
      3.   Amendments: Any annexation agreement may be modified after the public hearing and before adoption by the village board of trustees.
      4.   Ordinance: Any annexation agreement must be approved by ordinance by a two-thirds (2/3) majority vote of the members of the village board of trustees then holding office. When considering the annexation ordinance the village board of trustees shall consider:
         a.   The facts presented at the public hearing;
         b.   The recommendation of the economic development committee; and
         c.   The recommendations of the professional staff of the village.
   B.   The village may approve the agreement as written, with modifications, or reject it. If modifications are a condition of the approval of the agreement, such modifications need not be made at that time. Execution of the agreement may occur at any time after any required modifications are made, and such agreement, as modified, shall be printed in the minutes of the first board meeting after execution. (Ord. 2009-113, 9-21-2009)