HomeMy WebLinkAboutOrd 6564 11/04/2020 First amendment to the redevelopment agreement for the JPMORGAN Chase Bank Development comprising a part of the Prospect and Main TIF District�01 N 0 6 A A
AN ORDINANCE AUTHORIZING
A FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT
FOR THE JPMORGAN CHASE BANK DEVELOPMENT
COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT
OF THE VILLAGE OF MOUNT PROSPECT ILLINOIS
BE IT ORDAINED, by the Mayor and Board of Trustees of the Village of Mount
Prospect, Cook County, Illinois, as follows:
SECTION 1 1: The Mayor and Board of Trustees of the Village find as follows*
A. The Village of Mount Prospect (the "Village") is a home rule municipality
pursuant to Section 6 of Article VII of the Constitution of the State of
Illinois.
B. The Village has the authority, pursuant to its home rule powers and the
laws of the State of Illinois, including 65 ILLS 5/8-1-2.5, to promote the
health, safety and welfare of the Village and its inhabitants, to prevent the
presence of blight, to encourage private development in order to enhance
the local tax base and increase additional tax revenues realized by the
Village, to foster increased economic activity within the Village, to increase
employment opportunities within the Village, and to enter into contractual
agreements with third parties for the purpose of achieving the aforesaid
purposes, and otherwise take action in the best interests of the Village.
C. The State of Illinois has adopted tax increment financing pursuant to the
Tax Increment Allocation Redevelopment Act, 65 ILLS 5/11-74.4-1, et
seq., as amended from time to time (the "TIF Act").
D. Pursuant to its powers and in accordance with the TIF"Act, and purs''ua - nt
to Ordinance Nos. 6293, 6294 and 6295, adopted January 17, 20177
which are incorporated herein by reference, the Prospect and Main Tax
Increment Financing District (the "TIF District") was formed as a TIF
district, for a twenty-three {2'' ) year period, the redevelopment project area
therefor was approved, the redevelopment plan and project therefor was
approved, and tax increment financing in relation thereto was approved.
E. Pursuant to Ordinance No. 6520, adopted July 7, 2020, the Village
approved a "Redevelopment Agreement For The JPMorgan Chase Bank
Development Comprising A Part Of The Prospect And Main TIF District Of
The Village Of Mount Prospect, Illinois", dated July 8, 2020 (the
"Redevelopment Agreement") with MIG of Mount Prospect, an Illinois
limited liability company (the "Owner") and JPMorgan Chase Bank,
455009.�l
National Association, a national banking association (the "Developer"),
with said Redevelopment Agreement relating to the property generally
located at the Northwest corner of Main Street (Illinois Route 83) and
Northwest Highway, and the right-of-way of Evergreen Avenue,
immediately East of Maple Avenue.
F The Village, the Owner and the Developer desire to amend certain
provisions of the Redevelopment Agreement relative to the date by which
the property conveyance transactions, in regard to the Village Parcel and
the Corner Feature Parcel, as set forth in the Redevelopment Agreement,
are to take place; said Village Parcel and Corner Feature Parcel being
legally described in Exhibit A, and Exhibit B,, respectively, attached hereto
and made part hereof.
G4, That, attached hereto as Exhibit C and made part hereof, is a first
amendment to the Redevelopment Agreement, between the Owner, the
Developer and the Village, which sets forth the revisions necessary to
facilitate the changes referenced in subsection F. above(the "First
Amendment"),
H., That it is in the best interests of the Village to approve the First
Amendment, so that redevelopment within the TIF District can continue.
SECTION 2: used upon the foregoing, the First Amendment is hereby
approved; the Mayor, Village Clerk and Village Manager, or their designees, be and are
hereby authorized and directed to execute the First Amendment and perform the
Village's obligations thereunder; and the Mayor, Village Clerk and Village Manager, or
their designees, are further authorized and directed to execute and deliver such other
instruments, including the First Amendment, as may be necessary or convenient to
consummate the Village's obligations as set forth in the Redevelopment Agreement, as
amended by the First Amendment.
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.
ADOPTED this 4th day of November, 2020, pursuant to a roll call vote as
follows:
AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYS.- None
ABSENT: None
4550091 2
APPROVED this 4th day of November, 2020, by the Mayor of the Village of
Mount Prospect, and attested by the Village Clerk, on the same day.
