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Home My WebLink AboutRes 47-06 11/08/2006 RESOLUTION NO. 47-06 A RESOLUTION AUTHORIZING EXECUTION OF A RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT AND THE MT. PROSPECT PARK DISTRICT REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF HILL STREET NATURE CENTER, 510 EAST RAND ROAD. MOUNT PROSPECT, ILLINOIS WHEREAS, pursuant to the provisions of Chapter 16 entitled Construction Standards Site Improvement Procedures of the Village Code of Mount Prospect certain public improvements are required to be constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, in certain instances the installation of public improvements, including but not limited to street lights, are not feasible at the time of development, however the developer is required to provide those improvements as such time as the Village of Mount Prospect deems appropriate; and WHEREAS, the Mayor and Board of Trustees have determined that the best interests of the Village would be served by having the developer, Mt. Prospect Park District, enter into a Restrictive Covenant, a copy of which is attached and made a part of as Exhibit "A", guaranteeing the installation of specified improvements at such a time as deemed reasonable and proper. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS IN THE EXERCISE OF THEIR HOME RULE POWERS: SECTION ONE: That the Mayor and Board of Trustees do hereby authorize execution of Restrictive Covenant, a copy of which Restrictive Covenant is attached and made a part of as Exhibit "A", for property commonly known as Hill Street Nature Center, 510 East Rand Road which Restrictive Covenant guarantees the installation of public improvements along Rand Road and Hill Street at such time deemed necessary. SECTION TWO: That the Village Clerk is hereby directed to record with the Recorder of Deeds a fully executed copy of the Agreement being the subject of this Resolution. SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Corcoran, Hoefert, Korn, Skowron, Zadel NAYS: None ABSENT: Lohrstorfer Passed and approved this 8th day of November 2006 ~t/~ t tf/4 Irvana K. Wilks Mayor ATTEST: ..f .. /~ .1 ~;; ~/7J~71/AcJ=-0it/ ((? y/ M. LisaAngell .) Village Clerk RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND THE MOUNT PROSPECT P ARK DISTRICT REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY 510 EAST RAND ROAD (HILL STREET NATURE CENTER) WHEREAS, pursuant to the provisions of Chapter 16 entitled Construction Standards Site Improvement Procedures of the Village Code of Mount Prospect, Illinois certain public improvements are required to be constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, the schedule for accomplishing the construction and installation of such public improvements by the owner-developer of the property under development is often in conflict with other public improvement projects adjacent to or within the vicinity of said property so as to render the accomplishment of such public improvements by the owner-developer to be practically or economically unfeasible until the same can be combined with or scheduled so as to conform with such other public improvements affecting the subject property under development; and WHEREAS, such other public improvement projects are administered by the Village, County or State, officials over which the owner-developer has no control, and in some instances those improvements to be accomplished by the owner-developer with respect to the property under development cannot be completed until the other improvements under Village, County or State control have been accomplished; and WHEREAS, under such circumstances, it is deemed to be inequitable to delay development of the property under development or to require the owner-developer to establish a cash escrow, letter of credit or improvement bond for the purpose of guaranteeing the completion of required public improvements due to the delay caused by the intervening or subsequent accomplishment of other public improvement projects under administration and control of the Village, County or State; and WHEREAS, Chapter 16 of the Village Code of Mount Prospect, Illinois provides that the owner-developer may execute a restrictive covenant to be recorded and to run with the land as a guarantee that the required public improvements shall be installed upon demand of the Village. NOW, THEREFORE, in accordance with the provisions of the said Chapter 16 of the Village Code of Mount Prospect, Illinois, the Mount Prospect Park District does hereby covenant with the Village of Mount Prospect, an Illinois municipal corporation, as follows: 1. The Mount Prospect Park District is the Owner and Developer of the following described property within the Village of Mount Prospect, Illinois, to wit: That part of the South Half of the Southeast Quarter of the Northeast Quarter of Section 34, Township 42 North, Range 11 East of the Third Principal Meridian, lying Northeast of the centerline of Rand Road (except the North 33.0 feet as measured at right angles to the North Line of the South Half of the Southeast Quarter of the Northeast Quarter of Section 34, aforesaid), also (except the South 374.0 feet as measured along the East line of said Northeast Quarter, aforesaid), and (except the East 200.0 feet lying North of the South 374.0 feet as measured along the East ling of said Northeast Quarter, aforesaid and South of the North 33.0 feet measured at right angles to the North Line of the South Half of the Southeast Quarter of the Northeast Quarter of Section 34, aforesaid) and (except that part taken for Rand Road), in Cook County, Illinois. Also: Lot 1 (except the South 10.00 feet thereof) and 2 (except the South 10.00 feet thereof) in Alma H. Mueller Subdivision of part of the Southeast Quarter of the Northeast Quarter of Section 34, Township 42 North, Range 11, East ofthe Third Principal Meridian, according to the plat thereof recorded May 5, 1989, as Document No. 89203563, in Cook County, Illinois. 2. Development of the described property by the Mount Prospect Park District will include the completion of the following public improvements, to wit: To purchase and install street lights along the North Right of Way of Rand Road and/or the South Right of Way of Hill Street according to and as required by Village Code when requested to do so by the Village of Mount Prospect. 3. The Village is willing to forego the immediate installation of the street lights, provided that for a period of twenty (20) years commencing from the date hereof, the Village of Mount Prospect is authorized to undertake the above-stated improvements. The Park District shall, upon 60 days' written notice of the Village's estimated cost, post a cash escrow with the Village in the amount of 120% of the estimate. Ifthe actual cost exceeds the Park District shall pay the difference to the Village upon demand. If, upon completion, funds remain in the escrow, such funds will be returned to the Park District. 4. This Covenant to complete the said public improvement as herein contained shall run with the said property; and for the period of time as set forth herein. Nothing in this Covenant shall in any way prevent the alienation or sale of the subject property or any portion thereof, except that said sale shall be subject to the provisions hereof and to the plan of development pertaining to the property, and the new owner shall be both benefited and bound by the conditions and restrictions herein expressed. 5. This Covenant shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns in title and interest and the provisions hereof shall be enforceable in a proceeding at law or in equity against the person or persons seeking to violate the same including an action for injunctive relief, specific performance or to recover damages or other fines and penalties as may be established in such violation. In the event that the Mount Prospect Park District fails to complete the required improvements or pay a proportionate share of the required improvements by other contractors within the specified time periods herein, the value of such improvements shall be entered as a lien against the property due and payable within sixty (60) days after notification to proceed with the improvements. IN WITNESS WHEREOF, the parties hereto have set their hands and seals this l')jl dayofNoUf"/7?~r-- ,2OUt2i. MOUNT PROSPECT PARK DISTRICT ~~~ Chief Executive Officer /0 ;J.. -4 G) " Date Signed VILLAGE OF MOUNT PROSPECT, IL ~;;ItJ& Village President //:... (7f7...-c:r 6 Date Signed ATTEST: .. ~ c{2 './ ./. . A' j ,--/n/~~a~--=, If' v " illage Clerk (j