HomeMy WebLinkAboutOrd 6725 02/06/2024 Authorizing RDA Mias CantinaORDINANCE NO. 6725
AN ORDINANCE AUTHORIZING THE REDEVELOPMENT AGREEMENT FOR MIA'S
CANTINA RESTAURANT AND RESIDENTIAL RENTAL UNITS IN 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 I : The Mayor and Board of Trustees of the Village find as follows:
A. The Village of Mount Prospect ("Village") is a home rule municipality
pursuant to Section 6 of Article VII of the Constitution of the State of Illinois.
B. 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
(the "Act"), to finance redevelopment in accordance with the conditions
and requirements set forth in the 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. Developer seeks to expand the existing restaurant and convert the existing
office space on the second floor to residential rental units in the retail space
located at 139-143 W. Prospect Avenue ("the Project") in downtown Mount
Prospect ("the Business Location"). Developer will invest at least Six
Hundred and Eighty -Three Thousand and Three Hundred and Fifty and
No/100 Dollars ($683,350) in the Project. It is necessary for the successful
completion of the Project that the Village enter into this Agreement with the
Developer to provide for the redevelopment of the Property, thereby
implementing the TIF Plan.
E. The Developer has been and continues to be unable and unwilling to
undertake the Project, but for certain tax increment financing ("TIF")
incentives for the construction of the expansion of the Mia's Cantina
restaurant and conversion of office space to residential rental units at the
Business Location, not to exceed One Hundred and Seventy -Six Thousand
and Five Hundred and No/100 dollars ($176,500) , 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.
F, This Agreement has been submitted to the Corporate Authorities of the
Village 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.
G. This Agreement has been submitted to the Developer for consideration and
review, the Developer has taken all actions required to be taken prior to the
execution of this Agreement in order to make the same binding upon the
Developer according to the terms hereof, and any and all action of the
Developer precedent to the execution of this Agreement has been
undertaken and performed in the manner required by law.
K It is the desire of the Village to approve the "Redevelopment Agreement for
the Mia's Cantina Restaurant and Residential Rental Units" comprising a
part of the Prospect and Main TIF District of the Village of Mount Prospect,
Illinois," attached hereto as EXHIBIT A 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 day of February 2024 pursuant to a roll call vote as follows:
AYES:
NAYS:
ABSENT:
APPROVED this day of February 2024 , by the Village Mayor of the Village of
Mount Prospect, and attested by the Village C k, on the same,day.
Vil
APPROVED and FILED in my office this day of February 2024 and published
in pamphlet form in the Village of Mount Prospect, Cook County, Illinois.
ATTEST:
Village Cler
REDEVELOPMENT AGREEMENT
FOR THE MIA'S CANTINA RESTAURANT AND RESIDENTIAL RENTAL UNITS
COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT
OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS
This Redevelopment Agreement For the Mia's Cantina Restaurant and Residential
Rental Units Comprising A Part of The Prospect And Main TIF District of The Village Of
Mount Prospect, Illinois (the "Agreement") is made and entered into as of the 6th day of
February, 2024 (the "Effective Date") by and between the Village of Mount Prospect,
Illinois, an Illinois home rule municipal corporation (the "Village") and Joyco & Aguado,
Inc. (the "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:
I. 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, 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
(the "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 (the "Redevelopment Project Area"), approved a tax increment
redevelopment plan and project (the "TIF Plan"), and adopted tax increment
561481,_1
financing relative to the Village's Prospect and Main Tax Increment
Financing District (the "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, Developer seeks to expand the existing restaurant and convert the existing
office space on the second floor to residential rental units in the retail space
located at 139-143 W. Prospect Avenue ("the Project") in downtown Mount
Prospect ("the Business Location"). Developer will invest at least Six
Hundred and Eighty -Three Thousand and Three Hundred and Fifty and
No/100 Dollars ($683,350) in the Project. It is necessary for the successful
completion of the Project that the Village enter into this Agreement with the
Developer to provide for the redevelopment of the Property, thereby
implementing the TIF Plan.
