HomeMy WebLinkAbout5. NEW BUSINESS 12/01/2009
Mount Prospect
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: FINANCE DIRECTOR
DATE: NOVEMBER 24, 2009
SUBJECT: 2009 GENERAL CORPORATE AND SPECIAL SERVICE AREA PR
AND ABATEMENT ORDINANCES
PURPOSE:
To obtain approval of the attached three ordinances related to the tax levies of the Village, the Mount Prospect
Public Library, and the Village's special service area.
BACKGROUND:
Prior to December 22, 2009 the Village must have on file with the County Clerk its 2009 tax levy ordinances. The
Village will receive proceeds from the 2009 tax levy in 2010.
The Village Board first discussed the proposed 2009 tax levy at its October 27th Committee of the Whole
meeting. Staff recommends a net Village tax levy of $15,196,047, an increase of 5.00% from the prior year.
The Mount Prospect Library Board approved their tax levy request at its meeting on October 15, 2009. They are
asking for a total levy, inclusive of a 2% provision for loss and cost, of $9,060,075. This represents an increase
of 3.82% over the 2008 levy.
DISCUSSION:
The following table compares the proposed 2009 levy to the 2008 levy for the Village and Library. The amounts
presented in the table are net of abatements and are inclusive of the 2% provision for loss and cost.
2008 Levy 2009 Levv $ Increase % Change
VILLAGE
General 7,772,448 8,044,484 272,036 3.50%
Refuse 1,785,000 1,785,000 0 0.00%
Debt Service 1,832,265 1,543,043 (289,222) (15.78%)
Police Pension 1,551,518 2,055,987 504,469 32.51 %
Fire Pension 1,531,040 1,767,533 236,493 15.45%
Total Village 14,472,271 15,196,047 723,776 5.00%
LIBRARY
Operations 7,063,775 7,395,253 331,478 4.69%
Debt Service 1,662,533 1,664,822 2,289 0.14%
Total Library 8,726,308 9,060,075 333,767 3.82%
TOTAL 23.198.579 24.256.122 1.057.543 4.56%
A detailed spreadsheet of all proposed levies, including detailed levies for each outstanding bond issue, is also
attached.
J ".1 ~
2009 Property Tax Levy
November 24, 2009
Page 2
The Village's 2008 equalized assessed valuation (EAV) is $1,979,496,030. Our 2009 EAV is estimated to
decrease approximately 1.1 % from the prior year based on historical trends dating back to 1993. This projection
is subject to change based on the significant drop in home values due to the correction in the housing market.
The final 2009 EA V will not be available until August 201 O. The Village's 2009 tax rate is expected to increase to
$0.776 from the 2008 rate of $0.732. This is due to the increase in the levy from the prior year (5.00%) and
projected drop in Village EA V for 2009. The Library's 2009 tax rate is estimated at $0.458, compared to the 2008
rate of $0.441 .
For illustration purposes only, a home with an EA V of $1 01,000 (a market value of approximately $350,000) in
2009 will pay taxes of $730 to the Village of Mount Prospect and $435 to the Library for the levy extended in
2009. This represents an increase in the Village levy of $36 and an increase in the Library levy of $16 from the
levy extended in 2008. These amounts will vary based on eligible tax reductions for homeowner or senior
exemptions or senior assessment freezes.
Special Service Area No.5 was created in the mid-eighties to help fund the delivery of Lake Michigan water to
the Village's water system. It is recommended the 2009 levy remain the same as the 2008 levy ($1 ,545,773).
The resulting tax rate is estimated to be $0.965.
The Village Board is being asked to consider three ordinances related to the 2009 tax levy. Two of the
ordinances establish the initial levy of the Village (including the Library) and the Village's special service area.
There is also one abatement ordinance that reduces a portion of the Series 2009C debt service tax levy
established by its bond ordinance. The sections of the ordinance dealing with levy amount, amount to be abated
and net levy have been left blank as this information will not be known until 11 :00 a.m. on Tuesday, December 1 ,
2009. At the meeting that evening, staff will distribute a completed abatement ordinance to the Board for
consideration. The proposed ordinances reflect the numbers as presented in the proposed 2010 budget.
RECOMMENDATION:
It is recommended the Village Board approve the attached 2009 property tax levy ordinances.
<fi~~?/. vc---
DAVID o. ERB
FINANCE DIRECTOR
Attachment
DOE/
1:\Property Taxes\2009 Levy\Levy Ordinance Cover Memo to Board - 2009.doc
VILLAGE OF MOUNT PROSPECT AND THE
MOUNT PROSPECT PUBLIC LIBRARY
SUMMARY OF 2009 PROPERTY TAX LEVY
2%
Net Provision Total
2009 2009 Loss and 2009
Levv Abatement Levv Costs Extension
VILLAGE OF MOUNT PROSPECT
General Corporate Fund 7,886,749 0 7,886,749 157,735 8,044,484
Refuse Fund 1,750,000 0 1,750,000 35,000 1,785,000
Police Pension Fund 2,015,674 0 2,015,674 40,313 2,055,987
Firefighters' Pension Fund 1,732,875 0 1,732,875 34,658 1,767,533
Debt Service Funds
Series 2001 (Ord. 5212) 98,605 0 98,605 1,972 100,577
Series 2003 (Ord. 5301) 912,056 0 912,056 18,241 930,297
Series 2009 (Ord. 5724) 417,263 0 417,263 8,345 425,608
2009C 130,560 45,696 84,864 1,697 86,561
Total Village 15,328,782 45,696 14,898,086 297,961 15,196,047
MOUNT PROSPECT PUBLIC LIBRARY
Library Operations 7,250,248 0 7,250,248 145,005 7,395,253
Library Debt Service 1,632,178 0 1,632,178 32,644 1,664,822
Total Library 8,882,426 0 8,882,426 177,649 9,060,075
TOTAL - VILLAGE OF MOUNT PROSPECT
AND PUBLIC LIBRARY 24,211,208 45,696 23,780,512 475,610 24,256,122
SPECIAL SERVICE AREA NO.5 1,515,464 0 1,515,464 30,309 1,545,773
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR
THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2009 AND ENDING
DECEMBER 31,2009
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the
day of
,2009
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois
the day of ,2009.
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR
THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2009 AND ENDING
DECEMBER 31,2009
NOW, THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, as follows:
Section 1: That the sum of Twenty- Three Million Nine Hundred Seventy-Eight Thousand
Six Hundred and Forty-Eight Dollars ($23,978,648), the same being the total amount to be
levied of budget appropriations heretofore made for the corporate and municipal purposes for
the fiscal year beginning January 1, 2009 and ending December 31, 2009 as approved by the
President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby
levied on all taxable property within the Village of Mount Prospect according to the
valuation of said property as is, or shall be assessed or equalized by the State and County
purposes for the current year 2009.
Section 2: The budgetary appropriations having been made by the President and
Board of Trustees of the Village of Mount Prospect were passed and approved by
Ordinance No. 5721 at a meeting hereof regularly convened and held in said Village of
Mount Prospect, Illinois, on the 16th day of December, 2008, and as amended by
Ordinance No. 5736 passed and approved on the 21st day of April, 2009, further
amended by Ordinance No. 5760 passed and approved on the 15th day of September,
2009, and further amended by Ordinance No. 5771 passed and approved on the 17th day
of November 2009 thereafter duly published according to law, the various objects and
purposes for said budgetary appropriations are heretofore made and set forth under the
column entitled "Amount Budgeted", and the specific amount herein levied for each
object and purpose is set forth under the column entitled "Amount Levied", in Articles I
