HomeMy WebLinkAboutRes 42-19 12/10/2019 Sales Tax Sharing Agreement with Speed GMXRESOLUTION NO. 42-19
A RESOLUTION AUTHORIZING EXECUTION OF A SALES TAX SHARING AGREEMENT BETWEEN THE
VILLAGE OF MOUNT PROSPECT AND SPEED-GMX MOUNT PROSPECT, LLC
WHEREAS, the Village of Mount Prospect is a home rule unit of government pursuant to the Illinois Constitution of
1970; and
WHEREAS, 65 ILCS 5/8-1-2.5 (the "Economic Development Act") authorizes municipalities to expend funds for
economic development purposes within their corporate limits; and
WHEREAS, Speed-GMX Mount Prospect, LLC (the "Company") is the fee holder of the property commonly known
as 801 to 841 East Rand Road, Mount Prospect, Illinois (the "North Parcel") which is improved with three buildings,
parking and other ancillary improvements; and
WHEREAS, the Company is formerly the fee title holder of the property commonly known as 861 East Rand Road,
Mount Prospect, Illinois (the South Parcel") which is improved with a single building, parking and other ancillary
improvements. The North Parcel and the South Parcel are referred herein as the "Property"; and
WHEREAS, the Company intends to install a traffic signal and related improvements that will benefit the Village, its
residents, the Company, businesses operating on the Property and customers of those businesses; and
WHEREAS, the Company has requested that the Village rebate a portion of the Sales Taxes and Food and Beverage
Taxes that are attributable to the property and received by the Village for a certain period of time to cover the costs
associated with the Signal Improvements; and
WHEREAS, the Village has agreed to reimburse the Company an amount not to exceed $400,000 for Signal
Improvement cost on the terms set forth in the Tax Sharing Agreement: and
WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect have deemed that the best interests of
the Village will be served by entering into the Tax Sharing Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, PURSUANT TO ITS HOME RULE
POWERS:
SECTION ONE: The Board of Trustees of the Village of Mount Prospect do hereby authorize and direct the Mayor
to execute the Tax Sharing Agreement between the Village of Mount Prospect and Speed-GMX Mount Prospect, LLC,
attached hereto and made a part of this Resolution as Exhibit "A."
SECTION TWO: That this Resolution shall be in full force and effect from and after its passage and approval in the
manner provided by law.
AYES:
NAYS:
PASSED and APPROVED this 10th day of December, 2019
Arlene A. Juracek
Mayor
ATTEST:
Karen M. Agoran s
Village Clerk
TAX SHARING AGREEMENT
THIS TAX SHARING AGREEMENT (the "Agreement") is entered into on this 0 of
r®, 20/q (the "Effective Date") by and between the Village of Mount Prospect, Illinois,
an Illinois municipal corporation (hereinafter referred to as the "Village") and Speed-GMX
Mount Prospect, LLC, a Delaware limited liability company (hereinafter referred to as the
"Company")
WITNESSETH:
WHEREAS, the Village is a home rule unit of government and pursuant to Section 10 of
Article VII of the Constitution of the State of Illinois is authorized to contract or otherwise
associate with individuals in any manner not prohibited by law or by ordinance.
WHEREAS, 65 ILCS 5/8-1-2.5 (the "Economic Development Act") authorizes
municipalities to expend funds for economic development purposes within their corporate
limits.
WHEREAS, the Company is the fee title holder of the property commonly known as 801
to 841 East Rand Road, Mount Prospect, Illinois (the "North Parcel") which is improved with
three buildings, parking, and other ancillary improvements. The North Parcel is legally
described on Exhibit "A" attached hereto and made a part of hereof.
WHEREAS, the Company is the formerly the fee title holder of the property commonly
known as 861 East Rand Road, Mount Prospect, Illinois (the "South Parcel") which is improved
with a single building, parking and other ancillary improvements. The South Parcel is legally
described on Exhibit "B" attached hereto and made a part hereof. The North Parcel and the
South Parcel are collectively referred to herein as the "Property."
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WHEREAS, it is intended that a variety of retail, restaurant and service uses will operate
on the Property.
WHEREAS, the Company intends to install a traffic signal and related improvements at
the main point of ingress/egress to the Property (the "Signal Improvements") that will benefit
the Village, its residents, the Company, businesses operating on the Property and customers of
those businesses.