F, The Developer has been and continues to be unable and unwilling to
undertake the Project, but for certain tax increment financing ("TIF")
incentives for the construction of the expansion of the Mia's Cantina
restaurant and conversion of office space to residential rental units at the
Business Location, not to exceed One Hundred and Seventy -Six Thousand
and Five Hundred and No/100 dollars ($176,500) , 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.
G. 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.
H. This Agreement has been submitted to the Developer for consideration and
review, the Developer has taken all actions required to be taken prior to the
execution of this Agreement in order to make the same binding upon the
Developer according to the terms hereof, and any and all action of the
5614811
Developer precedent to the execution of this Agreement has been
undertaken and performed in the manner required by law.
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 F.
above, under the terms and conditions hereinafter set forth, to assist such
development.
II. 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.
561481 1
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. "Incremental Property Taxes" means that portion of the ad valorem real
estate taxes, if any, arising from the taxes levied upon the Property, which
taxes are actually collected and paid to the Village, and which are
attributable to the increase in the equalized assessed valuation ("EAV") of
the Property over and above the EAV of the Property at the time of the
formation of the TIF District, all as determined by the County Clerk of the
County of Cook, Illinois, pursuant to and in accordance with the TIF Act, the
TIF Ordinances and this Agreement, and which have been received by the
Village on and after the Commencement Date (as defined in Section XI.A.
below).
F. "Incentive Fund" means the special fund set up by the Village into which
the Village will deposit Incremental Property Taxes generated by the
Project.
G. "Party" 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.
H. "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.
"State" means the State of Illinois.
J. "TIF Eligible Redevelopment Costs" means the costs of the Project, to
be reimbursed, in part, from Incremental Property Taxes pursuant to the TIF
Act, and permitted to be reimbursed as a "redevelopment project cost" in
Section 3(q) of the TIF Act, 65 ILCS 5/11-74.4-3(q), by the Village, as
provided in this Agreement.
K. "TIF Ordinances" means those Ordinances referenced in subsection I.D.
above.
L. "Uncontrollable Circumstance" means any event which:
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:
561481 .1
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, 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 other than by the
Village;
e, strikes or labor disputes, or work stoppages not initiated by
the 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;
i. major environmental disturbances, which delay construction
by more than thirty (30) days;
j. vandalism; or
k, 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 the 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.
M. "Village Code" means the Village of Mount Prospect Village Code, as
amended.
III. CONSTRUCTION OF TERMS
This Agreement, except where the context by clear implication shall otherwise
require, shall be construed and applied as follows:
561481„1
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, 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. The 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.
H. 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 Joy Aguado 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 the
Developer and with the effect of binding the Developer in that connection
(such individual being designated as an "Authorized Developer
Representative"). The Developer shall have the right to change its
5614811
Authorized Developer Representative by providing the Village with written
notice of such change from both authorized representatives which notice
shall be sent in accordance with Section XVII.B. of this Agreement.
IV. COOPERATION OF THE PARTIES
The Village and the 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
Project, including zoning applications relative thereto, and Village -issued permits
and approvals relative thereto.
V. DEVELOPMENT OF THE PROJECT
A. Approvals, Permits, Construction, and Completion. The Developer
shall, subject to Uncontrollable Circumstances:
Mia's Cantina Restaurant:
1. On or before March 1, 2024, apply for all necessary permits and
approvals from all government agencies having jurisdiction over the
Project as may be required to commence construction on the Project.
2. On or before April 15, 2024, commence construction of the Project.
3. On or before August 15, 2024, complete construction of the Project.
4. On or before September 15, 2024, obtain a Certificate of Project
Completion (as defined in Section X.A. below).
Residential Rental Units:
1. On or before March 1, 2024, 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.
2. On or before April 15, 2024, commence construction of the Project.
3. On or before September 15, 2024, complete construction of the Project.
4. On or before October 15, 2024, obtain a Certificate of Project
Completion (as defined in Section X.A. below).
B. Incentive Amount.
561481,µ,.,1
The Village shall reimburse Developer for TIF Eligible
Redevelopment Costs, in relation to the Project, in an amount not to
exceed One Hundred and Seventy Six Thousand and Five Hundred
and No/100 Dollars ($176,500) from the Incentive Fund (the
"Funding Cap"). The Village shall pay to the Developer One Hundred
Thousand and No/100 Dollars ($100,000.00) after Mia's Cantina
expansion has been completed, open and operating, Seventy Six
Thousand and Five Hundred and No/100 Dollars ($76,500) after the
residential rental units conversion has been completed (the Payment
Dates").