through VIII.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
ARTICLE I - GENERAL FUND
01 Public Representation
01 Mayor and Board of Trustees
Personal Services 30,762 0
Employee Benefits 4,741 0
Other Employee Costs 3,650 0
Contractual Services 70,302 0
Utilities 500 0
Commodities & Supplies 3,750 0
Total Mayor and Board of Trustees 113,705 0
02 Advisory Boards and Commissions
Personal Services 3,205 0
Employee Benefits 1,107 0
Contractual Services 1,500 0
Commodities & Supplies 350 0
Total Advisory Boards and Commissions 6,162 0
Total Public Representation 119,867 0
II Village Administration
01 Village Manager's Office
Personal Services 419,364 0
Employee Benefits 104,162 0
Other Employee Costs 8,900 0
Contractual Services 13,782 0
Utilities 4,500 0
Commodities & Supplies 4,000 0
Office Equipment 300 0
Total Village Manager's Office 555,008 0
02 Legal Services
Contractual Services 540,750 0
Total Legal Services 540,750 0
03 Personnel Services
Personal Services 207,406 0
Employee Benefits 93,604 0
Other Employee Costs 9,850 0
Contractual Services 20,860 0
Commodities & Supplies 1,215 0
Office Equipment 330 0
Total Personnel Services 333,265 0
2
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
04 Management Information Systems
Personal Services 335,744 0
Employee Benefits 114,242 0
Other Employee Costs 6,500 0
Contractual Services 505,682 0
Utilities 4,340 0
Commodities & Supplies 3,996 0
Office Equipment 17,700 0
Other Equipment 0 0
Total Management Information Systems 988,204 0
05 Public Information
Personal Services 60,711 0
Employee Benefits 21,598 0
Other Employee Costs 1,350 0
Contractual Services 177,762 0
Utilities 520 0
Commodities & Supplies 2,550 0
Total Public Information 264,491 0
Total Village Administration 2,681,718 0
12 Television Services Division
02 Cable TV Operations
Personal Services 79,404 0
Employee Benefits 30,180 0
Other Employee Costs 700 0
Contractual Services 12,979 0
Utilities 1,600 0
Commodities & Supplies 4,000 0
Other Equipment 5,499 0
Total Cable TV Operations 134,362 0
04 Intergovernmental Programming
Personal Services 30,664 0
Employee Benefits 10,054 0
Other Employee Costs 2,691 0
Commodities & Supplies 300 0
Other Equipment 1,144 0
Total Intergovernmental Programming 44,853 0
Total Television Services Division 179,215 0
3
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
14 Village Clerk's Office
02 Village Clerk's Office
Personal Services 123,762 0
Employee Benefits 43,481 0
Other Employee Costs 1,280 0
Contractual Services 35,350 0
Utilities 1,700 0
Commodities & Supplies 3,459 0
Total Village Clerk's Office 209,032 0
17 Finance Department
01 Finance Administration
Personal Services 146,942 0
Employee Benefits 40,506 0
Other Employee Costs 5,650 0
Contractual Services 129,025 0
Utilities 6,020 0
Commodities & Supplies 11,865 0
Office Equipment 430 0
Total Finance Administration 340,438 0
02 Accounting
Personal Services 339,484 0
Employee Benefits 128,362 0
Contractual Services 4,279 0
Commodities 1,688 0
Total Accounting 473,813 0
05 Insurance Program
Personal Services 58,778 0
Employee Benefits 18,025 0
Insurance 228,038 0
Total Insurance Program 304,841 0
06 Customer Services
Personal Services 263,889 0
Employee Benefits 92,802 0
Contractual Services 49,650 0
Commodities & Supplies 7,865 0
Total Customer Services 414,206 0
4
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
07 Cash Management
Personal Services 21,347 0
Employee Benefits 6,389 0
Total Cash Management 27,736 0
Total Finance Department 1,561,034 0
21 Community Development Department
01 Community Development Administration
Personal Services 176,240 0
Employee Benefits 60,466 0
Other Employee Costs 3,250 0
Contractual Services 40,000
Utilities 3,051 0
Commodities & Supplies 1,010 0
Total Community Development Administration 284,017 0
02 Planning & Zoning
Personal Services 176,938 0
Employee Benefits 63,874 0
Other Employee Costs 5,549 0
Contractual Services 106,832 0
Utilities 2,622 0
Commodities & Supplies 3,488 0
Total Planning & Zoning 359,303 0
03 Economic Development
Personal Services 56,214 0
Employee Benefits 14,663 0
Other Employee Costs 1,500 0
Contractual Services 45,000 0
Total Economic Development 117,377 0
05 Building Inspections
Personal Services 560,531 0
Employee Benefits 207,759 0
Other Employee Costs 11,975 0
Contractual Services 160,855 0
Utilities 8,491 0
Commodities & Supplies 8,030 0
Total Building Inspections 957,641 0
5
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
06 Housing Inspections
Personal Services 337,454 0
Employee Benefits 120,615 0
Other Employee Costs 6,431 0
Contractual Services 59,966 0
Utilities 3,155 0
Commodities & Supplies 5,502 0
Computer Equipment 22,000 0
Total Housing Inspections 555,123 0
07 Health Inspections
Personal Services 82,768 0
Employee Benefits 28,077 0
Other Employee Costs 1,400 0
Contractual Services 9,433 0
Utilities 1,955 0
Commodities & Supplies 2,513 0
Total Health Inspections 126,146 0
Total Community Development Dept. 2,399,607 0
31 Human Services Department
01 Human Services Administration
Personal Services 120,489 0
Employee Benefits 40,097 0
Other Employee Costs 1,200 0
Contractual Services 15,281 0
Utilities 11,500 0
Commodities & Supplies 5,280 0
Office Equipment 700 0
Total Human Services Administration 194,547 0
02 Social Services
Personal Services 272,412 0
Employee Benefits 88,039 0
Other Employee Costs 1,520 0
Commodities & Supplies 1,000 0
Total Social Services 362,971 0
6
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
03 Nursing/Health Services
Personal Services 103,000 0
Employee Benefits 33,687 0
Other Employee Costs 3,650 0
Contractual Services 30,600 0
Commodities & Supplies 22,307 0
Total Nursing/Health Services 193,244 0
04 Senior Center Leisure Programs
Personal Services 23,234 0
Employee Benefits 8,378 0
Contractual Services 10,000 0
Commodities & Supplies 350 0
Total Senior Programs 41,962 0
05 Community Connections Center
Personal Services 158,707 0
Employee Benefits 38,243 0
Other Employee Costs 3,000 0
Contractual Services 81,186 0
Utilities 3,700 0
Commodities & Supplies 24,600 0
Building Improvements 43,470 0
Office Equipment 28,195 0
Total Community Connections Center 381,101 0
Total Human Services Department 1,173,825 0
41 Police Department
01 Police Administration
Personal Services 1,025,095 0
Employee Benefits 1,971,134 0
Other Employee Costs 143,500 0
Contractual Services 53,850 0
Utilities 37,400 0
Commodities & Supplies 22,420 0
Office Equipment 950 0
Total Police Administration 3,254,349 0
7
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
02 Patrol and Traffic Enforcement
Personal Services 6,952,490 4,109,874
Employee Benefits 1,141,181 0
Contractual Services 502,900 0
Commodities & Supplies 60,750 0
Office Equipment 12,700 0
Other Equipment 6,200 0
Total Patrol and Traffic Enforcement 8,676,221 4,109,874
03 Crime Prevention & Public Services
Personal Services 200,090 0
Employee Benefits 34,045 0
Other Employee Costs 4,300 0
Contractual Services 3,000 0
Commodities & Supplies 9,150 0
Total Crime Prevention & Public Services 250,585 0
04 Investigative and Juvenile Program
Personal Services 1,086,580 0
Employee Benefits 161,486 0
Contractual Services 25,100 0
Commodities & Supplies 4,550 0
Office Equipment 400
Other Equipment 500
Total Investigative and Juvenile Program 1,278,616 0
05 Crossing Guards
Personal Services 28,100 0
Employee Benefits 2,160 0
Commodities & Supplies 150 0
Total Crossing Guards 30,410 0
06 Equipment Maintenance & Operations
Contractual Services 668,190 0
Commodities & Supplies 15,300 0
Other Equipment 6,500 0
Total Equipment Maintenance & Operations 689,990 0
Total Police Department 14,180,171 4,109,874
8
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
42 Fire Department
0] Fire Administration
Persona] Services 603,729 0
Emp]oyee Benefits ] ,768,259 0
Other Emp]oyee Costs 7],000 0
Contractual Services 39,880 0
Commodities & Supplies 8,455 0
Office Equipment 0 0
Other Equipment 5,396 0
Tota] Fire Administration 2,496,7] 9 0
02 Fire Department Operations
Persona] Services 6,258,586 3,776,875
Emp]oyee Benefits 888,589 0
Other Emp]oyee Costs 54,] ]0 0
Contractual Services ]40,]35 0
Commodities & Supplies 21,]55 0
Building Improvements 3,800 0
Other Equipment 86,967 0
Total Fire Department Operations 7,453,342 3,776,875
03 Fire Training Academy
Personal Services 9,000 0
Employee Benefits ]3 ] 0
Commodities & Supplies 5,000 0
Total Fire Training Academy 14,13] 0
04 Fire Prevention
Personal Services 414,311 0
Employee Benefits 139,34] 0
Other Employee Costs 6,455 0
Contractual Services ],400 0
Commodities & Supplies 8,800 0
Other Equipment 300 0
Total Fire Prevention 570,607 0
05 Fire Communications
Contractual Services ] ],300 0
Utilities 42,000 0
Commodities & Supplies 3,500 0
Other Equipment 2,500 0
Total Fire Communications 59,300 0
9
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
06 Equipment Maintenance
Contractual Services 465,349 0
Total Equipment Maintenance 465,349 0
07 Emergency Preparedness
Personal Services 699 0
Employee Benefits 3,345 0
Other Employee Costs 0 0
Contractual Services 3,402 0
Commodities & Supplies 11,857 0
Total Emergency Preparedness 19,303 0
08 Paid-an-Call Program
Personal Services 18,840 0
Employee Benefits 1,673 0
Other Employee Costs 11,164 0
Other Equipment 1,060 0
Total Paid-an-Call Program 32,737 0
Total Fire Department 11,111,488 3,776,875
50 Public Works - Administration
01 Public Works Administration
Personal Services 256,740 0
Employee Benefits 143,468 0
Other Employee Costs 23,552 0
Contractual Services 917,501 0
Utilities 20,837 0
Commodities & Supplies 14,609 0
Office Equipment 0 0
Other Equipment 255 0
Total Public Works Administration 1,376,962 0
51 Public Works - Streets/Bldgs/Parking
01 Street Division Administration
Personal Services 121,453 0
Employee Benefits 30,878 0
Total Street Division Administration 152,331 0
10
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
02 Maintenance of Public Buildings
Personal Services 399,148 0
Employee Benefits 123,459 0
Contractual Services 284,940 0
Utilities 65,193 0
Commodities & Supplies 87,411 0
Total Maintenance of Public Buildings 960,151 0
04 Street Maintenance
Personal Services 179,124 0
Employee Benefits 48,568 0
Contractual Services 15,185 0
Commodities & Supplies 23,427 0
Infrastructure 137,600 0
Total Street Maintenance 403,904 0
05 Snow Removal
Personal Services 296,182 0
Employee Benefits 64,356 0
Contractual Services 79,176 0
Commodities & Supplies 11,605 0
Other Equipment 0 0
Total Snow Removal 451,319 0
07 Storm Sewer and Basin Maintenance
Personal Services 128,500 0
Employee Benefits 40,813 0
Contractual Services 7,174 0
Commodities & Supplies 2,231 0
Total Storm Sewer and Basin Maintenance 178,718 0
08 Maintenance of State Highways
Personal Services 24,506 0
Employee Benefits 7,502 0
Contractual Services 9,342 0
Commodities & Supplies 24,345 0
Total Maintenance of State Highways 65,695 0
09 Traffic Sign Maintenance
Personal Services 80,267 0
Employee Benefits 24,217 0
Commodities & Supplies 9,855 0
Total Traffic Sign Maintenance 114,339 0
] 1
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
12 Flood Control
Personal Services 0 0
Employee Benefits 0 0
Contractual Services 0 0
Commodities & Supplies 0 0
Total Flood control 0 0
Total Public Works - Streets/Bldgs/Parking 2,326,457 0
52 Public Works - Forestry/Grounds
01 Forestry Division Administration
Personal Services 173,888 0
Employee Benefits 51,208 0
Total Forestry Division Administration 225,096 0
02 Maintenance of Grounds
Personal Services 260,376 0
Employee Benefits 75,662 0
Contractual Services 88,786 0
Commodities & Supplies 6,068 0
Other Equipment 16,731 0
Total Maintenance of Grounds 447,623 0
03 Forestry Program
Personal Services 288,371 0
Employee Benefits 90,934 0
Other Employee Costs 3,662 0
Contractual Services 581,199 0
Commodities & Supplies 10,647 0
Total Forestry Program 974,813 0
04 Public Grounds Beautification
Personal Services 25,657 0
Employee Benefits 7,691 0
Contractual Services 7,110 0
Commodities & Supplies 35,249 0
Total Public Grounds Beautification 75,707 0
Total Public Works - Forestry/Grounds 1,723,239 0
12
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
Amount Amount
Budgeted Levied
52 Public Works - Engineering
01 Engineering Services
Personal Services 583,288 0
Employee Benefits 163,106 0
Other Employee Costs 4,152 0
Contractual Services 48,060 0
Commodities & Supplies 6,105 0
Office Equipment 46 0
Other Equipment 1,327 0
Total Engineering Services 806,084 0
05 Traffic Control & Street Lighting
Personal Services 99,967 0
Employee Benefits 29,118 0
Contractual Services 2,307 0
Utilities 71,000 0
Commodities & Supplies 20,750 0
Total Traffic Signals & Street Lighting 223,142 0
Total Public Works - Engineering 1,029,226 0
61 Community Service Programs
01 Community Groups & Misc.
Contractual Services 115,475 0
Other Expenditures 8,000 0
Total Community Groups & Misc. 123,475 0
03 4th of July & Civic Events, Etc.
Personal Services 81,975 0
Employee Benefits 14,209 0
Contractual Services 25,995 0
Commodities & Supplies 40,330 0
Total 4th of July & Civic Events, Etc. 162,509 0
04 Holiday Decorations
Personal Services 7,346 0
Employee Benefits 2,367 0
Contractual Services 43,490 0
Commodities & Supplies 12,500 0
Total Holiday Decorations 65,703 0
13
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
05 Blood Donor Program
Personal Services
Employee Benefits
Commodities & Supplies
Total Blood Donor Program
Total Community Service Programs
82 Retiree Pensions
o I Miscellaneous Pensions
Pension Benefits
Total Miscellaneous Pensions
Total Retiree Pensions
TOTAL GENERAL FUND
TOT AL BUDGET FOR GENERAL FUND
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR GENERAL FUND
14
Amount
Budgeted
1,910
147
840
2,897
354,584
46,500
46,500
46,500
40,472,925
40,472,925
Amount
Levied
o
o
o
o
o
o
o
o
7,886,749
7,886,749
157,735
8,044,484
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
ARTICLE II - REFUSE DISPOSAL FUND
56 Public Works - Refuse Disposal
o I Refuse Disposal Program
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Insurance
Commodities & Supplies
Total Refuse Disposal Program
2 Refuse Leaf Removal Program
Personal Services
Employee Benefits
Commodities & Supplies
Total Leaf Removal Program
TOTAL REFUSE DISPOSAL FUND
TOTAL BUDGET FOR REFUSE DISPOSAL FUND
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOT AL AMOUNT TO BE RAISED BY TAX LEVY FOR REFUSE DISPOSAL FUND
15
Amount
Budgeted
Amount
Levied
90,728 0
27,509 0
1,200 0
3,819,121 1,750,000
610 0
26,535 0
15,260 0
3,980,963 1,750,000
153,299 0
42,445 0
17,540 0
213,284 0
4,194,247 1,750,000
4,194,247
1,750,000
35,000
1,785,000
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
ARTICLE III - SERIES 2001 DEBT SERVICE FUND, PUBLIC BUILDINGS
81 Debt Service
02 G.O.Bonds - Property Taxes
Bond Principal
Interest Expense
Bank and Fiscal Fees
Total G.O.Bonds - Property Taxes
Total Debt Service
TOTAL SERIES 2001 DEBT SERVICE FUND
TOTAL BUDGET FOR SERIES 2001 DEBT SERVICE FUND, PUBLIC BUILDINGS
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
SERIES 2001 DEBT SERVICE FUND, PUBLIC BUILDINGS
ARTICLE IV - SERIES 2003 DEBT SERVICE FUND, PUBLIC BUILDINGS
81 Debt Service
02 G.O.Bonds - Property Taxes
Bond Principal
Interest Expense
Bank and Fiscal Fees
Total G.O.Bonds - Property Taxes
Total Debt Service
TOTAL SERIES 2003 DEBT SERVICE FUND
TOTAL BUDGET FOR SERIES 2003 DEBT SERVICE FUND, PUBLIC BUILDINGS
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
SERIES 2003 DEBT SERVICE FUND, PUBLIC BUILDINGS
16
Amount
Budgeted
Amount
Levied
225,000 225,000
156,603 156,603
600 0
382,203 381,603
382,203 381,603
382,203 381,603
382,203
381,603
7,632
389,235
530,000 530,000
382,058 382,058
600 0
912,658 912,058
912,658 912,058
912,658 912,058
912,658
912,058
18,241
930,299
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
ARTICLE V - SERIES 2009 DEBT SERVICE FUND, PUBLIC BUILDINGS
81 Debt Service
02 G.O.Bonds - Property Taxes
Bond Principal
Interest Expense
Bank and Fiscal Fees
Total G.O.Bonds - Property Taxes
Total Debt Service
TOTAL SERIES 2009 DEBT SERVICE FUND
TOTAL BUDGET FOR SERIES 2009 DEBT SERVICE FUND, PUBLIC BUILDINGS
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
SERIES 2009 DEBT SERVICE FUND, PUBLIC BUILDINGS
ARTICLE VI - POLICE PENSION FUND
82 Retiree Pensions
02 Police Pensions
Pension Benefits
Contractual Services
Commodities and Supplies
Total Police Pensions
Total Retiree Pensions
TOT AL POLICE PENSION FUND
TOTAL BUDGET FOR POLICE PENSION FUND
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PENSION FUND
17
Amount
Budgeted
Amount
Levied
0 0
417,263 417,263
600 0
417,863 417,263
417,863 417,263
417,863 417,263
417,863
417,263
8,345
425,608
2,989,500 2,015,674
3,000 0
1,000 0
2,993,500 2,015,674
2,993,500 2,015,674
2,993,500 2,015,674
2,993,500
2,015,674
40,313
2,055,987
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY
ARTICLE VII - FIREFIGHTERS' PENSION FUND
82 Retiree Pensions
03 Firefighters' Pensions
Pension Benefits
Contractual Services
Other Supplies
Total Firefighters' Pensions
Total Retiree Pensions
TOTAL FIREFIGHTERS' PENSION FUND
TOT AL BUDGET FOR FIREFIGHTERS' PENSION FUND
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS & COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
FIREFIGHTERS' PENSION FUND
ARTICLE VII - MOUNT PROSPECT LIBRARY FUND
95 Mount Prospect Library
02 Library Services
Component Unit Expenditures
Bond Principal
Interest Expense
Total Library Services
TOTAL MOUNT PROSPECT LIBRARY FUND
TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY FUND
AMOUNT TO BE RAISED BY TAX LEVY - Component Unit Expenditures
AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest
ADD 2% FOR LOSS & COST OF COLLECTION
TOT AL AMOUNT TO BE RAISED BY TAX LEVY FOR
MOUNT PROSPECT LIBRARY FUND
18
Amount
Budgeted
Amount
Levied
2,948,500 1,732,875
2,000 0
1,000 0
2,951,500 1,732,875
2,951,500 1,732,875
2,951,500 1,732,875
2,951,500
1,732,875
34,658
1,767,533
7,818,448 7,250,248
935,000 935,000
697,178 697,178
9,450,626 8,882,426
9,450,626 8,882,426
9,450,626
7,250,248
1,632,178
177 ,649
9,060,075
VILLAGE OF MOUNT PROSPECT, ILLINOIS
2009 TAX LEVY SUMMARY
Amount Total
to be Raised Amount Tax Levy
Amount by for Loss Incl. Loss
Article Fund Budgeted Tax Levy and Cost and Cost
I General $ 40,472,925 7,886,749 157,735 8,044,484
II Refuse Disposal 4,194,247 1,750,000 35,000 1,785,000
III Series 2001 Debt Service, Public Bldgs 382,203 381,603 7,632 389,235
IV Series 2003 Debt Service, Public Bldgs. 912,658 912,058 18,241 930,299
V Series 2009 Debt Service, Public Bldgs. 417,663 417,263 8,345 425,608
VI Police Pension Fund 2,993,500 2,015,674 40,313 2,055,987
VII Firefighters' Pension Fund 2,951,500 1,732,875 34,658 1,767,533
Village Totals 52,324,696 15,096,222 301,924 15,398,146
VIII Mount Prospect Library
Library Services 7,818,448 7,250,248 145,005 7,395,253
Library Debt Service 1,633,178 1,632,178 32,644 1,664,822
Library Totals 9,451,626 8,882,426 177,649 9,060,075
Village and Library Totals $ 61,776,322 23,978,648 479,573 24,458,221
19
Section 3: The sum of $386,800 is estimated to be received from personal property
replacement tax revenue during the fiscal year commencing January 1, 2009 and ending
December 31, 2009 and has been included herein as funds to be derived from sources other
than property taxes for general obligation bonds and interest, pensions, library services and
general corporate purposes.
Section 4: That the County Clerk is directed to add 2% to the requested tax levy as a
provision for loss and cost.
Section 5: That the Village Clerk of the Village of Mount Prospect is hereby directed to
certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the
same with the County Clerk of Cook County, Illinois, within the time specified by law.
Section 6: That, if any part or parts of this Ordinance shall be held to be unconstitutional
or otherwise invalid, such constitutionality or invalidity, shall not affect the validity of the
remaining parts of this Ordinance. The President and Board of Trustees of the Village of
Mount Prospect hereby declares that they would have passed the remaining parts of the
Ordinance of they had known that such parts or parts thereof would be declared
unconstitutional or otherwise invalid.
Section 7: That this Ordinance shall be in full force and effect from and after its passage,
approval, publication in pamphlet form and recording, as provided by law.
AYES:
NA YES:
ABSENT:
PASSED and APPROVED this _ day of December, 2009.
Irvana K. Wilks, Mayor
ATTEST:
M. Lisa Angell, Village Clerk
20
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF
TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE
AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR
THE FISCAL YEAR BEGINNING JANUARY 1, 2009 AND ENDING
DECEMBER 31,2009
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the _ day of
,2009
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois
the _ day of , 2009.
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF
TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE
AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR
THE FISCAL YEAR BEGINNING JANUARY 1,2009 AND ENDING
DECEMBER 31,2009
NOW THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees ofthe Village
of Mount Prospect, Cook County, Illinois:
Section 1: That the sum of One Million Five Hundred Fifteen Thousand Four Hundred Sixty-
Four Dollars ($1,515,464), the same being the total amount to be levied of budget appropriations
heretofore made for the municipal purposes for the fiscal year beginning January 1, 2009, and
ending December 31,2009, as approved by the President and Board of Trustees of the Village of
Mount Prospect, be and the same is hereby levied on all taxable property within the Special Service
Area Number 5 ofthe Village of Mount Prospect according to the valuation of said property as is, or
shall be, assessed or equalized by State and County purposes for the current year 2009. The
budgetary appropriations having been made heretofore by the President and Board of Trustees ofthe
Village of Mount Prospect were passed and approved by Ordinance No. 5721 at a meeting hereof
regularly convened and held in said Village of Mount Prospect, Illinois on the 16th day of December,
2008, and as amended by Ordinance No. 5736 passed and approved on the 21 5t day of April, 2009
and further amended by Ordinance No. 5760 passed and approved on the 15th day of September,
2009 and further amended by Ordinance No. 5771 passed and approved on the 17th day of
November, 2009 and thereafter duly published according to law, the various objects and purposes
for said budgetary appropriations were heretofore made are set forth under the column entitled
"Amount Budgeted," and the specific amount herein levied for each object and purpose is set forth
under the column entitled "Amount Levied" in Article 1.
Section 2: That the County Clerk is directed to add 2% to the requested tax levy as a provision for
loss and cost.
Section 3: That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a
copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the
County Clerk of Cook County, Illinois, within the time specified by law.
Section 4: That, if any part of this Ordinance shall be held to be unconstitutional or otherwise
invalid, such unconstitutionality or invalidity, shall not affect the validity ofthe remaining parts of
this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby
declares that they would have passed the remaining parts of the Ordinance if they had known that
such part or parts thereof would be declared unconstitutional or otherwise invalid.
Section 5: That this Ordinance shall be in full force and effect from and after its passage, approval,
publication in pamphlet form and recording, as provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this
day of
,2009
Irvana K. Wilks, Mayor
ATTEST:
M. Lisa Angell, Village Clerk
2
ARTICLE 1 - SPECIAL SERVICE AREA NO.5
610 Lake Water Acquisition
6105512-540800
6105512-540815
SSA #5 JAWA Water
SSA #5 JAWA Fixed Costs
TOTAL APPROPRIATED FOR SPECIAL SERVICE AREA NO.5
LAKE WATER ACQUISITION
AMOUNT TO BE RAISED BY TAX LEVY
ADD 2% FOR LOSS AND COST OF COLLECTION
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
SPECIAL SERVICE AREA NO.5
SUMMARY
Article
Special Service Area NO.5
Amount
Budaeted
3,324,000
Amount to
be Levied
1,515,464
Amount
Budgeted
2,643,000
681,000
3,324,000
Amount for
Loss & Cost
30,309
Amount
Levied
834,464
681,000
1,515,464
30,309
1,545,773
Total Tax
Levv
1,545,773
ORDINANCE NO.
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORA TE AND MUNICIPAL PURPOSES OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2009 AND ENDING DECEMBER 31, 2009
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the _ day of
,2009
Published in pamphlet form by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois,
the _ day of ,2009.
ORDINANCE NO.
AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR
CORPORA TE AND MUNICIPAL PURPOSES OF THE VILLAGE OF
MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING
JANUARY 1,2009 AND ENDING DECEMBER 31, 2009
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section One: The President and Board of Trustees of the Village of Mount Prospect find as
follows:
A. That pursuant to Village Ordinance No. adopted December 1, 2009 and
authorizing the issuance of general obligation bonds for financing a portion of the
costs of constructing a replacement fire station, emergency operations center and
public works expansion there was levied for the year 2009 the sum of
$ for bond principal and interest payments.
Section Two: It is hereby declared by the President and Board of Trustees of the Village of Mount
Prospect that the amount of $ levied for G.O. Bond Principal and Interest
payments for the purpose of funding a portion of the costs of constructing a replacement fire station,
emergency operations center and public works expansion pursuant to Ordinance No. be
and the same is hereby abated in the amount of $ leaving a balance of
$ as that amount levied for such bond and interest payments for the fiscal year
commencing January 1, 2009 and ending December 31, 2009.
Section Three: Village Ordinance No. is hereby amended with respect to the tax
abatements declared herein and set forth in Section Two of this Ordinance.
Section Four: The Village Clerk of the Village of Mount Prospect is hereby authorized and
directed to file a certified copy of this Ordinance with the County Clerk of Cook County, Illinois
within the time specified by law:
Section Five: This Ordinance shall be in full force and effect upon its passage, approval and
publication in pamphlet form and filing as provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this
day of
,2009.
Irvana K. Wilks, Mayor
ATTEST:
M. Lisa Angell, Village Clerk
2
PAGE 4 SECTION 5 DAILY HERALD
MONDAY, NOVEMBER 23, 2009
NOTICE OF PROPOSED
PROPERTY TAX lEVY FOR THE
VilLAGE OF MOUNT PROSPECT
I. A public hearing to approve a proposed property.
tax levy for the Village of Mount Prospect for the fis-
cal year'beginning January 1,2009 and ending De-
cember 31, 2009 will be held on December 1, 2009
at 7:00 p.m. at the Mount Prospect Village Board
Room, 50 South Emerson Street, Mount Prospect,
Illinois. Any person desiring to appear atthe public
hearing and present testimony to the taxing district
may contact David O. Erb, Director of Finance, 50
South Emerson Street, Mount Prospect, Illinois
(847) 392-6000. .
