HomeMy WebLinkAboutOrd 6563 03/02/2021Authorizing the redevelopment agreement for the Prospect Place Development comprising a part of the Propsect and Main TIF District of the Village of Mount Prospect , ILTHIS DOCUMENT WAS PREPARED
(under direction) BY:
Lance C. Malina
Klein Thorpe and Jenkins, Ltd.
20 North Wacker Drive, Suite 1660
Chicago, Illinois 60606
(312) 984-6400
(2881-062)
AFTER RECORDING RETURN TO:
Lance C. Malina
Klein Thorpe and Jenkins, Ltd.
20 North Wacker Drive, Suite 1660
Chicago, Illinois 60606
PINS:
08-12-114-001-0000
08-12-114-001-0002
08-12-114-001-0003
08-12-114-001-0004
08-12-114-001-0005
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2129415022> Fee $88.00
KAREN A. YARBROUGH
COOK COUNTY CLERK
DATE: 10/21/2821 11:15 AM PG: 1 OF 64
for
COON COUNTY, ILLINOIS
RECORDING COVER SHEET
FOR
ORDINANCE NO. 6563
An Ordinance authorizing the Redevelopment Agreement for the Prospect Place
Development comprising a part of the Prospect and Main TIF District of the Village of
Mount Prospect, Illinois
LOTS 8, 9, 10, 11 IN BUSSE'S RESUBDIVISION OF LOTS 1-6, INCLUSIVE IN BLOCK 4, ALSO OF LOTS 2 AND
3 IN BLOCK 5, ALL OF BLOCK 6, LOTS 13 TO 24, INCLUSIVE IN BLOCK 7, AND LOTS 17 THRU 20 IN
BLOCK 8, ALL IN MEIER'S ADDITION TO MOUNT PROSPECT, A SUBDIVISION IN THE NORTHWEST 1/4 OF
SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK
COUNTY, ILLINOIS.
ALSO, LOT 1 (EXCEPT THE NORTHEASTERLY 16 FEET THEREOF) IN BLOCK 5 DEDICATED TO FORM PART
OF PROSPECT AVENUE BY PLAT REGISTERED AS DOCUMENT NUMBER 301948 IN MEIER'S ADDITION TO
MOUNT PROSPECT IN THE NORTHWEST 1/4 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS
P,NUlMONVL.YI-KNOWNlA w: 1-27 PROSPECT AVENUE (COVE PLAZA), MOUNT PROSPECT, IL
PINs: 08-12-114-001-0000, 08-12-114-001-0002, 08-12-114-001-0003, 08-12-114-001-0004, 08-12-114-001-
0005
With Ordinance attached
After recording return to:
RECORDER'S BOX 324 [A]
498520_„LLLL1
ORDINANCE NO. 6563
AN ORDINANCE AUTHORIZING THE REDEVELOPMENT AGREEMENT FOR THE
PROSPECT PLACE 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.
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, et seq.,
as amended from time to time ("TIF Act").
C. Pursuant to Ordinance Numbers 6293, 6294 and 6295, adopted January
17, 2017, the Village designated the tax increment redevelopment project
area ("Redevelopment Project Area"), approved a tax increment 2
redevelopment plan and project ("TIF Plan"), and adopted tax increment
financing relative to the Village's Prospect and Main Tax Increment
Financing District ("TIF District"); said TIF District being legally described
and depicted as set forth in EXHIBIT A-1 and EXHIBIT A-2, respectively,
attached hereto and made part hereof.
D. The Developer is the contract purchaser of a parcel, located within the
Redevelopment Project Area, said property being legally described on
EXHIBIT B, attached hereto and made a part hereof ("Property").
E. The Developer desires and intends to redevelop the Property with a mixed
use residential and commercial building with five (5) stories and
approximately eighty (80) residential units and 10,250 square feet of retail
space, as depicted on the site plan attached hereto as EXHIBIT C, and
made part hereof, and as described in further detail in EXHIBIT D, attached
hereto and made part hereof ("Project").
F. It is necessary for the successful completion of the Project that the Village
enter into an Agreement with Developer to provide for the redevelopment
of the Property, thereby implementing the TIF Plan.
G, The Village is desirous of having the Redevelopment Project Area
rehabilitated, developed and redeveloped in accordance with the TIF Plan,
and particularly the Project as a part thereof, in order to serve the needs of
the Village, arrest physical decay and decline in the Redevelopment Project
Area, increase employment opportunities, stimulate commercial growth and
stabilize the tax base of the Village and, in furtherance thereof, the Village
is willing to offer Developer the TIF incentives referenced in subsection J.
above, under the terms and conditions hereinafter set forth, to assist such
development.
H. It is the desire of the Village to approve the "Redevelopment Agreement for
the Prospect Place Development comprising a part of the Prospect and
Main TIF District of the Village of Mount Prospect, Illinois," attached hereto
as EXHIBIT AA and made part hereof.
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 attached Redevelopment Agreement and perform the Village's obligations
thereunder.
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 2nd day of March, 2021 pursuant to a roll call vote as follows:
AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
APPROVED this 2nd day of March, 2021, by the Village Mayor of the Village of
Mount Prospect, and attested by the Village Clerk, on the same day.
I °
Villagayor
APPROVED and FILED in my office this 2nd day of March, 2021 and published
in pamphlet form in the Village of Mount Prospect, Cook County, Illinois.
ATTEST:.
Uvr`
Village erk
REDEVELOPMENT AGREEMENT
FOR THE PROSPECT PLACE DEVELOPMENT
COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT
OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS
This Redevelopment Agreement For The Prospect Place Development Comprising A Part
Of The Prospect And Main TIF District Of The Village Of Mount Prospect, Illinois
("Agreement") is made and entered into as of the, 1 *1 +Ilx day of October, 2021 ("Effective
Date") by and between the Village of Mount Prospect, Illinois, an Illinois home rule
municipal corporation ("Village") and Prospect Place Development Partners, LLC, an
Illinois limited liability company ("Developer") The Village and the Developer are
sometimes referred to herein individually as a "Party," and collectively as the "Parties."
WITNESSETH:
In consideration of the Preliminary Statements, the mutual covenants herein contained,
and other good and valuable consideration, the sufficiency and receipt of which is hereby
acknowledged, the Parties hereto agree as follows:
1. PRELIMINARY STATEMENTS
Among the matters of mutual inducement which have resulted in this Agreement
are the following:
A. The Village is a home rule unit of government in accordance with Article VII,
Section 6 of the Constitution of the State of Illinois, 1970.
B. The Village has the authority, pursuant to the laws of the State of Illinois,
including, but not limited to 65 ILCS 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 Village is authorized under the provisions of the Tax Increment
Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended
("Act"), to finance redevelopment in accordance with the conditions and
requirements set forth in the Act.
D. Pursuant to Ordinance Numbers 6293, 6294 and 6295, adopted January
17, 2017, the Village designated the tax increment redevelopment project
area ("Redevelopment Project Area"), approved a tax increment
redevelopment plan and project ("TIF Plan"), and adopted tax increment
financing relative to the Village's Prospect and Main Tax Increment
Financing District ("TIF District"); said TIF District being legally described
and depicted as set forth in 'EXHIBIT A-1 and EXHIBIT A-2, respectively,
attached hereto and made part hereof.
E. The Developer is the contract purchaser of a parcel, located within the
Redevelopment Project Area, said property being legally described on
EXHIBIT B, attached hereto and made a part hereof ("Property").
F. The Developer desires and intends to redevelop the Property with a mixed
use residential and commercial building with five (5) stories and
approximately eighty (80) residential units and 10,250 square feet of retail
space, as depicted on the site plan attached hereto as EXHIBIT C, and
made part hereof, and as described in further detail in EXHIBIT D, attached
hereto and made part hereof ("Project").
G. It is necessary for the successful completion of the Project that the Village
enter into this Agreement with Developer to provide for the redevelopment
of the Property, thereby implementing the TIF Plan.
H. Developer has been and continues to be unable and unwilling to undertake
the redevelopment of the Property with the Project, but for certain tax
increment financing ("TIF") incentives to be provided by the Village in
accordance with the Act and the home rule powers of the Village, which the
Village is willing to provide under the terms and conditions contained herein.
The Parties acknowledge and agree that but for the aforementioned TIF
incentives, to be provided by the Village, Developer cannot successfully and
economically develop the Project in a manner satisfactory to the Village.
The Village has determined that it is desirable and in the Village's best
interest to assist Developer in the manner set forth herein, and as this
Agreement may be supplemented and amended from time to time pursuant
to the mutual agreement of the Parties and in the manner as herein
provided.
The Village, in order to stimulate and induce development of the Property
with the Project, has agreed to enter into this Agreement.
J. This Agreement has been submitted to the Corporate Authorities of the
Village (as defined below) for consideration and review, the Corporate
Authorities have taken all actions required to be taken prior to the execution
of this Agreement in order to make the same, and any and all actions taken
by the Village in furtherance hereof, binding upon the Village according to
the terms hereof, and any and all actions of the Corporate Authorities of the
Village precedent to the execution of this Agreement have been undertaken
and performed in the manner required by law.
K. This Agreement has been submitted to the Developer for consideration and
review, and Developer has taken all actions required to be taken prior to the
execution of this Agreement in order to make the same binding upon
Developer according to the terms hereof, and any and all action of
Developer's members precedent to the execution of this Agreement have
been undertaken and performed in the manner required by law.
L. The Village is desirous of having the Redevelopment Project Area
rehabilitated, developed and redeveloped in accordance with the TIF Plan,
and particularly the Project as a part thereof, in order to serve the needs of
the Village, arrest physical decay and decline in the Redevelopment Project
Area, increase employment opportunities, stimulate commercial growth and
stabilize the tax base of the Village and, in furtherance thereof, the Village
is willing to offer Developer the TIF incentives referenced in subsection J.
above, under the terms and conditions hereinafter set forth, to assist such
development.
11. DEFINITIONS
For the purposes of this Agreement, unless the context clearly requires otherwise,
words and terms used in this Agreement shall have the meanings provided from
place to place herein, and as follows:
A. "Change in Law" means the occurrence, after the Effective Date, of an
event described below in this definition, provided such event materially
changes the costs or ability of the Party relying thereon to carry out its
obligations under this Agreement and such event is not caused by the Party
relying thereon:
Change in Law means any of the following: (1) the enactment, adoption,
promulgation or modification of any federal, State or local law, ordinance,
code, rule or regulation (other than by the Village, or, with respect to those
made by the Village, only if they violate the terms of this Agreement); (2)
the order or judgment of any federal or State court, administrative agency
or other governmental body (other than the Village); or (3) the adoption,
promulgation, modification or interpretation in writing of a written guideline
or policy statement by a governmental agency (other than the Village, or,
with respect to those made by the Village, only if they violate the terms of
this Agreement). Change in Law, for purposes of this Agreement, shall also
include the imposition of any conditions on, or delays in, the issuance or
renewal of any governmental license, approval or permit (or the suspension,
termination, interruption, revocation, modification, denial or failure of
issuance or renewal thereof) necessary for the undertaking of the actions
to be performed under this Agreement (except any imposition of any
conditions on, or delays in, any such issuance or renewal by the Village,
except as provided herein).
B. "Corporate Authorities" means the Mayor and Board of Trustees of the
Village of Mount Prospect, Illinois.
C. "Day" means a calendar day.
D. "Effective Date" means the day on which this Agreement is executed by
the Village, with said date appearing on page 1 hereof.
E. ispa!qyll or "Parties" means the Village and/or the Developer,
individually/collectively, and their respective successors and/or assigns as
permitted herein, as the context requires.
F "Person" means any individual, corporation, partnership, limited liability
company, joint venture, association, trust, or government or any agency or
political subdivision thereof, or any agency or entity created or existing
under the compact clause of the United States Constitution.
G. "State" means the State of Illinois.
H. "TIF Ordinances" means those Ordinances referenced in subsection I.D.
above.
"Uncontrollable Circumstance" means any event which:
1 is beyond the reasonable control of and without the fault of the Party
relying thereon; and
2. is one or more of the following events:
a. a Change in Law;
b, insurrection, riot, civil disturbance, sabotage, act of the public
enemy, explosion, fire, nuclear incident, war or naval
blockade;
C. pandemic, epidemic, hurricane, tornado, landslide,
earthquake, lightning, fire, windstorm, other extraordinary or
ordinary weather conditions or other similar act of God;
d. governmental condemnation or taking;
e. strikes or labor disputes, or work stoppages not initiated by
Developer or the Village;
f. unreasonable delay in the issuance of building or other
permits or approvals by the Village or other governmental
authorities having jurisdiction other than the Village including
but not limited to the Illinois Department of Transportation
("IDOT" ), the Metropolitan Water Reclamation District of
Greater Chicago ("MWRD") and/or the Illinois Environmental
Protection Agency ("IEPA");
g. shortage or unavailability of essential materials, which
materially change the ability of the Party relying thereon to
carry out its obligations under this Agreement;
h. unknown or unforeseeable geo-technical or environmental
conditions;
L major environmental disturbances, which delay construction
by more than thirty (30) days;
j. vandalism;
k unscheduled closure of the New York Stock Exchange for a
period of two (2) consecutive days; or
I. terrorist acts.
Uncontrollable Circumstance shall not include: economic hardship;
unavailability of materials (except as described in subsection 2.g. above);
or a failure of performance by a contractor (except as caused by events
which are Uncontrollable Circumstances as to any applicable contractor).
For each day that the Village or Developer is delayed in its performance
under this Agreement by an Uncontrollable Circumstance, the dates set
forth in this Agreement shall be extended by one (1) day without penalty or
damages to either Party.
