HomeMy WebLinkAbout 5.2 Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE AUTHORIZING A REAL ESTATE SALE AGREEMENT (108-110 SOUTH MAIN STREET, 15, 19 & 22 W. BUSSE AVENUE MOUNT PROSPECT, ILLINOIS)4/17/2020 BoardDocs® Pro
Agenda Item Details
Meeting Jan 21, 2020 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m.
Category 5. CONSENT AGENDA
Subject 5.2 Motion to waive the rule requiring two readings of an ordinance and adopt AN
ORDINANCE AUTHORIZING A REAL ESTATE SALE AGREEMENT (108-110 SOUTH MAIN--
STREET,19 & 22 W. BUSSE AVENUE MOUNT PROSPECT, ILLINOIS)
Access Public
Type Action
Preferred Date Jan 21, 202C
Absolute Date Jan 21, 2020
Fiscal Impact Yes
FITRIF-73911 "9_111 111111111111111111 111 11
Budgeted Yes
• get Source Prospect and Main TIF fund
Recommended Action Adopt the Ordinance authorizing the acquisition of 108-110 S. Main Street and 15 19 & 22
W. Busse Avenue.
Public Content
"TOM
Attached to this memorandum is a contract to acquire four parcels and a private alley located in the Busse Triangle
(see attached map). These properties are currently owned by HB Prospect II LLC (HB) and total 11,,703 square feet in
a rea:
• PIN 08-12-102-0601 22 W. Busse Ave
• PIN 08-12-107-003 and 08-12-107-004, 15 and 19 W. Busse Ave, currently vacant grass lots on the south sidt
of Busse Avenue
• PIN 08-12-107-020, a "private alley" that is both between and south of the 15 and 19 W. Busse Ave parcels.
This area is grass between the 15 and 19 W. Busse parcels and partially paved just south of the parcels.
• PIN 08-12-107-018, 110 S. Main Street, the vacant parcel north of Sub Express, which once contained a two
unit single story commercial building that has since been demolished.
The subject properties were acquired by HB over a decade ago when they were pursuing the redevelopment of the
Busse Triangle with a mixed-use development. The Village approved their redevelopment plan in March of 2008f but
the project was never constructed due to the economic downturn that occurred at that time. HB has indicated that
they are no longer interested in pursuing the development of these properties and have agreed to sell the land to the
Village for 11 11! The purchase price includes :1 111 for the real estate acquisitionf and an additional
$120f000 for: (1) reimbursement for site clearing work to be performed by the Seller prior to closing; (2) acquisition
of legal rights in pending litigation; and (3) acquisition of any and all interest in the Private Alley.
The Village is pursuing the purchase of these properties to allow for future redevelopment in the Busse Triangle. The
properties are currently vacant grass/paved lots situated in a highly visible location in the downtown district. By
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acquiring the properties, the Village gains control over the future development of this land; these are particularly ideal
for acquisition as the Village currently owns parcels immediately adjacent.
The closing will be scheduled as soon as title is cleared by the Village Attorney.
Alternatives
1. Authorize execution of the contract to purchase the subject parcels.
2. Action at discretion of Village Board.
Staff Recommendation
Staff recommends that the Village Board authorize the execution of the contract to purchase the subject parcels
located within the Busse Triangle as indicated in the Real Estate Sales Contract.
Triangle Purchase Map.pdf (238 KB)
Ord Real Estate Sales Contract Busse Ave and Main St.pdf (41 KB)
HB -MP RE Agreement v5 cin (003).pdf (390 KB)
Administrative Content
NB: I thought we agreed in yesterday's meeting to have this on consent,, so I've changed it.
Do we also need to request a waiver of 2nd reading so it can be approved on consent?
Executive Content
All items under Consent Agenda are considered routine by the Village Board and will be enacted by one motion. There
will be no separate discussion of those items unless a Board member or member from the audience so requests, in
which the item will be removed from the Consent Agenda and considered in its sequence on the agenda.
Motion & Voting
E
Motion by Paul Hoefert, second by Richard Rogers.
Final Resolution: Motion Carries I
Yea: Eleni Hatzis,, Paul Hoefert, Richard Rogers, Colleen SaccotelliMichael Zad
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