WHEREAS, the budget for the Signal Improvements is approximately $900,000.
WHEREAS, because of the extraordinary costs associated with the Signal Improvements,
the Company has requested that the Village rebate a portion of the Sales Taxes and Food and
Beverage Taxes, as those terms are defined below, that are attributable to the Property and
received by the Village for a certain period of time in order to cover certain of those
extraordinary costs.
WHEREAS, without the Village assistance, the Company would not undertake the Signal
Improvements.
WHEREAS, pursuant to the Economic Development Act, the Village has determined that
the Signal Improvements will promote economic development and strengthening the tax base
within the Village by providing (a) more orderly and efficient movement of traffic on East Rand
Road; (b) better opportunities for customers to patronize businesses on the Property; and (c)
better opportunities to patronize businesses in the Rand Road corridor.
WHEREAS, based on these findings, the Village has agreed to reimburse the Company
up to a maximum of $400,000 for Signal Improvements costs on the terms and conditions set
forth in this Agreement.
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NOW THEREFORE, in consideration of the foregoing recitals and the mutual promises
hereinafter contained, the adequacy and sufficiency of which the parties hereto stipulate, the
Village and the Company agree as follows:
Section 1. Incorporation of Recitals. The recitals set forth hereinabove are
incorporated herein by reference as substantive provisions of this Agreement.
Section 2. Definitions.
For purposes of this Agreement, terms not otherwise defined herein shall have the
following meanings:
"Business Commencement Date" — mean the date upon which the first business on the
Property opens to the general public.
"Department" — means the Illinois Department of Revenue.
"Distribution" — means a distribution of an amount equal to a portion of Sales Taxes and
Food and Beverage Taxes generated by businesses on the Property and made pursuant to the
terms of this Agreement.
"Food and Beverage Taxes" — means the Food and Beverage Tax imposed by the Village
pursuant to Chapter 8 of the Village Municipal Code, all as may be supplemental and amended
from time to time or substitute taxes therefore as provided by the Village in the future,
"Maximum Reimbursement Amount" — means the sum total of Taxes that the Company
may receive from the Village pursuant to this Agreement which amount shall not exceed Four
Hundred Thousand Dollars and No Cents ($400,000.00).
"Sales Tax(es)" — means (a) the local distributive share of any and all of those taxes
imposed by the State of Illinois pursuant to the Use Tax Act, the Service Use Tax Act, the Service
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Occupation Tax Act and the Retailer's Occupation Tax Act, each as supplemented and amended
from time to time, or substitute taxes therefore as provided by the State of Illinois in the future
and (b) the Home Rule Municipal Service Occupation Tax and the Home Rule Municipal
Retailer's Occupation Tax, imposed by the Village pursuant to Chapter 8 of the Municipal Code,
or any other home rule municipal use, retail or service occupation tax imposed by the Village,
all as may be supplemented and amended from time to time, or substitute taxes therefore as
provided by the Village in the future.
"Tax Participation Period" — means the earlier to occur of (a) a period of ten (10) years
from the Business Commencement Date, and (b) the total amount of Distributions paid to the
Company by the Village equals the Maximum Reimbursement Amount.
"Tax Year(s)" — means the twelve (12) consecutive month period starting on the first day
of the first month following the Business Commencement Date and ending on the last day of
the month that is twelve (12) months later, and each consecutive succeeding twelve (12) month
period thereafter.
"Taxes" — means, collectively, Food and Beverage Taxes and Sales Taxes.
Section 3. Installation of Signal Improvements. The Company shall secure all necessary
permits and approvals in order to install the Signal Improvements within thirty (30) days of the
Effective Date. After the Company has secured the necessary permits and approvals, it shall
commence installation of the Signal Improvements within thirty (30) days of receipt of the last
permit or approval necessary for the Signal Improvements and shall diligently pursue
completion thereof in accordance with all applicable permits and approvals. Upon completion
of the Signal Improvements, the Company shall notify the Village (such notice, the "Completion
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Notice"). Within ten (10) days of receipt of the Completion Notice, the Village shall inspect the
Signal Improvements to confirm that they are in a suitable condition for the Village to take title
-to such improvements. If the Signal Improvements are not in such a condition, then the Village
shall provide a reasonably detailed notice to the Company regarding the actions the Company
must take to complete the Signal Improvements and for the Village to take title to such
improvements. Upon the Village determination that the Signal Improvements are complete
and in a satisfactory condition, the Company shall quit claim via a bill of sale in a form mutually
agreed upon by the parties, and the Village shall accept, all right, title and interest on and to the
Signal Improvements. The Village's acceptance of the Signal Improvements shall evidence that
the Company has performed its obligations pursuant to this Section 3.