II. The corporate and special purpose property taxes
extended or abated for the fiscal year beginning
January 1 , 2008 and ended December 31, 2008
were $19,703,781.
The proposed corporate and special purpose prop-
erty taxes to be levied for the fiscal year beginning
January 1, 2009 and ending December 31, 2009 are
$21,048,257. This represents a 6.82% increase
over the previous year.
III. The property taxes extended for debtservice for
the fiscal year beginning January 1,2008 and ended
December 31, 2008 were $3,494,798.
The estimated property taxes to be levied for debt
service forthefiscal year beginning January 1,2009
and ending December 31, 2009 are $3;207,867.
This represents an 8.21 % decrease from the previ-
ous year.
IV. The total property taxes extended or abated for
the fiscal year beginning January 1, 2008 and ended
December 31,.200Bwere $23,198,579.
The estimated total property taxes to be levied for
the fiscal year beginning January 1, 2009 and end-
ing December 31, 2009 are $24,256,124. This rep-
resents a 4.5q% increase over the previous year.
Dated this 23rd day of November 2009.
/s/ M.Lisa Angell
Village Qlerk
MOllnt Prospect
INTEROFFICE MEMORANDUM
Village of Mount Prospect
Mount Prospect, Illinois
DATE:
NOVEMBER 24, 2009
~~. \
\24'
FROM:
MICHAEL E. JANONIS, VILLAGE MANAGER
FINANCE DIRECTOR
TO:
SUBJECT:
PROPOSED 2010 BUDGET
PURPOSE:
To present for the Village Board's consideration an ordinance adopting the annual budg
beginning January 1, 2010 and ending December 31, 2010.
BACKGROUND:
The Village Manager released his proposed budget on October 9, 2009. Over the past two months the
Finance Commission met four times to review the document. The Village Board, meeting as a Committee of
the Whole, reviewed the document on October 27th and November 10th. The Village Board also met to
discuss the proposed 2009 property tax levy at the November 17th Village Board Meeting.
DISCUSSION:
Attached hereto are changes to the proposed 2010 budget that resulted from the above-mentioned meetings
held with the Village Board and Finance Commission.
Changes to the 2009 Proposed Budget
Total Village revenues were decreased $2,744,651 from $91,883,093 to $89,138,442 while total
Village expenditures decreased $303,228 from $85,701,290 to $85,398,062. These figures do not
include the budget for the Mount Prospect Public Library.
The decrease in revenues was primarily due to the removal of the second bond issue related to the
Phase I construction projects. This second issue was tentatively scheduled for January 2010, but was
moved up to December 2009 due to changes in federal statutes related to the issuance of tax exempt
bonds and a more favorable market for interest rates.
Library Fund: At the time the proposed budget was prepared and distributed, the Mount Prospect
Public Library budget, included in the Village's budget as a component unit, was not yet available. The
Library's budget for 201 0 reflects revenues and expenditures of $9,715,689. Included in their budget
is $1,633,178 for debt service on the Library's Series 2002 G.O. and Series 2006 Refunding bonds
the Village issued on their behalf. A copy of the Library's 2010 budget and 2009 tax levy as approved
by the Library Board is attached for your review.
ChanQes to 2009 Forecast BudQet
Total Village revenues decreased $88,000 from the forecast budget amount. Property Taxes were
reduced $87,000 while revenue from Other Fees was reduced by $1 ,000. Total Village expenditures
decreased $4,741 related minor changes in the General and TI F Funds.
2010 Proposed Budget
November 24, 2009
Page 2
Summary
With the aforementioned changes, the proposed 2010 budget for the Village totals $95,113,751
(including the Library). This represents a 12.3% decrease from the amended 2009 budget. Projected
revenues for the Village in 2010 are $98,854,131. This is a decrease of 9.2%.
A public hearing on the proposed budget has been scheduled for December 15th. Notice of the public
hearing will be published in the Daily Herald on December 3, 2009. The proposed ordinance attached
will officially adopt the budget for the Village of Mount Prospect. Once the ordinance is passed, the
Finance Department will revise the budget document to incorporate the approved changes. We
expect to have the approved budget document produced no later than January 15th.
RECOMMENDATION:
It is recommended the Village Board pass the accompanying draft ordinance adopting the 2010 annual
budget.
d~,. CC--
DAVID O. ERB
FINANCE DIRECTOR
DOEI
Attachment
RESOLUTION NO. 2009
A RESOLUTION APPROVING AND CERTIFYING
THE 2010 BUDGET AND 2009 TAX LEVY DETERMINATION
WHEREAS, heretofore the Board of Trustees of the Mount Prospect Public Library, Mount Prospect, Illinois, at
open and public meetings have considered the financing requirements of the Mount Prospect Library for the year
commencing January 1, 2010; and
WHEREAS, the Board of Trustees of the Mount Prospect Public Library has determined the financial
requirements of the Mount Prospect Public Library for the ensuing year and has caused to be made, a statement
thereof, a copy of which is attached hereto and marked "Exhibit A," for inclusion in the 2010 budget of the Village
of Mount Prospect; and
WHEREAS, the Board of Trustees of the Mount Prospect Public Library has further determined the amount of
money which in its judgment, it will be necessary to levy for library purposes in the 2009 tax levy ordinance to be
adopted by the President and Board of Trustees of the Village of Mount Prospect;
WHEREAS, expenditures from the LIBRARY FUND shall be under the direction of the Board of Trustees of the
Mount Prospect Public Library.
WHEREAS, that the amount of money hereby determined by the Board of Trustees of the Mount Prospect Public
Library to be necessary for library purposes and to be included in the 2009Tax Levy Ordinance of the Village of
Mount Prospect (taking into consideration other income from accumulations from the prior year, anticipated tax
shrinkage, fines, non-resident fees, and maintenance, repairs, and alterations of library buildings and equipment)
and for the collection and deposit to the LIBRARY FUND, which includes funds for the Illinois Municipal
Retirement Fund pursuant to Section Sfl-171 , Chapter 40 of the Illinois Compiled Statutes; and for the
maintenance repairs, and alterations of the library buildings and equipment, pursuant to Section 5/3-4 of Chapter
75 of the Illinois Compiled Statutes; and for insurance and audit fees pursuant to Section 5/4-14 of Chapter 75 of
the Illinois Compiled Statutes.
WHEREAS, in accordance with Chapter 75, Section 5/3-5 of the Illinois Compiled Statutes it is requested that the
amount so determined be levied and collected in like manner with the other general taxes of the Village of Mount
Prospect and that such taxes be paid directly by the County Collector to the Library fund.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE MOUNT PROSPECT
PUBLIC LIBRARY, VILLAGE OF MOUNT PROSPECT:
SECTION ONE: That the financial requirements for library purposes of the Mount Prospect Public Library require
the budget for the year commencing January 1, 2010, and ending December 31, 2010, the sum of $9,715,689
such to be included within the 2010 Budget of the Village of Mount Prospect, Illinois.
SECTION TWO: That the amount of money hereby determined by the Board of Trustees of the Mount Prospect
Public Library to be necessary for library purposes and to be included in the 2009 tax levy and to be levied and
collected in like manner with the other general taxes of the Village of Mount Prospect and that such taxes to be
paid directly by the County Collector to the Library Fund: $8,882,426. Expenditures from the Library Fund shall
be under the direction of the Board of Trustees of the Mount Prospect Public Library.
SECTION THREE: That the Secretary of the Board of Trustees of the Mount Prospect Public Library file a copy
of this Resolution, with the Village Clerk of the Village of Mount Prospect, for transmittal to the President and
Board of Trustees of the Village of Mount Prospect.
SECTION FOUR: That if any part or parts of this Resolution shall be held to be unconstitutional, such
unconstitutionality shall not affect the validity of the remaining parts of this Resolution. The Board of Trustees of
the Mount Prospect Public Library hereby declares that it would have passed the remaining parts of this
Resolution if it had known that such part or parts thereof would be declared unconstitutional.
SECTION FIVE: That this Resolution shall be in full force and effect as of October 15, 2009.
AYES:
NAYS:
ABSENT:
Barbara Burns, Jane Everett, Sylvia Haas, Jackie Hinaber, Dick Tani, John Zulaski
Dale Draznin
None
PASSED THIS 15th day of October, 2009.
The undersigned, President of the Boarc:l of Trustees of the Mount Prospect Public Library, Village of Mount
Prospect, Illinois, does certify that the foregoing Resolution was duly adopted by the vote specified at a legally
convened meeting of the Board of Trustees of the Mount Prospect Public Library held at the Mount Prospect
Public Library building on the 15th day of October, 2009.
f2;U2CZ
Dick Tani, President
MOUNT PROSPECT PUBLIC LffiRARY EXHmIT A
2010 Budget and 2009 Tax Levy
2010 Budget 2009 Tax Levy
Fund Amount Request
LmRARY GENERAL FUND
Salaries & Benefits
4110 Salaries $ 4,555,532 $ 4,450,000
4120 1M R F Pension 363,145 325,000
4130 FICA&M/C 348,498 330,000
4140 Medical Insurance 526,363 490,000
4150 Unemployment Comp 5,000 5,000
Totals $ 5,798,538 $ 5,600,000
Management Expense
4210 Audit $ 4,000 $ 3,500
4220 Legal Fees 20,000 17,500
4230 Printing 44,600 40,000
4240 Community Services 64,230 61,000
4250 Programs 35,095 32,500
4260 Professional Dues 6,000 5,000
4270 Board 4,000 3,000
4280 Human Resources 77,003 75,000
4290 Other Operating Expense 6,000 3,000
Totals $ 260,928 $ 240,500
Operating Expenses
4310 Telecommunications $ 48,024 $ 45,000
4320 Insurance 80,604 77,500
4340 Office Supplies 27,500 25,000
4350 Library Supplies 24,000 22,500
4360 Postage 21,075 20,000
4370 Consultant Services 3,000 2,500
4380 Contract Services 18,492 17,500
4390 Computer Services 45,612 42,248
Totals $ 268,307 $ 252,248
Building Maintenance Costs
4410 Building Maintenance $ 84,065 $ 80,000
4420 Equipment Maintenance 65,600 62,500
4430 Equipment Rental 32,818 30,000
4440 Janitorial 53,486 50,000
4450 Equipment 129,740 125,000
4460 Utilities 92,168 90,000
Totals $ 457,877 $ 437,500
(Continued On the Next Page)
, _c"\ n____
Library Fund Levy
2009 TAX LEVY SUMMARY
Levy Total
Request 2% Loss Tax Levy
$ 7,250,248 $ 145,005 $ 7,395,253
1,632,178 32,644 1,664,822
$ 8,882,426 $ 177,649 $ 9,060,075
Library Bonds & Interest Levy
TOTAL LmRARY TAX LEVY
"l _&"l n____
ORDINANCE NO.
AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1,2010 AND ENDING
DECEMBER 31, 2010 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the _ day of
,2009
Published in pamphlet fonn by
authority of the corporate authorities
of the Village of Mount Prospect, Illinois
the _ day of ,2009.
ORDINANCE NO.
AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT
PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1,2010 AND ENDING
DECEMBER 31,2010 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect in accordance with State Statutes, have
provided for the preparation and adoption of an Annual Budget in lieu of passage of an Appropriation Ordinance; and
WHEREAS, the tentative Annual Budget for the Village of Mount Prospect for the fiscal year beginning January I, 2010 and
ending December 31, 2010, as prepared by the Budget Officer for the Village and submitted to the President and Board of
Trustees, was placed on file in the Office of the Village Clerk on October 9,2009 for public inspection, as provided by Statute;
and
WHEREAS, pursuant to notice duly published on December 3, 2009, a public hearing was held by the President and Board of
Trustees on said tentative annual budget on December 15,2009, as provided by Statute; and
WHEREAS, following said public hearing, said tentative Annual Budget was reviewed by the President and Board of Trustees and
a copy of said tentative Annual Budget is attached hereto and hereby made a part hereof.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1,2010 and ending
December 31, 20 I 0, a copy of which is attached hereto and made a part hereof, is hereby approved and adopted as the Annual
Budget for the Village of Mount Prospect for said fiscal year.
SECTION TWO: Within thirty (30) days following the adoption of this Ordinance there shall be filed with the County Clerk of
Cook County a copy thereof duly certified by the Village Clerk and Estimate of Revenues by source anticipated to be received by
the Village in the fiscal year beginning January 1,20 I 0 and ending December 31,20 I 0, duly certified by the Chief Fiscal Office
SECTION THREE: This Ordinance shall be in full force and effect from and after its passage, approval and publication in
pamphlet form in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED AND APPROVED this
day of
,2009.
ATTEST:
Irvana K. Wilks, Mayor
M. Lisa Angell, Village Clerk
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
TOTAL VILLAGE BUDGET
2008
Actual
2009
Budget
2009
Estimate
2010
Budget
2011
Forecast
REVENUES AND OTHER SOURCES
Property Taxes 13,638,579 13,570,000 14,026,500 14,999,000 16,120,000
Other Taxes 15,246,023 14,761,000 14,520,696 15,665,000 16,065,000
Licenses, Permits & Fees 3,117,540 3,857,000 4,058,000 3,487,000 3,526,000
Intergovernmental Revenue 19,060,678 18,579,514 18,283,760 18, I 02,647 17,811,483
Charges for Service 20,213,893 22,435,567 21,573,403 21,970,880 23,665,582
Fines and Forfeits 798,019 730,000 701,000 704,000 704,000
Investment Income (10,659,610) 6,501,000 7,492,565 5,696,250 6,927,750
Reimbursements 278,231 401,000 396,244 467,000 316,500
Other Revenue 5,442,146 5,958,952 5,814,571 7,023,160 7,648,488
Interfund Transfers 833,242 1,139,000 635,100 973,505 -
Other Financing Sources 25,548 11,484,000 10,361,708 50,000 50,000
Village Revenues and Other Sources 67,994,289 99,417,033 97,863,547 89,138,442 92,834,803
Mount Prospect Library Revenues 8,816,084 9,450,626 9,450,626 9,715,689 (a)
Total Revenues and Other Sources 76,810,373 108,867,659 107,314,173 98,854,131 92,834,803
BUDGET EXPENDITURES
Village Operating Budget 56,058,323 59,098,478 59,725,858 59,478,738 62,919,316
Village Capital Budget 9,296,486 23,396,850 22,732,093 8,514,735 8,828,740
Debt Service Budget 4,664,806 1,905,202 2,41l,292 2,325,880 2,327,765
Pension Systems Budget 5,751,745 5,991,500 6,122,586 6,410,400 6,601,550
Internal Services Budget (b) 7,925,505 8,645,586 8,766,285 8,668,309 9,1l4,554
Total Village Expenditures 83,696,865 99,037,616 99,758,114 85,398,062 89,791,925
Mount Prospect Library Budget 8,399,402 9,450,626 9,450,626 9,715,689 (a)
Total Expenditures (d) 92,096,267 108,488,242 109,208,740 95,1l3,751 89,791,925
CHANGES IN FUND BALANCES
Excess (Deficiency) of Revenues &
Other Sources Over Expenditures (d) (15,285,894) 379,417 (1,894,567) 3,740,380 3,042,878
Fund Balances
Start of Budget Year 129,293,052 114,007,158 114,007,158 112,112,591 115,852,971
End of Budget Year 114,007,158 114,386,575 112,112,591 115,852,971 118,895,849
Less: Pension Fund Balances ( c ) (72,944,799) (66,953,299) (78,445,913) (82,851,913) (88,345,913)
Available Fund Balances 41,062,359 47,433,276 33,666,678 33,001,058 30,549,936
(a) Not available as of December 15,2009.
(b) Internal Services Budget includes Vehicle Maintenance Fund and Risk Management Fund. The Equipment
Replacement Fund and Computer Replacement Fund are included in the Village Capital Budget.
(c) Pension Fund Balances are reserved for pension benefits and not available for appropriation.
(d) Does not include the results of operation of the Mount Prospect Library 2011 Forecast.