J. "Village Code" means the Village of Mount Prospect Village Code, as
amended as of the Effective Date.
III. CONSTRUCTION OF TERMS
This Agreement, except where the context by clear implication shall otherwise
require, shall be construed and applied as follows:
A. Definitions include both singular and plural.
B. Pronouns include both singular and plural and cover all genders.
C. The words "include," "includes," and "including" shall be deemed to be
followed by the phrase "without limitation."
D. Headings of Sections herein are solely for convenience of reference and do
not constitute a part hereof and shall not affect the meaning, construction
or effect hereof.
E. All exhibits attached to this Agreement shall be and are operative provisions
of this Agreement and shall be and are incorporated by reference in the
context of use where mentioned and referenced in this Agreement. In the
event of a conflict between any exhibit and the terms of this Agreement, the
Agreement shall control.
F. Any certificate, letter or opinion required to be given pursuant to this
Agreement means a signed document attesting to or acknowledging the
circumstances, representations, opinions of law or other matters therein
stated or set forth. Reference herein to supplemental agreements,
certificates, demands, requests, approvals, consents, notices and the like
means that such shall be in writing whether or not a writing is specifically
mentioned in the context of use.
G. The Village Manager, unless applicable law requires action by the
Corporate Authorities, shall have the power and authority to make or grant
or do those things, certificates, payments under Section VI(A)(2), requests,
demands, notices and other actions required that are ministerial in nature
or described in this Agreement for and on behalf of the Village and with the
effect of binding the Village as limited by and provided for in this Agreement.
Developer is entitled to rely on the full power and authority of the Persons
executing this Agreement on behalf of the Village as having been properly
and legally given by the Village.
K In connection with the foregoing and other actions to be taken under this
Agreement, and unless applicable documents require action by Developer
in a different manner Developer hereby designates Bart Przyjemski, Noah
Properties, 3901 25th Avenue, Schiller Park, IL 60176 as its authorized
representative who shall individually have the power and authority to make
or grant or do all things, supplemental agreements, certificates, requests,
demands, approvals, consents, notices and other actions required or
described in this Agreement for and on behalf of Developer and with the
effect of binding Developer in that connection (such individual being
designated as an "Authorized Developer Representative"). Developer shall
have the right to change its Authorized Developer Representative by
providing the Village with written notice of such change from its authorized
representative which notice shall be sent in accordance with Section
XVIII.B. of this Agreement.
IV. COOPERATION OF THE PARTIES
The Village and Developer agree to cooperate in implementing the Project in
accordance with the Parties' respective obligations set forth in this Agreement, and
specific approvals by the Village in the future, relative to the development of the
Property and the Project, including zoning applications relative thereto, and
Village -issued permits and approvals relative thereto.
6
V. DEVELOPMENT OF THE PROPERTY
A. Approvals, Permits, Construction, and Completion. The Developer
shall, subject to Uncontrollable Circumstances:
1 Prior to the Execution Date, apply for all necessary permits and
approvals from all governmental agencies having jurisdiction over
the Project as may be required to commence construction of the
Project, which application may occur prior to the conveyance of the
Property from the Village to Developer.
2, On or before September 1, 2021, take reasonable steps to obtain all
necessary permits and approvals from all governmental agencies
having jurisdiction over the Project as may be required to commence
construction of the Project.
I Within thirty (30) days of receipt of all necessary permits and
approvals as provided in Section V(A)(2) above, commence
construction of the Project.
4. On or before January 1, 2023 apply for a temporary Certificate of
Occupancy for the Project.
5. On or before June 1, 2023 apply for the Certificate of Project
Completion in described in Section XI.A. of this Agreement, which
application for the Certificate of Project Completion shall include the
public improvements described in EXHIBIT E attached hereto and
made a part hereof.
B. Subject to Uncontrollable Circumstances, if the Developer has not
commenced construction of the Project within the time frame set forth in
Section V.A.3. above, the Village shall deliver a notice of default to
Developer and, in the event that Developer has failed to commence
construction, or take the prerequisite steps necessary to commence
construction and diligently pursue commencement of same, within thirty
(30) days after receipt of such notice, the Village shall have the right to
terminate this Agreement. Notwithstanding the foregoing, if Developer has
applied for such necessary permits and approvals as required above and
despite diligently pursuing obtaining such necessary permits and approvals
is unable to obtain them, then the Village will forbear from declaring
Developer in default of this Agreement and exercising its right to purchase
the Property from the Developer so long as Developer continues to pursue
obtaining the necessary permits and approvals from governmental
agencies having jurisdiction over the Project with due diligence, in good faith
and without delay.
VI. UNDERTAKINGS ON THE PART OF THE VILLAGE
A. The Village agrees to and shall:
Cooperate with Developer in Developer's attempts to obtain all
necessary approvals, licenses and/or permits from any governmental or
quasi -governmental entity other than the Village and, upon request of
Developer, will promptly execute any applications or other documents
(upon their approval by the Village) which Developer intends to file with
such other governmental agencies, quasi -governmental agencies
and/or utility companies in regard to the Project.
2. Contribute up to $3.7 million of TIF funds (2021 present value
discounted at 5% annually, i.e. the outstanding balance of the $3.7
million shall accrue 5% interest compounded annually during the Term)
generated by the Project on a pay-as-you-go basis (the "TIF
Contribution") as detailed in the SB Friedman memorandum dated
February 26, 2021 (Exhibit "F").
a. Developer shall be entitled to sixty percent (60%) of the TIF funds
generated by the Project each property tax collection year until
the earlier of i) the payment to Developer of an amount equal to
the TIF Contribution, or ii) the expiration of the Term.
b. The TIF Contribution shall be paid to the Developer annually on
December 1st of each year following the issuance of the
Certificate of Project Completion.
3. Enter into an Off -Street Parking Agreement (Exhibit "G") providing six
parking spaces within 1,000 feet of the Property for residential tenants
of the Project.
4. Waive all applicable fees for the connection of the Property to the
Village's water supply and sanitary sewer system for the Project.
5. Waive all building permit, inspection, impact fees and occupancy permit
fees for the Project.
6. Apply the provisions of the Village Code in effect as of the effective date
of this Agreement, regardless of subsequent changes and amendments
to the Village Code.
B. The Village shall further promptly respond to, and/or process, and consider
reasonable requests of Developer for applicable building approvals and/or
permits, driveway permits, drive thru permits, special use permits (if and to
the extent applicable), zoning amendments, variances, curb cut permits, or
other approvals, permits and/or licenses necessary for the construction of
the Project. Approval of any building approvals and/or permit applications
and/or engineering plans and/or operating licenses (including liquor
licenses, subject to the applicant therefor being qualified to receive same
under both State law and the Village's ordinances) shall be contingent on
the Developer providing all required and requested documentation
including, but not limited to, building plans required to substantiate that said
improvements fully conform with all applicable State statutes and also all
Village ordinances and codes, as well as receipt of all required building
approvals from any federal, state, regional or county agencies having
applicable jurisdiction.
VII. DEVELOPER'S OBLIGATIONS
Developer shall have the obligations set forth below, in addition to those set forth
elsewhere in this Agreement, for the development, construction, financing,
completion and furtherance of the Project:
A. Constructions in Accordance with Approvals and Laws. The Developer
shall endeavor to construct the Project materially and substantially in
conformance with the approvals therefor from the Village. The Developer
shall pay or cause to be paid all building -related fees required by the Village
Code, except as waived or modified in this Agreement. The Developer shall
at all times acquire, install, construct, operate and maintain the Project in
substantial conformance with all applicable laws, rules, ordinances, and
regulations. All work with respect to the Project shall substantially conform
to all applicable federal, State and local laws, regulations and ordinances,
including, but not limited to, zoning, subdivision and planned development
codes, building codes, environmental laws (including any law relating to
public health, safety and the environment and the amendments,
regulations, orders, decrees, permits, licenses or deed restrictions now or
hereafter promulgated thereafter), life safety codes, property maintenance
codes and any other applicable codes and ordinances of the Village, or any
of its rules or regulations or amendments thereto which are applicable to all
properties in the Village and are in effect from time to time during the
construction and maintenance of the Project and/or during the term of this
Agreement.
B. Construction Staoing. During the initial construction of the Project as
herein contemplated, the Developer shall stage its construction of the
Project to avoid to the fullest extent possible any material community
disruption. During construction, the Developer shall also keep all public
streets used by the Developer clean on a daily basis, and for each day in
which such public streets are not properly clean and such condition is not
remedied within twenty-four (24) hours of written notice to Developer, the
Developer shall pay the Village the sum of Two Hundred Fifty and No/1 00
Dollars ($250.00) for each such violation. Developer shall park and stage
all construction equipment, materials and vehicles to be used in relation to
the construction of the Project on the Property.
C. Sufficient Funds. Developer shall submit written evidence to the Village,
in a form and substance reasonably satisfactory to the Village, that
Developer has access to sufficient funds to pay any costs of the Project
within ninety (90) days after the Effective Date. Such evidence can include,
without limitation, commitments for financing and/or letters of credit from a
lender, and/or investor commitments, and/or incentives to be provided in
this Agreement for the anticipated costs of such Project.
D. Meetings with Village, Developer shall meet with the Corporate Authorities
and Village staff and make presentations to the Corporate Authorities and
Village staff as reasonably requested by the Village Mayor or Village
Manager in order to keep the Village apprised of the progress of the Project.
Vill. ADDITIONAL COVENANTS OF DEVELOPER
A. Continued Existence. Developer will do or cause to be done all things
necessary to preserve and keep in full force and effect its existence and
standing as an Illinois limited liability company, so long as this Agreement
is in effect, and for so long as Developer maintains an ownership interest in
the Property or has any other remaining obligation pursuant to the terms of
this Agreement, whichever is the first to occur.
B. Further Assistance and Corrective Instruments. The Village and
Developer agree that they will, from time to time, execute, acknowledge and
deliver, or cause to be executed, acknowledged and delivered, such
supplements hereto and such further instruments as may be reasonably
required for carrying out the intention of or effectuating or facilitating the
performance of this Agreement to the extent legally permitted and within the
Village's and the Developer's sound legal discretion.
C. No Gifts. Developer covenants that no director, employee or agent of
Developer, or any other Person connected with Developer, has made,
offered or given, either directly or indirectly, to any member of the Corporate
Authorities, or any officer, employee or agent of the Village, or any other
Person connected with the Village, any money or anything of value as a gift
or bribe or other means of influencing his or her action in his or her capacity
with the Village.
10
D. Disclosure. Concurrently with execution of this Agreement, Developer
shall disclose to the Village the names, addresses and ownership interests
of all Persons that have an ownership interest in the Developer in excess of
7.5% of the total equitable interest of the entity, together with such
supporting documentation that may be reasonably requested by the Village.
Until the issuance of the Certificate of Project Completion, Developer further
agrees to notify the Village throughout the term of this Agreement of the
names, addresses and ownership interests of any changes of owners of the
Developer in the event such ownership interests exceeds 7.5%.
E. Prevailing Wage. To the extent required by law, Developer shall comply
with the Illinois Prevailing Wage Act. Developer warrants and represents
that it has reviewed the Illinois Prevailing Wage Act, that it has reviewed the
regulations promulgated thereunder, and that it understands and will strictly
comply with the obligations imposed on it by this Section VIII.E.
IX. ADHERENCE TO VILLAGE CODES AND ORDINANCES
Except as otherwise provided for in this Agreement, all development and
construction of the Project shall comply in all material respects with the provisions
in the building, plumbing, mechanical, electrical, storm water management, fire
prevention, property maintenance, zoning and subdivision codes of the Village and
all other germane codes and ordinances of the Village in effect from time to time
during the course of construction of the Project. The Developer, by executing this
Agreement, expressly warrants that it has examined and is familiar with all the
covenants, conditions, restrictions, building regulations, zoning ordinances,
property maintenance regulations, environmental laws (including any law relating
to public health, safety and the environment and the amendments, regulations,
orders, decrees, permits, licenses or deed restrictions now or hereafter
promulgated thereafter) and land use regulations, codes, ordinances, federal,
State and local ordinances, and the like, currently in effect.
X SPECIAL CONDITIONS
A. Certificate of Project Completion. Within thirty (30) days after written
request from Developer, and provided that Developer has not received any
notice of default under this Agreement or notice of non-compliance with any
Village codes with respect to Developer's construction obligations, any of
which have not been cured, and after the Village has issued the final
certificate of occupancy for the proposed building on the Property, and has
confirmed that the proposed building on the Property has been constructed
in substantial and material compliance with the Village Code and this
Agreement, the Village shall deliver a certificate of completion and
satisfaction of all construction terms, covenants and conditions contained in
this Agreement ("Certificate of Project Completion") or, if not complete or
11
satisfied, a written statement as to what deficiencies exist, and upon
Developer's correction of such issues, the Village shall then promptly and
no more than five (5) days after receipt of the evidence of the correction of
the deficiencies issue to Developer a Certificate of Project Completion.
Developer may record the Certificate of Project Completion with the Cook
County Recorder of Deeds, and the Certificate of Project Completion shall
be conclusive evidence of the satisfaction of Developer's agreement and
covenants under the Agreement and release Developer from any further
obligations hereunder, except those specifically set forth in Section X
hereof.
B. Employment Opportunities. To the extent feasible, the Developer shall
make reasonable efforts to notify Village residents of employment
opportunities that are available relative to the Project, and, to the extent
permitted by law, make reasonable efforts to employ qualified residents of
the Village in relation to the Project. Developer's inability to discharge this
obligation shall not be deemed a breach of this Agreement.
