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Home My WebLink About7.2 First reading of an ordinance authorizing third amendment to the RDA - 20 West Development 10/2/2019 BoardDocs®Pro IL Agenda Item Details Meeting Oct , 2019 REGULAR MEETINGI - . Category 7. NEW BUSINESS Subject 7.2 1st reading n ORDINANCE AUTHORIZINGI REDEVELOPMENTLCOMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE , ILLINOIS Access lic Tye Action Preferred to Oct 01f 2019 Absolute Date Oct Dollar Amount 200,,000.00 Budgeted Yes Budget orce PROSPECT AND MAIN TAX INCREMENT FINANCINGDISTRICT FUND Recommended Action Staff recommends that the Village Boardss an ordinance amending the redevelopment agreement for the 20 West development authorizingthe expenditurei additional Prospect in tax increment financing funds for the construction of specified public improvements. Public Content Background 20 West is a mixed-usetransit oriented development rin 73 apartment units and a two-story restaurant space. It is situated est Northwest Highway in downtownProspect is part of the Prospect and tax increment financing istric (TIF). This mixed-use,, transit-oriented vel received zoningapproval at the March ill rd Meeting. At the same time, the Village Boardss resolution authorizing the execution redevelopment ree (RDA) between project developer, 20 West, LLC., and the Village of Mount Prospect. The RDA obligatesthe Village to provideilli incentives towards the $23.5 million project. These incentives include the following TIF-eligible ex : waiver of up to $915,000 for "soft costs" including permit fees, legal, survey, civil engineering,, architecture, structural engineers, landscape rcic , soils/ /environment I, market study and TIF consultants. 2. Payment for underground utilities including water, sanitary, storm., valves, hydrants,, hauling, trench cill, screening street cuts. 3. Payment 2 for paving including r i , compacting,, cur utter, stone, asphalt,, pervious pavement, curb replacement striping. . Payment of up to $145.,000for streetscape including lic walk, parkway landscaping, streetlights and street signs. allowance of up to $100,000 for ComEd relocate of the current overhead lines on the properties. allowance of up to $300,000 for non-contaminated soils removal r True North,, site soils may be classified s non-contaminated and require special disposal. The developer submitted financial information for the project that included cash flow analysis, debt service coverage ratio review, and an equalizedvaluation ( ) analysis. The Village hired developmentvisors, SB Friedman Chicago., Illinois, to review the project'sfinancial prospectus andr requested incentives were warranted. riedman found the developer's request for assistance was necessary k the project financially https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 1/4 10/2/2019 BoardDocs®Pro feasible. Due to a relatively low rate of return,, the project would likely not have moved forward absent the TIF financial incentives. A first amendment to the RDA was approved in August 2018 to include additional property acquisition from the former developer to create additional public parking on-site. A second amendment to the RDA was approved in October 2018. This amendment added the Geneva Capital Group LLC (Geneva) as a party to be notified if the RDA is subject to future amendments. 20 West,, LLC obtained financing for the project from Geneva in an amount of $16,,500,,000. As a term of the loan, Geneva requested that the RDA be amended to list the as a party to be notified if any future modifications are made to the RDA. In addition,, Geneva requested the Village allow the assignment of TIF incentive payments from 20 West,, LLC to Geneva. This memorandum now transmits a request for a third amendment to the RDA authorizing a $200,000 increase in expenditures for public improvements associated with the project. Information The 20 West RDA was initially approved by the Village Board on March 6. 