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
REVENUES AND OTHER SOURCES BY REVENUE TYPE
2008
Actual
2009
Budget
2009
Estimate
2010
Budget
2011
Forecast
PROPERTY TAXES
13,638,579
13,570,000
14,026,500
14,999,000
16,120,000
OTHER TAXES
Home Rule Sales Tax 4,887,868 4,216,000 4,216,000 4,984,000 5,184,000
Food & Beverage Tax 776,268 714,000 714,000 728,000 743,000
Special Service Area Taxes 1,505,394 1,509,000 1,500,000 1,500,000 1,500,000
Property Tax Increment 2,212,251 2,640,000 2,404,000 2,556,000 2,656,000
Real Estate Transter Tax 643,082 489,000 489,000 650,000 650,000
Utility Taxes 4,757,979 4,741,000 4,755,000 4,813,000 4,868,000
Municipal Motor Fuel Tax 277,376 270,000 258,000 260,000 263,000
Other Taxes 185,805 182,000 184,696 174,000 201,000
15,246,023 14,761,000 14,520,696 15,665,000 16,065,000
LICENSES, PERMITS & FEES
Vehicle Licenses 1,403,190 1,405,000 1,405,000 1,405,000 1,405,000
Other Licenses 343,783 366,000 346,000 361,000 371,000
Permit Fees 505,840 1,035,000 1,154,000 711,000 713,000
Franchise Fee 510,775 530,000 530,000 550,000 572,000
Other Fees 353,952 521,000 623,000 460,000 465,000
3,117,540 3,857,000 4,058,000 3,487,000 3,526,000
INTERGOVERNMENTAL REVENUE
State Sales Tax 10,066,919 9,430,000 9,430,000 9,560,000 9,812,000
State Income Tax 5,326,270 5,008,000 4,600,000 4,445,000 4,615,000
State Motor Fuel Tax 1,504,420 1,568,000 1,430,000 1,445,000 1,490,000
Other State Taxes 1,241,412 1,099,100 1,096,100 1,107,500 1,142,000
Community Devl Block Grant 342,372 745,604 879,735 515,447 520,483
Other Grants 579,285 728,810 847,925 1,029,700 232,000
19,060,678 18,579,514 18,283,760 18,102,647 17,811,483
CHARGES FOR SERVICE
Water & Sewer Charges 8,732,338 10,236,000 9,436,250 10,596,000 10,971,000
Parking Charges 262,328 213,000 208,500 210,000 210,000
Refuse Disposal Charges 2, I 07,247 2,230,000 2,136,115 2,151,000 2,170,000
Internal Service Fund Charges 7,600,808 8,166,067 8,194,433 7,373,880 8,648,082
Other Service Charges 1,511,172 1,590,500 1,598,105 1,640,000 1,666,500
20,213,893 22,435,567 21,573,403 21,970,880 23,665,582
FINES AND FORFEITS 798,019 730,000 701,000 704,000 704,000
INVESTMENT INCOME
General Fund 256,845 64,000 69,100 130,000 292,500
Pension Funds (11,507,917) 5,557,000 7,259,310 5,289,500 6,020,000
Other Funds 591,462 880,000 164,155 276,750 615,250
(10,659,610) 6,501,000 7,492,565 5,696,250 6,927,750
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
REVENUES AND OTHER SOURCES BY REVENUE TYPE
2008 2009 2009 2010 2011
Actual Budget Estimate Budget Forecast
REIMBURSEMENTS 278,231 401,000 396,244 467,000 316,500
OTHER REVENUE
Village Police & Fire Pension Contributions 2,838,387 3,112,800 3,037,300 4,153,800 4,654,800
Developer Donations 22,326 4,315
Employee & Retiree Contributions 2,311,075 2,446,152 2,318,974 2,499,360 2,628,688
Other Revenue 270,358 400,000 453,982 370,000 365,000
5,442,146 5,958,952 5,814,571 7,023,160 7,648,488
TOTAL VILLAGE REVENUES 67,135,499 86,794,033 86,866,739 88,114,937 92,784,803
INTERFUND TRANSFERS 833,242 1,139,000 635,100 973,505
OTHER FINANCING SOURCES
Bond Proceeds 11,424,000 10,000,000
Sale of Property 25,548 60,000 361,708 50,000 50,000
25,548 11,484,000 10,361,708 50,000 50,000
MOUNT PROSPECT LIBRARY REVENUES
8,816,084
9,450,626
9,450,626
CHANGES IN FUND BALANCES (b)
Total Revenues & Other Sources 76,810,373 108,867,659 107,314,173 98,854,131 92,834,803
Total Expenditures 92,096,267 108,488,242 109,208,740 95,113,751 89,791,925
Additions to <Use of.> Fund Balances (15,285,894) 379,417 (1,894,567) 3,740,380 3,042,878
ANALYSIS OF CHANGES IN FUND BALANCES (b)
Additions to <Use of.> Pension Fund Balances (13,048,564) 4,001,800 5,501,114 4,406,000 5,494,000
Additions to <Use of.> Other Fund Balances (2,237,330) (3,622,383) (7,395,681 ) (665,620) (2,451,122)
(15,285,894) 379,417 (1,894,567) 3,740,380 3,042,878
(a) Figures not available as of December 15,2009.
(b) Does not include the Mount Prospect Library 2011 Forecast.
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
BUDGET EXPENDITURES
2008 2009 2009 2010 2011
Actual Budget Estimate Budget Forecast
VILLAGE OPERATING BUDGET
PUBLIC REPRESENTATION 163,821 119,867 124,199 126,410 134,207
VILLAGE ADMINISTRATION
Village Manager's Office 2,828,498 2,681,718 3,010,147 2,518,951 2,944,533
Television Services Division 193,430 179,215 187,470 202,049 224,674
Village Clerk's Office 198,860 209,032 213,045 208,643 218,625
Finance Department 1,584,722 1,561,034 1,579,831 1,612,713 1,675,339
Totals 4,805,510 4,630,999 4,990,493 4,542,356 5,063,171
COMMUNITY DEVELOPMENT
Community Development 2,171,424 2,400,607 2,303,424 2,234,246 2,389,319
Community DevelopmentlCDBG 406,529 876,710 1,056,048 565,447 570,483
Totals 2,577,953 3,277,317 3,359,472 2,799,693 2,959,802
HUMAN SERVICES DEPARTMENT 838,999 1,173,825 1,075,614 1,150,584 1,199,154
PUBLIC SAFETY AND PROTECTION
Police Department 13,969,654 14,184,671 14,237,349 15,030,969 16,309,997
Fire Department 11,097,855 11,126,988 11,377,929 11,494,077 12,522,221
Totals 25,067,509 25,311,659 25,615,278 26,525,046 28,832,218
PUBLIC WORKS DEPARTMENT
Administration 1,227,036 1,376,962 1,362,960 982,823 1,323,867
Streets/BldgsJParking 3,732,213 2,900,638 2,945,941 2,838,171 3,263,308
Forestry 1,898,685 1,734,739 1,733,078 1,773,932 2,055,654
Engineering 1,325,785 1,514,796 1,546,281 1,587,987 1,447,319
Water/Sewer 9,179,399 12,508,845 11,773,251 12,523,039 11,801,698
Refuse Disposal 4,037,250 4,194,247 4,197,994 4,240,941 4,405,833
Totals 21,400,368 24,230,227 23,559,505 23,946,893 24,297,679
COMMUNITY & CIVIC SERVICES
381,889
354,584
366,197
387,756
433,085
CONTINGENCIES & EQUITY TRANSFERS
822,274
635,100
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
BUDGET EXPENDITURES
2008 2009 2009 2010 2011
Actual Budget Estimate Budget Forecast
VILLAGE CAPITAL BUDGET
VilIage Improvements & Equip 1,345,976 1,463,850 1,183,226 1,360,350 1,407,500
Community Improvement Projects 37,145 216,000 137,800 90,000 545,000
Downtown Redevelopment Constr 3,122,668 1,924,650 1,872,462 2,735,000 2,768,000
Flood Control Projects 193,110 235,000 708,455 150,150 155,330
Street Improvement Projects 3,556,877 4,184,700 2,889,834 2,610,600 3,086,910
Motor Equipment Replacement 948,922 2,535,500 2,293,157 440,000 615,150
Computer Replacement 91,788 188,150 188,150 206,050 250,850
Station 14 8,378,000 8,161,169 922,585
Emergency Operation Center 2,034,000 2,441,437
Public Works Expansion 2,237,000 2,856,403
Totals 9,296,486 23,396,850 22,732,093 8,514,735 8,828,740
DEBT SERVICE BUDGET
Debt Service. Property Tax 1,296,709 1,291,848 1,797,938 1,712,524 1,714,411
Debt Service. Tax Increment 1,754,900
Debt Service. Home Rule Sales Tax I 1,613,130 613,354 613,354 613,356 613,354
Special Service Area Bonds 67
Totals 4,664,806 1,905,202 2,411,292 2,325,880 2,327,765
PENSION SYSTEMS BUDGET
Miscellaneous Pensions 45,460 46,500 45,590 46,600 46,750
Police Pensions 2,910,380 2,993,500 3,092,596 3,242,300 3,330,300
Fire Pensions 2,795,905 2,951,500 2,984,400 3,121,500 3,224,500
Totals 5,751,745 5,991,500 6,122,586 6,410,400 6,601,550
VILLAGE INTERNAL SERVICES BUDGET
Vehicle Maintenance Services 1,669,311 1,972,750 1,707,487 1,814,711 1,905,512
Risk Management
Casualty and Property Insurance 1,345,287 967,700 1,343,162 927,700 936,200
Medical Insurance 4,910,907 5,705,136 5,715,636 5,925,898 6,272,842
Totals 7,925,505 8,645,586 8,766,285 8,668,309 9,114,554
MOUNT PROSPECT LIBRARY BUDGET
8,399,402
9,450,626
9,450,626
9,715,689
(a)
(a) Figures not available as of December 15,2009.
(b) Does not include the Mount Prospect Library 2011 Forecast.
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
REVENUES AND OTHER SOURCES BY FUND
2008
Actual
2009
Budget
2009
Estimate
2010
Budget
2011
Forecast
GENERAL FUND
41,083,058
40,153,100
39,855,305
40,691,100
42,583,500
SPECIAL REVENUE FUNDS
Refuse Disposal Fund 4,167,592 4,166,000 3,997,615 4,038,500 4,143,500
Motor Fuel Tax Fund 1,558,291 1,812,000 1,522,669 1,836,500 1,50 I ,500
Community Dev. Block Gmt 406,530 785,604 967,637 565,447 570,483
Asset Seizure Fund 2,250 12,000 3,120 6,000 7,000
DEA Shared Funds Fund 28,006 2,000 1,100 1,500 1,500
DUI Fine Fund 15,664 21,000 20,015 20,500 20,500
Foreign Fire Tax Board Fund 34,732 41,000 50,236 35,500 35,500
6,213,065 6,839,604 6,562,392 6,503,947 6,279,983
DEBT SERVICES FUNDS
G.O. Bonds - Property Taxes 1,291,695 1,303,000 1,771,560 1,697,000 1,702,000
G.O. Bonds - Tax Increment 1,144,816
G.O. Bonds - Home Rule Sales Tax I 1,225,513 1,054,000 1,054,000 1,140,708 613,354
Special Service Area Bonds 161
3,662,185 2,357,000 2,825,560 2,837,708 2,315,354
CAPITAL PROJECTS FUNDS
Capital Improvement Fund 1,972,896 1,178,810 1,236,815 1,421,500 1,318,500
Series 2009 Const Fund 12,784,000 10,920,100 1,124,505
Downtown Redevlpmnt Const 1,111,977 2,675,000 2,407,600 2,567,000 2,673,500
Street Improv Const Fund 1,533,415 1,334,000 1,322,400 1,717,600 1,560,000
Flood Control Const Fund 11,453 108,500 123,800 198,792 737,646
4,629,741 18,080,310 16,010,715 7,029,397 6,289,646
ENTERPRISE FUNDS
Water And Sewer Fund
Village Parking System Fund
Parking System Revenue Fund
10,437,748
185,013
178,020
10,800,781
11,983,000
161,000
161,000
12,305,000
11,022,450
149,600
159,200
II ,331 ,250
12,225,500
152,000
159,500
12,537,000
12,710,500
152,500
160,000
13,023,000
INTERNAL SERVICE FUNDS
Vehicle Maintenance Fund 1,554,380 1,671,682 1,886,231 1,654,192 1,905,512
Vehicle Replacement Fund 1,105,024 1,159,700 1,344,308 238,200 962,100
Computer Replacement Fund 183,229 220,281 198,281 12,000 205,963
Risk Management Fund 6,105,105 6,683,556 6,271,395 6,865,098 7,220,945
8,947,738 9,735,219 9,700,215 8,769,490 10,294,520
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
REVENUES AND OTHER SOURCES BY FUND
2008 2009 2009 2010 2011
Actual Budget Estimate Budget Forecast
FIDUCIARY FUNDS
Police Pension Fund (3,789,860) 4,966,500 6,145,490 5,585,500 6,243,500
Fire Pension Fund (3,552,419) 4,980,300 5,432,620 5,184,300 5,805,300
(7,342,279) 9,946,800 11,578,110 10,769,800 12,048,800
MOUNT PROSPECT LIBRARY FUND
8,816,084
9,450,626
9,450,626
9,715,689
(a)
(a) Figures not available as of December ] 5,2009.
(b) Does not include the Mount Prospect Library 20] I Forecast.
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
EXPENDITURES BY FUND
.
2008
Actual
2009
Budget
2009
Estimate
2010
Budget
2011
Forecast
GENERAL FUND
41,357,164
40,472,925
41,606,459
41,074,100
45,128,755
SPECIAL REVENUE FUNDS
Refuse Disposal Fund 4,037,250 4,194,247 4,197,994 4,240,941 4,405,833
Motor Fuel Tax Fund 1,991,124 2,113,102 1,768,102 1,736,302 1,905,072
Community Development Block Grant 406,529 876,710 1,056,048 565,447 570,483
Asset Seizure Fund 24,820 2,000 7,416 2,000 2,000
DEA Shared Funds Fund 33,826 1,000 12,721 1,000 1,000
DUl Fine Fund 27,448 1,500 7,443 1,500 1,500
Foreign Fire Tax Board Fund 29,633 15,500 21,013 15,500 15,693
Totals 6,550,630 7,204,059 7,070,737 6,562,690 6,901,581
DEBT SERVICE FUNDS
G.O. Bonds - Property Taxes 1,296,709 1,291,848 1,797,938 1,712,524 1,714,411
G.O. Bonds - Tax Increment 1,754,900
G.O. Bonds - Home Rule Sales Tax 1 1,613,130 613,354 613,354 613,356 613,354
Special Service Area Bonds 67
Totals 4,664,806 1,905,202 2,411,292 2,325,880 2,327,765
CAPITAL PROJECTS FUNDS
Capital Improvement Fund 1,383,121 1,544,850 1,269,015 1,714,350 1,927,500
Series 2009 Const Fund 12,784,000 13,682,020 922,585
Downtown Redevelop Const Fund 3,123,618 1,925,650 1,873,462 2,736,500 2,769,545
Street Improvement Const Fund 2,300,299 2,856,600 1,750,734 1,401,600 1,786,910
Flood Control Const Fund 193,110 235,000 708,455 150,150 155,330
Totals 7,000,148 19,346,100 19,283,686 6,925,185 6,639,285
ENTERPRISE FUNDS
Water and Sewer Fund
Village Parking System Revenue Fund
Parking System Revenue Fund
Totals
9,179,399
95,774
167,623
9,442,796
12,508,845
131,101
143,648
12,783,594
11,773,251
132,212
144,389
12,049,852
12,523,039
127,233
170,276
12,820,548
11,801,698
214,821
230,763
12,247,282
INTERNAL SERVICE FUNDS
Vehicle Maintenance Fund 1,669,311 1,972,750 1,707,487 1,814,711 1,905,512
Vehicle Replacement Fund 948,922 2,535,500 2,293,157 440,000 615,150
Computer Replacement 91,788 188,150 188,150 206,050 250,850
Risk Management Fund 6,265,015 6,684,336 7,070,298 6,865,098 7,220,945
Totals 8,975,036 11,380,736 11,259,092 9,325,859 9,992,457
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
EXPENDITURES BY FUND
2008
Actual
2009
Budget
2009
Estimate
2010
Budget
2011
Forecast
FIDUCIARY FUNDS
Police Pension Fund
Fire Pension Fund
Totals
2,910,380
2,795,905
5,706,285
2,993,500
2,951,500
5,945,000
3,092,596
2,984,400
6,076,996
3,242,300
3,121,500
6,363,800
3,330,300
3,224,500
6,554,800
MOUNT PROSPECT LIBRARY BUDGET
8,399,402
9,450,626
9,450,626
9,715,689
(a)
(a) Figures not available as of December 15,2009.
(b) Does not include the Mount Prospect Library 2011 Forecast.
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
AVAILABLE FUND BALANCES 12-31-2010
Estimated
Balance
1-1-10
2010
Budget
Revenues
2010
Budget
Ex enditures
Estimated
Balance
12-31-10
GENERAL FUND 10,789,671 40,691,100 41,074,100 10,406,671
SPECIAL REVENUE FUNDS
Refuse Disposal Fund 2,094,087 4,038,500 4,240,941 1,891,646
Motor Fuel Tax Fund (341,120) 1,836,500 1,736,302 (240,922)
Community Development Block Gmt (88,411) 565,447 565,447 (88,411)
Asset Seizure Fund 50,455 6,000 2,000 54,455
DEA Shared Funds Fund 20,236 1,500 1,000 20,736
DUl Fine Fund 31,033 20,500 1,500 50,033
Foreign Fire Tax Board Fund 115,193 35,500 15,500 135,193
TOTAL 1,881,473 6,503,947 6,562,690 1,822,730
DEBT SERVICES FUNDS
G.O. Bonds - Property Taxes 101,854 1,697,000 1,712,524 86,330
G.O. Bonds - Tax Increment 529,994 529,994
G.O. Bonds - Home Rule Sales Tax I (123,182) 1,140,708 613,356 404,170
Special Service Area Bonds 3,455 3,455
TOTAL 512,121 2,837,708 2,325,880 1,023,949
CAPITAL PROJECTS FUNDS
Capital Improvement Fund 969,378 1,421,500 1,714,350 676,528
Series 2009 Const Fund (2,761,920) 1,124,505 922,585 (2,560,000)
Downtown Redevelop Const Fund 837,630 2,567,000 2,736,500 668,130
Street Improvement Const Fund 334,527 1,717,600 1,40 1,600 650,527
Flood Control Const Fund (172,463) 198,792 150,150 (123,821)
TOTAL (792,848) 7,029,397 6,925,185 (688,636)
ENTERPRISE FUNDS
Water and Sewer Fund (a) 3,480,731 12,225,500 12,523,039 3,183,192
Village Parking System Fund (a) 189,496 152,000 127,233 214,263
Parking System Revenue Fund (a) 201,593 159,500 170,276 190,817
TOTAL 3,871,820 12,537,000 12,820,548 3,588,272
(a) Estimated balances reflect cash and investment balance, not fund equity.