Developer represents agrees as the basis for the undertakings on its part herein
contained that as of the date hereof and until completion of the Project to the best
of its knowledge and without independent investigation:
A. Existence and Authority. Developer is an Illinois limited liability company,
and is authorized to and has the power to enter into, and by proper action
has been duly authorized to execute, deliver and perform, this Agreement.
Developer is solvent, able to pay its debts as they mature and financially
able to perform all the terms of this Agreement in accordance with Section
V.C. of this Agreement. To Developer's knowledge, there are no actions at
law or similar proceedings which are pending or threatened against
Developer which would result in any material and adverse change to
Developer's financial condition, or which would materially and adversely
affect the level of Developer's assets as of the date of this Agreement or
that would materially and adversely affect the ability of Developer to
proceed with the construction and development of the Project.
B. No Conflict. Neither the execution and delivery of this Agreement by
Developer, the consummation of the transactions contemplated hereby by
Developer, nor the fulfillment of or compliance with the terms and conditions
of this Agreement by Developer conflicts with or will result in a breach of
any of the terms, conditions or provisions of any offerings or disclosure
statement made or to be made on behalf of Developer (with Developer's
prior written approval), any organizational documents, any restriction,
agreement or instrument to which Developer or any of its partners, directors,
12
or venturers is now a party or by which Developer or any of its partners,
directors or venturers is bound, or constitutes a default under any of the
foregoing, or results in the creation or imposition of any prohibited lien,
charge or encumbrance whatsoever upon any of the assets or rights of
Developer, any related party or any of its partners, directors or venturers
under the terms of any instrument or agreement to which Developer, any
related party or any of its partners, directors or venturers is now a party or
by which Developer, any related party or any of its partners, directors or
venturers is bound.
C. Ade nate Resources. Developer has, or will have within sixty (60) days of
the Acquisition Date, sufficient financial and economic resources or access
to the same to implement and complete Developer's obligations contained
in this Agreement.
D. No Adverse Notices. Developer represents and warrants that it has not
received any notice from any local, State or federal official that the activities
of Developer with respect to the Property and/or the Project may or will be
in violation of any environmental law or regulation. Developer is not aware
of any State or federal claim filed or planned to be filed by any Party relating
to any violation of any local, State or federal environmental law, regulation
or review procedure, and Developer is not aware of any violation of any
local, State or federal law, regulation or review procedure which would give
any person a valid claim under any State or federal environmental statute.
E. Experience. Developer represents and warrants to the Village that
Developer, and its respective principals, are experienced in the
development and operation of developments similar or comparable to the
Project, and are able to provide the Project with the necessary skill,
knowledge and expertise as well as input from other experts and
consultants in the construction and operation of such a Project.
F Payment of Real Estate Taxes. Developer and successor owners agree
to pay or cause to be paid all general and special real estate taxes levied
during their respective period of ownership against their respective interest
in the Project on or prior to the date same is due and said taxes shall not
become delinquent; provided, however, Developer reserves the right to
contest and appeal property taxes levied on the Property and the property
tax assessment of the Property. Developer and successor owners shall
deliver evidence of payment of such taxes to the Village upon request.
G. No Broker. Developer represents and warrants to the Village that, in
connection with this transaction, no third -party broker or finder has been
engaged or consulted by it, or its subsidiaries or agents or employees, or,
through such the Developer's actions (or claiming through such party),
which is entitled to compensation as a consequence of this transaction.
13
XII. REPRESENTATIONS AND WARRANTIES OF THE VILLAGE
The Village represents, warrants and agrees as the basis for the undertakings on
its part herein contained that:
A. Existence. The Village is an Illinois home rule municipal corporation duly
organized and validly existing under the laws of the State of Illinois, and has
all requisite corporate power and authority to enter into this Agreement.
B. Authority. The execution, delivery and performance of this Agreement and
the consummation by the Village of the transactions provided for herein and
the compliance with the provisions of this Agreement:
1 have been duly authorized by all necessary corporate action on the
part of the Village;
2. require no other consents, approvals or authorizations on the part of
the Village in connection with the Village's execution and delivery of
this Agreement; and
3. shall not, by lapse of time, giving of notice or otherwise result in any
breach of any term, condition or provision of any indenture,
agreement or other instrument to which the Village is subject.
C. Litigation. To the best of the Village's knowledge, there are no proceedings
pending or threatened against or affecting the Village or the TIF District in
any court or before any governmental authority which involves the
possibility of materially or adversely affecting the ability of the Village to
perform its obligations under this Agreement and there is no litigation,
dispute or proceeding pending or to the best of knowledge of Village,
threatened, against Village which pertains to the Property, the Project or
any portion thereof.
D. Adequate Resources. The Village has sufficient financial and economic
resources to implement and complete the Village's obligations contained in
this Agreement.
E. No Broker. The Village represents and warrants to the Developer that, in
connection with this transaction, no third -party broker or finder has been
engaged or consulted by it, or its subsidiaries or agents or employees, or,
through such the Village's actions (or claiming through such party), is
entitled to compensation as a consequence of this transaction.
F. No Contracts, No Undisclosed Obligations. Village is not a party to any
contract, agreement or commitment to sell, convey, assign, transfer,
14
provide rights of first refusal or other similar rights or otherwise dispose of
any portion or portions of the Project. As of the Conveyance Deadline,
except as created by this Agreement, there will be no obligations or liabilities
of any kind or nature whatsoever, actual or contingent, including, but not
limited to, any tax liabilities, contract liabilities or tort liabilities for which or
to which Developer or the Project will be liable or subject, except for
non -delinquent obligations and liabilities accrued and thereafter accruing
under permitted exceptions to title to the Property.
H. No Violations of Law. Village has knowledge of, or notice of, any claims
of any governmental authority to the effect that the construction, operation
or use of any of the Project is in violation of any applicable laws or that any
claim or any investigation with respect thereto is under consideration and
Village has not received any notice from any governmental authority
alleging or claiming that the Property or any portion thereof violates any
applicable environmental law, rule or regulation including, without limitation,
the requirements of the "No Further Remediation Letter" issued by the
Illinois Environmental Protection Agency the ("NFR"), dated December 12,
2016, and recorded against title to the Property with the Cook County
Record of Deeds on December 29, 2016, as document number
1636445070; and that Village has complied with the requirements of the
NFR.
I. No Special Assessments. There is not presently contemplated or
pending, and Village has received no notice of, any special assessments of
any nature with respect to the Property, the Project or any part thereof, nor
has Village received any notice of any special assessments being
contemplated.
Both Developer and Village agree to make the above representations and warranties in
the Contract and on the date of the conveyance of the Property from the Village to
Developer.
XIII. INSURANCE
This Section XIII. shall survive the termination of the Agreement until the earlier of
(i) the issuance of a Certificate of Completion or (ii) twenty (24) months after the
Effective Date.
A. Insurance Coverages. The Developer, and any successor in interest to the
Developer, shall obtain and continuously maintain insurance on the
Property and the Project and, from time to time at the request of the Village,
furnish proof to the Village evidence that the premiums for such insurance
have been paid and the insurance is in effect. The insurance coverage
15
described below is the minimum insurance coverage that the Developer
must obtain and continuously maintain, provided that the Developer shall
obtain the insurance described in subsection 1. below prior to the
commencement of construction of any portion of the Project:
1. Builder's risk insurance, written on the so-called "Builder's Risk -
Completed Value Basis," in an amount equal to one hundred percent
(100%) of the insurable value of the Project at the date of completion,
and with coverage available in non -reporting form on the so-called
"all risk" form of policy.
2. Comprehensive general liability insurance (including operations,
contingent liability, operations of subcontractors, completed
operations and contractual liability insurance) together with an
Owner's/Contractor's Policy on a primary non-contributory basis
naming the Village, its governing body members, officers, agents,
including independent contractors, consultants, attorneys, servants
and employees as additional insureds, with limits against bodily
injury and property damage of not less than $5,000,000.00 for each
occurrence (to accomplish the above -required limits, an umbrella
excess liability policy may be used), written on an occurrence basis.
3. Workers compensation insurance, with statutory coverage if
applicable to the Developer.
B. Continuity of Insurance. All insurance required in this Section XIII. shall
be obtained and continuously maintained through responsible insurance
companies selected by the Developer or its successors that are authorized
under the laws of the State to assume the risks covered by such policies.
Unless otherwise provided in this Section XIII., cancellation relative to each
policy shall be as provided by the policy; however, the Village must be
named as a cancellation notice recipient. Not less than fifteen (15) days
prior to the expiration of any policy, the Developer, or its successor or
assign, must renew the existing policy or replace the policy with another
policy conforming to the provisions of this Section XIII. In lieu of separate
policies, the Developer or its successor or assign, may maintain a single
policy, blanket or umbrella policies, or a combination thereof, having the
coverage required herein.
XIV. INDEMNIFICATION, HOLD HARMLESS AND RELEASE PROVISIONS
This Section XIV. shall survive the termination of the Agreement until the earlier of
(i) a period of twenty (24) months after the Effective Date or (ii) the Village's
issuance of the Certificate of Completion.
[us,
A. Release. The Developer releases from and covenants and agrees that the
Village, its governing body members, officers, agents, including
independent contractors, consultants, attorneys, servants and employees
thereof (for purposes of this Section XIV., collectively the "Village
Indemnified Parties") shall not be liable for, and agrees to indemnify, defend
and hold harmless the Village Indemnified Parties against any loss or
damage to property or any injury to or death of any person occurring at or
about or resulting from any defect in the Project or the Property or arising
pursuant to the Developer's obligations or warranties under this Agreement
or actions in furtherance thereof to the extent not attributable to the gross
negligence or willful misconduct of the Village Indemnified Parties;
provided, that this waiver shall not apply to the warranties made or
obligations undertaken by the Village in this Agreement.
B. Indemnification, Except for gross negligence or willful misconduct of the
Village Indemnified Parties, Developer agrees to indemnify, defend and
hold harmless the Village Indemnified Parties, now and forever, and further
agrees to hold the aforesaid harmless from any claims, demands, suits,
costs, expenses (including reasonable attorney's fees), actions or other
proceedings whatsoever by any person or entity whatsoever arising or
purportedly arising from the actions or inactions of Developer (or if other
Persons acting on their behalf or under its direction or control) under this
Agreement, or the transactions contemplated hereby or the acquisition,
construction, installation, ownership, and operation of the Project.
C. Environmental Disclaimer. Except as otherwise set forth herein, the
Village makes no warranties or representations regarding, nor does it
indemnify the Developer with respect to, the existence or nonexistence on
or in the vicinity of the Property, or anywhere within the TIF District of any
toxic or hazardous substances of wastes, pollutants or contaminants
(including, without limitation, asbestos, urea formaldehyde, the group of
organic compounds known as polychlorinated biphenyls, petroleum
products including gasoline, fuel oil, crude oil and various constituents of
such products, or any hazardous substance as defined in the
Comprehensive Environmental Response, Compensation and Liability Act
of 1980 ("CERCLA"), 42 U.S.C. §§ 9601-9657, as amended) (collectively,
the "Hazardous Substances"). The foregoing disclaimer relates to any
Hazardous Substance allegedly generated, treated, stored, released or
disposed of, or otherwise placed, deposited in or located on or in the vicinity
of the Property, or within the TIF District, as well as any activity claimed to
have been undertaken on or in the vicinity of the Property, that would cause
or contribute to causing (1) the Property to become a treatment, storage or
disposal facility within the meaning of, or otherwise bring the Property within
the ambit of, the Resource Conservation and Recovery Act of 1976
("RCRA"), 42 U.S.C. §6901 et seq., or any similar State law or local
ordinance, (2) a release or threatened release of toxic or hazardous wastes
IVA
or substances, pollutants or contaminants, from the Property, within the
meaning of, or otherwise bring the Property within the ambit of, CERCLA,
or any similar State law or local ordinance, or (3) the discharge of pollutants
or effluents into any water source or system, the dredging or filling of any
waters or the discharge into the air of any emissions, that would require a
permit under the Federal Water Pollution Control Act, 33 U.S.C. §1251 et
seq., or any similar State law or local ordinance. Further, the Village makes
no warranties or representations regarding, nor does the Village indemnify
the Developer with respect to, the existence or nonexistence on or in the
vicinity of the Project, or anywhere within the Property or the TIF District, of
any substances or conditions in or on the Property, that may support a claim
or cause of action under RCRA, CERCLA, or any other federal, State or
local environmental statutes, regulations, ordinances or other
environmental regulatory requirements. The Village makes no
representations or warranties regarding the existence of any above ground
or underground tanks in or about the Property, or whether any above or
underground tanks have been located under, in or about the Property have
subsequently been removed or filled. The Village warrants and represents
to Developer that it has not received notice, other than as already provided
to the Developer by the Village in the environmental reports provided to the
Developer by the Village, from any agency, individual or entity of any
violation of any environmental law relating to any Hazardous Substances
affecting the Property.
D. Waiver, The Developer waives any claims against the Village Indemnified
Parties, and their members and boards, for indemnification, contribution,
reimbursement or other payments arising under Federal, State and
common law relating to the environmental condition of the land comprising
the Property.
E. No Personal Liability. No liability, right or claim at law or in equity shall
attach to or shall be incurred by the Village Indemnified Parties (other than
claims against the Village for breach of this Agreement), the Village's
Mayor, Trustees, officers, officials, attorneys, agents and/or employees,
and any such rights or claims of the Developer against the Village
Indemnified Parties (other than claims against the Village for breach of this
Agreement), the Village's Mayor, Trustees, officers, officials, attorneys,
agents and/or employees are hereby expressly waived and released as a
condition of and as consideration for the execution of the Agreement by the
Village.