2018. The terms and provisions of the agreement were based on engineering drawings available when the RDA drafting process finalized in January and February 2018. Notably, quantities and specifications for off-site public improvements (such as public sidewalks, streets,, streetscape,, water system improvements,, and Village-owned parking lots near the site) were based on progress drawings developed in January 2018. The TIF eligibility of the project was established by development advisor SB Friedman's February 2018 report. This report incorporated expenditures for public improvements referenced in January 2018 progress plans. Since then, final engineering was completed, and a Village permit for the project was issued in June 2018. Unfortunately,, both the quantity and cost of public improvements ultimately incorporated into the final project scope have exceeded expenditure levels anticipated in SB Friedman's February 2018 financial viability assessment. 20 West,, LLC has now asked the Village for an additional $277,780 in TIF funding for the project. The firm's request is detailed in the attached memorandum. Discussion Staff concurs with the developer's assertion that quantities and costs of anticipated public improvements increased significantly as the project developed. Staff affirms that the proposed improvements are necessary and offer substantial benefit to the community. Staff further agrees that additional TIF funding is warranted to safeguard the project from undue financial burden. However, staff disagrees with the scope of the developer's request and does not agree that the Village should be the sole payer. As part of an iterative and cooperative negotiation,, 20 West,, LLC and staff have agreed to request additional TIF funding in the amount of $200,,000 as final resolution of this matter. The additional funding will contribute (but not wholly fund) towards construction of specified public improvements not anticipated in the initial RDA as detailed below. Proposed funding ($200,,000) is included in the 2019 Prospect and Main TIF budget as well 2019 Village budget. Description Amount Brick Pavers $152f996 Busse Avenue Additional Curb and Asphalt Paving $15fO34 Additional Landscaping and Electrical Conduit $44,1 Water Main Looping and Oversizing $32fO9O East Parking Lot Reconstruction $6f840 ITotal: $251,12 Brick Pavers. The scope of brick street and sidewalk paving in the initial RDA document included 13,,758 square feet (SF) of brick paving and 7,378 SF of new public sidewalk at an anticipated cost of $159,381. The current plan includes 23,038 SF of brick pavers (no concrete sidewalk) at a cost of $311,,013. The cost difference between the initial and final plans is $152,,996. Much of the added cost can be attributed to the addition of new brick paver sidewalk areas. For example, areas initially indicated to be concrete sidewalk were upgraded to a brick paver scheme tomatch the aesthetics of the development and existing nearby Village streetscape. The balance of the cost can be attributed to an upgrade from concrete brick pavers to a clay-fired brick paver. Staff recommended replacing concrete pavers with clay due to the superior durability and colorfastness of the clay product. Clay bricks have been utilized as a long-lasting street paver in the Village to scheme inlayed at the intersection of Busse Avenue and Emerson Street. In addition, clay bricks have recently been used for the new sidewalk on the north side of the Prospect Avenue and Maple Street intersection. They will also soon be installed at the new pocket park across from Village Hall. Clay pavers are much less susceptible to degradation from salt and chlorides. In addition, they do not require sealing. For reference, please see attached maps for distinction of initial and final brick paving areas. https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 2/4 10/2/2019 BoardDocs®Pro Busse Avenue Additional Curb and Asl)halt Paving. This new request includes removal and replacement of existing curb along the north side of Busse Avenue. Initial plans did not include replacement or modification of this curb. In addition, this scope expansion includes a portion of street pavement necessary to modify the on-street parking on the north side of Busse Avenue from angled to 90 degree parking. Unit costs for curb and pavement are competitive. Additional Lan dscap Ln and Electrical Conduit. Facilitates construction and planting of additional landscaped areas not included in the scope of the initial RDA. The areas are depicted