2. The total amount paid by the Village to the Developer from the
Incentive Fund shall not exceed the Funding Cap.
1 Some of the TIF Eligible Redevelopment Costs are set forth on
EXHIBIT A attached hereto and made a part hereof, relative to the
Project. The Developer shall only be entitled to receive payment of
TIF Eligible Redevelopment Costs up to the Funding Cap.
C. Conditions and Procedure for Payment of Incentives.
The Village's obligation to reimburse the Developer in relation to the
Project from the Incentive Fund is subject to the following conditions
precedent, in addition to those set forth elsewhere in this Agreement:
(i) Acquisition by the Developer of all necessary Village zoning
approvals for the Project;
(ii) The Developer being current with all Federal, State and local
tax obligations;
(iii) The Developer obtaining a temporary certificate of occupancy
for the Project;
(iv) The Developer is in compliance with the covenants,
obligations and agreements in Sections VII, VIII, IX and XI of
this Agreement; and
(vi) The Developer is otherwise in compliance with all of the terms
of this Agreement and the laws and regulations of the Village,
the State of Illinois and the United States of America.
2, The Village shall reimburse the Developer, subject to the Funding
Cap, for the Developer's actual expenditures of TIF Eligible
Redevelopment Costs, including but not limited to those set forth on,
and in the amounts included in, EXHIBIT B, relative to the Project
5614811
(the "TIF Incentive Rebate"), whether incurred by the Developer prior
to or after the Effective Date. Said TIF Incentive Rebate shall be paid
to the Developer as follows:
(i) The Village shall pay the Developer at the Payment Dates,
provided the Village is in receipt of the Developer's request for
reimbursement of TIF Eligible Redevelopment Costs
documented by the Developer to have been incurred and paid
for by the Developer in relation to the Project (which
documentation shall accompany each such request for
reimbursement). Requests for reimbursement of TIF Eligible
Redevelopment Costs paid by the Developer shall be
forwarded to the Village's Finance Director, accompanied by
a fully executed lien waiver, copy of the paid receipt or other
proof of payment therefor, and any other information
reasonably requested by the Village. The Village shall review
the request and determine if it should be paid, and if so, the
Village shall pay such request for reimbursement at the
Payment Dates, provided there are sufficient Incremental
Property Taxes within the Incentive Fund to do so. If the
Village elects to withhold or deny such payment, the Village
shall promptly (and in any event not later than the date
payment would otherwise have been due) advise the
Developer in writing as to the specific basis for the Village's
position. In the event the Developer does not make timely
submittal of documentation in support of its request for
reimbursement of TIF Eligible Redevelopment Costs, the
Village is willing to consider on a case-by-case basis making
a reimbursement after the Payment Dates.
(iii) The TIF Incentive Rebate by the Village shall cease upon the
Developer's receipt of the full amount of the Funding Cap or
the expiration of the Term (as defined in Section XVII.P.
below) of this Agreement, whichever occurs first.
(iv) Subject to Uncontrollable Circumstances, if at any time the
Project ceases to operate during the term of this Agreement,
the payment of Increment Property Taxes shall cease, and
shall not be reinstated thereafter.
1 The TIF Incentive Rebate is not a general obligation of the Village,
and the Village's full faith and credit are not pledged or encumbered
to provide the Developer with the TIF Incentive Rebate.
4. A delineation of the TIF Eligible Redevelopment Costs for the Project
is set forth in EXHIBIT B, and the Village shall not reimburse the
561481°_1
Developer for any costs of the Project not listed on said EXHIBIT B.
VI. UNDERTAKINGS ON THE PART OF THE VILLAGE
A. The Village agrees to:
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.
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), 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. Use of Funds. The Developer shall use Incremental Property Taxes solely
for TIF Eligible Redevelopment Costs.
B. Constructions in Accordance with Approvals and Laws. The Developer
shall 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
5614811
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.