XV. EVENTS OF DEFAULT AND REMEDIES
18
A. Developer Events of Default. The following shall be Events of Default with
respect to this Agreement:
1 If any material representation made by Developer in this Agreement,
or in any certificate, notice, demand or request made by a Party
hereto, in writing and delivered to the Village pursuant to or in
connection with any of said documents, shall prove to be untrue or
incorrect in any material respect as of the date made; provided,
however, that such default shall constitute an Event of Default only if
Developer does not remedy the default, within thirty (30) days after
written notice from the Village and in any event (subject to
Uncontrollable Circumstances) cures such default within ninety (90)
days after such notice.
2. Default by Developer for a period of thirty (30) days after written
notice thereof in the performance or breach of any material covenant
contained in this Agreement concerning the existence, structure or
financial condition of Developer; provided, however, that such default
or breach shall not constitute an Event of Default if such default
cannot be cured within said thirty (30) days and Developer, within
said thirty (30) days, initiates and diligently pursues appropriate
measures to remedy the default and in any event (subject to
Uncontrollable Circumstances) cures such default within ninety (90)
days after such notice. A violation of the Village Code prosecuted as
an ordinance violation shall not, alone, be considered an event of
default.
3. Default by Developer for a period of thirty (30) days after written
notice thereof in the performance or breach of any material covenant,
warranty or obligation contained in this Agreement; provided,
however, that such default shall not constitute an Event of Default if
such default cannot be cured within said thirty (30.) days and the
Developer, within said thirty (30) days initiates and diligently pursues
appropriate measures to remedy the default and in any event
(subject to Uncontrollable Circumstances) cures such default within
ninety (90) days after such notice.
4. The entry of a decree or order for relief by a court having jurisdiction
in the premises in respect of Developer in an involuntary case under
the federal bankruptcy laws, as now or hereafter constituted, or any
other applicable federal or State bankruptcy, insolvency or other
similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Developer for any
substantial part of its property, or ordering the winding -up or
liquidation of its affairs and the continuance of any such decree or
19
order unstayed and in effect for a period of ninety (90) consecutive
days.
5. The commencement by Developer of a voluntary case under the
federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or State bankruptcy, insolvency or other similar
law, or the consent by Developer to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or similar official) of Developer or of any substantial
part of the Property, or the making by any such entity of any
assignment for the benefit of creditors or the failure of Developer
generally to pay such entity's debts as such debts become due or
the taking of action by Developer in furtherance of any of the
foregoing, or a petition is filed in bankruptcy by others.
6. Failure to have funds as timely required to meet Developer's
obligations to construct the Project and obtain a Certificate of Project
Completion, except in accordance with this Agreement.
7. A sale, assignment, or transfer of the Project, except in accordance
with this Agreement.
8. Material change in the management of Developer, except in
accordance with this Agreement.
9. Developer abandons the Project on the Property. Abandonment shall
be deemed to have occurred when work stops on the Property for
more than ninety (90) consecutive days for any reason other than
Uncontrollable Circumstances and such work is not resumed within
ninety (90) days of written demand by the Village.
10. Prior to issuance of the Certificate of Project Completion, Developer
fails to comply with applicable governmental codes and regulations
in relation to the construction and maintenance of the Project
contemplated by this Agreement and such failure continues for more
than thirty (30) days after written notice thereof from the Village;
provided, however, that such default or breach shall not constitute
an Event of Default if such default cannot be cured within said thirty
(30) days and Developer, within said thirty (30) days, initiates and
diligently pursues appropriate measures to remedy the default and
in any event (subject to Uncontrollable Circumstances) cures such
default within ninety (90) days after such notice.
11. A material representation or warranty of Developer is not true for a
period of thirty (30) days after written notice from the Village;
provided, however, that such default or breach shall not constitute
20
an Event of Default if such default cannot be cured within said thirty
(30) days and Developer, within said thirty (30) days, initiates and
diligently pursues appropriate measures to remedy the default and
in any event (subject to Uncontrollable Circumstances) cures such
default within ninety (90) days after such notice.
B. Villa e Events of Default. The following shall be Events of Default with
respect to this Agreement:
1 If any material representation made by the Village in this Agreement,
or in any certificate, notice, demand or request made by a Party
hereto, in writing and delivered to Developer pursuant to or in
connection with any of said documents, shall prove to be untrue or
incorrect in any material respect as of the date made; provided,
however, that such default shall constitute an Event of Default only if
the Village does not remedy the default, within thirty (30) days after
written notice from Developer and in any event (subject to
Uncontrollable Circumstances) cures such default within ninety (90)
days after such notice.
2. Default by the Village in the performance or breach of any material
covenant contained in this Agreement concerning the existence,
structure or financial condition of the Village; provided, however, that
such default or breach shall constitute an Event of Default only if the
Village does not, within thirty (30) days after written notice from
Developer, initiate and diligently pursue appropriate measures to
remedy the default and in any event (subject to Uncontrollable
Circumstances) cures such default within ninety (90) days after such
notice.
3. Default by the Village in the performance or breach of any material
covenant, warranty or obligation contained in this Agreement;
provided, however, that such default shall not constitute an Event of
Default if the Village, commences cure within thirty (30) days after
written notice from Developer and in any event cures such default
within ninety (90) days after such notice, subject to Uncontrollable
Circumstances.
4. A material representation or warranty of the Village is not true for a
period of thirty (30) days after written notice from Developer;
provided, however, that such default or breach shall not constitute
an Event of Default if such default cannot be cured within said thirty
(30) days and the Village, within said thirty (30) days, initiates and
diligently pursues appropriate measures to remedy the default and
in any event (subject to Uncontrollable Circumstances) cures such
default within ninety (90) days after such notice.
21
C. Remedies for Default. In the case of an Event of Default hereunder:
I The defaulting Party shall, upon written notice from the non -
defaulting Party, take prompt action to cure or remedy such Event of
Default. If, in such case, any monetary Event of Default is not cured,
or if in the case of a non -monetary Event of Default, except for
circumstances contemplated under Section XV.A.1., action is not
taken or not diligently pursued, or if action is taken and diligently
pursued but such Event of Default or breach shall not be cured or
remedied within the cure periods specified therefor, unless extended
by mutual agreement, the non -defaulting Party may institute such
proceedings as may be necessary or desirable in its opinion to cure
or remedy such default or breach, including, but not limited to,
proceedings to compel specific performance of the defaulting Party's
obligations under this Agreement.
2. In case a Party shall have proceeded to enforce its rights under this
Agreement and such proceedings shall have been discontinued or
abandoned for any reason, then, and in every such case, the Parties
shall be restored respectively to their several positions and rights
hereunder, and all rights, remedies and powers of Developer and the
Village shall continue as though no such proceedings had been
taken.
3. In no event shall either Party be liable to the other for any
consequential or punitive damages suffered as a result of a default
under this Agreement.
D. Agreement to Pay Attorneys' Fees and Expenses. In the event an Event
of Default is not cured within the applicable cure periods and the Parties
employ an attorney or attorneys or incur other expenses for the collection
of the payments due under this Agreement or the enforcement of
performance or observance of any obligation or agreement herein
contained, the non -prevailing Party shall pay, on demand, the prevailing
Party's reasonable fees of such attorneys and such other reasonable
expenses in connection with such enforcement action. This Section XV.D.
shall survive the termination of this Agreement for a period of twelve (12)
months after the termination of this Agreement.
E. No Waiver by Delay or Otherwise. Any delay by any Party in instituting
or prosecuting any actions or proceedings or otherwise asserting its rights
under this Agreement shall not operate to act as a waiver of such rights or
to deprive it of or limit such rights in any way (it being the intent of this
provision that any Party should not be deprived of or limited in the exercise
of the remedies provided in this Agreement because of concepts of waiver,
22
laches or otherwise); nor shall any waiver in fact made with respect to any
specific Event of Default be considered or treated as a waiver of the rights
by the waiving Party of any future Event of Default hereunder, except to the
extent specifically waived in writing. No waiver made with respect to the
performance, nor the manner or time thereof, of any obligation or any
condition under the Agreement shall be considered a waiver of any rights
except if expressly waived in writing.
F. Rights and Remedies Cumulative. The rights and remedies of the Parties
to this Agreement, whether provided by law or by this Agreement, shall be
cumulative, and the exercise of any one or more of such remedies shall not
preclude the exercise by such Party, at that time or different times, of any
other such remedies for the same Event of Default.
G. Legal and Other Fees and Expenses. Other than for demands, suits,
costs, expenses (including reasonable attorney's fees), actions or other
proceedings covered by Section XV. above, in the event that any third party
or parties institute any legal proceedings against the Developer and/or the
Village, which relate to the terms of this Agreement, then, in that event, the
Parties shall cooperate in the defense of any such lawsuit, with each Party
assuming, fully and vigorously, its own defense of such lawsuit, and all costs
and expenses of its own defense, of whatever nature (including attorney's
fees). This Section XV.G. shall survive the termination of this Agreement.
XVI. EQUAL EMPLOYMENT OPPORTUNITY
A. No Discrimination. To the extent required by law, Developer shall comply
with all federal, state and local laws relating to equal employment
opportunity, if any. To the extent permitted by law, Developer shall use
reasonable efforts to employ qualified residents of the Village as to any
direct hires by the Developer, if applicable. In the event the Developer is
unable to employ qualified residents of the Village it shall not be deemed a
Default of this Agreement.
B. Advertisements. To the extent required by law, Developer shall, in all
solicitations or advertisements for employees placed by or on behalf of
Developer, if applicable, state that all qualified applicants will receive
consideration for employment without regard to race, color, religion, sex or
national origin.
XVII. MISCELLANEOUS PROVISIONS
23
A. Cancellation. Notwithstanding any terms in this Agreement to the contrary,
in the event Developer or the Village shall be prohibited, in any material
respect, from performing covenants and agreements or enjoying the rights
and privileges herein contained, or contained in the TIF Plan, including
Developer's duty to build the Project and operate the Project, by the order
of any court of competent jurisdiction, or in the event that all or any part of
the Act or any ordinance adopted by the Village in connection with the
Project, shall be declared invalid or unconstitutional, in whole or in part, by
a final decision of a court of competent jurisdiction and such declaration
shall materially affect the Project or the covenants and agreements or rights
and privileges of Developer or the Village, then and in any such event, the
Party so materially affected may, at its election, cancel or terminate this
Agreement in whole (or in part with respect to that portion of the Project
materially affected) by giving written notice thereof to the other Parties
within thirty (30) days after such final decision or amendment. Further, the
cancellation or termination of this Agreement shall have no effect on the
authorizations granted to Developer for buildings, or the remodeling of any
building, permitted and under construction, to the extent permitted by said
court order; and the cancellation or termination of this Agreement shall have
no effect on perpetual easements contained in any recorded, properly
executed document.
B. Notices, All notices, certificates, approvals, consents or other
communications desired or required to be given hereunder shall be given in
writing at the addresses set forth below, by any of the following means: (1)
personal service, (2) electronic communications, whether by electronic mail,
telex, telegram or telecopy, but only if followed up, within one (1) business
day, by another method of notice, (3) overnight courier, or (4) registered or
certified first class mail, postage prepaid, return receipt requested.
If to Village: Arlene Juracek, Mayor
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, Illinois 60056
Email: ajuracek@mountprospect.org
With a copy to., Michael Cassady, Village Manager
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, Illinois 60056
Email: mcassady@mountprospect.org
and: Klein, Thorpe and Jenkins, Ltd.
20 North Wacker Drive, Suite 1660
Chicago, Illinois 60606-2903
Attention: Lance C. Malina / Gregory T. Smith
24
Email: lcmalina@ktjlaw.com / gtsmith@ktjlaw.com
If to Developer: Prospect Place Development Partners, LLC
2222 Chestnut Avenue, Suite 201
Chicago, Illinois 60026-1679
Attn: S. Aaron Tenebaum
Email: slava@lawtenenbaum.com
And: Matthew Welch
11950 S. Harlem, Suite 102
Palos Heights, IL 60463
Email: MmAwelch3montanawelch.com
The Parties, by notice hereunder, may designate any further or different
addresses to which subsequent notices, certificates, approvals, consents or
other communications shall be sent. Any notice, demand or request sent
pursuant to either clause (1) or (2) hereof shall be deemed received upon
such personal service or upon dispatch by electronic means. Any notice,
demand or request sent pursuant to clause (3) shall be deemed received
on the day immediately following deposit with the overnight courier, and any
notices, demands or requests sent pursuant to clause (4) shall be deemed
received forty-eight (48) hours following deposit in the mail. All notices
requiring a deadline for responses shall be sent in such a manner so as to
determine the date of receipt by the intendant recipient.
C. Time is of the Essence. Time is of the essence of this Agreement.
Notwithstanding the foregoing, if the date for performance of any of the
terms, conditions and provisions of this Agreement shall fall on a Saturday,
Sunday or legal holiday, then the date of such performance shall be
extended to the next business day.
D. Integration. Except as otherwise expressly provided herein, this
Agreement supersedes all prior agreements, negotiations and discussions
relative to the subject matter hereof and is a full integration of the agreement
of the Parties.
E. Counterparts., This Agreement may be executed in any number of
counterparts, but in no event less than two (2) counterparts, each of which
shall be an original and each of which shall constitute but one and the same
Agreement.
F. Recordation of Agreement. The Parties agree to record this Agreement
with the Cook County Recorder's Office against title to the Property. The
Village and the Developer shall equally share the cost of the recording
charges. The Developer's rights and obligations in this Agreement are
covenants running with title to the Property and successor owners of the
25
Property shall be and are bound by this Agreement to the same extent as
Developer.