in the attached Additional Landscape map. This scope expansion also includes funding for the procurement and installation of electrical conduit beneath the Northwest Highway sidewalk to facilitate future pedestrian level streetlighting. Unit costs for indicated work are competitive. Water in Loa ing and Oversizing. Initial plans indicated reconnecting the Busse Avenue water in to an existing water main on Northwest Highway. However, computerized hydraulic analysis indicated that fire flow could be dramatically improved for the 20 West site and the downtown neighborhood in general by increasing the pipe size from 8" to 10" and looping the main up the 20 West alley and making a second connection to the existing water main on Wille Street. The costs indicated by 20 West, LLC are competitive. East Parkinci Lot Reconstruction. This pay request is to fund additional removal and replacement of existing pavement in the Village-owned parking lot east of the 20 West site. Original plans indicated that approximately half of the paved parking lot area had suitable pavement thickness to substantiate a 2" mill and re-pave treatment. Closer examination of found conditions revealed that all the pavement should be removed and replaced. Unit costs for this proposed work are competitive. Alternatives 1. Pass an ordinance amending the RDA between 20 West, LLC and the Village of Mount Prospect authorizing the expenditure of additional TIF funds for public improvements. 2. Action at discretion of Village Board. Staff Recommendation Staff recommends that the Village Board pass an ordinance amending the redevelopment agreement for the 20 West development authorizing the expenditure $200,,000 in additional Prospect and Main tax increment financing funds for the construction of specified public improvements. Brick Paver Summary.jpg (56 KB) Original Paving Area Map.jpg (136 KB) Current Brick Paver Area Map.jpg (176 KB) Area Cost Breakdown Landscape Plan.pdf (695 KB) 20West TIF increase 091919 intialed.pdf (356 KB) Mount Prospect - 20WEST - Ordinance Approving Third Amendment to Redevelopment Agreement - 9-26- 19.pdf (20 KB) - 20WEST - Third Amendment to Redevelopment Agreement - 9-26-19 (003).pdf (25 KB) Administrative Content Updated Agreement Attached. If changes are needed, I've emailed the Word Doc. Thanks., NB Changes applied - ka Executive Content https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 3/4 10/2/2019 BoardDocs®Pro Motion &Voting Staff recommends that the Village Board pass an ordinance amending the redevelopment agreement for the 20 West development authorizing the expenditure of $200,,000 in additional Prospect and Main tax increment financing funds for the construction of specified public improvements. Motion by Paul Hoefert, second by Michael Zadel. Final Resolution: Motion Carries Yea: William Grossi, Eleni Hatzisf Paul Hoefertf Richard Rogers, Colleen Sacolli, Michael Zadel https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 4/4 10/2/2019 Brick Paver Summary.jpg(861 x283) VIII RI E .1 Vii, A ll J" , , 1 F off"�r � r , ...,Sidewalk 0 Brick Pavee�,r WalI ' �r Nlll°�o� �r u� Red) $^ w„ V� �� ,� $5'fon brie mers=67",20 S p„Sh��n ursi ki��,,r�er,l)� m 'm $60'785 it Decorative „. 416°iF hown hBlue) "® ,w $3011,51.1 Total $159,381, Cur renDlel, g mg., Tot F , ” 2 j ,,, ,,,,,,, . 0 ,rick Pavy 1 . 15,36011f .S o . t 1i� ,4 n .2, � l ,eC� �� iU nt �i r 2, Sf � ��$ 5 ,” $2111,140 Stsn "' Cir ld ewafk=0 SF=$01I.01D Perme,abilm Paversm,6p320 Sf,(S!1i crwro a iiiiF` , iiiiIyin iiia. 3. u -$8,5,p320 ^ rati Pavers=10,078 SF(5Ftown in bd uo), w; 1 =$140,5,"53 Tori a 1 p ' 3 https://go.boarddocs.com/il/vomp/Board.nsf/files/BGETP2784317/$file/Brick Paver Summary.jpg 1/1 10/2/2019 Original Paving Area Map.jpg(916x717) Ori .ii w,dl,Designi Exhibit it O https://go.boarddocs.com/il/vomp/Board.nsf/files/BGETP77846E5/$file/Original Paving Area Map.jpg 1/1 10/2/2019 Current Brick Paver Area Map.jpg(1000x742) Cwrent Design EXhib,it, j j. https://go.boarddocs.com/il/vomp/Board.nsf/files/BGETP9784824/$file/Current Brick Paver Area Map.jpg 1/1 m CL NIS O•� D V C 00 z Z 01111 LZ Y C ul z � W p Z O m G J C W N � W o 11111111 . 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( i i .............. ....................... \ r 71 ..... z }} ........ ..................... r \ \ ' �._.-..L... ...1._._..r ry(............... \ ....� t . \\\\\V\\\\ m CN I04 _ co CD E�o E-n (D F-11--n C\j r \y ....... " >>> I t � I ........ LID II i/1ir A� 0 LO �I� � N t" .•... ..• syr r-, t37 T �{t 1 � M C0 0 4 E b C1 0 11 a N If f f a 00> �5 c M CO� �g 00 CD 00 l ............. C-0 3; q °o a$ x 4 C) ....................................................................................................................................................................................................... ..................... �� .......... ........ ...... , o� ...... .... ............. ...................................... O V / / ......... ........ ........ �:, ..... Z N 6 > 0 .. ` x` . tz I1i\iia 7C, ``..... ....... Xz ... ` \ ..... / \ ....................... \":�::::. To: B. Cooney,Village of Mount Prospect From: C. Coleman, Wingspan Development Group,LL Date: 9/19/19 Re: 20West project scope and TIF request The 20West development would not have been possible but for the financial support of the TIF. After multiple highly collaborative workshops, revisions and estimates, a project plan and accompanying budget was presented to the Village with a request of TIF funds necessary to make the project viable. Those TIF requested funds are memorialized in the RDA; EXHIBIT F TIF Eligible Redevelopment Costs Relative to the Project Subject to Reimbursement Under the Agreement „N m _._..... rrrrrrrrrrrrrrrrrrrrrr,ry Eligible Redevelopment Redevelopment .... . p p nt ProJec#Cost Category Amount Project Cost Descrip►bon Under65 ILLS 511 1I 74.4-3 Legal survey,... c ....rrrrrx .. .......... „, . .... .... ivil engineering, Section 11-74,4-3(q)(1) $915,000 architecture,MEP and structural engineers,landscape architect, soils studies,geotechnical studies,environmental studies, market study and TIF consultants ... .. Removal PPP of Soils and Site Section 11-74.4-3(q)(2) $3000000 Preparation _Relocation of ComEd utilities :Section,11„74.4-.3.... 2�.�: n rrrvrc 8 $100 000 Underground round utilities.___._.....�........YSectio.n��.11 74.4-3�(..,)..Y YYY.��„�� .4 .... �.M.. .,,,,,.nnn ,�,. rg ,including (q)(2) $280,000 water,sanitary,storm,valves, hydrants,hauling,trench backfill,screening and street cuts Pavmg.....includingsrading_ Section 1...� .. ..........� ..,,Y .........,nn u,,,w,,,,,,,,,,,,,,,,,,,,,,,, :::..... 11-74.4-3(q)(2) $280,000 compacting,curb and gutter, stone,asphalt,pervious pavement,curb replacement and striping ,,e.etscape in....Str , uding public ,Section 11-74,4-3(q)(4) 1451000 walk,parkway landscaping, streetlights andstreet signs „ , �___�,' .",”' �mmm ��,,,,,, ....: ._.__. ....................�� .,. .......w...w...w.....................................................,„ Mote: the categories and amounts of the TIF Eligible Redevelopment Costs in this LxjitF are preliminary and the Developer may be reimbursed for other TIF Eligible Redevelopment Costs,all subject to the Funding Cap. .......----............. .....................--. The 20West development and surrounding Triangle re-development are a significant and important investment in the heart of downtown. This area will be a focal point for Mount Prospect's downtown image and will create an immediate impression for residents and visitors alike. Great attention and effort went into the designs approved as part of the RDA. Some elements considered during the design process were not included in the final RDA plans. However, as the project has unfolded, select opportunities to improve the Triangle's overall aesthetic and quality clearly presented themselves as worthy of implementation. In the spirit of the RDA and with the strong desire to deliver the best possible redevelopment of the Triangle,these additional opportunities should be pursued. 