C, Construction Staging. During the 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.
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.
VIII. 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 a business concern licensed by the State of Illinois, so long as
this Agreement is in effect, and for so long as Developer 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.
561481_1
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, together
with such supporting documentation that may be reasonably requested by
the Village. 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.
E, Prevailing Wage. 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 the obligations imposed on it by this
Section VI I I. E.
F. Open Book. The Project shall be an "open book" project, meaning that the
Developer and the general contractor (or contractors, if more than one) will
assure continuing access to the Village's agents at Developer or general
contractor's office for the purpose of reviewing and auditing their respective
books and records relating to any item necessary to determine the costs of
the Project; provided, however, that all such access shall be limited to
normal business hours upon reasonable prior notice and shall not occur
more frequently than once per calendar quarter. The foregoing Village
review rights shall terminate one (1) year after the issuance of the Certificate
of Project Completion with respect to costs for the Project, unless the
Developer has failed to make available any such books and/or records
requested in writing by the Village. Developer shall provide to the Village
copies of any partnership agreements, limited liability company operating
agreements, corporate by-laws or joint venture agreements pertaining to
the Project to which the Developer is a party; provided that the Developer
may, (if Developer has previously provided the Village not less than thirty
(30) days to review such confidential financial materials), remove from the
copies of such agreements any confidential financial information previously
disclosed to the Village and not since changed in form or substance and the
Village shall keep such agreements confidential, to the maximum extent
permitted by law. All documents made available for review or provided to
the Village pursuant to this Section may be proprietary, privileged and
confidential and are provided to the Village subject to the protections from
disclosure set forth in Section 7(g) of the Freedom of Information Act (5
ILCS 140/7 (g)). Failure to provide the corporate documents or allow review
of the financial books within fifteen (15) days after request by the Village
shall be an Event of Default. Developer shall exercise prudence and good
faith in attempting to contract with persons or entities that are reputable and
experienced in their respective areas for the provision of services or
material for the design and construction of Project at costs not in excess of
market rates. The general contractor (or general contractors) designated
by Developer shall be experienced and reputable.
5614811
G. Hours of Operation. The Developer shall operate Mia's Cantina
restaurants during business hours consistent with other comparable
restaurants in the Mount Prospect downtown area. Mia's Cantina shall be
open for lunch hours the majority of weekdays.
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 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 Project at the Business Location, and has
confirmed that the Project has been constructed in substantial and material
compliance with all Village codes and this Agreement, the Village shall
deliver a certificate of completion and satisfaction of all construction terms,
covenants and conditions contained in this Agreement (the "Certificate of
Project Completion") or, if not complete or satisfied, a written statement as
to what deficiencies exist, and upon Developer's correction of such issues,
the Village shall then promptly issue to Developer a Certificate of Project
Completion. The date the Certificate of Project Completion is issued shall
be the "Completion Date."
B. Certification of Developer's Project Cost. Within thirty (30) days of the
issuance of the Certificate of Project Completion, the Developer shall certify,
in writing, to the Village, the amount spent by the Developer (inclusive of all
hard and soft costs) to complete the Project, and an estimate of the number
of jobs to be generated or created by the Project. The sworn statement(s)
561481_„1
for construction loan draws relative to the Project shall be provided to the
Village with the submittal called for herein.
C. 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.
XI. REPRESENTATIONS AND WARRANTIES OF DEVELOPER
Developer represents, warrants and agrees as the basis for the undertakings on
its part herein contained that as of the date hereof and until completion of the
Project:
A. Existence and Authority. Developer is an Illinois corporation 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. 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,
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.
561481„1
C, Adequate Resources. Developer has sufficient financial and economic
resources 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 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 mixed-use 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. 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.
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:
561481„_1
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.
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.
XIII. INSURANCE
A. Insurance Coverages. The Developer, and any successor in interest to the
Developer, shall obtain and continuously maintain insurance on the Project
and, from time to time at the request of the Village, furnish proof to the
Village that the premiums for such insurance have been paid and the
insurance is in effect. The insurance coverage 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. 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 and its officers, agents and employees as
5614811
additional insureds, with limits against bodily injury and property
damage of not less than $2,000,000.00 for each occurrence (to
accomplish the above -required limits, an umbrella excess liability
policy may be used), written on an occurrence basis.