VILLAGE OF MOUNT PROSPECT
2010 BUDGET SUMMARY
AVAILABLE FUND BALANCES 12-31-2010
Estimated
Balance
1-1-10
2010
Budget
Revenues
2010
Budget
Ex enditures
Estimated
Balance
12-31-10
INTERNAL SERVICE FUNDS (b)
Vehicle Maintenance Fund 832,390 1,654,192 1,814,711 671,871
Vehicle Replacement Fund 9,821,148 2~8,200 440,000 9,619,348
Computer Replacement Fund 811,648 12,000 206,050 617,598
Risk Management Fund 1,608,410 6,865,098 6,865,098 1,608,410
TOTAL 13,073,596 8,769,490 9,325,859 12,517,227
PENSION FUNDS (c)
Police Pension Fund 39,315,837 5,585,500 3,242,300 41,659,037
Fire Pension Fund 39,130,076 5,184,300 3,121,500 41,192,876
TOTAL 78,445,913 10,769,800 6,363,800 82,851,913
Totals - Village Funds 107,781,746 89,138,442 85,398,062 111,522,126
Less: Pension Funds (c) (78,445,913) (10,769,800) (6,363,800) (82,851,913)
MOUNT PROSPECT LIBRARY FUND
4,330,845
9,715,689
9,715,689
4,330,845
(b) Estimated balances for Internal Service Funds reflect unrestricted net assets only.
(c) Pension Funds are restricted for future pension benefits and do not constitute "Available Fund Balances."
Mount Prospect
INTEROFFICE MEMORANDUM
Village of Mount Prospect
Mount Prospect, Illinois
FROM: FINANCE DIRECTOR
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
DATE: NOVEMBER 24,2009
SUBJECT: PROPOSED BOND FINANCING
PURPOSE:
To present for the Village Board's consideration an ordinance authorizing the issuance of $6,
general obligation bonds.
BACKGROUND:
On October 13, 2009, the Village Board authorized staff to proceed with the of $6,240,000 of general
obligation bonds for the purpose of refunding the Series 2001 Bonds and to fund a portion of the costs of
constructing a replacement Fire Station #14, Emergency Operations Center and Public Works expansion.
DISCUSSION:
The accompanying bond ordinance is presented for the Board's consideration. The sections of the
ordinance dealing with interest rates, principal and interest repayment schedules and the tax levy
schedule have been left blank as the bids on the proposed financing will not be known until 11 :00 a.m. on
Tuesday, December 1, 2009. At the Board meeting that evening staff will present a summary of the bid
results and distribute a completed bond ordinance.
Included with the bond ordinance is a copy of the projected debt service schedule that was prepared for
use in our ratings call with Standard & Poor's (S&P). At this time we do not expect interest rates to
materially change from these estimates. Also included is the rationale from S&P for the rating of the
Series 2009B and 2009C bonds. I am pleased to announce that the Village was successful in maintaining
its AA+ rating.
RECOMMENDATION:
It is recommended the Village Board waive the rules requiring two readings and adopt an ordinance
authorizing the sale of $6,240,000 of general obligation bonds, Series 2009B and 2009C.
U~O f/L
DAVID O. ERB
FINANCE DIRECTOR
I :\Debt Service\GO Bonds - Series 2009A Fires Station #14\2009 Band 2009 C Bonds 12-1-2009.doc
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Summary:
Mount Prospect Village, Illinois;
General ()bligation
Primary Credit Analyst:
Linda Merus, Chicago 11) 312.233.7017; linda_merus@standardandpoors.com
Secondary Credit Analyst:
John Kenward, Chicago (1)312.233.7003; john_kenward@standardandpoors.com
Table Of Contents
Rationale
Outlook
Related Research
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1
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Use/Disclaimer on the last page
Summary:
Mount Prospect Village, Illinois; General
Obligation
US$6.24 mil GO Refunding bnds and GO Bonds ser 2009B&C due 12/01/2029
Long Term Rating AAt/Stable
Mount Prospect Viii GO
Long Term Rating
New
AA+/Stable
Affirmed
Rationale
Standard & Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to the village of Mount Prospect,
IlL's series 2009B general obligation (GO) refunding bonds and series 2009C GO bonds and affirmed its 'AA+'
rating, with a stable outlook, on the village's existing GO debt.
The rating reflects our opinion of the village's:
· Participation in the deep and diverse Chicago metropolitan area economy,
. Strong income levels,
· Good financial operations with very strong reserves, and
· Low-to-moderate debt burden.
The village's full faith and credit pledge secures the bonds. Officials plan to use series 2009B bond proceeds to
refund the village's series 2001 bonds outstanding for interest cost savings and series 2009C bond proceeds to
reimburse the village for capital project costs incurred related to the new fire station, public works facility, and
emergency operation center.
The village will issue the series 2009C bonds as federally taxable Build America Bonds, pursuant to the American
Recovery & Reinvestment Act of 2009; as such, the village can use the 35% interest subsidy received from the
federal government for debt service payment. The tax subsidy will equal approximately $46,000 in 2010 and
$49,000 in 2011, steadily decreasing thereafter. Management has stated it intends to abate future levies in
anticipation of receiving the federal government's 35% interest subsidy; but if federal government payments are
delayed, the village will have to use funds on hand to cover that portion of the interest payment. We expect
sufficient funds will be available to cover any late payments of the interest subsidy from the federal government.
The village of Mount Prospect is about 22 miles northwest of downtown Chicago and directly northwest of O'Hare
International Airport. The village's stable population is a currently estimated 56,265. Residents have access to a
wide variety of employment opportunities locally and throughout the metropolitan area via interstates 90, 294, and
290. In addition, residents can commute into downtown Chicago, which is accessible via the Metra train system.
Income levels are, in our view, strong: Median household effective buying income is 123% of the state's level and
116% of the nation's level. The village's property tax base grew by an average of 8.6% annually from fiscals
2004-2008 to an estimated market value of $5.94 billion, or, in our opinion, an extremely strong $105,545 per
Standard & Poor's I RatingsDirect on the Global Credit Portal I November 20,2009
2
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Summary: Mount Prospect Village, Illinois; General Obligation
capita. The tax base is very diverse with the 10 leading property taxpayers accounting for just 10% of equalized
assessed valuation.
As a home-rule community, Mount Prospect is not subject to property tax caps; and it has a wide array of revenue
sources available to it. In our view, the village's financial performance is very strong; it has maintained reserves
between 25% and 33% since fiscal 2003. As of fiscal year-end Dee. 31, 2008, the village's unreserved general fund
balance was $12.31 million, or, in our opinion, a very strong 30.4%, well in excess of its 25.0% formal fund
balance policy. In fiscal 2008, the village reported a $274,000 deficit after a transfer out of $822,000 for the
purchase of a new phone system and capital project costs for a new fire station, public works facility, and emergency
operations center. For fiscal 2009, management expects to report a $1 million deficit due mainly to approximately
$500,000 of capital-related spending and declining investment income and sales and income tax revenues.
Although the village has not adopted the 2010 budget yet, management has stated it plans to pass a balanced budget
without using reserves. The village levies various taxes that provide revenue flexibility. Along with levying property
taxes, which accounted for 31 % of 2008 general fund revenues, the village also levies home rule sales, utility, and
telecommunication taxes that accounted for 44% of 2008 general fund revenues.
Standard & Poor's revised its Financial Management Assessment (FMA) on Mount Prospect to "strong" from
"good" due to additional information Standard & Poor's received on the village's management practices. An FMA
of "strong" indicates financial practices are strong, well imbedded, and likely sustainable. Management recently
adopted a debt management policy that establishes debt-financing guidelines. Other highlights include monthly
reporting to the board on budgeted numbers compared to actual performance and cash reports. Management
maintains five-year financial projections and a five-year capital improvement plan. The village also maintains a
formal investment policy.
In our opinion, the village's overall debt burden, including overlapping debt, is a moderate $2,677 per capita, or a
low 2.5% of estimated market value. Debt service carrying charges were, in our opinion, a moderate 9.7% of total
governmental fund expenditures in 2008. We view amortization as average with officials planning to retire 56% of
debt over 10 years. The village, however, does not have any immediate debt plans.
Outlook
The stable outlook reflects Standard & Poor's expectation that the village will maintain at least balanced financial
operations and strong reserves. The village's participation in the Chicago metropolitan area's diverse economy
supports the stable outlook.
Related Research
USPF Criteria: "GO Debt," Oct. 12, 2006
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at
www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings
search box located in the left column.
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Summary: Mount Prospect Village, Illinois; General Obligation
Standard & Poor's I RatingsDirect on the Global Credit Portal I November 20. 2009
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4
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5
ORDINANCE NUMBER
AN ORDINANCE providing for the issuance of $ General
Obligation Bonds, Series 2009, of the Village of Mount Prospect,
Cook County, Illinois, and providing for the levy and collection of
a direct annual tax for the payment of the principal of and interest
on said bonds.
Adopted by the President and Board
of Trustees on the 1 st day of
December, 2009.
~
T ABLE OF CONTENTS
SECTION
HEADING
PAGE
PREAMBLES....................................................................................................................... ...............1
SECTION 1. DEFINITIONS...............................................................................................................2
SECTION 2. INCORPORA TION OF PREAMBLES.................................................................................5
SECTION 3. DETERMINA TION TO ISSUE BONDS .............................................................................5
SECTION 4. BOND DETAILS. .............................. ....................... ............... ...................... .......... .......5
SECTION 5. EXECUTION; AUTHENTICATION................................................................................... 7
SECTION 6. REDEMPTION. ... ................... ........... ...... .... ........ ............ ... ..... ......... ...... ..... ..... ...... .... ....8
SECTION 7. REDEMPTION PROCEDURE................................................................................... ........8
SECTION 8. REGISTRA TION AND EXCHANGE OR TRANSFER OF BONDS; PERSONS
TREATED AS OWNERS............................................................................... ..11
SECTION 9. GLOBAL BOOK-ENTRY SYSTEM................................................................................ 13
SECTION 10. FORM OF BOND .......................................................................................................15
SECTION 11. TAX LEVy............................................................. ............................................ ......22
SECTION 12. FILING WITH COUNTY CLERK.......................................................................... ........24
SECTION 13. SALE OF BONDS; OFFICIAL STATEMENT..................................................................24
SECTION 14. CREATION OF FUNDS AND ApPROPRIATIONS................................................. ....... ...25
SECTION 15. USE OF TAXES HERETOFORE LEVIED ......................................................................26
SECTION 16. NON-ARBITRAGE AND TAX-EXEMPTION..................... ........................ ...... ............ ..27
-1-
SECTION 17. ELECTIONS CONCERNING THE SERIES 2009C BONDS .............................................47
SECTION 18. REGISTERED FORM....................... ............ ....... ..... .................. ................ .............. ...49
SECTION 19. RIGHTS AND DUTIES OF BOND REGISTRAR AND PA YING AGENT ............................49
SECTION 20. DEFEASANCE........ ................. ......... ..... ....... ...................... ............. ......... ............. ...50
SECTION 21. CONTINUING DISCLOSURE UNDERTAKING ............ ....................... ...................... .....50
SECTION 22. MUNICIPAL BOND INSURANCE....................................................................... .........51
SECTION 23. SEVERABILITy.................... ................ ..... ......................... ........................ .......... .....51
SECTION 24. REPEALER......... ................. ............................................................................ .........51
SECTION 25. SUPERSEDER AND EFFECTIVE DATE.................................................................... ....52
-ll-
ORDINANCE NUMBER
AN ORDINANCE providing for the issuance of $ General
Obligation Bonds, Series 2009, of the Village of Mount Prospect,
Cook County, Illinois, and providing for the levy and collection of
a direct annual tax for the payment of the principal of and interest
on said bonds.
WHEREAS by virtue of its population, and pursuant to the provisions of Section 6 of
Article VII of the Constitution of the State of Illinois, the Village of Mount Prospect, Cook
County, Illinois (the" Village "), is a home rule unit and may exercise any power or perform any
function pertaining to its government and affairs including, but not limited to, the power to tax
and to incur debt; and
WHEREAS pursuant to the provisions of said Section 6, the Village has the power to incur
debt payable from ad valorem property tax receipts or from any other lawful source and maturing
within 40 years from the time it is incurred without prior referendum approval; and
WHEREAS the President and Board of Trustees of the Village (the "Board") has
considered the needs of the Village and has heretofore determined and does hereby determine
that it is advisable, necessary and in the best interests of the Village to construct and equip a
replacement fire station, expand the public works facility and relocate the emergency operations
center (the "Project "); and
WHEREAS the estimated cost to the Village of the Project, including costs of issuance for
the hereinafter defined Series 2009C Bonds, is the sum of $
plus any estimated
available amount of interest earnings on said sum prior to its expenditure; and
WHEREAS there are insufficient funds on hand and available to pay the costs of the
Project, and it is necessary for that purpose that a sum to pay such costs be borrowed at this time,
and in evidence of such indebtedness, general obligation bonds of the Village be issued in the
principal amount of $
, and that such indebtedness be incurred in accordance with the
Act as hereinafter defined, and without submitting the question of incurring such indebtedness to
the electors of the Village for their approval; and
WHEREAS the Board does hereby determine that it is advisable and in the best interests of
the Village to borrow $ at this time pursuant to the Act as hereinafter defined for the
purpose of paying the costs of the Project and, in evidence of such borrowing, issue its full faith
and credit bonds in the principal amount of $ ; and
WHEREAS, the Village has heretofore issued and now has outstanding its General
Obligation Bonds, Series 2001, dated October 1, 2001 (the "Prior Bonds "), and of which said
outstanding bonds those due on and after December 1, 2010, are subject to redemption prior to
maturity on December 1, 2009, and any date thereafter at the redemption price of par plus
accrued interest to the date fixed for redemption (the "Refunded Bonds "); and
WHEREAS, the Board has considered and determined that interest rates available in the
bond market are currently more favorable for the Village than they were at the time when the
Refunded Bonds were issued and that it is possible, proper, and advisable to refund the Refunded
Bonds at this time to take advantage of the debt service savings which will result from such
lower interest rates (which refunding may hereinafter be referred to as the "Refunding"); and
WHEREAS, the Board does hereby determine that it is advisable and in the best interests of
the Village to borrow $ at this time pursuant to the Act for the purpose of refunding
the Refunded Bonds, and, in evidence of such borrowing, issue the full faith and credit bonds of
the Village in the principal amount of $
Now THEREFORE Be It Ordained by the President and Board of Trustees of the Village of
Mount Prospect, Cook County, Illinois, in the exercise of its home rule powers, as follows:
Section 1. Definitions. In addition to such other words and terms used and defined in
this Ordinance, the following words and terms used in this Ordinance shall have the following
-2-
meanings, unless, in either case, the context or use clearly indicates another or different meaning
is intended:
"Act" means, collectively, the Illinois Municipal Code, as supplemented and amended,
the home rule powers of the Village under Section 6 of Article VII of the Illinois Constitution of
1970; and, in the event of conflict between the provisions of said code and home rule powers, the
home rule powers shall be deemed to supersede the provisions of said code.
"Board" means the President and Board of Trustees of the Village.
"Bond" or "Bonds" means one or more, as applicable, of the $ General
Obligation Bonds, Series 2009, authorized to be issued by this Ordinance.
"Bond Fund" means the Bond Fund established and defined In Section 14 of this
Ordinance.
"Bond Register" means the books of the Village kept by the Bond Registrar to evidence
the registration and transfer of the Bonds.
"Bond Registrar" means The Bank of New York Mellon Trust Company, National
Association, having trust offices in Chicago, Illinois, or such other institution having fiduciary
capacity and having corporate trust offices in Chicago, Illinois, or successor or assigns.
"Code" means the Internal Revenue Code of 1986, as amended.
"County Clerk" means the County Clerk of The County of Cook, Illinois.
"Escrow Agent" means The Bank of New York Mellon Trust Company, National
Association, having trust offices in the City of Chicago, Illinois.
"Escrow Agreement" means the escrow letter agreement by which the Village orders the
redemption of the Refunded Bonds and the deposit with the Escrow Agent of the funds necessary
to accomplish the purpose, as more particularly referred to in Section 14 hereof.
-3-
"Ordinance" means this Ordinance, numbered as set forth on the title page hereof, and
passed by the Board on the 1st day of December, 2009.
"Paying Agent" means The Bank of New York Mellon Trust Company, National
Association, having trust offices in Chicago, Illinois, or such other institution having fiduciary
capacity and having corporate trust offices in Chicago, Illinois, or successor or assigns.
"Pledged Taxes" means the taxes levied on the taxable property within the Village to pay
principal of and interest on the Bonds as provided in Section 11 hereof.
"Project" or "Project" means the Village capital expenditures as described and defined
as such in the preambles to this Ordinance.
"Series 2009B Bonds" means the General Obligation Refunding Bonds, Series 2009B,
authorized to be issued by this Ordinance.
"Series 2009C Bonds" means the Taxable General Obligation Bonds, Series 2009C,
authorized to be issued by this Ordinance.
"Series 2009B Purchase Price" means the purchase price to be paid by the Series 2009B
Purchaser for the Series 2009B Bonds, being $ plus accrued interest, if any, to
the date of delivery.
"Series 2009C Purchase Price" means the purchase price to be paid by the Series 2009C
Purchaser for the Series 2009C Bonds, being $ plus accrued interest, if any, to
the date of delivery.
"Series 2009B Purchaser" means the
purchaser of the Series 2009B Bonds as determined at public competitive sale.
"Series 2009C Purchaser" means the
purchaser of the Series 2009B Bonds as determined at public competitive sale.
-4-
"Tax-exempt" means, with respect to the Bonds, the status of interest paid and received
thereon as excludable from the gross income of the owners thereof under the Code for federal
income tax purposes except to the extent that such interest is taken into account in computing an
adjustment used in determining the alternative minimum tax for certain corporations.
"Village" means the Village of Mount Prospect, Cook County, Illinois.
Section 2. Incorporation of Preambles. The Board hereby finds that all of the recitals
contained in the preambles to this Ordinance are true, correct and complete and does incorporate
them into this Ordinance by this reference.
Section 3. Determination to Issue Bonds. It is necessary and in the best interests of the
Village to accomplish the Refunding and to complete the Project, to pay all related costs and
expenses incidental thereto, and to borrow money and issue the Bonds for such purposes. It is
hereby found and determined that such borrowing of money is necessary for the welfare of the
government and affairs of the Village, is for a proper public purpose or purposes and is in the
public interest, and is authorized pursuant to the Act; and these findings and determinations shall
be deemed conclusive.