G. SeverabillitV. If any provision of this Agreement, or any Section, sentence,
clause, phrase or word, or the application thereof, in any circumstance, is
held to be invalid, the remainder of this Agreement shall be construed as if
such invalid part were never included herein, and this Agreement shall be
and remain valid and enforceable to the fullest extent permitted by law.
H. Choice of Law / Venue. This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois, and any court
proceedings between the Parties hereto shall be brought in Cook County,
Illinois.
I. Entire Contract and Amendments. This Agreement (together with the
exhibits attached hereto and incorporated herein by this reference) is the
entire contract between the Village and the Developer relating to the subject
matter hereof, supersedes all prior and contemporaneous negotiations,
understandings and agreements, written or oral, between the Village and
the Developer, and may not be modified or amended except by a written
instrument executed by the Parties hereto.
J. Third Parties. Nothing in this Agreement, whether expressed or implied, is
intended to confer any rights or remedies under or by reason of this
Agreement on any other Person other than the Village and the Developer,
nor is anything in this Agreement intended to relieve or discharge the
obligation or liability of any third parties to the Village and the Developer,
nor shall any provision give any third parties any rights of subrogation or
action over or against the Village or the Developer. This Agreement is not
intended to and does not create any third -party beneficiary rights
whatsoever.
K. Waiver. Any Party to this Agreement may elect to waive any right or remedy
it may enjoy hereunder, provided that no such waiver shall be deemed to
exist unless such waiver is in writing. No such waiver shall obligate the
waiver of any other right or remedy hereunder, or shall be deemed to
constitute a waiver of other rights and remedies provided pursuant to this
Agreement.
L. Cooperation and Further Assurances. The Village and the Developer
each covenant and agree that each will do, execute, acknowledge and
deliver or cause to be done, executed and delivered, such agreements,
instruments and documents supplemental hereto and such further acts,
instruments, pledges and transfers as may be reasonably required for the
better clarifying, assuring, mortgaging, conveying, transferring, pledging,
assigning and confirming unto the Village or the Developer, or other
26
appropriate Persons, all and singular the rights, property and revenues
covenanted, agreed, conveyed, assigned, transferred and pledged under or
in respect of this Agreement at no additional cost or expense to the non -
requesting Party.
M. No Joint Venture, Agency or Partnership Created. Nothing in this
Agreement, or any actions of the Parties to this Agreement, shall be
construed by the Parties or any third party to create the relationship of a
partnership, agency or joint venture between or among such Parties.
N. No Personal Liability of Officials of the Village or the Developer. No
covenant or agreement contained in this Agreement shall be deemed to be
the covenant or agreement of the Corporate Authorities, Village Manager,
any elected official, officer, partner, member, shareholder, manager,
director, agent, employee or attorney of the Village or the Developer, in his
or her individual capacity, and no elected official, officer, partner, member,
director, agent, employee or attorney of the Village or the Developer shall
be liable personally under this Agreement or be subject to any personal
liability or accountability by reason of or in connection with or arising out of
the execution, delivery and performance of this Agreement, or any failure in
that connection.
O. Repealer. To the extent that any ordinance, resolution, rule, order or
provision of the Village Code, or any part thereof, is in conflict with the
provisions of this Agreement, the provisions of this Agreement shall be
controlling, to the extent lawful.
P. Term. This Agreement shall remain in full force and effect until the
termination of the Redevelopment Project Area ("Term").
Q. Estoppel Certificates. Each of the Parties hereto agrees to provide the
other, upon not less than five (5) days prior request, a certificate ("Estoppel
Certificate") certifying that this Agreement is in full force and effect (unless
such is not the case, in which case such Party shall specify the basis for
such claim), that the requesting Party is not in default of any term, provision
or condition of this Agreement beyond any applicable notice and cure
provision (or specifying each such claimed default) and certifying such other
matters reasonably requested by the requesting Party. If either Party fails
to comply with this provision within the time limit specified, and if, after an
additional seven (7) days' notice there still is no compliance, then said non-
complying Party shall be deemed to have appointed the other as its
attorney-in-fact for execution of same on its behalf as to that specific request
only.
R. Assignment. This Agreement, and the rights and obligations hereunder,
may not be assigned by Developer prior to the date the Village issues
27
Developer a Certificate of Project Completion, unless the Village consents
in writing to such assignment which consent shall not be unreasonably
withheld or delayed, and unless the assignee consents in writing to be
bound by the terms of this Agreement. Thereafter, Developer may sell or
transfer the Property, and assign its right, duties and obligations hereunder,
without the consent or approval of the Village. Nothing herein shall be
deemed to prohibit or impair an assignment to Developer's lender pursuant
to an assignment required for construction financing or using the benefits of
this Agreement as collateral.
S. Municipal Limitations. All Village commitments hereunder are limited to
the extent required by law.
[THIS SPACE INTENTIONALLY LEFT BLANK]
28
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
on or as of the day and year first above written.
VILLAGE OF MOUNT PROSPECT,
an Illinois home rule municipal corporation
n
By:
Paul Wm Hoefe, 4PMaVr
tt
ATTEST:
By:
Karen AgoranosNillage Clerk
a riel'-1 i I '� �j III1•Iii - I i•
an
M
29
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 Paul Wm Hoefert 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 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.
2021. GIVEN under my hand and official seal, this I— day of ,
Notary Public
,dwm�ww^,ro�'�'mw�ro�moro���aTM�(p,'IIII�aCCa �la��^ IIT.
L SEX
NOTARY 1-11,2[.10- lo"FArE OF LIAOG
IMM COMMISSION ZION E7Cf'rRE&04f13122
30
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 Bart Przyjemski personally known to me to be the Manager of
Prospect Place Development Partners, LLC, an Illinois limited liability company, 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 signed and delivered the said pursuant to authority given by the
operating agreement of Prospect Place Partners, LLC, 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.
2021. GIVEN under my hand and official seal, this day of 'C�o �)
Notary Public I
IM M
31
EXHIBIT A-1
Prospect and Main TIF District
Legal Description
Legal Description:
THAT PART OF SECTIONS 11 & 12 IN TOWNSHIP 41 NORTH, RANGE 11 EAST AND
SECTIONS 33 & 34 IN TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, BOUNDED AND DESCRIBED
AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE EAST LINE OF THE SOUTHEAST
QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT.
PROSPECT ROAD, AND THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY,
BEING ALSO THE NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN
RAILWAY RIGHT OF WAY;
THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF
SECTION 12 AND THE CENTER LINE OF MT. PROSPECT ROAD TO THE
SOUTHWESTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT
OF WAY, BEING ALSO THE NORTHEASTERLY LINE OF PROSPECT AVENUE;
THENCE SOUTHWESTERLY TO THE INTERSECTION OF THE WEST LINE OF MT.
PROSPECT ROAD WITH THE SOUTHWESTERLY LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE WEST LINE OF THE EAST 205 FEET OF LOT 1 IN GLEICH'S
INDUSTRIAL PARK, A SUBDIVISION OF PART OF THE WEST HALF OF THE
NORTHEAST QUARTER AND PART OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID WEST LINE OF THE EAST 205 FEET OF LOT 1 IN
GLEICH'S INDUSTRIAL PARK TO THE SOUTHERLY LINE OF LOT 1 AFORESAID;
THENCE NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF LOT 1 IN GLEICH'S
INDUSTRIAL PARK TO THE EAST LINE OF SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE
NORTHEASTERLY LINE OF LINCOLN STREET;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LINCOLN
STREET AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE
OF WILLIAM STREET;
32
THENCE SOUTH ALONG SAID EAST LINE OF WILLIAM STREET TO THE SOUTH
LINE OF SHA-BONEE TRAIL;
THENCE WEST ALONG SAID SOUTH LINE OF SHA -BONES TRAIL TO THE EAST
LINE OF SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE SOUTH
LINE OF COUNCIL TRAIL;
THENCE WEST ALONG SAID SOUTH LINE OF COUNCIL TRAIL TO THE
SOUTHERLY EXTENSION OF THE EAST LINE OF LOT 12 IN ELLENDALE, A
SUBDIVISION IN THE SOUTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE EAST LINE OF
LOT 12 IN ELLENDALE TO THE NORTH LINE THEREOF;
THENCE WEST ALONG SAID NORTH LINE OF LOT 12 IN ELLENDALE TO THE EAST
LINE OF LOT 3 IN ELLENDALE AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 3 IN ELLENDALE AND THE
NORTHERLY EXTENSION THEREOF TO THE NORTH LINE OF MOEHLING DRIVE;
THENCE WEST ALONG SAID NORTH LINE OF MOEHLING DRIVE AND THE
WESTERLY EXTENSION THEREOF TO THE WEST LINE OF MAPLE STREET;
THENCE NORTH ALONG SAID WEST LINE OF MAPLE STREET TO THE NORTH
LINE OF THE SOUTH 270 FEET OF LOT 2 IN ETHEL BUSSE'S SUBDIVISION OF
PART OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 12
AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF THE SOUTH 270 FEET OF LOT 2 IN
ETHEL BUSSE'S SUBDIVISION TO THE EAST LINE OF LOTS 35 THRU 42 IN
BUSSE'S RESUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S
RESUBDIVISION TO THE EAST LINE OF LOT 2 IN MILLER RESUBDIVISION OF LOTS
1 TO 3 & 43 IN BUSSE'S SUBDIVISION OF LOT "A" IN BLOCK 11 1N BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 2 IN MILLER RESUBDIVISION TO
THE SOUTHWESTERLY LINE OF PROSPECT AVENUE;
33
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION
AFORESAID;
THENCE SOUTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER
RESUBDIVISION TO A BEND THEREIN;
THENCE SOUTH ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER
RESUBDIVISION TO THE NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION
AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION TO
THE MOST EASTERLY WEST LINE OF LOT 2 IN MILLER RESUBDIVISION
AFORESAID;
THENCE SOUTH ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN MILLER
RESUBDIVISION TO A BEND THEREIN;
THENCE SOUTHEASTERLY ALONG SAID MOST EASTERLY WEST LINE OF LOT 2
IN MILLER RESUBDIVISION TO THE EAST LINE THEREOF, AND THE NORTH LINE
OF LOT 42 IN BUSSE'S RESUBDIVISION AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 42 IN BUSSE'S RESUBDIVISION
AND THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF EMERSON
STREET;
THENCE NORTH ALONG SAID WEST LINE OF EMERSON STREET TO THE SOUTH
LINE OF LOT 11 IN BUSSE'S RESUBDIVISION AFORESAID;
THENCE WEST ALONG SAID SOUTH LINE OF LOT 11 IN BUSSE'S RESUBDIVISION
TO THE EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN MEIER'S ADDITION TO MT.
