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Board of Education of Community School District No. 220 v. Village of Hoffman Estates
Illinois Appellate Court
467 N.E.2d 1064 (1984)
In 1975, two groups of developers entered into a contract with the Village of Hoffman Estates (Village) (defendants). Under the contract, the developers were to pay a sum of money to the Village that would be held in escrow. The contract stated that during the five-year period following execution of the contract, the parties would use their best efforts to annex School District 15 (District 15) and the money in escrow would go to that district once annexed. If the parties failed to annex District 15 at the end of the five-year period, the money would go to School District 220 (District 220) (plaintiff). Shortly before the expiration of the five-year period, the developers and the Village modified the contract extending the period for annexation of District 15 to nine years. After the five-year period expired, District 220 brought an action for declaratory judgment to determine if District 220 was presently entitled to the escrow funds. The trial court granted summary judgment in favor of District 220. The Village appealed.
Rule of Law
Holding and Reasoning (Sullivan, J.)
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