Section 4. Tax Distributions.
(a) The Company shall provide notice to the Village of the Business Commencement
Date. On and after the Business Commencement Date, the Village shall
distribute an amount equal to fifty percent (50%) of the Taxes generated by
businesses on the Property for each Tax Year during the Tax Participation Period,
to the extent such Taxes are received by the Village until such time as the
Company has received the Maximum Reimbursement Amount. Such
Distributions shall be made to the Company at the address set forth in Section 9
unless the Company requests that Distributions be made via wire pursuant to
instructions provided by the Company.
(b) For each Tax Year during the Tax Participation Period, the Village shall make two
(2) Distributions. The Village shall compute the Taxes for each six (6) month
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period constituting a Tax Year and make Distributions as provided in Section 4(a).
The Village will issue the payment biannually within 60 days from the date when
the payment is received from the State for the last month of the biannual period
for which the tax is shared, provided the Village shall have first actually received
from the Department the distribution of Taxes applicable to the semi-annual
period in question, and each Distribution shall be accompanied by
correspondence from the Village setting forth in reasonable detail the
determination of such Distribution. If the payment due date does not fall on a
business day, payment shall be made on the next following business day. If the
Department fails to distribute the Taxes due to the Village that are generated by
businesses on the Property on or before thirty (30) days of the close of any semi-
annual period of a Tax Year, then the Village shall make the required semi-
annual Distribution within a reasonable period of time after it shall have received
from the Department the Taxes due to the Village for such semi-annual period.
(c) By way of example only, if the Business Commencement Date is March 15, 2020,
the first Tax Year would be April 1, 2020 to March 31, 2021. The Village would
be obligated to calculate Taxes generated on the Property and received by the
Village during the periods April 1, 2020 to September 30, 2020 and October 1,
2020 to March 31, 2021. The Village would then be obligated to make a
Distribution within sixty (60) days of the end each six (6) month period of the
Tax Year.
(d) The Village agrees that the Company shall have priority over any private party's
right to receive Taxes generated by businesses on the Property and received by
the Village during the term of this Agreement. The Village further agrees that it
shall not pledge, encumber or allocate such portion of the Taxes for any other
purpose other than performance of the Village's obligations pursuant to the
Agreement without the Company's consent.
Section S. Changes in Sales Tax Law. The parties acknowledge that the agreement to
distribute Taxes herein provided is predicated on existing law in the State of Illinois providing
for the payment by the Department to Illinois municipalities of one percent (1%) of the taxable
sales generated within each municipality and the Home Rule Municipal Service Occupation Tax
and the Home Rule Municipal Retailer's Occupation Tax, imposed by the Village pursuant to
Chapter 8 of the Municipal Code. The General Assembly of the State of Illinois, from time to
time, has considered modifying or eliminating the distribution of sales tax revenues to Illinois
municipalities. In the event that the Illinois General Assembly and the Governor by law
hereafter eliminate the distribution of sales tax revenues to Illinois municipalities, or otherwise
alter the distribution of sales tax revenues to Illinois municipalities in a manner that reduces the
sales tax revenues received by the Village, or otherwise alter the distribution formula in a
manner which prevents the Village from being able to ascertain with specificity the amount of
Sales Taxes being received by the Village that are generated by the businesses on the Property,
the Village and the Company shall cooperate to identify an alternate source of revenue
generated by the Property and received by the Village, but expressly excluding real property
taxes, in order to place the Company in the same economic position had the change in law not
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occurred and undertake good faith efforts to amend this Agreement to reflect the change in
law and the alternate source of revenue.