PROSPECT IN THE NORTHWEST QUARTER OF SECTION AFORESAID, LYING
SOUTH OF THE RIGHT OF WAY OF THE CHICAGO & NORTHWESTERN RAILWAY;
THENCE NORTH ALONG SAID EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN
MEIER'S ADDITION TO MT. PROSPECT TO THE NORTH LINE OF LOT 5
AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 5 IN BLOCK 1 IN MEIER'S
ADDITION TO MT. PROSPECT AND THE WESTERLY EXTENSION THEREOF TO
THE WEST LINE OF MAIN STREET;
THENCE NORTH ALONG SAID WEST LINE OF MAIN STREET TO THE NORTH LINE
OF LOT 24 IN BLOCK 4 IN MEIER'S ADDITION TO MT. PROSPECT AFORESAID;
34
THENCE WEST ALONG SAID NORTH LINE OF LOT 24 IN BLOCK 4 IN MEIER'S
ADDITION TO MT. PROSPECT TO THE WEST LINE OF THE 20 FOOT WIDE ALLEY
EAST OF WILLS STREET;
THENCE NORTH ALONG SAID WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF
WILLS STREET TO THE SOUTH LINE OF EVERGREEN AVENUE;
THENCE WESTALONG SAID SOUTH LINE OF EVERGREEN AVENUE TO THE WEST
LINE OF WILLE STREET;
THENCE NORTH ALONG SAID WEST LINE OF WILLE STREET TO THE SOUTH LINE
OF LOT 13 IN BUSSE'S RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, OF
RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, IN BLOCK 4, ALOS OF LOTS 2 & 3 IN
BLOCK 5, ALL OF BLOCK 6, LOT 13 TO 24, INCLUSIVE, IN BLOCK 7, LOTS 17 TO 20
IN BLOCK 8 ALL IN MEIER'S ADDITION TO MT. PROSPECT IN THE NORTHWEST
QUARTER OF SECTION 12 AFORESAID;
THENCE WEST ALONG SAID SOUTH LINE OF LOT 13 IN BUSSE'S RESUBDIVISION
TO THE WEST LINE OF LOTS 13 AND 14 IN BUSSE'S RESUBDIVISION;
THENCE NORTH ALONG SAID WEST LINE OF LOTS 13 AND 14 IN BUSSE'S
RESUBDIVISION TO THE SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY
SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16
FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF PINE STREET;
THENCE NORTH ALONG SAID WEST LINE OF PINE STREET TO THE SOUTHERLY
LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE
16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO ITS INTERSECTION WITH THE
SOUTH LINE OF BUSSE AVENUE;
THENCE WEST ALONG SAID SOUTH LINE OF BUSSE AVENUE TO THE
SOUTHERLY EXTENSION OF THE WEST LINE OF THE 20 FOOT WIDE ALLEY WEST
OF ELMHURST AVENUE;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF
THE 20 FOOT WIDE ALLEY WEST OF ELMHURST AVENUE TO THE
SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF
PROSPECT AVENUE;
35
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16
FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF I—OKA AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF I-OKA AVENUE TO THE SOUTHERLY
LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE
16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF HI—LUST
AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF HI—LUST AVENUE TO THE
SOUTHWESTERLY LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE EAST LINE
OF LOT 8 IN H.ROY BERRY CO.S' COLONIAL MANOR, A SUBDIVISION OF PART OF
THE NORTHEAST QUARTER OF SECTION 11 AND PART OF THE NORTHWEST
QUARTER OF SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 8 IN H.ROY BERRY CO.S'
COLONIAL MANOR AND THE SOUTHERLY EXTENSION THEREOF TO THE SOUTH
LINE OF THE 16 FOOT WIDE ALLEY SOUTH OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF THE 16 FOOT WIDE ALLEY SOUTH
OF CENTRAL ROAD TO THE WEST LINE OF THE EAST HALF OF THE NORTHEAST
QUARTER OF SECTION 11 AFORESAID;
THENCE NORTH ALONG SAID WEST LINE OF THE EAST HALF OF THE
NORTHEAST QUARTER OF SECTION 11 TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE
SOUTHERLY EXTENSION OF THE WEST LINE OF MILLERS LANE;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF
MILLERS LANE TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11
IN MILLERS STATION SUBDIVISION, A RESUBDIVISION OF LOT 1 IN TRADE
SERVICE PUBLICATIONS SUBDIVISION AND PART OF THE SOUTHEAST
QUARTER OF THE SOUTHEAST QUARTER OF SECTION 33 AFORESAID;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE SOUTH LINE OF
LOT 11 IN MILLERS STATION SUBDIVISION AND THE EASTERLY EXTENSION
THEREOF TO THE EAST LINE OF CATHY LANE;
THENCE NORTH ALONG SAID EAST LINE OF CATHY LANE TO THE EAST LINE OF
LOT 12 IN MILLERS STATION SUBDIVISION AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 12 IN MILLERS STATION
SUBDIVISION AND THE NORTHERLY EXTENSION THEREOF TO THE
SOUTHWESTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT
OF WAY;
THENCE SOUTHEASTERLY ALONG SAID SOUTHWESTERLY LINE OF THE
CHICAGO & NORTHWESTER RAILWAY RIGHT OF WAY TO THE EAST LINE OF THE
SOUTHEAST QUARTER OF SECTION 33 AFORESAID;
THENCE NORTH ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF
SECTION 33 AFORESAID TO THE WESTERLY EXTENSION OF THE NORTH LINE
OF HENRY STREET;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF
HENRY STREET TO THE EAST LINE OF FAIRVIEW AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF FAIRVIEW AVENUE TO THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT
WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE
OF PROSPECT MANOR AVENUE;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF FAIRVIEW AVENUE TO
THE EAST LINE OF PROSPECT MANOR AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF PROSPECT MANOR AVENUE TO THE
NORTH LINE OF WALNUT STREET;
THENCE EAST ALONG SAID NORTH LINE OF WALNUT STREET AND THE
EASTERLY EXTENSION THEREOF TO THE EAST LINE OF RIDGE AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF RIDGE AVENUE TO THE NORTH LINE
OF LOT 1 IN FRIEDRICH'S SUBDIVISION OF LOTS 4 & 5 IN BLOCK 25 IN PROSPECT
MANOR, A SUBDIVISION OF THE SOUTH 3/4 OF THE WEST HALF OF THE WEST
HALF OF SECTION 34 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN FRIEDRICH'S SUBDIVISION
TO THE WEST LINE OF ELMHURST AVENUE;
37
THENCE NORTH ALONG SAID WEST LINE OF ELMHURST AVENUE TO THE
WESTERLY EXTENSION OF THE NORTH LINE OF THE PLAT OF CONSOLIDATION
OF THE WEST 70 FEET OF LOTS 1 THRU 10 IN BLOCK 3 AND PART OF BLOCK 4
IN THE ERNST BUSSE ADDITION TO MT. PROSPECT IN THE EAST HALF OF THE
SOUTHWEST QUARTER OF SECTION 34 AFORESAID;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF
THE PLAT OF CONSOLIDATION TO THE EAST LINE OF LOT 1 IN THE PLAT OF
CONSOLIDATION AFORESAID;
THENCE SOUTH ALONG SAID EAST LINE LOT 1 IN THE PLAT OF CONSOLIDATION
TO THE NORTH LINE OF CENTRAL ROAD;
THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE
OF PINE STREET;
THENCE SOUTH ALONG SAID EAST LINE OF PINE STREET TO THE
NORTHEASTERLY LINE OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY TO THE WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION OF LOTS 18 & 19 AND THE NORTH 22 FEET OF LOT 17 IN BLOCK
2 OF BUSSE & WILDE'S RESUBDIVISION IN MT. PROSPECT TOGETHER WITH LOT
"A" IN CORPORATE SUBDIVISION NO. 8 VILLAGE OF MT. PROSPECT AND LOT 1
IN WILLE'S RECONSOLIDATION IN THE NORTHWEST QUARTER OF SECTION 12
AFORESAID;
THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK
TOWER PLACE RESUBDIVISION 38.06 FEET TO A BEND THEREIN;
THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 28.07 FEET TO A BEND THEREIN;
THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK
TOWER PLACE RESUBDIVISION 18.61 FEET TO A BEND THEREIN;
THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 30.63 FEET TO A BEND THEREIN;
THENCE NORTH ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 65.92 FEET TO THE NORTH LINE THEREOF;
THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION TO THE WEST LINE OF WILLE STREET;
38
THENCE EAST TO THE EAST LINE OF WILLS STREET AT THE SOUTHWEST
CORNER OF LOT 1 IN PROSPECT PLACE PLAT OF RESUBDIVISION OF SUNDRY
LOTS AND VACATED ALLEYS OF VARIOUS SUBDIVISIONS IN THE WEST HALF OF
THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG THE SOUTH LINE OF LOT 1 IN PROSPECT PLACE PLAT OF
RESUBDIVISION TO THE EAST LINE THEREOF;
THENCE NORTH ALONG SAID EAST LINE OF LOT 1 IN PROSPECT PLACE PLAT OF
RESUBDIVISION TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE
SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 1 IN TRAPANI'S
RESUBDIVISION OF LOT "A" IN BLOCK 1 IN THE ERNST BUSSE ADDITION TO MT.
PROSPECT AND LOT "A" IN HILLCREST SUBDIVISION IN THE SOUTHWEST
QUARTER OF SECTION 34 AFORESAID;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF
LOT 1, AND THE WEST LINE OF LOT 2 1N TRAPANI'S RESUBDIVISION AND THE
NORTHERLY EXTENSION THEREOF TO THE NORTH LINE OF HENRY STREET;
THENCE EAST ALONG SAID NORTH LINE OF HENRY STREET TO THE EAST LINE
OF MAIN STREET;
THENCE SOUTH ALONG SAID EAST LINE OF MAIN STREET TO THE NORTH LINE
OF CENTRAL ROAD;
THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE
OF EMERSON STREET;
THENCE SOUTH ALONG SAID EAST LINE OF EMERSON STREET TO THE NORTH
LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S RESUBDIVISION IN MT.
PROSPECT 1N THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 12
AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 13 IN BLOCK 5 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 13 IN BLOCK 5 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE NORTH LINE OF BUSSE
AVENUE;
THENCE EAST ALONG SAID NORTH LINE OF BUSSE AVENUE TO THE EAST LINE
OF MAPLE STREET;
39
THENCE SOUTH ALONG SAID EAST LINE OF MAPLE STREET TO THE NORTH LINE
OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT
AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 9 IN BLOCK 11 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE SOUTH LINE THEREOF;
THENCE SOUTHWESTERLY ALONG SAID SOUTH LINE OF LOT 9 IN BLOCK 11 IN
BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE OF LOT
12 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT, BEING
ALSO THE WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT
DEVELOPMENT OF LOTS 2, 3, 4 & OUT LOT 1 IN TAX INCREMENT FINANCE
SUBDIVISION NO. 1, A RESUBDIVISION OF LOTS A & B IN THE RESUBDIVISION OF
LOTS 2 TO 6, PART OF LOT 1 IN THE SUBDIVISION OF BLOCK 10, LOT 16 IN
BUSSE'S SUBDIVISION, LOTS 13 TO 15 IN BLOCK 11 & PART OF BLOCK 9 IN BUSSE
& WILLE'S RESUBDIVISION IN MT. PROSPECT IN THE NORTHWEST QUARTER OF
SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT 172.45 FEET TO A BEND THEREIN;
THENCE WEST ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED
UNIT DEVELOPMENT 4.63 FEET TO A BEND THEREIN;
THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT 147.65 FEET TO A BEND THEREIN;
THENCE SOUTHWESTERLY ALONG SAID WESTERLY LINE OF VILLAGE
COMMONS A PLANNED UNIT DEVELOPMENT TO THE NORTHEASTERLY LINE OF
NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY TO THE NORTHWESTERLY LINE OF LOT 1 IN TAX INCREMENT FINANCE
SUBDIVISION NO. 1, A RESUBDIVISION OF PARTS OF BLOCKS 9, 10 & 11 IN BUSSE
& WILLE'S RESUBDIVISION IN THE NORTHWEST QUARTER OF SECTION 12
AFORESAID;
THENCE NORTHEASTERLY ALONG SAID NORTHWESTERLY LINE OF LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTHEASTERLY LINE
THEREOF;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTH LINE OF LOT A IN
40
GEORGE R. BUSSE'S RESUBDIVISION OF PART OF BLOCK 9 IN BUSSE & WILLE'S
RESUBDIVISION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT A IN GEORGE R. BUSSE'S
RESUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE
OF SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE NORTH
LINE OF THE SOUTH HALF OF LOT 33 IN MT. PROSPECT SUBDIVISION IN SECTION
12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF THE SOUTH HALF OF LOT 33 IN MT.
PROSPECT SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE
EAST LINE OF THE 16 FOOT WIDE ALLEY EAST OF SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF THE 16 FOOT ALLEY EAST OF
SCHOOL STREET TO THE NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION IN
MT. PROSPECT OF LOTS 22 TO 27 IN BLOCK 20 IN MT. PROSPECT SUBDIVISION
IN SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION
IN MT. PROSPECT AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE
OF OWEN STREET;
THENCE SOUTH ALONG SAID EAST LINE OF OWEN STREET TO THE
NORTHWESTERLY EXTENSION OF THE NORTHEASTERLY LINE OF THE 16 FOOT
WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHWESTERLY EXTENSION AND
THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY AND THE SOUTHEASTERLY EXTENSION THEREOF TO
THE EAST LINE OF LOUIS STREET;
THENCE SOUTH ALONG SAID EAST LINE OF LOUIS STREET TO THE NORTHERLY
LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE EAST AND SOUTHEASTERLY ALONG SAID NORTHERLY LINE OF THE 16
FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY AND THE
SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE OF EDWARDS
STREET;
THENCE SOUTH ALONG SAID EAST LINE OF EDWARDS STREET TO THE NORTH
LINE OF LINCOLN STREET;
THENCE EAST ALONG SAID NORTH LINE OF LINCOLN STREET TO THE
NORTHERLY EXTENSION OF THE EAST LINE OF LOT 1 IN OLIVER'S
41
RESUBDIVISION OF LOTS 12 & 13 IN H. ROY BERRY COMPANY'S MAPLEWOOD
HEIGHTS (EXCEPT THE SOUTHERLY 66 FEET FOR ROAD) ALSO BLOCK 26 IN
BUSSE'S EASTERN ADDITION TO MT. PROSPECT IN THE EAST HALF OF SECTION
12 AFORESAID;
THENCE SOUTH ALONG SAID NORTHERLY EXTENSION AND THE EAST LINE OF
LOT 1 1N OLIVER'S RESUBDIVISION TO THE NORTHEASTERLY LINE OF THE 16
FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT
WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE EAST LINE OF
GEORGE STREET;
THENCE NORTH ALONG SAID EAST LINE OF GEORGE STREET TO THE NORTH
LINE OF LOT 17 IN MAPLEWOOD HEIGHTS, A SUBDIVISION NORTH OF THE
RAILROAD IN THE DIVISION OF THE SOUTHEAST QUARTER OF SECTION 12
AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO
THE EAST LINE THEREOF;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO
THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT
WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE
OF LOT 65 IN MAPLEWOOD HEIGHTS AFORESAID;
THENCE NORTH ALONG SAID WEST LINE OF LOT 65 IN MAPLEWOOD HEIGHTS
TO THE NORTH LINE THEREOF;
THENCE EAST ALONG SAID NORTH LINE OF LOT 65 IN MAPLEWOOD HEIGHTS
AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF THE
SOUTHEAST QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE CENTER
LINE OF MT. PROSPECT ROAD;
THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF
SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT
ROAD, TO THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING ALSO
THE NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY
RIGHT OF WAY, AND THE POINT OF BEGINNING;
EXCEPTING THEREFROM
42
THAT PART OF LOT 1 IN DESIDERATA SUBDIVISION OF BLOCK 1 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT IN SECTION 12 AFORESAID, LYING
NORTH OF A LINE DESCRIBED AS FOLLOWS:
BEGINNING ON THE WEST LINE OF SAID LOT 1 AT POINT 246.07 FEET SOUTH OF
THE NORTHWEST CORNER THEREOF;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A DISTANCE
OF 67.34 FEET;
THENCE NORTHEASTERLY ALONG A LINE DRAWN PERPENDICULAR TO THE
SOUTHWESTERLY LINE OF LOT 1, A DISTANCE OF 65.76 FEET;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A DISTANCE
OF 55.38 FEET TO THE MOST WESTERLY EAST LINE OF SAID LOT 1, AND THE
POINT OF TERMINUS OF SAID LINE;
ALSO EXCEPTING THEREFROM
ALL OF VILLAGE CENTRE PHASE 1-B PLAT OF RESUBDIVISION OF LOTS 6, 7, 8, 9
IN BLOCK 13 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AND PARTS
OF LOTS 8, 9, 10 IN BLOCK 15 IN MT. PROSPECT SUBDIVISION IN SECTION 12
AFORESAID;
43
EXHIBIT A-2
Prospect and Main TIF District
C3PropupAd RPA boundary I. _ _ _ PafirWs, m RP
Map
44
0 0X
Im .... ....Y Vhlk,
EXHIBIT B
Legal Description of the Property
LOTS 8, 9, 10, 11 IN BUSSE'S RESUBDIVISION OF LOTS 1-6, INCLUSIVE IN BLOCK
4, ALSO OF LOTS 2 AND 3 IN BLOCK 5, ALL OF BLOCK 6, LOTS 13 TO 24, INCLUSIVE
IN BLOCK 7, AND LOTS 17 THRU 20 IN BLOCK 8, ALL IN MEIER'S ADDITION TO
MOUNT PROSPECT, A SUBDIVISION IN THE NORTHWEST '/ OF SECTION 12,
TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN
COOK COUNTY, ILLINOIS.