1 These opportunities were not incorporated into the RDA plans and budget but due to their merit,we're asking that they be added now. The opportunities fall into two general categories; 1) streetscape/beautification and 2) improved long-term performance The streetscape/beautification opportunities include converting to brick paver areas that were called out as concrete sidewalk, installing additional landscaping, installing planters, installing additional curb, streetlights and signage, installing conduit for future pedestrian lighting and milling and resurfacing streets rather than patching. The improved long-term performance opportunities include using a new higher standard of brick pavers(clay instead of concrete)to reduce maintenance and replacement expense, increasing the size of water mains and looping the system to tie into the Willie main. Specific examples of include; ............... PROPOSED BUILDING SKIP DAS419tR1Pr_ G vu [Al Pi j,,,ffaft AZLA.4 AM P VYO I a DEP ("AA L CURB A GUTTER dr a r'I PUBLIC Ay ACCESS EASEMEM e j- IP "ma Extending clay pavers in front of the 20West PROP si RE E r 00H I(1VP building (east side), rather than concrete walks. MIN I D F r SEPARAMN FROM FOUNDATION TO PERW-MLE PAVERS Shown as shaded yellow in Figure 1. ,po CUBA A6 QU I I k R 6-500DMiff PLAMER BOX;SEE STRIPE 6 APART LANDSCAPE PLAN, I r sa ID M41TF STOP BM AJ WAVERPROOF MUNDAHON WHEN LESS THAN i0 FT SEPAMTION IS fo Lit,I PROVIDED 10 PERMEABLE PAVER10 S '411 2 4 5 VY I DE JAM)k,M� ACCESS EAS 91, ADA RAMP Wi OV CU140 TER M I rvMI f IJ.......... ........f, It'll L, ................................. ............................................................................................................................................................................................................................................................................................................................................................................. Figure 1 2 ........... ......... ,svm ate............... ........................................... >,;;,;;, ..... ..... f �'ub�m N� �r an- bw d 4M MIK P7a M, ' wpv y I /y � 1 1 � fI "I �PrA/ 11 sIYe "! p W! f Mme,, ^ 1 m f r r' i '77— 6 LN f, To improve the look of Busse Ave. and therJNk 'y sail) p a+q N x connection to the alley, concrete walks or �� ,� �� m� �� %��b"� yur✓" n'�r tW� r��y�,d"�,1'dy>iN 1' 'r�uA!�� r� street pavement converts to brick paver, 1,3511 1 AW Y Skiff ��Po�MAJ� $P"Ib� shown I n yellow In Figure 2 / Also to �'P M uM Y^ dfil • r of U�°od��' as r,zm�nNt s o�►r ��f�I,it �t,� #1,II /0"16 MSD rI improve long-term performance,the quality of the all the pavers throughout theWIN ) • . I]ej4;{ �yy„e ih� � �.✓m W��'�,m r�,.�^R y�r��Fo'��,rr� M gull""G�a��y��M'�r✓i t��,,��'��vrR�'�,,�� ,,. I r� ` Triangle Is Increased from the standard at the time the RDA was approved to the new higher standard of clay avers. Figure 2 g I p g r ry�+I�y w b^ �' r°o shows replacement of existing pavers in � w r m � � ryo �I Almmev/xd(I lM' R ly M mfi n� blue. 1 11114 IN oM 11*11 ';d/�uuf OV b l aM fur RM"t'�l N?1V+1 M d f r"„dr�"` w n7 if IV .ur� I�,�,� �4 lye wWr� u�y�r��, wV r, • 1 Y W ••" �wN r f" W10 ��... � ��f "r nu urn m +., :I.E Figure 2 Z:e X11 rI n a vy r "IMIC M fi � +pR!s+�i If ty Ff°rriyttM yv fi r�m i�"i>i d M M If"All, iU p y r m y , Id,„ M Y Ay Mm,4 'IM VID'„'s ro BIW' s 'JIV 0, F ISM!M 91,r11 11 S r � � 1,0,0,rto m'„ ylV A !YY R u"r;"a , 4 9 sN PAW y a ��br 1 i i�iwyy rk It,s�a aw'Y 'Rr;'kn,'.MM46"9�' A N Wql � �� •o ��< SIM r M„M M M a Wm" Y All concrete sidewalk that hadrx ro been shown along NW Hwy is Vm ,.,. II� � 4 converted to the higher � M fis d"v vi 10 e ,a ry ,Adp��M standard clay pavers the walk / 'NfIL r'rY �w r� AAI 1� is widened and the area to be replaced is extended south +%s Or",,M closer to the Main Street yN�� N� Intersection. l 01g �.. ....; iw. Figure 3 3 The grass area near the corner of Main and NW Hwy was called out as a future park at the time of the RDA. Given its prominence, we should install those plantings now rather than wait. Additionally, there are other areas in the Triangle that will benefit from plantings to soften the overall feel of the space. Aft W,W Iii &I Vq'Q IP w Vb 4 y q� V If`G d W I'M L � � ACOA(QAbIP V�IiNU { vwrm,J o L,sr t V N w G Rgi,lfEAZ LLSEL 141.3 r , � 1 %w:i,9uaNhgm 7, Md, ` m The shaded areas will all receive trees f and/or plantings that had not been �k ° oA p g �u . f ' 4'SOLO vELLOW SIR1�W d ,,.AT 45'2 0 C(T A N included at the time the RDA was t mill, f �� approved. Additionally,three concrete planters will be added aloe NW Hi hway u g 1041 W iso � 0� tlr !'S m, ma f /Gd IVB w,crrRAW IVB,„ 1 �pM fl IN e W, M i iGrc i M'Ym ' i6 ....