Arlene kj"U�racek, Mayor
APPROVED and FILED in my office this 5th day of November, 2020 and published
in pamphlet form in the Village of Mount Prospect, Cook County, Illinois.
ATTEST:
Karen Agoranos, VAlage Clerk
4550091 3
FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT
FOR THE JPMORGAN CHASE BANK DEVELOPMENT
COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT
OFTHE VILLAGE OF MOUNT PROSPECT, ILLINOIS
This "First Amendment To The Redevelopment Agreement For The JPMorgan
Chase Bank Development Comprising A Part Of The Prospect And Main TIF District Of
The Village Of Mount Prospect, Illinois)) (the "First Amendment") is made and
entered into as of the 5 day of November, 2020 by and between the Village of
Mount Prospect, Illinois, an Illinois home rule municipal corporation (the
"Village"), MIG of Mount Prospect, LLC, an Illinois limited liability company (the
"Owner"), and JPMorgan Chase Bank, National Association, a national banking
association (the "Developer"). The Village, the Owner and the Developer are
sometimes referred to herein individually as a "Party" and collectively as the "Parties".
WITNESSETH:
WHEREAS, pursuant to Ordinance No. 6520, adopted July 7, 2020, the Village
approved a "Redevelopment Agreement For The JPMorgan Chase Bank Development
Comprising A Part Of The Prospect And Main TIF District Of The Village Of Mount
Prospect, Illinois", dated July 8, 2020 (the "Redevelopment Agreement") with MIG of
Mount Prospect, an Illinois limited liability company (the "Owner") and JPMorgan Chase
Bank, National Association, a national banking association (the "Developer"), with said
Redevelopment Agreement relating to the property generally located at the Northwest
corner of Main Street (Illinois Route 83) and Northwest Highway, and the right-of-way of
Evergreen Avenue, immediately East of Maple Avenue; and
WHEREAS, the Village, the Owner and the Developer desire to amend certain
provisions of the Redevelopment Agreement relative to the date by which the property
conveyance transactions, in regard to the Village Parcel and the Corner Feature Parcel,
as set forth in the Redevelopment Agreement, are to takeplace; said Village Parcel and
Corner Feature Parcel being legally described in Exhibit I and Ephi bit,2 respectively,
attached hereto and made part hereof; and
4550091 7
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, the Owner and
the Developer to enter into this First 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. The Recitals, as set forth above, are incorporated herein by reference.
2. That Section V.E. of the Redevelopment Agreement is hereby amended
by revising the reference therein to "December 31, 2020" to read, "March 31, 2021
3. That all portions of the Redevelopment Agreement, not amended hereby,
shall remain in full force and effect.
4. This First Amendment shall be executed simultaneously in three (3)
counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same First Amendment.
5. The Parties agree to record this First Amendment with the Cook County
Recorder's Office against title to the Development Parcel, as part of the closing in
regard to the conveyance of the Village Parcel to the Owner pursuant hereto. The
Village, the Owner and the Developer shall equally share the cost of the recording
charges. The Owner's and the Developer's rights and obligations in this First
Amendment are covenants running with title to the Development Parcel and successor
owners of the Development Parcel shall be and are bound by this First Amendment to
the same extent as the Owner.
6. This First Amendment shall be deemed dated and become effective on
the day on which this First Amendment is executed by the last of the signatories, as set
forth below, with said date appearing on page 1 hereof.
455009,1
IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment
to be executed by their respective authorized representatives, as set forth below.
Village of Mount Prospect,
an Illinois home rule municipal corporation ATTEST:
12f,
Jos', 'llage Clerk
lilla Clerk
ByAl By.-- XU(
Arlene Juracek, or Karen Agoranos
Date:- Date-, /3 1.2c) 0
MIG of Mount Prospect, LLC,
an Illinois limited liability company
By:
Spiro Angelos, Manager
Date-,,
JPMorgan Chase Bank, National Association,
a national banking association ATTEST:
By-9By:
Name: Name-,
Title,,, Title:
Date: Date:
ACKNOWLEDGMENT
State of Illinois
)SS
County of Cook )
I, the undersigned, a Notary Public, in and for the County and state aforesaid
Da HEREBY CERTIFY that Arlene Juracek and wren Agoranos,ersonall known to
�' Y
me to be the Mayor ,and Village Clerk of the Village of Mount Prospect, andersonall
p Y
known to me to be the same persons whose names are subscribed to the foregoing
g g
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,p ursuant
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 andur ries therein set
forth.