2. 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 this Agreement.
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 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 e -r_ he-Pr-ope+ y 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 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
561481 µ,w,1
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. No Personal Liability. No liability, right or claim at law or inequity shall
attach to or shall be incurred by the Village's Mayor, Trustees, officers,
officials, attorneys, agents and/or employees, and any such rights or claims
of the Developer against 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
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, or within such other period as may agreed
upon by the parties
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, or within such other period as may agreed
upon by the parties.
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,
56l481,,µ1
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, or within such other period as may
agreed upon by the parties.
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
order unstayed and in effect for a period of ninety (90) consecutive
days, or within such other period as may agreed upon by the parties.
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.
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. Abandonment shall be deemed to
have occurred when work stops on the Project for more than thirty
(30) consecutive days for any reason other than Uncontrollable
Circumstances and such work is not resumed within ninety (90) days
561481___1
of written demand by the Village, or within such other period as may
agreed upon by the parties.
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, or within such other
period as may agreed upon by the parties.
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
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. Village Events of Default. The following shall be Events of Default with
respect to this Agreement:
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
561481„,1
Circumstances) cures such default within ninety (90) days after such
notice.
1 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.
C. Remedies for Default. In the case of an Event of Default hereunder:
1. 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.
561481,_,1
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.
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,
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 XIV 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), and the Parties shall
5614811
negotiate in good faith to amend this agreement to
allow for the costs of defense of such legal proceedings
to be paid for from Incremental Property Taxes and to
increase the Funding Cap to allow for the payment of
such costs. This Section XV.G shall survive the
termination of this Agreement.
XVI. EQUAL EMPLOYMENT OPPORTUNITY
A. No Discrimination. Developer shall comply with all federal, state and local
laws relating to equal employment opportunity. 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.
B. Advertisements. 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.
C. Contractors. Any contracts made by Developer with any general
contractor, agent, employee, independent contractor or any other Person in
connection with the construction of the Project shall contain language
similar to that recited in subsections A. and B. above. The Developer shall
make reasonable efforts to incorporate language similar to that recited in
subsections A. and B. in any leases made by Developer in connection with
the Project.
XVII. MISCELLANEOUS PROVISIONS
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 Party within
one hundred twenty (120) 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
561481_,,,,1
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: Paul Wm. Hoefert, Mayor
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, Illinois 60056
Email: phoefert@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 / Allen Wall
Email: Icmalina@ktjlaw.com /jawall@ktjlaw.com
If to Developer: Joyco & Aguado, Inc.
1000 E. Barberry Lane
Mount Prospect, IL 60056
Attn: Joy Aguado
Email: joymenconi12@hotmail.com
With a copy to: The Knee Law Firm, Ltd.
103 W. Prospect Ave.
Mount Prospect, IL 60056
Attn: William Knee
Email: bill@thekneelawfirm.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
561481111,1
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.
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. Severability. 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.
G. 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.
H. Entire Contract and Amendments. This Agreement (together with the
exhibits attached hereto) 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.
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,
5614811
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
appropriate Persons, all and singular the rights, property and revenues
covenanted, agreed, conveyed, assigned, transferred and pledged under or
in respect of this Agreement.
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's code of ordinances, 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.
561481_1
P. Term. This Agreement shall remain in full force and effect until the
termination of the Redevelopment Project Area.
Q. Estoppel Certificates. Each of the Parties hereto agrees to provide the
other, upon not less than fifteen (15) 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
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 assign
its rights, duties and obligations hereunder, without the consent or approval
of the Village.
S. Municipal Limitations. All Village commitments hereunder are limited to
the extent required by law.
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 ATTEST:
Karen Agoranos, Viflgge Clerk
JOYCO & AGUADO, INC.
a
-4 _�P,
L-)
By: Joy A. Aguado (Owner)
561481-1
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.