� :aa � ..... ......... ..a .w,w,w, ..,. Figure 4 �...... . , .a.rAT° VtlIVI .,, Increasing the size of the water main Ati . r ,mR from 8"to 10" and creating a loop " r�mf — {F��Nm� � 1�Y Y f rrr � guy �,� � NI ,. connecting on Willie was not part of '` °� � � �� 04-E 1ESP I "' =M io f6 ' f , nriAa,d �wi�. qM^G � Vr the RDA plan but creates a better ° � �� mm ,. �- infrastructure for the future. The watermain and storm sewer work results in open cutting the streets. The 17. �� .� Iu � Nr�fA x*C^1 code required (and budgeted) q qII—4di"aaVIA ffyaC) �q4 :� q� I ' treatment for these street openings is C;ORE EX RS r6�INV-61 ME q�l^y ��9,^�,fCLEAKIll';�tl' 4), v qoU 6 r w patching. Rather than patching, a mill U m., 'A rvl i,II mgr S 6Iq, 1 IriC% �r+a7 j f 0 and resurface would look much better �� f� � � � uq �0 4r m� fbn R w'%-A41 F If ""� Al VCM"al ai 64B Z0.1 IMIf fir J. E.q ll� 669 Pe along Willie and the Alley. Also,the a � w �L b� � o.1 6 nq p �au ? central parking areas were going to be o1e �` GROUND LA FBF=673'S � r mrw.ii Pm U 662 partially milled and resurfaced but LOWER�� r► L�lLF6 � �` � rm .. . RESTAURANT FIF=674;71 their age and condition warrants a full ;rlin a"� � � 7 a , removal a n d install. u�f ��,�� VCM m VqV' w d 4G n Figure S 4 The costs associated with these additional beautification and longevity improvements is as follows; Converting concrete walks to pavers, increasing paver areas and converting all pavers to the new higher quality clay $159?710.00 Busse Avenue street improvements, including curbs, paving, streetlights,, signage, etc. $ 13,.806-00 Additional landscaping throughout including pocket park on N`W Highway., planter boxes& plantings and conduit for future lighting $46,?979.00 Willie and Alley: milling and resurfacing $ 23,?430.00 Water main upsize and Willie Street loop and connection $ 26,995.00 New pavement for parking lots rather than mill and patch $ 6,.840.00 Tota 1 $277,760.00 If the Village agrees that these highly visible improvements above are desirable and warranted, we respectfully ask that the total TIF be increased to $2.278M. The additional $278,000.00 would be applied as follows; Underground Utilities increased from $260,.000.00 to$286,995.00 Streetscape increased from $145,000.00 to$396,,005.00 We also ask that this increase be reimbursed through the Public Improvement Incentive on an "as installed" basis as opposed to being reimbursed through the Incentive Fund. We've previously supplied detailed excel spreadsheets to staff itemizing these costs by unit price and quantities and will continue our open and frequent communications to deliver the highest quality development in the most efficient manner. 5 ORDINANCE NO. AN ORDINANCE AUTHORIZING A THIRD AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE 20WEST DEVELOPMENT COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS NOW, THEREFORE, BE IT ORDAINED, by the Mayor and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: SECTION 1: The Mayor and Board of Trustees of the Village find as follows: A. The Village of Mount Prospect ("Village") is a home rule municipality pursuant to Section 7 of Article VII of the Constitution of the State of Illinois. B. The State of Illinois has adopted tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, 651 LCS 5/11-74.4-1, et seq., as amended from time to time ("TIF Act"). C. Pursuant to its powers and in accordance with the TIF Act, and pursuant to Ordinance Nos. 6293, 6294 and 6295, adopted January 17, 2017, the Prospect and Main Tax Increment Financing District ("TIF District") was formed as a TIF district, for a twenty-three (23) year period. Ordinance Nos. 6293, 6294 and 6295 are incorporated herein by reference. D. Pursuant to and in accordance with the TIF Act and the Ordinances establishing the TIF District, the Corporate Authorities of the Village are empowered under the TIF Act to purchase and sell properties within the TIF District. E. Pursuant to Resolution No. 13-18, adopted March 20, 2018, the Village approved the "Redevelopment Agreement for the 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village of Mount Prospect, Illinois" ("Redevelopment Agreement") by and between the Village and 20WEST LLC ("Developer"). F. Pursuant to Resolution No. 