�' p
GIVEN under my hand and official seal this day of
ata.,
Notary Public �
h
4550091 10
State of Illinois
)SS
County of Cook
ACKNOWLEDGMENT
Awl,
2020., GIVEN under my hand and official seal, this day of, 11
Notary Public
455009�11 11
ACKNOWLEDGMENT
State of Illinois
)SS
County of Cook
1, the undersigned, a Notary Public, in and for the County and State aforesaid,
DO HEREBY CERTIFY that and personally
known to me to be the and theof
JPMorgan Chase Bank, National Association, a national banking association�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 and 1, they
signed and delivered the said Agreementpursuant to authority given by the
of JPMorgan Chase Bank, National Association, as their free
and voluntary act, and as the free and voluntary acts and deeds of said
1, for the uses and purposes therein set forth.
GIVEN under my hand and official seal, this day of
2020.
Notary Public
4550091 12
Legal
"!. Description
z1f the Village w
rcei
Legal Description:
THAT PART OF LOT 1 IN KELJIK'S RESUBDIVISION IN MOUNT PROSPECT
TOGETHER WITH THAT PART OF LOT 0 IN JOHN MEYN'S SUBDIVISION
RECORDED FEBRUARY 26, 1031, AS DOCUMENT 10851088, TOGETHER WITH
THAT PART OF LOT A IN CORPORATE SUBDIVISION NO. 9, ALL BEING IN THE
WEST HALF OF THE NORTHWEST QUARTER OF SECTION 12, TOWNSHIP 41
NORTH, RANGE 11 BAST OF THE THIRD PRINCIPAL MERIDIAN, ALL TAKEN AS
ONE TRACT AND DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT 1 IN KELJIK'S
RESUBDIVISION; THENCE SOUTH 80 DEGREES 05 MINUTES 29 SECONDS WEST
ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF 49.97 FEET TO THE
SOUTHWEST CORNER OF SAID L07 1, ,SAID SOUTHWEST CORNER BEING ON
THE EAST LINE OF SAID LOT 9 IN JOHN MEYN'S SUBDIVISION; THENCE SOUTH
01 DEGREE 09 MINUTES 10 SECONDS EAST ALONG SAID EAST LINE 01.10
FEET; THENCE ,SOUTH 88 DEGREES 50 MINUTES 50 SECONDS WEST 5.71
FELT; THENCE NORTH 59 DEGREES 23 MINUTES 32 SECONDS WEST 7.04
FEET; THENCE NORTH 01 DEGREE, 09 MINUTES 10 SECONDS WEST 105.08
FEET; THENCE !'NORTH 88 DEGREES 50 TUTS 50 SECONDS BAST 02.57
FEET TO THE EAST LINE OF SAID LOT 1 IN KELJIK'S RESUBDIVISION; THENCE
SOUTH 01 DEGREE 09 MINUTES 10 SECONDS EAST ALONG SAID EAST LINE
48.80 FEET TO THE POINT OF BEGINNING; IN COOK COUNTY, ILLINOIS.
08-12-107-0081 Pt. 08-12-107-01808-12-107-02",
Common Address: Part of 108-110 South Main Street,
Mount Prospect, Illinois 60056
455009,1 13
Exhibit 2
Legal Description
of the Corner Feature Parcel
Legal Description:
THAT PART OF LOT 2 IN KELJIK'S RESUBDIVISION IN MT. PROSPECT BEING A
RESUBDIVISION OF THE EAST 50 FEET OF BLOCK 1 EXCEPT THE NORTH
50.20 FEET THEREOF) IN MT. PROSPECT, A SUBDIVISION IN THE NORTHWEST
1/4 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT 2; THENCE NORTH 59
DEGREES 23 MINUTES 32 SECONDS WEST ALONG THE 'SOUTHERLY LINE OF
SAID LOT 2, A DISTANCE OF 58.77 FEET TO THE SOUTHWEST CORNER OF SAID
LOT 2; THENCE NORTH 01 DEGREE 09 MINUTES 10 SECONDS WEST ALONG
THE WEST LINE OFSAID LOT 21 A DISTANCE OF 10.0FEET; THENCE NORTH
88
DEGREES 50 MINUTES 50 SECONDS EAST, 49.97 FEETTO THE EAST LINE OF
SAID LOT 2; THENCE SOUTH 01 DEGREE 09 MINUTES 10 SECONDS LAST
ALONG ,SAID EAST LINE, 40.97 FEET TO THE POINT OF BEGINNING; IN COOK
COUNTY, ILLINOIS.