Section 6. Amended Returns and Audits. If, as a result of an amended tax return filed
with either the Department or the Village, the Village owes an additional Distribution to the
Company, such Distribution shall be made promptly upon receipt by the Village of such
additional Taxes. If, as a result of an amended return, the Village is entitled to receive a portion
of a Distribution back, the Company shall repay such amount to the Village within thirty (30)
days of written notice from the Village. If an audit by the Department results in adjustment to
tax returns previously submitted upon which Distributions were made, upon final disposition of
any changes made as a result of such audit, any amount due and owing to a party shall be made
in the manner described in the preceding paragraph. The obligations set forth in this Section 6
shall survive for a period of twenty-four (24) months from the date of the last Distribution
hereunder.
Section 7. Limitations on Distributions. The Distributions set forth herein shall be
subject to the following additional terms and conditions:
(a) The amount of Distributions, if any, shall be based solely from Taxes, as
appropriate, actually received by the Village and generated by businesses on the
Property, and the Village shall not be obligated to make any Distributions
identified herein from any other fund or source except as described in Section 4.
However, the Village reserves the right to make Distributions from any funding
source it deems appropriate. The obligation of the Village created by or arising
under this Agreement shall not be a general debt of the Village or a charge
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against its general credit or taxing powers (unless the Village fails to perform its
obligations under this Agreement after notice and an opportunity to cure), and
no recourse shall be had for any payment required to be made under this
Agreement against any officer, employee, attorney, elected or appointed official,
past, present or future, of the Village.
(b) The Village shall not be required to effect any Distribution(s) from any Taxes
generated after expiration of the Tax Participation Period except in the event (i)
of an audit or amended return as described in Section 6 and (ii) the Company has
not received the Maximum Reimbursement Amount as of the expiration of the
Tax Participation Period in which case the Village shall be obligated to effect a
Distribution based on Taxes receive during the last six (6) month period of the
last Tax Year. The Village's obligation set forth in this Section 7(b) shall survive
the term of this Agreement.
Section 8. Appropriation. The Village shall provide for payments required under this
Agreement in its annual budget ordinance for the fiscal year in which such payment may be
due.
Section 9. Notices. All notices and requests required pursuant to this Agreement shall
be sent by certified mail as follows:
To the Company: Speed-GMX Mount Prospect, LLC
400 North Street
Suite 805
Chicago, Illinois 60654
Attn: Jonathon Feld
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with copies to: Horwood Marcus & Berk
500 West Madison
Suite 3700
Chicago, Illinois 60661
Attn: Kristin L. Dunlap
To the Village: Village of Mount Prospect
50 South Emerson Street
Mount Prospect, Illinois 60056
Attn: Village Manager
with copies to: Klein, Thorpe & Jenkins, Ltd,
20 North Wacker Drive
Chicago, Illinois 60606
Attn: Lance Malina
or at such other addresses as the parties may indicate in writing to the other either by personal
delivery or by certified or registered mail, return receipt requested, with proof of delivery
thereof.
Section 10. Law Governing/Venue. This Agreement shall be construed and enforced in
accordance with the laws of the State of Illinois. Any dispute arising under or in connection
with this Agreement or related to any matter which is the subject of this Agreement shall be
subject to the exclusive jurisdiction of the Illinois state courts.
Section 11. Assignments. The Company shall be permitted to assign this Agreement
to a successor in title or ground lessee of the North Parcel provided the Company notifies the
Village of such assignment at least thirty (30) days prior to such assignment. All other
assignments of this Agreement shall require Village consent which shall not be unreasonably
withheld or conditioned; provided, however, nothing contained herein shall be construed as
limiting the Company's rights to assign this Agreement to an entity controlling or controlled by
the Company, a joint venture of which the Company is a general partner, or a lender so long as
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the Company notifies the Village of such assignment. The parties acknowledge that this
Agreement imposes obligations and confers rights upon the Company and is not a covenant
running with the land.
Section 12. Third Party Beneficiaries. The Village and the Company agree that this
Agreement is for the benefit of the parties hereto and not for the benefit of any third party
beneficiary. No third party shall have any rights or claims against the Village arising from this
Agreement.