29-18, adopted August 21, 2018, the Village approved the "First Amendment to the Redevelopment Agreement for the 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village of Mount Prospect, Illinois" ("First Amendment") by and between the Village and the Developer. G. Pursuant to Ordinance No. , adopted October 2018, the Village approved the "Second Amendment to the Redevelopment Agreement for the 20WEST Development Comprising a Part of the Prospect and Main TIF 426309_1 1 District of the Village of Mount Prospect, Illinois" ("Second Amendment") by and between the Village and the Developer. H. The Village and Developer desire to amend certain provisions of the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment. I. It is the desire of the Village amend the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, as set forth in the "Third Amendment to the Redevelopment Agreement for the 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village of Mount Prospect, Illinois," attached hereto as EXHIBIT A and made a part hereof ("Third Amendment"). J. It is in the best interest of the Village to enter into the Third Amendment, to ensure that redevelopment within the TIF District continues. SECTION 2: Based upon the foregoing, the Village Mayor, Village Clerk and Village Manager, or their designees, be and are hereby authorized and directed to execute the Third Amendment and perform the Village's obligations thereunder, and they are further authorized and directed to execute and deliver such other instruments, including the Third Amendment. All actions of the Village taken pursuant to the Redevelopment Agreement, the First Amendment and the Second Amendment are hereby ratified and confirmed in this Ordinance. SECTION 3: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. [THIS SPACE INTENTIONALLY LEFT BLANK] 426309_1 2 ADOPTED this day of October, 2019, pursuant to a roll call vote as follows: AYES: NAYS: ABSENT: APPROVED this day of October, 2019, by the Village Mayor of the Village of Mount Prospect, and attested by the Village Clerk, on the same day. Village Mayor APPROVED and FILED in my office this day of October, 2019 and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. ATTEST: Village Clerk 426309_1 3 EXHIBIT A THIRD AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE 20WEST DEVELOPMENT COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS (attached) 3964891 THIRD AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE 20WEST DEVELOPMENT COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS This THIRD AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE 20WEST DEVELOPMENT COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS ("Third Amendment") is made and entered into as of the 1St day of October, 2019 ("Effective Date") by and between the VILLAGE OF MOUNT PROSPECT, ILLINOIS, an Illinois municipal home rule corporation, located in Cook County, Illinois ("Village") and 20WEST LLC, an Illinois limited liability company ("Developer"). The Village and the Developer are sometimes referred to individually as a "Party" and collectively as the "Parties." WITNESSETH WHEREAS, pursuant to Resolution No. 13-18, adopted March 20, 2018, the Village approved the "Redevelopment Agreement for the 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village of Mount Prospect, Illinois" with the Developer ("Redevelopment Agreement"); and WHEREAS, pursuant to Resolution No. 29-18, adopted August 21, 2018, the Village approved the "First Amendment to the Redevelopment Agreement for the 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village of Mount Prospect, Illinois," which amended the Redevelopment Agreement with the Developer ("First Amendment"); and WHEREAS, pursuant to Ordinance No. 6410, adopted October 2, 2018, the Village approved the "Second Amendment to the Redevelopment Agreement for the 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village of 426306_1 1 Mount Prospect, Illinois," which amended the Redevelopment Agreement, as amended by the First Amendment, with the Developer ("Second Amendment"); and WHEREAS, the Village and Developer desire to amend certain provisions of the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment; and