Common Address: Northwest Corner of Main Street and Northwest Highway,
� y,
Mount Prospect, Illinois 50055
4550091 14
Exhibit A
Legal Description
of the Village Parcel
Legal Description:
THAT FART OF LUT 1 IN KELJIK'S RESUBDIVISION IN MOUNT PROSPECT
TOGETHER WITH THAT FART OF LOT 9 IN JOHN MEYN'S SUBDIVISION
RECORDED FEBRUARY 26, 1931) AS DOCUMENT 19851588, TOGETHER WITH
THAT PART OF LOT A IN CORPORATE: SUBDIVISION NO. 9 ALL BEING IN
THE
WEST HALF OF THE NORTHWEST QUARTER OF SECTION 12, TOWNSHIP 41
NORTH, RANGE 11 EAST OF THE. THIRD PRINCIPAL MERIDIAN, ALL TAKEN AS
ONE TRACT AND DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT 1 IN KELJIK'S
RESUBDIVISION; THENCE SOUTH 89 DEGREES 05 MINUTES 29 SECONDS WEST
ALONG THE ,SOUTH LINE OF SAID LOT 1, A DISTANCE OF 49.97 FEET TO THE
SOUTHWEST CORNER OF SAID LOT 1, ,SAID SOUTHWEST CORNER BEING ON
THEEAST LINE OF SAID LOT 9 IN JOHN MEYN'S SUBDIVISION; THENCE SOUTH
01 DEGREE 09 MINUTES 10 SECONDS EAST ALONG SAID EAST LINE 51.19
FEET; THENCE SOUTH 88 DEGREES 50 MINUTES 50 SECONDS WEST 5.71
FEET; THENCE NORTH 59 DEGREES 23 MINUTES 32 SECONDS WEST 7.04
FEET; THENCE NORTH 01 DEGREE 09 MINUTES 10 SECONDS WEST, 195.08
FEET; THENCE NORTH 88 DEGREES 50 MINUTES 50 SECONDS EAST 52.67
FEET TO THE EAST LINE OF SAID LOT 1 IN KELJIK'S RESUBDIVISION; THENCE
SOUTH 01 DEGREE REE, 09 MINUTES 10 SECONDS EAST ALONG ,SAID EAST LINE,
48.80 FEET TO THE POINT OF BEGINNING; IN COOK COUNTY, ILLINOIS.
08-12-107-008) 08-12-107-018 08-12-107-02.
Common Address: Fart of 108-110 South Main Street,
Mount Prospect, Illinois 60056
4550091 4
Legal Description
of the Corner Feature Parcel
Legal Description:
THAT PART OF LOT 2 IN KELJIK'S RESUBDIVISION IN MT. PROSPECT, BEING
RESUBDIVISION OF THE EAST 50 FEET OF BLOCK 16EXCEPT THE NORTH
TH
59.29 FEET THEREOF) IN MT. PROSPECT, A SUBDIVISION IN THE NORTHWEST
1/4 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 LAST OF THE THIRD
PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT 2; THENCE NORTH
59
DEGREES 23 MINUTES 32 SECONDS WEST ALONG THE SOUTHERLY LINE
OF
SAID LOT 2, A DISTANCE OF 53.77 FEET TO THE SOUTHWEST CORNER OF SAID
LOT 2; THENCE NORTH 01 DEGREE 09 MINUTES 10 SECONDS WEST ALONG
THE WEST LINE OF SAID LOT 27 A DISTANCE OF 10.04 FEET; THENCE NORTH 88
DEGREES 50 MINUTES 50 SECONDS EAST, 49.97 FEET TO THE EAST LINA
OF
SAID LOT ; THENCE SOUTH 01 DEGREE 09 MINUTES 19 SECONDS EAST
ALONG SAID EAST LINE, 40.97 FEET TO THE POINT OF BEGINNING; IN COOK
COUNTY, ILLINOIS.
P.I. N . : Pt. 08-12-107-019
Common Address: Northwest .Cerner of Main Street and Northwest Highway,
Mount Prospect, Illinois 60056
4550091
Exhibit C
First Amendment to
the Redevelopment Agreement
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