Section 13. Time. Time is of the essence under this Agreement and all time limits set
forth are mandatory and cannot be waived except by a lawfully authorized and executed
written waiver by the party excusing such timely performance,
Section 14. Binding Effect. This Agreement shall inure to the benefit of and shall be
binding upon the Village, the Company and the Company's permitted assigns,
Section 15. No Waiver or Relinquishment of Right to Enforce Agreement. Failure of
any party to this Agreement to insist upon the strict and prompt performance of the terms,
covenants, agreements and conditions herein contained, or any of them, upon any other party
imposed, shall not constitute or be construed as a waiver or relinquishment of any party's right
thereafter to enforce any such terms, covenant, agreement or conditions, but the same shall
continue in full force and effect,
Section 16. Section Headings and Subheadings. All section headings or other headings
in this Agreement are for general aid of the reader and shall not limit the plain meaning or
application of any of the provisions thereunder whether covered or relevant to such heading or
not.
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Section 17. Amendment. This Agreement sets forth all the promises, inducements,
agreements, conditions and understandings between the Company and the Village relative to
the subject matter thereof, and there are no promises, agreements, conditions or
understandings, either oral or written, express or implied, between them, other than as herein
set forth. No subsequent alteration, amendment, change or addition to this Agreement shall
be binding upon the parties hereto unless authorized in accordance with law and reduced in
writing and signed by them. However, whenever under the provisions of this Agreement any
notice or consent of the Village or the Company is required, or the Village or Company is
required to agree to or take some action at the request of the other, such approval or such
consent or such request shall be given for the Village, unless otherwise provided for herein, by
the Village Manager or his designee and for the Company by any officer or employee the
Company so authorizes.
Section 18. Counterparts. This Agreement may be executed in two (2) or more
counterparts each of which taken together, shall constitute one and the same instrument.
Section 19. Default. In the event of any default under of violation of this Agreement,
the party not in default or violation shall serve written notice upon the party or parties in
default or violation, which notices shall be in writing and shall specific the particular violation or
default. All parties hereto reserve the right to cure any violation of this Agreement or default
by any of them hereunder within thirty (30) days from written notice of such default or such
additional period as may reasonably be required to cure such default. In the event that such
default is not cured, the non -defaulting party shall have all rights, in law and in equity, to
enforce its rights under this Agreement. Should it become necessary to bring legal action or
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proceedings to enforce this Agreement, or any portion thereof, or to declare the effect of the
provisions of this Agreement, the prevailing party shall be entitled to recover or offset against
sums due, its costs, including reasonable attorneys' and consultant fees, in addition to
whatever other relief the prevailing party may be entitled.
Section 20. Severability. If any provision of this Agreement is held invalid by a court of
competent jurisdiction, such provision shall be deemed to excised herefrom and the invalidity
thereof shall not affect any of the other provision contained herein.
Section 21. Term. This Agreement shall be effective upon the Effective Date and shall
continue in effect, subject to the survival provisions in Sections 6 and 7, until the earlier of (a)
the date that is ten (10) years from the Business Commencement Date and (b) the date the
Company receives the Maximum Reimbursement Amount.
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IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the date
and year first written above.
ATTEST:
111 lam .
Village Clerk
ATTEST:
VILLAGE OF MOUNT PROSPECT, an Illinois
municipal corporation,
Mayor
SPEED-GMX MOUNT PROSPECT, LLC, a Delaware
limited liability company,
By: Speedwagon Property Management, LLC, a
Delaware liN d Iia' " ' y company, its
Manager
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M
hiffWn, Manager
STATE OF ILLINOIS
6151
COUNTY OF COOK
I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO
HEREBY CERTIFY that Jason Schiffman, manager of Speedwagon Property Management, LLC, a
Delaware limited liability company, manager of Speed-GMX Mount Prospect, LLC, personally
known to me to be the same person whose name is subscribed to the foregoing instrument as
such manager, appeared before me this day in person and acknowledged that he signed and
delivered the said instrument, as his own free and voluntary act and as the free and voluntary
act of said Company, for the uses and purposes therein set forth.
