HomeMy WebLinkAboutOrd 6479 10/01/2019 Authorizing third amemdment to redevelopment agreement for 20W Development MPPrepared 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
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Doc # 1933-1317143 Fee $88.00
:DWARD M. MOODY
:OOK COUNTY RECORDER OF DEEDS
)ATE: 12103/2019 03:19 PM PG: 1 OF 12
for Roco
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 1/2 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE
THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PINs: 08-12-107-022-0000, 08-12-102-030-0000, 08-12-102-056-0000, 08-12-057-0000, 08-12-102-058-
0000 and 08-12-102-059-0000
DATED AS OF October 10, 2019
After recording return to:
RECORDER'S BOX 324
427303_,1
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 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, 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]
4263091 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.
. . . ... . ...................
Arlene A. Juracek, V' 'e 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:
a
Karen M. Agoranos, illage 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)
396489_1
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
426306_1 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
follows:
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 this
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
effect.
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.
8. This Third Amendment shall be deemed dated and become effective on
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.
VILLAGE OF MOUNT PROSPECT,
4263061 3
an Illinois home rule municipal corporation
By;�
Arlene ,luracek, Mayor
20 WEST, LLC,
an Illinoi limited liability com any
By: _
tip i,„, Ma ger
426306_1
ATTEST:
By: ;
Karen Agoranos, Villag Jerk
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 -pillage 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 3 day of C�-662.V" ,
2019.
Notary Public
OFFICIAL SEAL
DOREEN ls.n, `Z
NOTARY PUPI. IC - � , ".ilk OF
MY COMMISSION EXPIRES.04i 13!22
426306_,15
ACKNOWLEDGMENT
State of Illinois )
) SS
County of Cook )
I, the undersigned, a NoTry Public, in and for the County and State aforesaid„ DO
HEREBY CERTIFY that -s _ir� 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 ,p y-
2019. 2019.
d
Notary Public
"OFFICIA , SEAL"
JAN M. WMk)N
NoNry Pub@B(;q Mate af iiiine...-
my commi-W-,n t x iras OXOV 1
42630641 6
a
EXHIBIT G
PUBLIC IMPROVEMENTS AS AMENDED BY THE
THIRD AMENDMENT TO THE REDEVELOPMENT AGREEMENT
The Developer shall construct the following public improvements relative to the Project
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.
4263061
7