Section 4. Bond Details. For the purpose of providing for such costs, there shall be
issued and sold the Bonds in the principal amount of $ . The Bonds shall be issued in
two series and shall be designated "General Obligation Refunding Bonds, Series 2009B" and
"Taxable General Obligation Bonds, Series 2009C"; be dated the date of issuance thereof (the
"Dated Date "); and shall also bear the date of authentication thereof. The Series 2009B Bonds
shall be issued and sold in the principal amount of $ , and the Series 2009C Bonds
shall be issued and sold in the principal amount of $ . The Bonds shall be in fully
registered form, shall be in denominations of $5,000 or integral multiples thereof (but no single
Bond shall represent principal maturing on more than one date), shall be numbered consecutively
-5-
in such fashion as shall be determined by the Bond Registrar, and shall become due and payable
serially (subject to right of prior redemption as hereinafter set forth) on December 1 of the years
and in the amounts and bearing interest at the rates per annum as follows:
SERIES 2009B BONDS
YEAR AMOUNT
2011 $
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
SERIES 2009C BONDS
YEAR AMOUNT
2014 $
2015
2016
2017
2018
2019
2020
2021
2022
2023
2029
RATE
%
%
%
%
%
%
%
%
%
%
%
RATE
%
%
%
%
%
%
%
%
%
%
%
Each Bond shall bear interest from the later of its Dated Date as herein provided or from the
most recent interest payment date to which interest has been paid or duly provided for, until the
principal amount of such Bond is paid or duly provided for, such interest (computed upon the
basis of a 360-day year of twelve 30-day months) being payable on June 1 and December 1 of
-6-
each year, commencing on June 1, 2010. Interest on each Bond shall be paid by check or draft of
the Paying Agent, payable upon presentation thereof in lawful money of the United States of
America, to the person in whose name such Bond is registered at the close of business on the
applicable Record Date (the "Record Date "), and mailed to the registered owner of the Bond as
shown in the Bond Register or at such other address furnished in writing by such Registered
Owner. The Record Date shall be the 15th day of the month next preceding any regular or other
interest payment date occurring on the 1 st day of any month and 15 days preceding any interest
payment date occasioned by the redemption of Bonds on other than the first day of a month. The
principal of the Bonds shall be payable in lawful money of the United States of America upon
presentation thereof at the principal corporate trust office ofthe Paying Agent.
Section 5. Execution,' Authentication. The Bonds shall be executed on behalf of the
Village by the manual or facsimile signature of its President and attested by the manual or
facsimile signature of its Village Clerk, as they may determine, and shall have impressed or
imprinted thereon the corporate seal or facsimile thereof of the Village. In case any such officer
whose signature shall appear on any Bond shall cease to be such officer before the delivery of
such Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as
if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of
authentication, substantially in the form hereinafter set forth, duly executed by the Bond
Registrar as authenticating agent of the Village and showing the date of authentication. No Bond
shall be valid or obligatory for any purpose or be entitled to any security or benefit under this
Ordinance unless and until such certificate of authentication shall have been duly executed by the
Bond Registrar by manual signature, and such certificate of authentication upon any such Bond
shall be conclusive evidence that such Bond has been authenticated and delivered under this
Ordinance. The certificate of authentication on any Bond shall be deemed to have been executed
-7-
by it if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that
the same officer sign the certificate of authentication on all ofthe Bonds issued hereunder.
Section 6. Redemption. (a) Optional Redemption. The Bonds maturing on or after
December 1, 2019, are subject to redemption prior to maturity at the option of the Village as a
whole, or in part in any order of maturity determined by the Village (less than all of the Bonds of
a single maturity to be selected by the Bond Registrar), on December 1, 2018, or on any date
thereafter, at the redemption price of par plus accrued interest to the date of redemption.
[(b) Mandatory Redemption. The Series 2009B Bonds due on December 1, _, are
subject to mandatory redemption, in integral multiples of $5,000 selected by lot by the Bond
Registrar, at a redemption price of par plus accrued interest to the redemption date, on
December 1, _, in the principal amount of $
The Series 2009C Bonds due on December 1, _, are subject to mandatory redemption,
in integral multiples of $5,000 selected by lot by the Bond Registrar, at a redemption price of par
plus accrued interest to the redemption date, on December 1 of the years and in the principal
amounts as follows:
YEAR
PRINCIPAL AMOUNT
$
]
Section 7. Redemption Procedure. The Bonds shall be redeemed only in the principal
amount of $5,000 and integral multiples thereof. The Village shall, at least 45 days prior to any
optional redemption date (unless a shorter time period shall be satisfactory to the Bond
Registrar), notify the Bond Registrar of such redemption date and of the maturities and principal
amounts of Bonds to be redeemed. For purposes of any redemption of less than all of the Bonds
of a single maturity, the particular Bonds or portions of Bonds to be rede.emed shall be selected
by lot not more than 60 days prior to the redemption date by the Bond Registrar for the Bonds of
-8-
such maturity by such method of lottery as the Bond Registrar shall deem fair and appropriate;
provided, however, that such lottery shall provide for the selection for redemption of Bonds or
portions thereof so that any $5,000 Bond or $5,000 portion of a Bond shall be as likely to be
called for redemption as any other such $5,000 Bond or $5,000 portion.
The Bond Registrar shall promptly notify the Village in writing of the Bonds or portions
of Bonds selected for redemption and, in the case of any Bond selected for partial redemption,
the principal amount thereof to be redeemed.
Unless waived by the registered owner of Bonds to be redeemed, official notice of any
such redemption shall be given by the Bond Registrar on behalf of the Village by mailing the
redemption notice by first-class mail not less than 30 days and not more than 60 days prior to the
date fixed for redemption to each registered owner of the Bond or Bonds to be redeemed at the
address shown on the Bond Register or at such other address as is furnished in writing by such
registered owner to the Bond Registrar.
All official notices of redemption shall include the full name of the Bonds and at least the
information as follows:
(a) the redemption date;
(b) the redemption price;
(c) if less than all of the outstanding Bonds of a particular maturity are to be
redeemed, the identification (and, in the case of partial redemption of Bonds within such
maturity, the respective principal amounts) of the Bonds to be redeemed;
(d) a statement that on the redemption date the redemption price will become
due and payable upon each such Bond or portion thereof called for redemption and that
interest thereon shall cease to accrue from and after said date;
-9-
(e) the place where such Bonds are to be surrendered for payment of the
redemption price, which place of payment shall be the principal corporate trust office of
the Paying Agent; and
(f) such other information then required by custom, practice or industry
standard.
Unless moneys sufficient to pay the redemption price of the Bonds to be redeemed shall
have been received by the Bond Registrar prior to the giving of such notice of redemption, such
notice may, at the option of the Village, state that said redemption shall be conditional upon the
receipt of such moneys by the Bond Registrar on or prior to the date fixed for redemption. If
such moneys are not received, such notice shall be of no force and effect, the Village shall not
redeem such Bonds, and the Bond Registrar shall give notice, in the same manner in which the
notice of redemption shall have been given, that such moneys were not so received and that such
Bonds will not be redeemed. Otherwise, prior to any redemption date, the Village shall deposit
with the Paying Agent an amount of money sufficient to pay the redemption price of all the
Bonds or portions of Bonds which are to be redeemed on that date.
Subject to the provisions for a conditional redemption described above, notice of
redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed
shall, on the redemption date, become due and payable at the redemption price therein specified,
and from and after such date (unless the Village shall default in the payment of the redemption
price), such Bonds or portions of Bonds shall cease to bear interest. Neither the failure to mail
such redemption notice, nor any defect in any notice so mailed, to any particular registered
owner of a Bond, shall affect the sufficiency of such notice with respect to other registered
owners. Notice having been properly given, failure of a registered owner of a Bond to receive
such notice shall not be deemed to invalidate, limit or delay the effect of the notice or redemption
-10-
action described in the notice. Such notice may be waived in writing by a registered owner of a
Bond entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by registered owners shall be filed with the Bond
Registrar, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.
Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds
shall be paid by the Paying Agent at the redemption price. The procedure for the payment of
interest due as part of the redemption price shall be as herein provided for payment of interest
otherwise due. Upon surrender for any partial redemption of any Bond, there shall be prepared
for the registered owner a new Bond or Bonds oflike tenor, of authorized denominations, of the
same maturity, and bearing the same rate of interest in the amount of the unpaid principal.
If any Bond or portion of a Bond called for redemption shall not be so paid upon
surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest
from the redemption date at the rate borne by the Bond or portion of Bond so called for
redemption. All Bonds which have been redeemed shall be cancelled and destroyed by the Bond
Registrar and shall not be reissued.
As part of their respective duties hereunder, the Bond Registrar and Paying Agent shall
prepare and forward to the Village a statement as to notice given with respect to each redemption
together with copies of the notices as mailed and published.
Section 8. Registration and Exchange or Transfer of Bonds; Persons Treated as
Owners. The Village shall cause books for the registration and for the transfer of the Bonds as
provided in this Ordinance to be kept at the principal corporate trust office of the Bond Registrar,
which is hereby constituted and appointed the registrar of the Village for the Bonds. The Village
is authorized to prepare, and the Bond Registrar or such other agent as the Village may designate
-11-
shall keep custody of, multiple Bond blanks executed by the Village for use in the transfer and
exchange of Bonds.
Any Bond may be transferred or exchanged, but only in the manner, subject to the
limitations, and upon payment of the charges as set forth in this Ordinance. Upon surrender for
transfer or exchange of any Bond at the principal corporate trust office of the Bond Registrar,
duly endorsed by or accompanied by a written instrument or instruments of transfer or exchange
in form satisfactory to the Bond Registrar and duly executed by the registered owner or an
attorney for such owner duly authorized in writing, the Village shall execute and the Bond
Registrar shall authenticate, date and deliver in the name of the transferee or transferees or, in the
case of an exchange, the registered owner, a new fully registered Bond or Bonds of like tenor, of
the same maturity, bearing the same interest rate, of authorized denominations, for a like
aggregate principal amount.
The Bond Registrar shall not be required to transfer or exchange any Bond during the
period from the close of business on the Record Date for an interest payment to the opening of
business on such interest payment date or during the period of 15 days preceding the giving of
notice of redemption of Bonds or to transfer or exchange any Bond all or a portion of which has
been called for redemption.
The execution by the Village of any fully registered Bond shall constitute full and due
authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenticate,
date and deliver such Bond; provided, however, that the principal amount of Bonds of each
maturity authenticated by the Bond Registrar shall not at anyone time exceed the authorized
principal amount of Bonds for such maturity less the amount of such Bonds which have been
paid.
-12-
The person in whose name any Bond shall be registered shall be deemed and regarded as
the absolute owner thereof for all purposes, and payment of the principal of or interest on any
Bond shall be made only to or upon the order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual to satisfy and discharge the
liability upon such Bond to the extent of the sum or sums so paid.
No service charge shall be made for any transfer or exchange of Bonds, but the Village or
the Bond Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or exchange of Bonds.
Section 9. Global Book-Entry System. If requested by the Purchaser, the Bonds shall
be initially issued in the form of a separate single fully registered Bond for each of the maturities
of the Bonds determined as described in Section 4 hereof. Upon initial issuance, the ownership
of each such Bond shall be registered in the Bond Register in the name of Cede & Co., or any
successor thereto ("Cede"), as nominee of The Depository Trust Company, New York, New
York, and its successors and assigns ("DTC"). All of the outstanding Bonds shall be registered
in the Bond Register in the name of Cede, as nominee of DTC, except as hereinafter provided.
The President, Village Clerk and Village Treasurer and the Bond Registrar are each authorized to
execute and deliver, on behalf of the Village, such letters to or agreements with DTC as shall be
necessary to effectuate such book-entry system (any such letter or agreement being referred to
herein as the "Representation Letter "), which Representation Letter may provide for the
payment of principal of or interest on the Bonds by wire transfer.
With respect to Bonds registered in the Bond Register in the name of Cede, as nominee
of DTC, the Village and the Bond Registrar shall have no responsibility or obligation to any
broker-dealer, bank or other financial institution for which DTC holds Bonds from time to time
as securities depository (each such broker-dealer, bank or other financial institution being
-13-
referred to herein as a "DTC Participant") or to any person on behalf of whom such a DTC
Participant holds an interest in the Bonds. Without limiting the immediately preceding sentence,
the Village and the Bond Registrar shall have no responsibility or obligation with respect to
(i) the accuracy of the records of DTC, Cede or any DTC Participant with respect to any
ownership interest in the Bonds, (ii) the delivery to any DTC Participant or any other person,
other than a registered owner of a Bond as shown in the Bond Register, of any notice with
respect to the Bonds, including any notice of redemption, or (iii) the payment to any DTC
Participant or any other person, other than a registered owner of a Bond as shown in the Bond
Register, of any amount with respect to the principal of or interest on the Bonds. The Village
and the Bond Registrar may treat and consider the person in whose name each Bond is registered
in the Bond Register as the holder and absolute owner of such Bond for the purpose of payment
of principal and interest with respect to such Bond, for the purpose of giving notices of
redemption and other matters with respect to such Bond, for the purpose of registering transfers
with respect to such Bond, and for all other purposes whatsoever. The Bond Registrar shall pay
all principal of and interest on the Bonds only to or upon the order of the respective registered
owners of the Bonds, as shown in the Bond Register, or their respective attorneys duly
authorized in writing, and all such payments shall be valid and effective to fully satisfy and
discharge the Village's obligations with respect to payment of the principal of and interest on the
Bonds to the extent of the sum or sums so paid. No person other than a registered owner of a
Bond as shown in the Bond Register, shall receive a Bond evidencing the obligation of the
Village to make payments of principal and interest with respect to any Bond. Upon delivery by
DTC to the Bond Registrar of written notice to the effect that DTC has determined to substitute a
new nominee in place of Cede, and subject to the provisions in Section 4 hereof with respect to
the payment of interest to the registered owners of Bonds at the close of business on the 15th day
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of the month next preceding the applicable interest payment date, the name "Cede" in this
Ordinance shall refer to such new nominee of DTC.
In the event that (i) the Village determines that DTC is incapable of discharging its
responsibilities described herein and in the Representation Letter, (ii) the agreement among the
Village, the Bond Registrar and DTC evidenced by the Representation Letter shall be terminated
for any reason or (iii) the Village determines that it is in the best interests of the beneficial
owners of the Bonds that they be able to obtain certificated Bonds, the Village shall notify DTC
and DTC Participants of the availability through DTC of certificated Bonds and the Bonds shall
no longer be restricted to being registered in the Bond Register in the name of Cede, as nominee
of DTC. At that time, the Village may determine that the Bonds shall be registered in the name
of and deposited with such other depository operating a universal book-entry system, as may be
acceptable to the Village, or such depository's agent or designee, and if the Village does not
select such alternate universal book-entry system, then the Bonds may be registered in whatever
name or names registered owners of Bonds transferring or exchanging Bonds shall designate, in
accordance with the provisions of Section 8 hereof.
Notwithstanding any other provisions of this Ordinance to the contrary, so long as any
Bond is registered in the name of Cede, as nominee of DTC, all payments with respect to
principal of and interest on such Bond and all notices with respect to such Bond shall be made
and given, respectively, in the name provided in the Representation Letter.
Section 10. Form of Bond. The Bonds shall be in substantially the form hereinafter set
forth; provided, however, that if the text of the Bonds is to be printed in its entirety on the front
side of the Bonds, then the second paragraph on the front side and the legend "See Reverse Side
for Additional Provisions" shall be omitted and the text of paragraphs set forth for the reverse
side shall be inserted immediately after the first paragraph.
-15-
[FORM OF BOND - FRONT SIDE]
REGISTERED
No.
REGISTERED
$
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF COOK
VILLAGE OF MOUNT PROSPECT
[TAXABLE] GENERAL OBLIGATION [REFUNDING] BOND, SERIES 2009[B] [C]
See Reverse Side for
Additional Provisions.
Interest
Rate:
%
Maturity
Date: December 1,20_
Dated
Date: December 22, 2009 CUSIP:
Registered Owner:
Principal Amount:
DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the Village of Mount Prospect, Cook
County, Illinois, a municipality, home rule unit, and political subdivision of the State of Illinois
(the "Village "), hereby acknowledges itself to owe and for value received promises to pay to the
Registered Owner identified above, or registered assigns as hereinafter provided, on the Maturity
Date identified above (subject to the right of prior redemption as hereinafter stated), the Principal
Amount identified above and to pay interest (computed on the basis of a 360-day year of twelve
30-day months) on such Principal Amount from the later of the Dated Date of this Bond
identified above or from the most recent interest payment date to which interest has been paid or
duly provided for, at the Interest Rate per annum identified above, such interest to be payable on
June 1 and December 1 of each year, commencing June 1,2010, until said Principal Amount is
paid or duly provided for. The principal of or redemption price on this Bond is payable in lawful
money of the United States of America upon presentation hereof at the principal corporate trust
office of The Bank of New York Mellon Trust Company, National Association, Chicago,
Illinois, as paying agent (the "Paying Agent"). Payment of interest shall be made to the
Registered Owner hereof as shown on the registration books of the Village maintained by The
-16-
Bank of New York Mellon Trust Company, National Association, Chicago, Illinois, as bond
registrar (the "Bond Registrar "), at the close of business on the applicable Record Date (the
"Record Date JI). The Record Date shall be the 15th day of the month next preceding of any
regular or other interest payment date occurring on the 1 st day of any month and 15 days
preceding any interest payment date occasioned by the redemption of Bonds on other than the
1 st day of a month. Interest shall be paid by check or draft of the Paying Agent, payable upon
presentation in lawful money of the United States of America, mailed to the address of such
Registered Owner as it appears on such registration books or at such other address furnished in
writing by such Registered Owner to the Bond Registrar, or as otherwise agreed by the Village
and Cede & Co., as nominee, or successor, for so long as this Bond is held by The Depository
Trust Company, New York, New York, the depository, or nominee, in book-entry only form as
provided for same.