Given under my hand and Notarial Seal t is Th da " '-)
Notary Public
Offcial Seal
Daniel Hirsh
��lotary Public State of lokwis
,, ^ommission xpires 09Mj 2wj
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EXHIBIT "A"
LEGAL DESCRIPTION OF THE NORTH PARCEL
LOT 1 IN MOUNT PROSPECT POINTE, BEING A SUBDIVISION OF PART OF THE WEST HALF OF THE
SOUTHWEST QUARTER OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED MAY 31, 2019 AS
DOCUMENT NUMBER 1915116042, LESS AND EXCEPTING:
COMMENCING AT THE SOUTHWEST CORNER OF SAID LOT 1; THENCE SOUTH 89 DEGREES 53
MINUTES 42 SECONDS EAST ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF 268.85
FEET; THENCE NORTH 00 DEGREES 06 MINUTES 18 SECONDS EAST, PERPENDICULAR TO THE
LAST DESCRIBED COURSE, 28.95 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00
DEGREES 10 MINUTES 07 SECONDS WEST, 5.00 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES
53 SECONDS WEST, 2.67 FEET; THENCE NORTH 00 DEGREES 10 MINUTES 06 SECONDS WEST,
52.67 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES 53 SECONDS WEST, 15.00 FEET TO A
POINT OF CURVATURE; THENCE WESTERLY, NORTHWESTERLY AND NORTHERLY ALONG A
CURVE CONCAVE NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A
RADIUS OF 3.00 FEET, A CHORD BEARING OF NORTH 45 DEGREES 10 MINUTES 07 SECONDS
WEST, A CHORD LENGTH OF 4.24 FEET, AN ARC LENGTH OF 4.71 FEET TO A POINT OF
TANGENCY; THENCE NORTH 00 DEGREES 10 MINUTES 07 SECONDS WEST TANGENT TO THE
LAST DESCRIBED COURSE, 0.17 FEET TO A POINT OF CURVATURE; THENCE NORTHERLY,
NORTHEASTERLY AND EASTERLY ALONG A CURVE CONCAVE SOUTHEASTERLY, TANGENT TO
THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 6.00 FEET, A CHORD BEARING OF NORTH
44 DEGREES 49 MINUTES 50 SECONDS EAST, A CHORD LENGTH OF 8.49 FEET, AN ARC LENGTH
OF 9.42 FEET TO A POINT OF TANGENCY; THENCE NORTH 89 DEGREES 49 MINUTES 48
SECONDS EAST, TANGENT TO THE LAST DESCRIBED COURSE, 197.17 FEET; THENCE SOUTH 00
DEGREES 10 MINUTES 07 SECONDS EAST, 73.61 FEET TO A POINT OF CURVATURE; THENCE
SOUTHERLY, SOUTHWESTERLY AND WESTERLY ALONG A CURVE CONCAVE NORTHWESTERLY,
TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 12.50 FEET, A CHORD
BEARING OF SOUTH 44 DEGREES 50 MINUTES 02 SECONDS WEST, A CHORD LENGTH OF 17.68
FEET, AN ARC LENGTH OF 19.64 FEET TO A POINT OF TANGENCY; THENCE SOUTH 89 DEGREES
50 MINUTES 11 SECONDS WEST, TANGENT TO THE LAST DESCRIBED COURSE, 104.08 FEET TO A
POINT OF CURVATURE; THENCE WESTERLY AND NORTHWESTERLY ALONG A CURVE CONCAVE
NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 48.70
FEET, A CHORD BEARING OF NORTH 66 DEGREES 32 MINUTES 19 SECONDS WEST, A CHORD
LENGTH OF 39.03 FEET, AN ARC LENGTH OF 40.16 FEET; THENCE NORTH 42 DEGREES 54
MINUTES 50 SECONDS WEST, TANGENT TO THE LAST DESCRIBED COURSE, 5.15 FEET; THENCE
SOUTH 89 DEGREES 28 MINUTES 23 SECONDS WEST, 26.66 FEET TO THE POINT OF BEGINNING,
IN COOK COUNTY, ILLINOIS.
