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HomeMy WebLinkAboutRes 37-91 10/15/1991 AF/ 10/10/91 RESOLUTION NO. 37-91 A RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND BROADACRE DEVELOPMENT COMPANY WHEREAS, the Village of Mount Prospect has established a Tax Increment Financing District for the purpose of redeveloping the downtown district; and WHEREAS, in order to prepare the best plan for the redevelopment area, the Village of Mount Prospect has determined that it would be in the best interest of the Village to enter into an Agreement with Broadacre Development Company; and 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 Mayor and Board of Trustees do hereby authorize execution of an Agreement between the Village of Mount Prospect and Broadacre Development Company for the purpose of development a plan forthe Downtown Redevelopment District of the Village of Mount Prospect, a copy of which Agreement is attached hereto and hereby made a part hereof as Exhibit "A". SECTION TWO: That this Resolution shall be in 'full force and effect from and after its passage and approval in the manner provided by law. AYES: Busse, Clowes, Corcoran, Hoefert NAYS: None ABSENT: Wilks, Fl oros PASSED and APPROVED this 15th day of October , 1991. Gerald L. Farley Mayor ATTEST: Carol A. Fields Village Clerk A CONSULTING SERVICES AGREEMENT FOR THE THE VILLAGE OF MOUNT PROSPECT Submitted by BROADACRE CONSULTING COMPANY September 16, 1991 Consulting Services Agreement Between The Village of Mount Prospect and Broadacre Consulting Company September 16, 1991 Broadacre Consulting Company will provide consulting services to the Village of Mt. Prospect for the future redevelopment of the downtown center. These services, described below, are to be considered a component of an overall Development Agreement to be established at a later date. Consulting services provided will lead to the future development of a master plan, which may be implemented in stages. Scope of Consulting Services The services provided by Broadacre Consulting Company shall include, but shall not be limited to, the following: A. General consultation. B. Planning and architectural consultation. C. Evaluation and development of Village plans, goals, and strategies including: 1. Land appraisals and acquisitions. 2. Ordinances. 3. Traffic, street and open space plans. D. Assistance in negotiations with property owners. E. Development of relocation schemes. F. Evaluation and/or origination of any interim development project prior to the completion of the Development Agreement. Compensation Broadacre Consulting Company will be compensated as follows (rates quoted are BCC's rates for not-for-profit agencies and governmental units): *Principals - $150.00 per hour. Associates - $75.00 per hour. Staff and clerical support are included in quoted billing rates. Consulting hours are billed portal to portal. Reimbursable expenses, including out-of pocket costs, are billed without mark-up. Invoices will be submitted monthly. *(Principals include: Robert Meers, Bert Meers, Fidel Lopez and Francis Freeman). In recognition that a working partnership is being established with the Village of Mt. Prospect, Broadacre Consulting Company proposes to defer one-half of its total professional fee billing, with the balance to be payable as an additional developer's fee when a project involving both Broadacre and the Village proceeds. Broadacre Consulting Company will provide the Village of Mt. Prospect with a report, submitted the last day of each calendar month, which details Broadacre's activities during that month with respect to this Agreement and which outlines any activities planned for the next month. Six (6) months after this Agreement is signed and ratified by both parties, this Agreement will be subject to a review before the Committee-of-the-Whole of the Village of Mt. Prospect. At that time, the Village of Mt. Prospect may conclude that this Agreement continue in its present form, be altered, or terminated. Should the Village of Mt. Prospect terminate Broadacre as either consultant or developer, any remaining balance will become due and payable to Broadacre by the Village. In any development which is actually financed, the Village will be eligible for reimbursement for the payments made to Broadacre for costs pertaining to that development. Such reimbursement is part of the project origination expenses. It is understood that Broadacre has already provided consulting services and will be compensated retroactively upon presentation of invoices. The commencement of Consulting Services, for purposes of determining billable hours, started on April 11, 1991 with the consultations with Northwest Electric Company's expansion plans. ubmit_.teah-~Broadacre Consulting Company Fidel Lopez re~.csid~5-"' / / Date Accepted: Village of Mount Prospect Mount Prospect, Illinois By: ~,9~_. ./~-~-~, John~ixon, Village ~ianager Date