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Home My WebLink AboutRes 31-93 07/20/1993CAF/ 7/16/93 RESOLUTION NO. 31-93 A RESOLUTION AUTHORIZING EXECUTION OF A RESTRICTIVE COVENANT RELATIVE TO PROPERTY COMMONLY KNOWNAS 1026 LINNEMANROAD WHEREAS; the President and Board of Trustees of the Village of Mount Prospect have granted modifications from the Development Code relative to property commonly known as the Patty Sue Subdivision, and generally located at 1026 Linnman Road, which property is legally described as follows: Lots 1 and 2 in Patty Sue Subdivision, being a subdivision of the east 172.23 feet of the west 788.95 feet of the north 126.46 feet of the south 393.68 feet 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 street lights, curb and gutter, street pavement and a five foot wide public sidewalk; and WHEREAS, in certain instances it is not feasible that the required public improvements be installed at the time of development, as required, however, the developer is required to provide those improvements as such time as the Village of Mount Prospect deems appropriate; and WHERFJt~, the Mount Prospect Plan Commission did consider the request for modifications from the Development Code relative to the installation of the public improvements being the subject of this Resolution and did submit its recommendation to the Village Board to authorize a Restrictive Covenant against the subject property insuring installation of the public improvements set forth above at a future date; ;and WHEREA~, the Mayor and Board of Trustees have determined that the best interests of the Village would be served by having the developer 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 improvements at such a time as deemed 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. SECTION TWO: That the Mayor and Board of Trustees do hereby authorize execution of Restrictive Covenant, a copy of which Restrictive Covenant is attached hereto and hereby made a part hereof as Exhibit "A", for property commonly known as Patty Sue Subdivision, located on Linneman Road, Mount Prospect, Illinois. SECTION THREE: That the Village Clerk is hereby directed to record with the Recorder of Deeds or Registrar of Titles, whichever is estric~-~Covenant ~.. Patty Su ~bdivision Page 2 of 2 apPlicable, a fully executed Copy of the Agreement being the subject of this Resolution. 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: Clowes, Corcoran, Hendricks, Wilks NAYS: None ABSENT: Hoefert, Skowron PASSED and APPROVED this 20th day of July , 1993. ~F~rle~ Mayor ATTEST: Ca?ol A. Fields Village Clerk RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUN~ PROSPECT, ILLINOIS AND THE OWNER-DEVELOPER OF CERTAIN PROPERTY WITHIN SAID VILLAGE REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY ....... 1026 Linneman Road · - ' ' WHEREAS, pursuant to the provisions of Chapter 16 entitled "Development" of the Village Code of Mount Prospect, Illinois certain public improvements are required to be constrt)cted ~nc[installed by owners and developers of property within the Village, as part of ~e approval four the dgyelopment of such proper~y; and · ..' -':' WHERF~,~he ~cbedule for accomplishing the construction and installation of such public improvements by the owner-developer of the property under developmen..t~ is often in conflict with other public improvement projects adjacent to or within the vicimty 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 ~0 · WHEREAS, such other public improvement projects are administered by the Village, .a, County 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 ~mprovements under ~ Village, County or State control have been accomplished; and WHEREAS, 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 guaran- teeing the completion of required public improvements due to the delay caused by the ~ntelvening or subsequent accomplishment of other public improvement projects under adra~nistration and control of the Viliage, County o_r State; and .WI~EREAS, ChaPter'1_6 of the Village Code of Mount Prospect, Illinois provides that in lieu of a:cash es~0w, letter of credit or development bond, the owner-developer may execute a restrictive covenant to be recorded and to run with the land as a guarantee that the required public .improvements shall be completed with respect to the property under development, DEPT-0 t $25.50 T~4444 TRAM 83?3 10/21/93 11-~22:00 COOK COUNTY RECORDER Resolution No. 31-93 July 20, 1993 NOW, THEREFORE, 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 Village of Mount Prospect, an Illinois municipal corporation, as follows: 1. The Undersigned is the Owner and Development of the following described property within the Village of Mount Prospect, Illinois, to wit: Lots 1 and 2 in Patty Sue Subdivision of the east 172.23 feet of the west 788.95 feet of the north 126.46 feet of the south 393.68 feet of the northeast quarter (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 Village 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: The purchase and installation of a five (5) foot wide sidewalk, curb and gutter, street lighting, and street pavement, all installed and constructed to Village Code. 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 instal- lation work, and shall continue said work without interruption or delay, until the improve- meres 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 property; and for the period of time 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 cc and bound by the conditions and restrictions herein expressed. 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 relief, specific performance 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 improvements shall be entered as a lien against the property due and payable within sixty (60) days after notification to proceed with the improvements. IN WITNESS~WHEREOF, the parties hereto have set their hands and seals this ? day of OWNER-DEVELOPER ATFEST: / VILLAGE CLERK Real Estate Index No. 08-14-202-004