WHEREAS, in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., it is in the best interests of the Village and Developer to enter into this Third Amendment; NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the Parties hereto, and the mutual covenants and agreements hereinafter contained, the Parties hereto agree as follows: 1. That Section VI.C.4. of the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, is amended to read in its entirety as follows: The Village will also reimburse the Developer an additional Seven Hundred Thousand and No/100 Dollars ($700,000) from sources other than the Incentive Fund, outside of the Funding Cap ("Public Improvements Incentive"), for a portion of the Developer's cost of the public improvements constructed by the Developer relative to the Project described in EXHIBIT G attached hereto and made a part hereof ("Public Improvements"). 2. That the Village shall grant the Developer a nonexclusive license agreement, on terms provided by the Village, for the use of a limited portion of the Village's right of way approved by the Village, in the vicinity of the "Subject Property," as defined in the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, for an amount of stormwater storage needed to support the 426306_1 2 "Project," as defined in the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment. The Village Manager is authorized to execute the license agreement. 3. That the Village Mayor and Clerk are authorized to execute any amendment(s) to the "Affirmative of Collateral Assignment Mount Prospect Apartments," attached to the Second Amendment as EXHIBIT K and approved therein, required as a result of the execution of this Third Amendment. 4. That all portions of the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, not amended hereby, shall remain in full force and effect. 5. This Third Amendment shall be executed simultaneously in two (2) counterparts, each of which shall be deemed an original, but both of which shall constitute one and the same Second Amendment. 6. The Parties agree to record this Third Amendment against title to the "Subject Property," as defined in the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, with the Cook County Recorder's Office, with Developer paying the recording charges. 7. This Third Amendment shall be deemed dated and become effective on the day on which this Second Amendment is approved by the Village, with said date appearing on page 1 hereof. IN WITNESS WHEREOF, the Parties hereto have caused this Third Amendment to be executed on or as of the day and year first above written. VILLAGE OF MOUNT PROSPECT, 426306_1 3 an Illinois home rule municipal corporation ATTEST: By: By: Arlene Juracek, Mayor Karen Agoranos, Village Clerk 20 WEST, LLC, an Illinois limited liability company By: Manager 426306_1 4 ACKNOWLEDGMENT State of Illinois ) ) SS County of Cook ) I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO HEREBY CERTIFY that Arlene Juracek and Karen Agoranos, personally known to me to be the Mayor and Village Clerk of the Village of Mount Prospect, and personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that as such Mayor and Deputy Village Clerk, they signed and delivered the said instrument and caused the corporate seal of said municipal corporation to be affixed thereto, pursuant to authority given by the Board of Trustees of said Illinois home rule municipal corporation, as their free and voluntary act, and as the free and voluntary act and deed of said Illinois home rule municipal corporation, for the uses and purposes therein set forth. GIVEN under my hand and official seal, this day of , 2019. Notary Public 426306_15 ACKNOWLEDGMENT State of Illinois ) ) SS County of Cook ) I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO HEREBY CERTIFY that I personally known to me to be the Manager, of 20 West LLC, and personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that as such Manager, he/she signed and delivered the said pursuant to authority given by the limited liability company, as his/her free and voluntary act, and as the free and voluntary acts and deeds of said limited liability company, for the uses and purposes therein set forth. GIVEN under my hand and official seal, this day of , 2019. Notary Public 426306_1 6