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HomeMy WebLinkAboutRes 16-91 05/07/1991CAF/ 3/22/91 RESOLUTION NO. 16-91 A RESOLUTION AUTHORIZING EXECUTION OF A RESTRICTIVE COVENANT RELATIVE TO PROPERTY COMMONLY ENOWN AS 412 AND 414 EAST RAND ROAD WHEREAS, Gladstone Norwood Trust and Savings Bank as Trustee under .Trust No. 1274 has received approval from the Village Board and appropriate departments necessary to develop property commonly known as 412 and 414 East Rand Road, generally located at the northwest corner of Rand Road and Hill Street, and legally described as follows: Parcel 1: The South 88 feet of the North 550 feet of the South EAst 1/4 of the Northeast 1/4 of Section 34 (except the East 400 feet) in Township 42 North, Range 11, East of the Third Principal Meridian, lying Easterly of the center of Rand Road in Cook County, Illinois Parcel 2: That part of the North 1/2 of the Southeast 1/4 of the Northeast 1/4 of Section 34, Township 42 North, Range 11 East of the Third Principal Meridian, lying Northeast of Rand Road (except the North 550 feet and except the East 400 feet t~ereof) all in Cook County, Illinois; and WHEREAS, Chapter 16 (Development Code) of the Village Code of Mount Prospect requires installation of street lights in conjunction with the development of property; and WHEREAS, in certain instances the installation of public improvements, including but not limited to street lights, is not' feasible at the time of development, however the developer is required to provide those improvements as such time as the Village, Cook County, or Illinois Department of Transportation deems appropriate; and WHEREAS, the Mount Prospect Plan Commission did consider the request for a modification from the Development Code at their regular meeting held June 6, 1990, relative to the installation of street lights on Rand Road and the Plan Commission has submitted its recommendation to the Village Board to authorize a Restrictive Covenant against the subject property insuring installation of street lights on Rand Road at such time as the Village, Cook County, or Illinois Department of Transportation deems appropriate; and WHEREAS, 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 specified 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. estrictive Covenant Page 2 of 2 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 412 and 414 East Rand Road, which Restrictive Covenant guarantees the installation of public improvements along Rand Road at such time deemed necessary. SECTION THREE: That the Village Clerk is hereby directed to record with the Recorder of Deeds or Registrar of Titles, whichever is 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: Busse, Corcoran, Floros, Van Geem, Weibel NAYS: None ABSENT: Arthur PASSED and APPROVED this 7th day of May , 1991. Gerald L. Farley Mayor ATTEST: Carol A. Fields Village Clerk RES'rRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT 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 412 and 414 East Rand Road d WHEREAS, pursuant to the provis~ha~p 16 entitled "Development" of the constructed and installedebvYelOo~me~nSt~~p~ of property within the Village, as part of the approval for the property; and WHEREAS, 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 improvemem 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 ssme can be combined with or scheduled so as to conform with such other public improvements affecting the subject property under development; and WHEREAS, such other public improvement projects are administered by the Village, 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 improvements 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 intervening or subsequent accomplishment of other public improvement projects under administration and control of the Village, 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 mn with the land as a guarantee that the required public improvements shall be completed with respect to the property under development. 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 P~ospect, 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: Lot 1 in Manglardi and Rosen Subdivision, being a subdivision in the southeast corridor of the northeast corridor of Section 34, Township 42 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: To purchase and install street lights on Rand Road per State of Illinois and Village of Mount Prospect Code when requested by either governmental entity. 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 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 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 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 relief, specific performance or to recover damages or other fines and penalties as may be established in such violation. In the evem 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 71;h day of gay ,19 91, ~ '" ' ' / ~EI~ER-DEVELOPER OWNER-DEVELOPER VILLA~ OF MOUNT PROSPE .CT;,ILLINOIS VILLA'GE PRESIDENT ATTEST: VILLAGE CLERK Real Estate Index No. 03-34-207-033 and 03-34-207-014 - 3