Reference is hereby made to the further provisions of this Bond set forth on the reverse
hereof, and such further provisions shall for all purposes have the same effect as if set forth at
this place.
It is hereby certified and recited that all conditions, acts and things required by the
Constitution and Laws of the State of Illinois to exist or to be done precedent to and in the
issuance of this Bond, including the authorizing Act, have existed and have been properly done,
happened and been performed in regular and due form and time as required by law; that the
indebtedness of the Village, represented by the Bonds, and including all other indebtedness of
the Village, howsoever evidenced or incurred, does not exceed any constitutional or statutory or
other lawful limitation; and that provision has been made for the collection of a direct annual tax,
in addition to all other taxes, on all of the taxable property in the Village sufficient to pay the
-17-
interest hereon as the same falls due and also to pay and discharge the principal hereof at
maturity.
[THE VILLAGE HAS DESIGNATED THIS BOND AS A "QUALIFIED TAX-ExEMPT OBLIGATION"
PURSUANT TO SECTION 265(b )(3) OF THE INTERNAL REVENUE CODE OF 1986.]
This Bond shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the ~ond Registrar.
IN WITNESS WHEREOF the Village of Mount Prospect, Cook County, Illinois, by its
President and Board of Trustees, has caused this Bond to be executed by the manual or duly
authorized facsimile signature of its President and attested by the manual or duly authorized
facsimile signature of its Village Clerk and its corporate seal or a facsimile thereof to be
impressed or reproduced hereon, all as appearing hereon and as of the Dated Date identified
above.
President, Village of Mount Prospect,
Cook County, Illinois
ATTEST:
Village Clerk, Village of Mount Prospect,
Cook County, Illinois
[SEAL]
-18-
Date of Authentication:
,20_
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds described in the within-mentioned Ordinance and is one of
the [Taxable] General Obligation [Refunding] Bonds, Series 2009[B] [C], of the Village of
Mount Prospect, Cook County, Illinois.
THE BANK OF NEW YORK MELLON TRUST
COMPANY, NATIONAL ASSOCIATION,
as Bond Registrar
By
Authorized Officer
Bond Registrar and Paying Agent:
The Bank of New York Mellon Trust
Company, National Association,
Chicago, Illinois
-19-
[FORM OF BOND - REVERSE SIDE]
This bond is one of a series of bonds (the "Bonds") in the aggregate principal amount of
$ issued by the Village for the purpose of [paying the costs of the Project] [paying the
costs of refunding certain bonds previously issued] and paying expenses incidental thereto, all as
described and defined in the ordinance authorizing the Bonds (the "Ordinance "), pursuant to and
in all respects in compliance with the applicable provisions of the Illinois Municipal Code, as
supplemented and amended, and as further supplemented and, where necessary, superseded, by
the powers of the Village as a home rule unit under the provisions of Section 6 of Article VII of
the Illinois Constitution of 1970 (such code and powers collectively, being the "Act "), and with
the Ordinance, which has been duly passed by the President and Board of Trustees of the Village
and approved by the President.
This Bond may be transferred or exchanged, but only in the manner, subject to the
limitations, and upon payment of the charges as set forth in the Ordinance. Upon surrender for
transfer or exchange of this Bond at the principal corporate trust office of the Bond Registrar,
duly endorsed by or accompanied by a written instrument or instruments of transfer or exchange
in form satisfactory to the Bond Registrar and duly executed by the Registered Owner or an
attorney for such owner duly authorized in writing, the Village shall execute and the Bond
Registrar shall authenticate, date and deliver in the name of the transferee or transferees or, in the
case of an exchange, the Registered Owner, a new fully registered Bond or Bonds of like tenor,
of the same maturity, bearing the same interest rate, of authorized denominations, for a like
aggregate principal amount.
The Bond Registrar shall not be required to transfer or exchange any Bond during the
period from the close of business on the Record Date for an interest payment to the opening of
business on such interest payment date or during the period of 15 days preceding the giving of
-20-
notice of redemption of Bonds or to transfer or exchange any Bond all or a portion of which has
been called for redemption.
Certain of the Bonds are subject to optional [and mandatory] redemption as set forth in
the Ordinance. Notice of any such redemption shall be given by the Bond Registrar on behalf of
the Village as set forth in the Ordinance.
The Village, the Bond Registrar and the Paying Agent may deem and treat the Registered
Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on
account of principal hereof and interest due hereon and for all other purposes, and the Village,
the Bond Registrar and the Paying Agent shall not be affected by any notice to the contrary.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
I Here insert Social Security Nwnber,
Employer Identification Number or
other Identifying Number
(Name and Address of Assignee)
the within Bond and does hereby irrevocably constitute and appoint
as attorney to transfer the said Bond on the books kept for registration thereof with full power of
substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: The signature to this transfer and assignment must correspond with the name of the
Registered Owner as it appears upon the face of the within Bond in every particular,
without alteration or enlargement or any change whatever.
-21-
Section 11. Tax Levy. For the purpose of providing funds required to pay the interest on
the Bonds promptly when and as the same falls due, and to pay and discharge the principal
thereof at maturity, there is hereby levied upon all of the taxable property within the Village, in
the years for which any of the Bonds are outstanding, a direct annual tax sufficient for that
purpose; and there is hereby levied on all of the taxable property in the Village, in addition to all
other taxes, the following direct annual taxes (the Pledged Taxes as hereinabove defined):
FOR THE SERIES 2009B BONDS
FOR THE YEAR
A TAX SUFFICIENT TO PRODUCE THE DOLLAR SUM OF:
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$
$
$
$
$
$
$
$
$
$
$
$
for interest up to and including December 1, 2010
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
-22-
FOR THE YEAR
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
FOR THE SERIES 2009C BONDS
A TAX SUFFICIENT TO PRODUCE THE DOLLAR SUM OF:
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
for interest up to and including December 1, 2010
for interest
for interest
for interest
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest and principal
for interest
for interest
for interest
for interest
for interest
for interest and principal
The Pledged Taxes and other moneys on deposit in the Bond Fund shall be applied to pay the
principal of and interest on the Bonds.
Interest or principal coming due at any time when there are insufficient funds on hand
from the Pledged Taxes to pay the same shall be paid promptly when due from current funds on
hand in advance of the collection of the Pledged Taxes herein levied; and when the Pledged
Taxes shall have been collected, reimbursement shall be made to said funds in the amount so
advanced. The Village covenants and agrees with the purchasers and registered owners of the
Bonds that so long as any of the Bonds remain outstanding, the Village will take no action or fail
to take any action which in any way would adversely affect the ability of the Village to levy and
collect the foregoing tax levy. The Village and its officers will comply with all present and
-23-
future applicable laws in order to assure that the Pledged Taxes may be levied, extended and
collected as provided herein and deposited into the Bond Fund.
Whenever other funds from any lawful source are made available for the purpose of
paying any principal of or interest on the Bonds so as to enable the abatement of the taxes levied
herein for the payment of same, the Board shall, by proper proceedings, direct the deposit of
such funds into the Bond Fund and further shall direct the abatement of the taxes by the amount
so deposited. A certified copy or other notification of any such proceedings abating taxes may
then be filed with the County Clerk in a timely manner to effect such abatement.
Section 12. Filing with County Clerk. Promptly, as soon as this Ordinance becomes
effective, a copy hereof, certified by the Village Clerk of the Village shall be filed with the
County Clerk; and the County Clerk shall in and for each of the years 2009 to 2028, inclusive,
ascertain the rate percent required to produce the aggregate tax hereinbefore provided to be
levied in each of said years; and the County Clerk shall extend the same for collection on the tax
books in connection with other taxes levied in said years in and by the Village for general
corporate purposes of the Village; and in said years such annual tax shall be levied and collected
by and for and on behalf of the Village in like manner as taxes for general corporate purposes for
said years are levied and collected, and in addition to and in excess of all other taxes.
Section 13. Sale of Bonds,' Official Statement. The Bonds hereby authorized shall be
executed as in this Ordinance provided as soon after the passage hereof as may be, and thereupon
be deposited with the Treasurer of the Village, and be by said Treasurer delivered to the
Series 2009B Purchaser upon receipt of the Series 2009B Purchase Price, and the Series 2009C
Purchaser upon the receipt of the Series 2009C Purchase Price; the contracts for the sale of the
Bonds, as evidenced by an "Official Notice of Sale" and an "Official Bid Form" for each of the
Series 2009B Bonds and the Series 2009C Bonds (collectively, the "Purchase Contracts") are in
-24-
all respects ratified, approved and confirmed, it being hereby found and determined that the
Bonds have been sold at such price and bear interest at such rates that neither the true interest
cost (yield) nor the net interest rate received upon such sale exceed the maximum rate otherwise
authorized by Illinois law and that the Purchase Contracts are in the best interests of the Village
and that no person holding any office of the Village, either by election or appointment, is in any
manner financially interested directly in his own name or indirectly in the name of any other
person, association, trust or corporation, in the Purchase Contracts.
The use by the Purchaser of any Preliminary Official Statement and any final Official
Statement relating to the Bonds (the "Official Statement") is hereby ratified, approved and
authorized; the execution and delivery of the Official Statement is hereby authorized; and the
officers of the Board are hereby authorized to take any action as may be required on the part of
the Village to consummate the transactions contemplated by the Purchase Contracts, this
Ordinance, said Preliminary Official Statement, the Official Statement and the Bonds.
Section 14. Creation of Funds and Appropriations. The proceeds derived from the sale
of the Bonds shall be used as follows:
A. Accrued interest and premium, if any, on the Bonds shall be and is hereby
appropriated for the purpose of paying the first interest due on the Bonds, and to such end
is hereby ordered to be deposited into the "General Obligation Bonds, Series 2009B/C,
Bond Fund" (the "Bond Fund"), hereby created, which shall be the fund for the payment
of principal of and interest on the Bonds. Taxes received for the payment of the Bonds
shall be deposited into the Bond Fund and used solely and only for the purpose of paying
the Bonds. Interest received from investments on deposit in the Bond Fund shall be
retained therein as a credit against future deposits or transferred to such other fund as the
Board may from time to time determine.
The Pledged Taxes shall either be deposited into the Bond Fund and used solely
and only for paying the principal of and interest on the Bonds or be used to reimburse a
fund or account from which advances to the Bond Fund may have been made to pay
principal of or interest on the Bonds prior to receipt of Pledged Taxes. Interest income or
investment profit earned in the Bond Fund shall be retained in the Bond Fund for
payment of the principal of or interest on the Bonds on the interest payment date next
after such interest or profit is received or, to the extent lawful and as determined by the
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Board, transferred to such other fund as may be determined. The Village hereby pledges,
as equal and ratable security for the Bonds, all present and future proceeds of the Pledged
Taxes for the sole benefit of the registered owners of the Bonds, subject to the reserved
right of the Board to transfer certain interest income or investment profit earned in the
Bond Fund to other funds of the Village, as described in the preceding sentence.
B. The amount necessary from the proceeds of the Series 2009B Bonds,
together with other lawfully available funds of the Village as may be advisable for the
purpose, shall be used to provide for the Refunding and the payment of such expenses as
may be designated, pursuant to the provisions of the Escrow Agreement given to the
Escrow Agent, all in accordance with the provisions of such Escrow Agreement,
substantially in the form attached hereto as Exhibit A to this Ordinance, made a part
hereof by this reference, or with such changes therein as shall be approved by the officers
of the Village executing the Escrow Agreement, such execution to constitute evidence of
the approval of such changes, for the purpose of paying the principal of and interest on
the Refunded Bonds upon redemption hereof. The Board approves the form, terms and
provisions of the Escrow Agreement and directs the President and Village Clerk to
execute, attest, seal and deliver the Escrow Agreement in the name and on behalf of the
Village.
C. The balance of the proceeds of the Series 2009C Bonds shall be set aside in
a separate fund, hereby created, and designated as the "Project Fund" (the "Project
Fund"). Money in the Project Fund shall be used to pay all costs of the Project and all
costs and expenses incidental or allocable or related thereto, including all costs of
issuance of the Series 2009C Bonds. The Board reserves the right, as it becomes
necessary from time to time, to revise the list of expenditures hereinabove set forth, to
change priorities, to revise cost allocations between expenditures and to substitute
projects, in order to meet current needs of the Village; subject, however, to the tax
covenants set forth herein.
Section J 5. Use of Taxes Heretofore Levied. All proceeds received or to be received
from any taxes heretofore levied to pay principal and interest on the Refunded Bonds, including
the proceeds received or to be received from the taxes levied for the year 2008 for such purposes,
shall be used to pay the principal of and interest on the Refunded Bonds and to the extent that
such proceeds are not needed for such purpose because of the establishment of the escrow
referred to in Section 14 hereof, the same shall be deposited into the Bond Fund and used to pay
principal and interest on the Series 2009B Bonds in accordance with all of the provisions of this
Ordinance.
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Section 16. Non-Arbitrage and Tax-Exemption. The Series 2009C Bonds are not being
issued on a tax-exempt basis under the Internal Revenue Code of 1986, as amended (the
"Code "), and the Series 2009C Purchaser, by its acceptance of the Series 2009C Bonds,
acknowledges this fact and the interest rate on the Series 2009C Bonds has been established as a
taxable interest rate. This Section applies only to the Series 2009B Bonds and references to
"Bonds" in this Section are to the Series 2009B Bonds.
One purpose of this Section is to set forth various facts regarding the Bonds and to
establish the expectations of the Board and the Village as to future events regarding the Bonds
and the use of Bond proceeds. The certifications, covenants and representations contained herein
and at the time of the Closing are made on behalf of the Village for the benefit of the owners
from time to time of the Bonds. In addition to providing the certifications, covenants and
representations contained herein, the Village hereby covenants that it will not take any action,
omit to take any action or permit the taking or omission of any action within its control
(including, without limitation, making or permitting any use of the proceeds of the Bonds) if
taking, permitting or omitting to take such action would cause any of the Bonds to be an
arbitrage bond or a private activity bond within the meaning of the hereinafter defined Code or
would otherwise cause the interest on the Bonds to be included in the gross income of the
recipients thereof for federal income tax purposes. The Village acknowledges that, in the event
of an examination by the Internal Revenue Service of the exemption from federal income
taxation for interest paid on the Bonds, under present rules, the Village may be treated as a
"taxpayer" in such examination and agrees that it will respond in a commercially reasonable
manner to any inquiries from the Internal Revenue Service in connection with such an
examination. The Board and the Village certify, covenant and represent as follows:
1.1. Definitions. In addition to such other words and terms used and defined in
this Ordinance, the following words and terms used in this Section shall have the
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following meanings unless, in either case, the context or use clearly indicates another or
different meaning is intended:
"Affiliated Person" means any Person that (a) at any time during the six months
prior to the execution and delivery of the Bonds, (i) has more than five percent of the
voting power of the governing body of the Village in the aggregate vested in its directors,
officers, owners, and employees or, (ii) has more than five percent of the voting power of
its governing body in the aggregate vested in directors, officers, board members or
employees of the Village or (b) during the one-year period beginning six months prior to
the execution and delivery of the Bonds, (i) the composition of the governing body of
which is modified or established to reflect (directly or indirectly) representation of the
interests of the Village (or there is an agreement, understanding, or arrangement relating
to such a modification or establishment during that one-year period) or (ii) the
composition of the governing body of the Village is modified or established to reflect
(directly or indirectly) representation of the interests of such Person (or there is an
agreement, understanding, or arrangement relating to such a modification or
establishment during that one-year period).
"Bond Counsel" means Chapman and Cutler LLP or any other nationally
recognized firm of attorneys experienced in the field of municipal bonds whose opinions
are generally accepted by purchasers of municipal bonds.
"Capital Expenditures" means costs of a type that would be properly chargeable
to a capital account under the Code (or would be so chargeable with a proper election)
under federal income tax principles if the Village were treated as a corporation subject to
federal income taxation, taking into account the definition of Placed-in-Service set forth
herein.
"Closing" means the first date on which the Village is receiving the purchase
price for the Bonds.
"Code" means the Internal Revenue Code of 1986, as amended.
"Commingled Fund" means any fund or account containing both Gross Proceeds
and an amount in excess of $25,000 that are not Gross Proceeds if the amounts in the
fund or account are invested and accounted for, collectively, without regard to the source
of funds deposited in the fund or account. An open-ended regulated investment company
under Section 851 of the Code is not a Commingled Fund.
"Control" means the possession, directly or indirectly through others, of either of
the following discretionary and non-ministerial rights or powers over another entity:
(a) to approve and to remove without cause a controlling portion of the
governing body of a Controlled Entity; or
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(b) to require the use of funds or assets of a Controlled Entity for any
purpose.
"Controlled Entity" means any entity or one of a group of entities that is subject
to Control by a Controlling Entity or group of Controlling Entities.
"Controlled Group" means a group of entities directly or indirectly subject to
Control by the same entity or group of entities, including the entity that has Control of the
other entities.
"Controlling Entity" means any entity or one of a group of entities directly or
indirectly having Control of any entities or group of entities.
"Costs of Issuance" means the costs of issuing the Bonds, including underwriters'
discount and legal fees.
"De minimis Amount of Original Issue Discount or Premium" means with respect
to an obligation (a) any original issue discount or premium that does not exceed two
percent of the stated redemption price at maturity of the Bonds plus (b) any original issue
premium that is attributable exclusively to reasonable underwriter's compensation.
"Escrow Account" means the account established pursuant to the Escrow
Agreement.
"Escrow Agent" means The Bank of New York Mellon Trust Company, National
Association, Chicago, Illinois, as escrow agent under the Escrow Agreement.
"Escrow Agreement" means the agreement between the Escrow Agent and the
Village providing for the deposit in trust of certain Government Securities for the purpose
of refunding in advance of maturity the Refunded Bonds.
