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HomeMy WebLinkAboutRes 44-93 11/16/1993CAF/ 10~29~93 RESOLUTION NO. 44-93 A RESOLUTION AUTHORIZING ~ECUTION OF A RESTRICTIVE COVENANT FOR PROPERTY COMMONLY KNOWN AS M & M PARK SUBDIVISION WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect have considered the request of Mariusz and Margaret Hauer (hereinafter referred to as Petitioners) to allow the installation of sidewalk, curb and gutter, street lighting, street pavement width and storm sewer;, and WHEREAS, the property being the subject of this Resolution is legally described as follows: Lots 1 and 2 in M & M Park Subdivision, being a subdivision of part of the West Half of the Northeast Quarter of Section 14, Township 41 North, range 11, East of the Third Principal Meridian, Cook County, Illinois and WHEREAS, Chapter 16 (Development Code) of the Village Code of Mount Prospect requires installation of public improvements in conjunction with the subdivision and development of property; and WHEREAS, in certain instances the installation of public improvements is not feasible at the time of development, however, in order to guarantee installation of the required public improvements at a future date, the Village will accept a Restrictive Covenant executed by the owner; and WHEREAS, the Mount Prospect Plan Commission did consider the request to waive the installation of specified public improvements and the Plan Commission has submitted its recommendation to the Village Board; and WHEREAS, the Mayor and Board of Trustees have determined that the best interests of the Village would be served by having the Petitioners enter into a Restrictive Covenant, a copy of which is attached hereto and hereby made a part hereof as Exhibit "A", guaranteeing the installation of the specified public improvements at'such a time as the Village deems reasonable and proper. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the recitals set forth hereinabove are incorporated herein as findings of fact by the Mayor and Board of Trustees of the Village of Mount Prospect. & M Park Restrictive Covenant Page 2 of 2 Trustees of the Village of Mount Prospect. SECTION TVVO: That the Mayor and Board of Trustees do hereby authorize execution of a Restrictive Covenant, a copy of which Restrictive Covenant is attached hereto and hereby made a part hereof as Exhibit "A", for property generally known as the M & M Park Subdivision. SECTION THREE: That the Village Clerk is hereby directed to record a copy of the Restrictive Covenant being the subject of this Resolution with the Cook County Recorder of Deeds. SECTION FOUR: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Corcoran, Hoefert, Skowron, Wilks NAYS: Hendr i ck s ABSENT: C 1 owe s PASSED and APPROVED this 16th day of November ,1993. ATTEST: Carol A. Fields Village Clerk RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND ~ OWNER-DEVELOPER OF CERTAIN PROPERTY WITHIN SAID VILLAGE REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY 03079587 1022 Linneman Road WHEREAS, pursuant to the provis/ons of Chapter 16 entitled ~Development' of the V'fllage Code of Mount Prospect, Illinois certain public improvements are required to be constructed and installed by owners and developers of property within the V'fllage, as part of the approval for the development of such property; and WI~REAS, the schedule for accomplishing the construction and installation of such public improvements by the owner-developer of the property under development is often in conflict with other public improvement projects adjacent to or within the vicinity of said property so as to render the accomplishment of such public improvements by the owner-developer to be practically or economically unfeasible until the same can be combined with or scheduled so as to conform with such other public improvements affecting the subject property under development; and WHF~REAS, such other public improve~nem projects are administered by the Village, County i ~ or State, officials over which the owner-developer has no control, and in some instances those © improvements to be accomplished by the owner-developer with respect to the property under ~ development cannot be completed until the other improvements under V'dlage, County or State ~ control have been accomplished; and ..~ WI~.REAS, under such circumstances, it is deemed to be inequitable to delay development of the property under development or to require the owner-developer to establish a cash escrow, letter of credit or improvement bond for the purpose of guaranteeing the completion of required public improvements due to the delay caused by the intervening or subsequent accomplishment of other public improvement projects under administration and control of the Viliage, County or State; and WHEREAS, Chapter 16 of the Village Code of Mount Prospect: Illinois provides that in lieu of a cash escrow, letter of credit or development bond, the owner-developer may execute a restrictive covenant to be recorded and to nm with the land as a guarantee that the required public improvements shall be completed with respect to the property under development. 1PL'AT "'" WITH THIS DOCUMENT NOW, TmC~REFORE, in accordance with the provisions of the said Chapter 16 of the Village Code of Mount Prospect, Illinois, the Undersigned, Owner-Developer does hereby covenant with the ~rfllage of Mount Prospect, an Illinois municipal corporation, as follows: 1. The Undersigned is the Owner and Development of the following described property within the ~fdlage of Mount Prospect, Illinois, to wit: Lots 1 and 2 ofM & M Park Subdivision being a Subdivision of part of the West 1/2 of the Northeast 1/4 of Section 14, Township 41 North, Range 11, East of the Third Principal Meridian, in Cook County, Illinois. 2. A plan of development of the described property by the Undersigned has been approved by the V'fllage of Mount Prospect, which approval includes the completion of the following public improvements contained in and provided as a part of the plans, to wit: To purchase and install sidewalk, curb and gutter, street lighting, street pavement and storm sewer to V'dlage of Mount Prospect Code when requested to do so by the V'fllage of Mount Prospect. 3. For a period of twenty (20) years commencing from the date hereof, the Undersigned shall undertake the above-stated improvements with sixty (60) days after being so advised by the Village of Mount Prospect to commence such construction and installation work, and shall continue said work without interruption or delay, until the improvements are completed in a satisfactory manner and in accordance with Village plans and specifications pertaining thereto. 4. This Covenant to complete the said public improvements as herein contained shall run with the said properW, and for the period oftime as set forth herein. Nothing in this Covenant shall in any way prevent the alienation or sale of the subject property or any portion thereof, except that said sale shall be subject to the provisions hereof and to the plan of development pertaining to the property, and the new owner shall be both benefited and bound by the conditions and restrictions herein expressed. - 2 - 5. This Covenant shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns in title and interest and the provisions hereof shall be enforceable in a proceeding at law or in equity against the person or persons seeking to violate the same including an action for injunctive relie~ specific perfonmnce or to recover damages or other fines and penalties as may be established in such violation. In the event that the owner-developer of the subject property fails to complete the required improvements or pay a proportionate share of the required improvements by other contractors within the specified time periods herein, the value of such i .mprovements shall be entered as a lien against the property due and payable within sixty (60) days after notification to proceed with the improvements. IN WII2~SS WI~EREOF, the parties hereto have set their hands and seals this 2,~.,a' day of VILLAGE OF MOUNT PROSPECT.,-~.-.LINOIS ATTEST: ~ VILLAGE PRE~II~fENT VILLAGE CLERK C~ Real Estate Index No. 08-14-202-006 1PLAT DOCUMENT!