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HomeMy WebLinkAboutOrd 6479 10/01/2019 Authorizing a Third Amendment to the RDA for the 20 West DevelopmentPrepared by; Klein Thorpe and Jenkins, Ltd. 20 North Wacker Drive Suite 1660 Chicago, IL 60606 -2903 (#2881.062) Prepared on behalf of the Village of Mount Prospect iigi iiiii . oc# 193371714 Fee t58. 00 rDWARD N. MOODY COUNTY RECORDER OF DEEDS e;V . RECORDING COVER SHEET FOR ORDINANCE NO. 6479 -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 LEGAL DESCRIPTION: LOT 1 IN TWENTY WEST SUBDIVISION, BEING A SUBDIVISION OF PART OF THE WEST 112 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. 08-12-107-022-0000,08-12-102-030-00001 08-12-102-056-0000, 08-12-057-0000; 08-12-102-058- 0000 « l l«ilii and 08-12-102-059-0000 RECORDING FEE 9 DATE q CO` DATED AS OF October 10, 2619 After recording return to: RECORDER'S BOX 324 AN 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 ollows: 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. BM The state of Illinois has adopted tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, 55 I 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. 8293, 5294 and 8295, adopted January 17, 2017, the Prospect ,and Main Tax Increment Financing District ("TIT District") was formed as a TIF district, for a twenty-three (23) year period. Ordinance Nos. 62931 5294 and 5295 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. T. 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, adapted 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.5410, 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 426309,,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. 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] 4263091-111 2 ADOPTED this 1st day of October, 2019, pursuant to a roll call vote as follows-, AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel ABSENT: None APPROVED this 1st day of October, 2019, by the Village Mayor of the Village of Mount Prospect, and attested by the Village Clerk, on the same day. , x2r Arlene A. Juracek, V 9le Mayor Y APPROVED and FILED in my office this 1 st day of October, 2019 and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. 41 ATTEST# .......... ill e Clerk 4263091-1 3 EXHIBIT A THIRD AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE 20 EST 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 TIT 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 aro sometimes referred to individually as a "Party" and collectively as the "Parties." WITNESSETH 01 WHEREAS, pursuant to Resolution No. 13-18, adopted March 29, 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 TIT District of the Village of Mount Prospect, Illinois," which amended the Redevelopment Agreement with the Developer ("First Amendment"); and WHEREAS, pursuant to Ordinance No.0410, adapted October 2, 2018, the Village approved the "Second Amendment to the Redevelopment Agreement for the 4263061 1 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village of 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 The Village will also reimburse the Developer an additional Seven Hundred Thousand and No/100 Dollars ($700,000.00) 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 EXHIBIT G, to the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, shall be replaced by EXHIBIT G attached hereto and made a part hereof. 426306�1 2 3. 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 "Project," as defined in the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment. The Village Mayor and Clerk are authorized to execute the license agreement. 4. 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 thil. Third Amendment. 5. 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 6. 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 Third Amendment. 7. 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, the day on which this Third 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. 426306�1 3 4263061 4 ATTEST: , Karen Agoranos, Villagalerk, ACKNOWLEDGMENT State of Illinois ) )SS County of Cook ) 1, the undersigned, a (Votary Public, in and for the County and State aforesaid, Do HEREBY CERTIFY that Arlene Juracek and Daren Agoranos, personally known to me to be the Mayer 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 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. , 1!�40, Q Apa AA (Votary Public OFFICIAL SEAL DORFENNOTARY i"UPL IC - OF o MY COMMISSION EXPIRES,04/ 131'12 E 4263061 5 ACKNOWLEDGMENT State of Illinois )SS County of Cook I I the, u nders,igned , a No Public, in and for the County and State aforesaid,, D* '-IEREBY CERTIFY that, 6awP1111 nrc�g 11 "1 Aq _ personally known to me 'to be the Manager, of 20 West LLC, and personally knownto me to be the same perso,nwhose 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. ;Q GIVEN under my hand and� official seal, th*s,ay, ,,- dof 2019. 40 Notary Public 0, W, "OFFiCLk1i SEA -L" JAN M. WIN It, N AU f iffint,,tiz NotaryF'��,011' v, $,laWS0 M, Y, Cap n 11 s, o tR x'P I M, a f 8, A,) 5, 12, 1 rp, 4263061-1 6 4 1 PUBLIC IMPROVEMENTS AS AMENDED BY THE THIRD AMENDMENT TO THE REDEVELOPMENT AGREEMENT The Developer shall construct the following public improvements relative to the rod I ect as directed by the Village, at the Developer's sole cost and expense, subject to reimbursement as set forth in the Agreement up to the amount of the Public Improvements Incentive: 1. Brick Pavers: $152,996. 2. Busse Avenue Curbing: $15,034. 3. Plantings and Conduit: $46,979. 4. Parking Lot Reconstruction: $6,840. 5. Water Main Replacement: $32,090. 4263061J 7 ORDINANCE NO. 6479 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 11: The Mayor and Board of Trustees of the Village find as follows.- A, ollows: 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, 65 ILCS 5/11-74.4-1, etseq., 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.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 426309_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. 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 1St day of October, 2019, pursuant to a roll call vote as follows: AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel NAYS: None ABSENT: None APPROVED this 1St day of October, 2019, by the Village Mayor of the Village of Mount Prospect, and attested by the Village Clerk, on the same day. . ........ . .. --" Ll Arlene A. Juracek, VOge Mayor APPROVED and FILED in my office this 1St day of October, 2019 and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. ATTEST: w Karen M. Agoranos,tiVillage Clerk 4263091 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) 396489,_1