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Home My WebLink AboutRes 46-90 11/20/1990 CAF/ 10/31/90 RESOLUTION NO. 46-90 A RESOLUTION AUTHORIZING EXECUTION OF A RESTRICTIVE COVENANT RELATIVE TO THE DEVELOPMENT OF THE THOMAS MORE SUBDIVISION WHEREAS, Aaby Builders has received the approval from the Village Board and appropriate departments necessary to develop property commonly known as the Thomas More Subdivision, generally located on the south side of Euclid Avenue and the north side of Rand Road, which subdivision shall consist of 19 single family homes; 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 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 Mayor and Board of Trustees do hereby authorize execution of Restrictive Covenant, a copy of which Restrictive Convenant is attached hereto and hereby made a part hereof as Exhibit "A", for property commonly known as the Thomas More Subdivision, which Restrictive Covenant guarantees the installation of public improvements along Rand Road and Euclid Avenue ~ such time deemed necessary. SECTION TWO: 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 THREE: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Arthur, Corcoran, Floros, Farley NAYS: None ABSENT: Busse, Van Seem, Wattenber§ PASSED and APPROVED this 20th day of November , 1990. erald L. arley, ~ayo~× /S/ Carol A. Fi~ld~ Carol A. Fields, Village Clerk RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND THE OWNER-DEVELOPER OF CERTAIN PROPERTY )/ITHZN SAID VILLAGE REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINZNG TO THE DEVELOPMENT OF SAXD PROPERTY Southeast of Euclid Avenue and Rand 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 constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, the schedule for accomplishing the construction and installation of such public i,mprovements by the owner-developer of the property under develop- ment is often ~n 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 infeasible until the same can be combined with or scheduled so as to conform with such other public improvements affecting the subject property under develop- merit; and WHEREAS, such other public improvement projects 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 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 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 run 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 Prospect, an Illinois municipal corporation, as follows: 1. The Undersigned is the Owner and Developer of the following described property within the Village of Mount Prospect, Illinois, to wit: Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19 and 20 of Thomas More Subdivision, being a part of the west ½ of the southwest quarter lying northeasterly of the center line of Rand Road in Section 27, 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 com- pletion of the following public improvements contained in and provided as a part of the plans, to wit: To install street lighting ~ Euclid Avenue and Rand Road and install sidewalk on the east side of Rand Road per Village of Mount Prospect, State of Illinois, and Cook County Codes. 3. For a period of twenty (20} years commencing from the date hereof, the Undersigned, for the period of its ownership and then its successors and assigns for the period of their ownership, 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 improvement 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 subsequent owners shall be both benefited 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 this 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 perfomance or to recover damages or other fines and penalties as may be established in such violation. In the event that the owner-developer, its successors and assigns~ 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 improve- ments. -2- XN WITNESS WHEREOF, the parties hereto have set their hands and seals this 14th day of January , 19 91 *LaSalle National Trust, N.A. *LaSalle National Trust, N.A. Successor Trustee to Successor Trustee to LaSalle National LASALLE NATIONAL BANK, not individually Bank Successor Trustee to LaSalle but as Trustee/m~Trust No. Northwest National Bank Formerly 26-5418-00, D~9 / known as Northwest National Bank ~ of Chicago. By ~ Assistant~ President ATTEST: -- - VILLAG~ MOUNT PROSPECT~4~LLIND{S c-~q/i 11 age President ATTEST~ Village Clerk Real Estate Index-Nos. 03-27-302-019, 03-27-302-020, 03-27-302-021, 03-27-302-025, 03-27-302-026, 03-27-302-027 and 03-27-302-028 ~Y I.a~ r ~-~'tON~ TRUST, N,A. a~'e uz~ e t ...... ~v _. ~.c~ ..... THIS DOCUMENT PREPARED BY: John J. Pikarski, Jr. GORDON AND PIKARSKI Suite 2300 200 N. LaSalle St. Chicago, IL 60601 -3-