EXHIBIT "B"
LEGAL DESCRIPTION OF THE SOUTH PARCEL
THAT PART OF LOT 1 IN MOUNT PROSPECT POINTE, BEING A SUBDIVISION OF PART OF THE
WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED MAY
31, 2019 AS DOCUMENT NUMBER 1915116042, DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID LOT 1; THENCE SOUTH 89 DEGREES 53
MINUTES 42 SECONDS EAST ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF 268.85
FEET; THENCE NORTH 00 DEGREES 06 MINUTES 18 SECONDS EAST, PERPENDICULAR TO THE
LAST DESCRIBED COURSE, 28.95 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00
DEGREES 10 MINUTES 07 SECONDS WEST, 5.00 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES
53 SECONDS WEST, 2.67 FEET; THENCE NORTH 00 DEGREES 10 MINUTES 06 SECONDS WEST,
52.67 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES 53 SECONDS WEST, 15.00 FEET TO A
POINT OF CURVATURE; THENCE WESTERLY, NORTHWESTERLY AND NORTHERLY ALONG A
CURVE CONCAVE NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A
RADIUS OF 3.00 FEET, A CHORD BEARING OF NORTH 45 DEGREES 10 MINUTES 07 SECONDS
WEST, A CHORD LENGTH OF 4.24 FEET, AN ARC LENGTH OF 4.71 FEET TO A POINT OF
TANGENCY; THENCE NORTH 00 DEGREES 10 MINUTES 07 SECONDS WEST TANGENT TO THE
LAST DESCRIBED COURSE, 0.17 FEET TO A POINT OF CURVATURE; THENCE NORTHERLY,
NORTHEASTERLY AND EASTERLY ALONG A CURVE CONCAVE SOUTHEASTERLY, TANGENT TO
THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 6.00 FEET, A CHORD BEARING OF NORTH
44 DEGREES 49 MINUTES 50 SECONDS EAST, A CHORD LENGTH OF 8.49 FEET, AN ARC LENGTH
OF 9.42 FEET TO A POINT OF TANGENCY; THENCE NORTH 89 DEGREES 49 MINUTES 48
SECONDS EAST, TANGENT TO THE LAST DESCRIBED COURSE, 197.17 FEET; THENCE SOUTH 00
DEGREES 10 MINUTES 07 SECONDS EAST, 73.61 FEET TO A POINT OF CURVATURE; THENCE
SOUTHERLY, SOUTHWESTERLY AND WESTERLY ALONG A CURVE CONCAVE NORTHWESTERLY,
TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 12.50 FEET, A CHORD
BEARING OF SOUTH 44 DEGREES 50 MINUTES 02 SECONDS WEST, A CHORD LENGTH OF 17.68
FEET, AN ARC LENGTH OF 19.64 FEET TO A POINT OF TANGENCY; THENCE SOUTH 89 DEGREES
50 MINUTES 11 SECONDS WEST, TANGENT TO THE LAST DESCRIBED COURSE, 104.08 FEET TO A
POINT OF CURVATURE; THENCE WESTERLY AND NORTHWESTERLY ALONG A CURVE CONCAVE
NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 48.70
FEET, A CHORD BEARING OF NORTH 66 DEGREES 32 MINUTES 19 SECONDS WEST, A CHORD
LENGTH OF 39.03 FEET, AN ARC LENGTH OF 40.16 FEET; THENCE NORTH 42 DEGREES 54
MINUTES 50 SECONDS WEST, TANGENT TO THE LAST DESCRIBED COURSE, 5.15 FEET; THENCE
SOUTH 89 DEGREES 28 MINUTES 23 SECONDS WEST, 26.66 FEET TO THE POINT OF BEGINNING,
IN COOK COUNTY, ILLINOIS.
112875.000001 4847-3438-6860.2
18
STATE OF ILLINOIS
) SS.
COUNTY OF COOK )
I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO
HEREBY CERTIFY that -jvCt - , Mayor of the VILLAGE OF MOUNT PROSPECT,
and � , Village Clerk of said Village, personally known to me to be the
same persons pose names are subscribed to the foregoing instrument as such Mayor and
Village Clerk, respectively appeared before me this day in person and acknowledged that they
signed and delivered the said instrument, as their own free and voluntary act and as the free
and voluntary act of said Village, for the uses and purposes therein set forth; and the said
Village Clerk then and there acknowledged that she, as custodian of the corporate seal of said
Village, did affix the corporate seal of said Village to said instrument, as her own free and
voluntary act and as the free and voluntary act of said Village, for the uses and purposes therein
set forth.
Y / day of ,, _., 20
GIVEN under m hand and Notarial Seal this
r7OFFICIAL SEAL
L
OREEN C JAROSZ PUBLIC - STATE OF ILLINOIS
NquIISSION EXPIRES:04/13/22
NotaryW 50,01 zv, 4,
•
15