ALSO, LOT 1 (EXCEPT THE NORTHEASTERLY 16 FEET THEREOF) IN BLOCK 5
DEDICATED TO FORM PART OF PROSPECT AVENUE BY PLAT REGISTERED AS
DOCUMENT NUMBER 301948 IN MEIER'S ADDITION TO MOUNT PROSPECT IN THE
NORTHWEST'/4 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
COMMONLY KNOWN AS: 1-27 PROSPECT AVENUE (COVE PLAZA), MOUNT
PROSPECT, IL
PIN #'- 08-12-114-001-0000, 08-12-114-002-0000, 08-12-114-003-0000, 08-12-114-
004-0000 & 08-12-114-005-0000
45
'Af
EXHIBIT C
Site Plan for the Project
1 W PROSPECT
k "Mot M40446A "UNAM
MING DAIA
..........
W erre
Wo A
Ile
SOWARE FOOTAGE BREAMOWN
If
W,
46
EXHIBIT D
Detailed Description of the Project
The Project is a mixed use planned unit development (PUD) known as. Prospect Place
consisting of a five (5) story building, including eighty (80) apartments, 10,250 square feet
of ground floor retail and related site improvements.
47
EXHIBIT E
The Developer shall construct public improvements relative to the Project as directed by
the Village, at the Developer's sole cost and expense, which shall include, but not be
limited to, the following public improvements, along with others required by the Village:
Installation of streetscape improvements around the perimeter of the
Project. Streetscape improvements include brick pavers, pedestrian
lighting, landscaping, ornamental street furniture typical of improvements
located throughout the downtown district.
48
Exhibit F
SB Friedman Memorandum
49
r!.11 SRFRIEDMAN
MEMO
ToBill Cooney, Village of Mount Prospect
From: Geoff Dickinson, AICP, SB Friedman Development Advisors
(312) 384-2404, jgiC�h riwmdm r a�r�
Date: February 26, 2021
RE: Preliminary Financial Review — Prospect Place — Request for Village Financial Support
SB Friedman Development Advisors (SB Friedman) was engage(] by the Village of Mount prospect (01p -VRI,so 0
assist the Village 41 evaluating the proposed redevelopment of the Prospect Place retail center into all 80 -unit
mulfifr3010yapartment building w4h 10,000 square feet of ground -floor retail space (the 'Project') in downtown Mount
Prospect First Equity Group, LLC (the 'Developer') as ieqa,iestijig vjflago4 TlF a' SiStdnCe to SUPPOnt than* Project, Tile site
is located in the Prospect and Main Tax increment Financing Dmstiict ("w JIF Distilct') which was O.'stabfished in 2017,
The Developer has irrollcated Viat Pro)ect financial feasibility is challenged by extraotd4iary costs of. site prepjrjtjon,
utilities and undeiground parking construction, Therefore, the Developer is requestOg the following financial assistance
from the Village
• Reimbursement of approximately $4.25 million in TIF -eligible expenses with payments made as TIF revenues
are generated by the Project
The Developer's request for assistance amounts to approximately 14% of the total proposed Project costs, which are
approximately $31 million.
This memorandum includes a review of the following for the Project:
• Project characteristics
• Development budget
• Proforma assumptions
Incremental property tax revenue projections
• Need for requested financial assistance
Our analysis indicated that the full amount of requested TIF assistance is not likely to be necessary for the Project to
achieve viable rates of return. Our recommendations are provided in more detail in the Conclusions and
Recommendations section of the memo.
Project Characteristics
The Project is located on the site of the Prospect Place retail center, is bounded by West Prospect Place, South
Wille Street, West Evergreen Avenue and South Main Street in downtown Mount Prospect (the 'Site"). The proposed
development program includes the following:
SB Friedman Devek-.up: Advkov�
50
Vffh lo Hifi M, mt A 'o ("I w, r " 111" qw, Vke, " Pwj km 11,,ry F m,im i, N J-Vio,v
* 80 multifamily rental apartment units
* '10,000 square feet of ground floor retail space
* A 72 -space, underground parking structure
In addition, we understand that the Nweloper i,; vp.lrking with the ViHige tc) lease surface parking spaces near the Site
to SatliSfy the Project's demand for parking, The Deveroper is anticipating a 9 -month ccms'truc6on period beginning in
2021 with rompletion by falf/wintei 2022,
Developer Pro Forma Assunriptions
S8 Friedman revtowed imteritalh; sr issmitted by the Devefopel to beg understand the undetlying Project assumpdoos
PROJECT BUDGET
Figure 1 presents total development costs (TDC) and key line item, from the Developer's preliminary Project pro forma
and detailed site improvement costs, The Developer provided cost, from their recent development at Central and Main
Street in Mount Prospect as backup on construction cost estimates.
Acquisition Costs
Site Preparation Costs
Hard Construction Costs III
Undergfound Paikawtj
Soft Costs
Financing Costs
$1,870,250
$1,870,250
62%
$52
0
$1,825,654
1bl,825,654
6.0%
5511
07
$20,600,257
$20,600,257
73.13%,
$203
E3
V,770,000
SL710,000
$1,595,856
$1,595,856
5.3%
$16
$3,063,424
$2,399,561
7,9%,
124
$266,670
$266,670
—S3-0-,-328,2-4,-8
0",
--10-0.-0%
iisi-9941-11
.... -IL
o
1G NM of Pa[kilig t -ods
Ource Hr,;1 Equity Group, LLC inei 1B ['pt,dn),jn
Acquisition Costs. The Devpfoper entered intro puschiseand sale agreemeotwith the ruirvit propeirty owner
on March 21), 20?0 to arquile the Site for approximately V 7 miWon. Other accrulsition com, Which appear to
be Wl;onabte, inducip broker's cornmissicis), IeTsI fet-, and taxes,
Construction Period lnteiestrt The Developer's pro, fornia rinckideo a�a calcolatioll of cer's:„tru«:tron pericxf interest
based on the nronthly constsuaron o0ay5 for the varroris project vjtakrq apploxitylarrely $15
milk0l), III Our levrevv, we found a forrnura error bra the of cointructson interest wriich ressOted in
doutAe-<ojrrtirrq of certain conn teurti0l'i costs Correcting the foraruta error in our versia)n of the pro Comma
reduced the corlsbuction period Interest throe tem to approximately $9001,000 After flowing through other
Calculations Within me rnodel, 0* total prospect costs reduced fiiofr$31.0 million %) $30 3 nrithon
TIF Efigibie Costs, The DevOoper ptovid(-d a list of c4aAs that Uiey beheve ale eligible for Village T'IF
ternibursernpnt totmlng applemrmately $7,0 1110ion (p)resented in Figure 2 below), inckuhrig approx4nately $17
'ab r �kdhnmi, 0(1vo,1i)p1mn[ fl visms
51
vkl 'J�• (4 Noili ut III, , )"I v" f / P[ I Ppati III rHilikixy 1 ti+otu i.ul
nuffion ftx land icquisotroo ano V.8 millk)n 6x Cosistnuction of in underground parking de rk that win suppoir
the Project The Developer's cujrv,eirrt TIF tequest accounts fq,)l Over [1,311' Of 0)stl, that may be efig6fe for riF
reimbursernent Though the Develq)erls fist Of eligible coasts exroe(j, the DevOope(" total request for
a, astans:e„ the VUe 3,31111e of those costs onay change once the Project is (005kructed
M, Believe that appu)xicnately $4.6 niIijfion of the IUeveiopaer,s eligot;le cost5 ,are very 14rely eii9t)IIe frac
Thp uemaininq $2 5 mirlion wouid reqrhre more soutiroy and backup rrrtr>ru3 atpon before,
drawing CoMkKianl; as to their 0904ity tor reirnburst',,meod. ShoWd the Vii1age agree to plovicie assistance
within the range of Costs that ire likely to be reimbursable, Auther icrutiny may not be pieessar�e
2. Estimated TIE
IMBIZIM
t nv,,on menla I/,-,- LIL) Solis $575,090 Lk 1 $575,000
IP Requires r77ore
Off -Site lrnprovernent, 1 $500,000
Requires more
Consult2in I P!rmtfin2 Fees
–—
NecessaItx Fina.LraLinQ, Fees (216 of Debt
Interest Costs (30% of Construction Lc
Source: First Equity Group, LLC and SIB Friedman
FINANCING
The Developer anticipates financing the Project with conventional debt and cash equity. Figure 4 presents preliminary
anticipated construction financing sources included in the Project pro forma, and also reflect, cost adjUStcrients, made
by SB Friedman.
Fla trip 4. Ptellminas Const(uctjotj fin
Conventional Debt �29,773 g 70.0%
CashEcpuity 98,474 30.0%
TOTAL SOURCES 28,248 100,0%
Sourm First CquftyGroup, LLC and SB Fripcirnan
• Conventional Debt. The Developer is assuming 70% loan -to -cost (LTC) in permanent debt, with a 5,0% annual
interest rate and 25 -year amortization The LTC, interest rate and amortization assumptions are in line with
comparable projects reviewed by S6 Friedman and market data, and therefore appear reasonable.
SR ftiuolnao Lhwelnpmant Advisors
52
viflay, of Mol"It hw,p,c F rlroqwo r,Ia,,
• Cash Equity. Equity initially accounts for 30% of TDC, This is in line with comparable project, reviewed by SO
Friedn'lan and market data, and therefore appears reasonable,
CASH FLOW ASSUMPriONS
SB Friedman analyzed cash flow assumptions in the Developer's stabilized pro forma against comparable mixed-use
and residential projects recently reviewed by SB Friedman, Key assumptions from the Developer's pro forma are
outlined below:
• Rerrm Tho Devek� po, li assl,irnilIg all average monthly refit of $2 43/SF, Or. $2,206/unit in 202 dollars 5B
Friedman coryipared ttle pl,oposed rent', to other receritly reviewed projects it) the Noithwest Cook County
suburbs etre Devetoppr's atsuMp,iir)nsare in the nlrdMe of the range observed by SB Friedman (St 80 2 60/5F),
and appear reasollable,
For retail, the Developer is assuming an average annual triple net rent of $15/sf, which appears reasonable
based on SB Friedman's experience with comparable projects
• Residential Expenses, The De velopet's plo forma is etjtinsating reludential operating expellse< of
JPPr0XirT13teiY $390,000 JnflUally net of Property taxes, The operating expense figure lepresentsapproximatety
IS 4% of residential reve. nues, Based or) SO F6pdmall's reviews of comparable projects, Operating expenses as
a percentac.le of rewniues generally range horn 20 to 25%, Therefove, the Deveioper's assejrtwptrorl appears
reasonable,
• Vacancy. The Developer's pro forma shows a stabilized vacancy assumption of 5% for residential and 10% for
retail, which appears reasonable compared to the typical vacancy assumptions SB Friedman has observed for
comparable projects.
lncrernerlW Property fax Projections
The Developer is Projecting total rnrrenlfllrat property tax revenues generated by the Project (',after netting out 5%
annually for the Village for adnilnistiative costs) of approximately $4,27 inillion on a present value (PV) b,x;j5 asl;urninq
a 5% discount rate. This arnount is suffidelit to meet the request with a strati rnarg4i should the Project not perforni
as projected,
SB Friedman developed independent rlF revenue pro)ections for Ow lirojed,. Our projection,; conseivatively account
for mairlmurrs payments to the districts under state flF law. Using the ;same discount rate as Vie Developer's TIF
projections do (5%), our Projections result in a present value (Pv) of approximately $,f,7 million
It is possible that the Project could generate fewer school -aged children and thus require less than the maximum
amount of reimbursements to the affected school district, and thereby have more TIF revenue potentially available to
the Developer. However, we prefer to use more conservative assumptions to ensure that assumptions about funding
available to assist the Project are more likely to materialize.