GIVENunder my hand and official seal, this day of t4
2024,
Notary Public'
OFFICIAL SEAL
DOREEN C JAROSZ
NOTARY PUBLIC, STATE OF ILLINOIS
MY COMMISSION EXPIRES: 4/13/2026
561481. 1
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 JUJ A, Ar t�gel ® personally known to me to be the
WAtr- (Title), of J` YCO & AGUADO, INC., 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 (Title),
he/she signed and delivered the said pursuant to authority given by the limited liability
company, 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.
GIVEN under my hand and official seal, this ��J-h day of kfaa r\1
2o-2--,,-
. gq
n-6- L -IL -
Notary Public
OFFIC14L SEAL
KIM M ALLO
Notary pure. . of Mhgs
Ver. 977 71
,
5614811-1
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;
561481,,,1
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-BONEE 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 IN 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;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION
AFORESAID;
561481 .1
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;
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 WILLE STREET;
56l481,,,,,,µ1
THENCE NORTH ALONG SAID WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF
WILLE STREET TO THE SOUTH LINE OF EVERGREEN AVENUE;
THENCE WEST ALONG 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;
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;
561481w_1
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-LUSI 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;
5614811
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;
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;
561481,_,1
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;
THENCE EAST TO THE EAST LINE OF WILLE 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;
561481_„1
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 IN 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 IN 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;
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;
5614811
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
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;
5614811
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
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;
561481,1
THENCE SOUTH ALONG SAID NORTHERLY EXTENSION AND THE EAST LINE OF
LOT 1 IN 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
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;
561481. ,,,,,1
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;
IN COOK COUNTY, ILLINOIS,
561481-11
EXHIBIT A-2
Prospect and Main TIF District
Map
Map: Prospect & Main Proposed RPA Boundary
OProposed RPA Boundary 1 , Parcels in RPA
561481 1
0 0,15 03
_,.. ...X 11l flvrt
°
c
N
9
0 0,15 03
_,.. ...X 11l flvrt
Exhibit B
BUILD -OUT PROJECTIONS
EXTERIOR BUILDING IMPROVEMENTS
Roof$30,000
$20,000
Window.....
........ .......__.. $20,000......��
Soffit
$10,000
Paint
$5,000
.. .. ..._._ —_
Asphalt
_._ ....._ _ _...mm $122,000
/Garbwae
mm ....._._..ITIT
$20,000...
Staircaseencin _____....�
............._ .. $25,000
........ ..._......
.. _...............
Total:
...................
$110,000
_ .................�..........
RESIDENTIAL RENTAL UNITS
Demolition
$20,000
Framm
.__- .........� ..a.
$30 000
_._ _.... ....... _ , __w . .....
Electric
.......__. . .....W ...................._ $35,000
.._........__ .... ......___
Heaters/AC_.
..
$w1m5,000
Plumbing ..................
.. $35,000
Drywall........._......._.m _
mm ....._._..ITIT
$20,000...
Painting
$1.5,000
Cabinets$50,000
Doors
_m.... _
Floors & Stairwa . ............
www
.. _ _ ......... _ X20,000 ..
Toilet
_x$3000
_
...._ .....��._...........
Kitchen .._.
Sink........_
....m. $4,000
Bathroom Sink
_
_ $6_,000
......._.
Kitchen Faucet
....... IT2„500
_. ............
Bathroom Faucet
0
...._$1 750
_..._. ..
Bathtub
__.
..... _....... $4,000
WashDryer
er/-----
...
......... _... $7,500
Kitchen Appliance Package
$21,000
Countertop
_$5,100
Decorative
12 000
Tota I
$314,850
561481 1
Grease Trap.Repair _........................
m.............._.. .......................... $5,000
Fire Wall$12,000
Framing .. __._........................................... .. .. _
....._........... ... _m........................... . ....... �. $11,000 .
Flooring
$12,000
Decorative
$10,000
Tortilla Machine
$5,000
_....._....................................... ....... ....._........ ..._............ __
New Hood$25,000
............._........................... . .
Kitchen Equipment
.....W___........................................
$15,000
K'tchen Floor Ep.oxy .............. uu _........................
$16,000
Total:
$258,500
.............................._____...._______..__............ -
Grand Total:
_... ..______......___.....
$683,500
561481,, ,,,,,,1