58 n NfNNTMh I 1vVe1npfnw0 Allvkois
53
"Ifl I' "Y 0N'T, " I A h 8, PI , . p, i Il.ra,y f I I dkmi I vvy I i I h, I I" i,r I 7t wiaa�s
Need for Financial Assistance
SO Fhedman arraiyzoJ the Proiect's need for financial as ssiautarroa.,e under the foloiwirig %erl Irios:
Without Assistarim TN5 scenanoa,;,,a.me5 the Project will not recerve my Vrilage TGF retrnbursernent
2 With Full Requested Assistance. This Scenario assrAnes the Project reeeive5 0* rtfque,�tpd TIF mr;tame,
S8 Friedman typically uses one, orrcae of the trillovotntl four return metrics to evaluate the noM tot %ap financrrig,
1, Unleveraged Internall Rate of Return (IRR), This is Ole rate Of retia- or (hscouiq tate for the ProJect,
accounting for initial expenrjiftM-S 1C) COMSWIC the P(0)eCt and c")going cash ufflow,, Onnuar net openiting
mcorne [M)ij before debt service), as well as a hyperthetiral saie of the Project m Year W,
2 Stabilized Yield on Cost. Thn metric is CaIc'sitated by dividing NOt before debt service rn the fvt'.year' of
stabilized operatic -M,; by total pWj�?ct colts and is an indicator of tire arrrwJ4 overall return on investment: for
the Project's financing swrictute
3, Leveraged Internal Rate of Relurr). Thi-, u1, the annualized rate of return tbE, P(OjeCrl; equity investor's would
be, pnsjerted to realize (sver their full investment period, including in assurned hypotheticakale of the Pto)e:t
in "fear 10,
4, Stabilized Cash on Cash Return, This, rneurr indicates the annual cash return to equity investors once the
Project reaches atMMrzafion and v, CAculateaJ by dividOg net cash r1 (after clebt serviep) by the total initial
equity irwestment.
For the Project, 58 Friedman evaluated the need for fiflanrial aSsistance based on staNized Yield wl cost and evaluated
the Project against the Developer's indicated 6 75% yield on cost hurdle rate.
Over the course of the analysis, SB Friedman made the following adjustments to the Developer's original pro forma to
analyze returns:
is:
• Construction interest, As 05arssed above, 58 Friedman cofrertecr a fornv4a, error in the DpvOoper's
Calculation of construction interest, which reduced overall Prclect costs by approxio'nateht $i),'7 miNktrs,
• Available TIF Revenues, SB Medinan used our, indepenclort projecOons of avallable flF revenue, which torai
approxfimatealy $3 7 militon on a ipreient value basis„ in place of the Devebpei's projections, wivch totai
approxirrmteiy 4 27 milhon on a present value bask
After incorporating our adjustments to the Developpr's original pro forma into an independent model to evaluate
Project returns, our analysis indicates that the Developer could reach a 6,2%a yield or) total cost with the full amount of
our projected TIF revenues (approximately $3.7 million on a present value basis), Though the 6 ?% is less than the
Developer's indicated 6.75% hurdle rate, a yield or) cost between 6 — 7% is an acceptable return benchmark in our
experience with comparable projects.
Therefore, should the Village decide to offer TIF assistance to support the Project, our review indicates that the Project
Could be financially feasible with less than the Developer's full assistance request of $4.25 million (PV)- At an assistance
*& 0 I �(-vr A&vkni
54
Vh I of N(It I I I r 0risport / PI wsjti,u t P I, u o IWllrnumvy f h I'm( '0 Rev#ew
level of $37 tnilljon NPV), we project 01 at the PrO)eCt would achieve an adequate return otj VXW C0,3 to be financrally
feasiblPand a Village -mired S3,7 milhon TIF Note with an annuall interest rate of SIX, coWd be fullyamortized ba�aed on
our conservative ptojpchq�sjjs of avajhjAe incrmental property tax mevenue� res0fing horn the glroject
In addrtion, we recommencl that tho VMage requlre that the Devek)peClOI b0th total PrO11I rost', and TIF
efigilAe cO5K,,% a pail of the TIF r6rnbumement process DocumeOng rlF efigbe roes will mII,ne that ttae Villige is
Only feimbursnq the De)Mopet for e6gible com tfw have been rnctared and paid M 5tate Naw Requiiing, that the
MM devOopment costs of the Prc�jert be documoited wM ensure that arta al WOject COSM are eCpLol to Or greater than
the budget we have reviewed Sbould Ictual COA5 come 41 lovem than budget, the redevelq"nnent 39teement could
re&Crr the principle amount of the W note are say a 50 Cents, tear, every daUm of sav4195 bOow budge t
Nease CaR if You have que,;ItOns
55
A I laup ole rb)iml N irqwO " Pnolipo: t Ph( v hullmlllmyi Fipwn, W Kil-,4vw
Limitiations Of OUr Engagement
Our defivesabkn me based on ri assuiri and other informiation deviMoped frorn research of the rnaiket,
knowledge of the industry, and rneetraqs/teleconferenres gutta Ore Mage an(f deve4opers during whrch we obtaried
Certain intorrination The sources, ii infollination and bai of ow estilirnates amici assumptjrijjs are stated in the
deltiveraWe "Some assrrrnpticrujs inevitably wM not matenalize, all(i unall)ticipated events and crrcumstance� may occul
thetelote, actual results ad)ieved dtamij the petiod covered by out analysv; will IWO,essaMy vary frorn those desorbed
41 our repo rt, and die variations ltiay be matel
The terms of this engagernent are such that we have nO Obfig,)60t'l W revise amumalyWes or the dellverabtes to ii
events 0i condil that occur sufaseciuent to the date of tire dekver ibRe. These events or corlditions mclude, without
filmitation, econ(xililic growth trend", governlinientaI actions, challilgel; in 50tP statil of viRage ordinance, addibot4
competi devefopirtel rntlei'est rates, aird other market factiov; However, we Mif be ay,iflabie to ril the
rrill for rpv*ion in view of changes rn the ecanornic or nr,aOet factors affecting Vv" pricr)OSed Pli
Ow deliverables are intended sorely (ex Your rilfolmatioll, tram Purposes of reviewing a r'Pque,,t for, fmancial a56stancp,
and do not constiturre a reronirrrer)dafion to issue bonds or other securines, rhe report sliouH not be refied upon by
arly Other person, fian or corporation, or for any oli purposes Neil Ole report nor its contents, no, any reference
to our Firm, may be included or quoted in .'rny offell dfo,dar or registration stiteroent, jpl sales brochure,
prospectus, loan,, ar other, agreement or drecument intended for use rn obuirl funds trom individual investors witbvKa
our prior wirtten coa jsejjt
We acknowledge that upon submission to the Village, the report may become a public document within the ineaning
of the Freedom of Information Act. Nothing in these limitations is intended to block the disclosure of the documents
under such Act.
qR fl�rNh I min r avvi,4')prnei� lit i Sri v,
56
S FREE MAN
72W �117
i
57
Off -Street Parking Agreement
PROSPECT PLACE PARKING AGREEMENT
THIS PARKING AGREEMENT (the "Agreement") is made and entered into this____day of
2OZ1 , by and between the Village of Mount Prospect, an Illinois home rule municipal
corporation (the "Village"), and Prospect Place Development Partners, LLC, an Illinois limited liability
company (the "Developer"), (at times herein referred to collectively as the "Parties").
WHEREAS, Developer has proposed to develop certain real estate, located on the West side of
Main Street, just mouth ofProspect Avenue, in Mount Prospect, Illinois, as legally described on Exhibit
attached hereto and made part hereof (the "Subject Property"), for the purpose ofconsiructingand
operating amixed use development (the 'Prospect P|ece");and
WHEREAS, the provisions of the Village of Mount Prospect Village Code (the "Village [ode")
require the Bank, as new construction within the B-5 Central Commercial District (the "Downtown
Diytric1'),toprovide off-street parhing spaces (the "Off-StroetParking Requirements"),although the Off -
Street Parking Requirements may be satisfied through a lease of off-site parking "mo more than one
thousand feet (1 ,OOO')from the use served inthe central business district," pursuant tothe Village Code;
and
WHEREAS, the Village owns certain municipal parking lots and off-street parking spaces within
one thousand feet (1 000') of the Subject Property; and
WHEREAS, the President and Board ufTrustees find that itbinthe best interests ofthe Village 10
promote the viability of the Downtown District by the development of projects,such asthe Prospect Place,
and that such viability will be promoted bythe Village's agreement tm permit Developer to comply with
the Off -Street Parking Requirements through the use of Village -owned and maintained parking spaces at
the
Surface Lots and/or the Village Garages, to the extent specifically provided for in this Agreement;
NOW, THEREFORE, in consideration of the foregoing and the mutual understandings, promises,
considerations and agreements as set forth below, the Parties hereby agree and covenant as follows:
1.Developer shall request from the Village, and the Village shall make available onbehalf ofDeveloper's
residential tenants, onanannual basis, parking permits toauthorize parking inparking spaces in
the Surface Lots and/or the Village Garages (the "Permits"), up to a maximum of six (6) such
Permits in aggregate atany given time. These Permits shall be for the use ofProspect Place
residential tenants only. Developer shall pay the same rate asfor overnight parking in Village -
owned spaces in the downtown. Developer understands that the current rate, as of the effective
date of this agreement, is $90 per space per month, subject to future modifications by the Village
applicable toall such spaces.
The Village shall, inits sole discretion, designate which Surface Lots and which area(s)within the
Village Garages, if any, may be utilized by Developerfor parking under this Agreement. In addition,
the Village may, in its sole discretion, designate parking spaces on such other property asthe
Village may own, lease orotherwise control, for use under thisAgreement, so long as such parking
spaces are within one thousand feet (1,OOO')ofProspect Place.
W*,
A detailed description of the designated parking spaces shall be provided to Developer upon
execution of this Agreement. The Village shall, in its sole discretion, have authority to modify such
designations aLany time upon thirty (30) days prior written notice to Developer, so long as the
total of six (G) parking spaces continue to be made available to Developer within one thousand
feet (1,000') of Prospect Place.
4. Prospect Mace residential tenants shall abide by all Village rubs and regulations of general
applicability for display of the Permits and use of public parking facilities in the Village in effect
from time totime.
This Agreement daUremaininfuUfomeandeffect for aperiod mftwenty (20) years from and
after its effective date. This Agreement may be renewed by the Parties thereafter, for such term,
and under such terms and conditions, as the Parties may agree to. Notwithstanding the foregoing,
ifDeveloper at any time acquires or provides permanently through other means six (6) parking
spaces (alone or in combination with additional spaces and/or uses) for the exclusive use of
Prospect Place's residential tenants and within one thousand feet (10JO') of Prospect Place,
Developer shall have the right toterminate this Agreement effective asnfthe end ofany calendar
month, mnnot less than thirty (30) days prior written notice to the Village, and the Village agrees
to rebate and refund any parking fees paid in advance for calendar months thereafter.
6. The parking spaces referred to in this Agreement have been determined to meet the Off -Street
Parking Requirements for Prospect Place.
7. Any Notice required under this Agreement shall he made in writing and given in person' by
overnight delivery orbycertified mail, return receipt requested, addressed to the Parties as
follows, or at such other place as either of them may hereafter designate for itself by notice in
writing tothe other:
To: Village To: Developer
Director ofthe Finance Department
Village ofMount Prospect
5OS.Emerson Street
Mount Prospect, Illinois 6OO55
Notice by mail shall become effective three (3) days after the date of mailing, and personal notice
or overnight delivery notice shall become effective upon delivery.
This Agreement shall run with the land for oolong asProspect Place exists onthe Subject Property.
In the event that Developer wishes to transfer its interest in this Agreement, and the new owner
operates adifferent use, then the Village shall befree tmdetermine whether itwill enter into
similar agreement with the proposed transferee.
9. This Agreement may be terminated by the Village, in the event that the Developer, or any of its
officers, agents or employees, fails tocomply with the terms hereof, and fails to correct said non-
compliance
RE
10. If any provision of this Agreement is found to be invalid, illegal or unenforceable, that provision
shall be severable from the rest of this Agreement and the validity,. legality and enforceability of the
remaining provisions will in no way be affected or impaired.
1 1 . This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Illinois. Venue shall only be proper in a court of competent jurisdiction located within the County
of Cook, Illinois.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the dates set forth below,
and the date of the last signatory below shall be inserted on page 1 of this Agreement, as the Effective
Date of this Agreement.
Village of Mount Prospect, Prospect Place Development, Illinois
home rule municipal corporation an Illinois limited liability
60
Exhibit 1
Legal Description of the
Subject Property
Legal Descri tion:
LOTS 8, 9, 10, 11 IN BUSSE'S RESUBDIVISION OF LOTS 1-6, NCLUSIVB IN BLOCK 4, ALSO OF LOTS 2 AND 3
IN BLOCK 5, ALL OF BLOCK 6, LOTS 13 TO 24, INCLUSIVE IN
BLOCK 7, AND LOTS 17 THRU 20 BLOCK 8, ALL IN MEIER'S ADDITION TO MOUNT PROSPECT, A SUBDIVISION
IN THE NORTHWEST 1/4 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN COOK COUNTY, ILLINOIS.
ALSO, LOT 1 (EXCEPT THE NORTHEASTERLY 16 FEET THEREOF) IN BLOCK 5 DEDICATED TO FORM PART OF
PROSPECT AVENUE BY PLAT REGISTERED AS DOCUMENT NUMBER 301948 IN MEIER'S ADDITION TO
MOUNT PROSPECT IN THE NORTHWEST 1/4 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
COMMONLY KNOWN AS: 1-27 PROSPECT AVENUE (COVE PLAZA), MOUNT PROSPECT, IL
PINS: 08-12-114-001-0000, 08-12-114-001-0002, 08-12-114-001-0003, 08-12-114-001-0004, 08-12-114-
001-0005
m-