"External Commingled Fund" means a Commingled Fund in which the Village
and all members of the same Controlled Group as the Village own, in the aggregate, not
more than ten percent of the beneficial interests.
"GIC" means (a) any investment that has specifically negotiated withdrawal or
reinvestment provisions and a specifically negotiated interest rate and (b) any agreement
to supply investments on two or more future dates (e.g., a forward supply contract).
"Government Securities" means the obligations held and to be held under the
Escrow Agreement.
"Gross Proceeds" means amounts in the Bond Fund and the Escrow Account.
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"Net Sale Proceeds" means amounts actually or constructively received from the
sale of the Bonds reduced by any such amounts that are deposited in a reasonably
required reserve or replacement fund for the Bonds.
"Person" means any entity with standing to be sued or to sue, including any
natural person, corporation, body politic, governmental unit, agency, authority,
partnership, trust, estate, association, company, or group of any of the above.
"Placed-in-Service" means the date on which, based on all facts and
circumstances (a) a facility has reached a degree of completion that would permit its
operation at substantially its design level and (b) the facility is, in fact, in operation at
such level.
"Prior Bond Fund" means the fund or funds established in connection with the
issuance of the Prior Bonds to pay the debt service on the Prior Bonds.
"Prior Bond Proceeds" means amounts actually or constructively received from
the sale of the Refunded Bonds, including (a) amounts used to pay underwriters' discount
or compensation and accrued interest, other than accrued interest for a period not greater
than one year before the Refunded Bonds were issued but only if it is to be paid within
one year after the Refunded Bonds were issued and (b) amounts derived from the sale of
any right that is part of the terms of a Refunded Bond or is otherwise associated with a
Refunded Bond (e.g., a redemption right).
"Prior Bonds" means the Village's outstanding issues being refunded by the
Bonds, as more particularly described in the preambles hereof.
"Prior Project" means the facilities financed, directly or indirectly with the
proceeds of the Prior Bonds.
"Private Business Use" means any use of the Prior Project by any Person other
than a state or local government unit, including as a result of (i) ownership, (ii) actual or
beneficial use pursuant to a lease or a management, service, incentive payment, research
or output contract or (iii) any other similar arrangement, agreement or understanding,
whether written or oral, except for use of the Prior Project on the same basis as the
general public. Private Business Use includes any formal or informal arrangement with
any person other than a state or local governmental unit that conveys special legal
entitlements to any portion of the Prior Project that is available for use by the general
public or that conveys to any person other than a state or local governmental unit any
special economic benefit with respect to any portion of the Prior Project that is not
available for use by the general public.
"Qualified Administrative Costs oj Investments" means (a) reasonable, direct
administrative costs (other than carrying costs) such as separately stated brokerage or
selling commissions but not legal and accounting fees, recordkeeping, custody and
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similar costs; or (b) all reasonable administrative costs, direct or indirect, incurred by a
publicly offered regulated investment company or an External Commingled Fund.
"Qualified Tax Exempt Obligations" means (a) any obligation described in
Section 103(a) of the Code, the interest on which is excludable from gross income of the
owner thereof for federal income tax purposes and is not an item of tax preference for
purposes of the alternative minimum tax imposed by Section 55 of the Code; (b) an
interest in a regulated investment company to the extent that at least ninety-five percent
of the income to the holder of the interest is interest which is excludable from gross
income under Section 103 of the Code of any owner thereof for federal income tax
purposes and is not an item of tax preference for purposes of the alternative minimum tax
imposed by Section 55 of the Code; and (c) certificates of indebtedness issued by the
United States Treasury pursuant to the Demand Deposit State and Local Government
Series program described in 31 C.F.R. pt. 344.
"Rebate Fund" means the fund, if any, identified and defined in paragraph 4.1
herein.
"Rebate Provisions" means the rebate requirements contained in Section 148(f)
of the Code and in the Regulations.
"Refunded Bonds" means those certain Prior Bonds being refunded by the Bonds.
"Regulations" means United States Treasury Regulations dealing with the
tax-exempt bond provisions of the Code.
"Reimbursed Expenditures" means expenditures of the Village paid prior to
Closing to which Sale Proceeds or investment earnings thereon are or will be allocated.
"Sale Proceeds" means amounts actually or constructively received from the sale
of the Bonds, including (a) amounts used to pay underwriters' discount or compensation
and accrued interest, other than accrued interest for a period not greater than one year
before Closing but only if it is to be paid within one year after Closing and (b) amounts
derived from the sale of any right that is part of the terms of a Bond or is otherwise
associated with a Bond (e.g., a redemption right).
"Transferred Proceeds" means amounts actually or constructively received from
the sale of the Prior Bonds, plus investment earnings thereon, which have not been spent
prior to the date principal on the Refunded Bonds is discharged by the Bonds.
"Yield" means that discount rate which when used in computing the present value
of all payments of principal and interest paid and to be paid on an obligation (using
semiannual compounding on the basis of a 360-day year) produces an amount equal to
the obligation's purchase price (or in the case of the Bonds, the issue price as established
in paragraph 5.1 hereof), including accrued interest.
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"Yield Reduction Payment" means a rebate payment or any other amount paid to
the United States in the same manner as rebate amounts are required to be paid or at such
other time or in such manner as the Internal Revenue Service may prescribe that will be
treated as a reduction in Yield of an investment under the Regulations.
2.1. Purpose of the Bonds. The Bonds are being issued solely and exclusively
to refund in advance of maturity the Refunded Bonds in a prudent manner consistent with
the revenue needs of the Village. A breakdown of the sources and uses of funds is set
forth in Section 14 of this Ordinance. Except to pay the Refunded Bonds and except for
any accrued interest on the Bonds used to pay first interest due on the Bonds, no proceeds
of the Bonds will be used for the purpose of paying any principal of or interest on any
issue of bonds, notes, certificates or warrants or on any installment contract or other
obligation of the Village or for the purpose of replacing any funds of the Village used for
such purpose.
2.2. Bond Fund Investment. The investment earnings on the Bond Fund will be
spent to pay interest on the Bonds, or to the extent permitted by law, investment earnings
on amounts in the Bond Fund will be commingled with substantial revenues from the
governmental operations of the Village, and the earnings are reasonably expected to be
spent for governmental purposes within six months of the date earned. Interest earnings
on the Bond Fund have not been earmarked or restricted by the Corporate Authorities for
a designated purpose.
2.3. Reimbursement. None of the Sale Proceeds or investment earnings thereon
will be used for Reimbursed Expenditures.
2.4. Working Capital. All Sale Proceeds and investment earnings thereon will
be used, directly or indirectly, to pay principal of, interest on and redemption premium (if
any) on the Refunded Bonds, other than the following:
(a) payments of interest on the Bonds for the period commencing at
Closing and ending on the date one year after the date on which the Prior Project
is Placed-in-Service;
(b) Costs of Issuance and Qualified Administrative Costs of Investments;
(c) payments of rebate or Yield Reduction Payments made to the United
States under the Regulations;
(d) principal of or interest on the Bonds paid from unexpected excess
Sale Proceeds and investment earnings thereon; and
(e) investment earnings other than investment earnings on amounts held
under the Escrow Agreement that are commingled with substantial other revenues
and are expected to be allocated to expenditures within six months.
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2.5. Consequences of Contrary Expenditure. The Village acknowledges that if
Sale Proceeds and investment earnings thereon are spent other than as permitted by
paragraph 2.4 hereof, a like amount of then available funds of the Village will be treated
as unspent Sale Proceeds.
2.6. Investment of Bond Proceeds. No portion of the Bonds is being issued
solely for the purpose of investing a portion of Sale Proceeds or investment earnings
thereon at a Yield higher than the Yield on the Bonds.
2.7. No Grants. None of the Sale Proceeds or investment earnings thereon will
be used to make grants to any person.
2.8. Hedges. Neither the Village nor any member of the same Controlled
Group as the Village has entered into or expects to enter into any hedge (e.g., an interest
rate swap, interest rate cap, futures contract, forward contract or an option) with respect
to the Bonds or the Prior Bonds. The Village acknowledges that any such hedge could
affect, among other things, the calculation of Bond Yield under the Regulations. The
Internal Revenue Service could recalculate Bond Yield if the failure to account for the
hedge fails to clearly reflect the economic substance of the transaction.
The Village also acknowledges that if it acquires a hedging contract with an
investment element (including e.g., an off-market swap agreement, or any cap agreement
for which all or a portion of the premium is paid at, or before the effective date of the cap
agreement), then a portion of such hedging contract may be treated as an investment of
Gross Proceeds of the Bonds, and be subject to the fair market purchase price rules,
rebate and yield restriction. The Village agrees not to use proceeds of the Bonds to pay
for any such hedging contract in whole or in part. The Village also agrees that it will not
give any assurances to any Bond holder or any credit or liquidity enhancer with respect to
the Bonds that any such hedging contract will be entered into or maintained. The Village
recognizes that if a portion of a hedging contract is determined to be an investment of
gross proceeds, such portion may not be fairly priced even if the hedging contract as a
whole is fairly priced.
2.9. Internal Revenue Service Audits. The Village represents that the Internal
Revenue Service has not contacted the Village regarding the Prior Bonds or any other
obligations issued by or on behalf of the Village. To the best of the knowledge of the
Village, no such obligations of the Village are currently under examination by the
Internal Revenue Service.
2.10. Abusive Transactions. Neither the Village nor any member of the same
Controlled Group as the Village will receive a rebate or credit resulting from any
payments having been made in connection with the issuance of the Bonds or the advance
refunding of the Refunded Bonds.
3.1. Use of Proceeds. (a) The use of the Sale Proceeds and investment
earnings thereon and the funds held under this Ordinance at the time of Closing are
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described in Section 14 of this Ordinance. No Sale Proceeds will be used to pre-pay for
goods or services to be received over a period of years prior to the date such goods or
services are to be received. No Sale Proceeds or any investment earnings thereon will be
used to pay for or otherwise acquire goods or services from an Affiliated Person.
(b) Only the funds and accounts described in said Section will be funded at
Closing. There are no other funds or accounts created under this Ordinance, other than
the Rebate Fund if it is created as provided in paragraph 4.2 hereof.
(c) Principal of and interest on the Bonds will be paid from the Bond Fund.
(d) Any Costs of Issuance incurred in connection with the issuance of the Bonds
to be paid by the Village will be paid at the time of Closing.
3. 2. Purpose of Bond Fund. The Bond Fund will be used primarily to achieve a
proper matching of revenues and earnings with principal and interest payments on the
Bonds in each bond year. It is expected that the Bond Fund will be depleted at least once
a year, except for a reasonable carryover amount not to exceed the greater of (a) the
earnings on the investment of moneys in the Bond Fund for the immediately preceding
bond year or (b) 1/12th of the principal and interest payments on the Bonds for the
immediately preceding bond year.
3.3. The Prior Bonds. (a) As of the earlier of (i) the time of the Closing or
(ii) the date three years after the Prior Bonds were issued, all Prior Bond Proceeds
including investment earnings thereon, were completely spent to pay the costs of Capital
Expenditures.
(b) As of the date hereof, no Prior Bond Proceeds or money or property of any
kind (including cash) is on deposit in any fund or account, regardless of where held or the
source thereof, with respect to the Prior Bonds or any credit enhancement or liquidity
device relating to the foregoing, or is otherwise restricted to pay the Village's obligations
other than amounts on deposit in the Escrow Account.
(c) The Prior Bond Fund was used primarily to achieve a proper matching of
revenues and earnings with principal and interest payments on the Prior Bonds in each
bond year. The Prior Bond Fund was depleted at least once a year, except for a
reasonable carryover amount not to exceed the greater of (i) the earnings on the
investment of moneys in such account for the immediately preceding bond year or
(ii) one-twelfth (l/12th) of the principal and interest payments on the Prior Bonds.
(d) At the time the Prior Bonds were issued, the Village reasonably expected to
spend at least 85% of the proceeds (including investment earnings) of the Prior Bonds to
be used for non-refunding purposes for such purposes within three years of the date each
such issue was issued and such proceeds were so spent. Not more than 50% of the
proceeds of any such issue to be used for non-refunding purposes was invested in
investments having a substantially guaranteed Yield for four years or more.
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(e) The Refunded Bonds subject to redemption prior to maturity will be called
on the first optional redemption date of the Refunded Bonds.
(f) The Refunded Bonds do not include, directly or indirectly in a series, any
advance refunding obligations.
(g) The Village has not been notified that the Prior Bonds or any obligation
refunded by the Prior Bonds is under examination by the Internal Revenue Service, and
to the best of the Village's knowledge neither the Prior Bonds nor any obligation
refunded by the Prior Bonds is under examination by the Internal Revenue Service.
(h) The Village acknowledges that (i) the final rebate payment with respect to
the Prior Bonds may be required to be made sooner than if the refunding had not occurred
and (ii) the final rebate is due 60 days after the Prior Bonds are paid in full.
3.4. The Escrow Account. (a) The Escrow Account will be funded at the
Closing.
(b) The uninvested cash and anticipated receipts from the Government
Securities on deposit in the Escrow Account, without regard to any reinvestment thereof,
will be sufficient to pay, when due, principal and interest on the Refunded Bonds as such
become due and payable and to redeem the outstanding principal amount of any callable
Refunded Bonds on the first optional redemption date of such callable Refunded Bonds,
at the applicable redemption price thereof.
(c) Any moneys remaining on deposit in the Escrow Account upon the final
disbursement of funds sufficient to pay principal and interest of the Refunded Bonds shall
be transferred by the Escrow Agent to the Bond Fund to be used to pay interest on the
Bonds.
3.5. No Other Gross Proceeds. (a) Except for the Bond Fund and except for
investment earnings that have been commingled as described in paragraph 2.2 and any
credit enhancement or liquidity device related to the Bonds, after the issuance of the
Bonds, neither the Village nor any member of the same Controlled Group as the Village
has or will have any property, including cash, securities or any other property held as a
passive vehicle for the production of income or for investment purposes, that constitutes:
(i) Sale Proceeds;
(ii) amounts in any fund or account with respect to the Bonds (other than
the Rebate Fund);
(iii) Transferred Proceeds;
(iv) amounts that have a sufficiently direct nexus to the Bonds or to the
governmental purpose of the Bonds to conclude that the amounts would have
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been used for that governmental purpose if the Bonds were not used or to be used
for that governmental purpose (the mere availability or preliminary earmarking of
such amounts for a governmental purpose, however, does not itself establish such
a sufficient nexus);
(v) amounts in a debt service fund, redemption fund, reserve fund,
replacement fund or any similar fund to the extent reasonably expected to be used
directly or indirectly to pay principal of or interest on the Bonds or any amounts
for which there is provided, directly or indirectly, a reasonable assurance that the
amount will be available to pay principal of or interest on the Bonds or any
obligations under any credit enhancement or liquidity device with respect to the
Bonds, even if the Village encounters financial difficulties;
(vi) any amounts held pursuant to any agreement (such as an agreement to
maintain certain levels of types of assets) made for the benefit of the Bondholders
or any credit enhancement provider, including any liquidity device or negative
pledge (e.g., any amount pledged to pay principal of or interest on an issue held
under an agreement to maintain the amount at a particular level for the direct or
indirect benefit of holders of the Bonds or a guarantor of the Bonds); or
(vii) amounts actually or constructively received from the investment and
reinvestment of the amounts described in (i) or (ii) above.
(b) No compensating balance, liquidity account, negative pledge of property
held for investment purposes required to be maintained at least at a particular level or
similar arrangement exists with respect to, in any way, the Bonds or any credit
enhancement or liquidity device related to the Bonds.
(c) The term of the Bonds is not longer than is reasonably necessary for the
governmental purposes of the Bonds. The average reasonably expected remaining
economic life of the Prior Project is at least 12 years. The weighted average maturity of
the Bonds does not exceed 12 years and does not exceed 120 percent of the average
reasonably expected economic life of the Prior Project. The maturity schedule of the
Bonds (the "Principal Payment Schedule") is based on an analysis of revenues expected
to be available to pay debt service on the Bonds. The Principal Payment Schedule is not
more rapid (i.e., having a lower average maturity) because a more rapid schedule would
place an undue burden on tax rates and cause such rates to be increased beyond prudent
levels, and would be inconsistent with the governmental purpose of the Bonds as set forth
in paragraph 2.1 hereof.
4. J. Compliance with Rebate Provisions. The Village covenants to take such
actions and make, or cause to be made, all calculations, transfers and payments that may
be necessary to comply with the Rebate Provisions applicable to the Bonds. The Village
will make, or cause to be made, rebate payments with respect to the Bonds in accordance
with law.
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4.2. Rebate Fund. The Village is hereby authorized to create and establish a
special fund to be known as the Rebate Fund (the "Rebate Fund"), which, if created,
shall be continuously held, invested, expended and accounted for in accordance with this
Ordinance. Moneys in the Rebate Fund shall not be considered moneys held for the
benefit of the owners of the Bonds. Except as provided in the Regulations, moneys in the
Rebate Fund (including earnings and deposits therein) shall be held in trust for payment
to the United States as required by the Rebate Provisions and by the Regulations and as
contemplated under the provisions of this Ordinance.
4.3. Records. The Village agrees to keep and retain or cause to be kept and
retained for the period described in paragraph 7.9 adequate records with respect to the
investment of all Gross Proceeds and amounts in the Rebate Fund. Such records shall
include: (a) purchase price; (b) purchase date; (c) type of investment; (d) accrued interest
paid; (e) interest rate; (f) principal amount; (g) maturity date; (h) interest payment date;
(i) date of liquidation; and G) receipt upon liquidation.
If any investment becomes Gross Proceeds on a date other than the date such
investment is purchased, the records required to be kept shall include the fair market
value of such investment on the date it becomes Gross Proceeds. If any investment is
retained after the date the last Bond is retired, the records required to be kept shall
include the fair market value of such investment on the date the last Bond is retired.
Amounts or investments will be segregated whenever necessary to maintain these
records.
4.4. Fair Market Value; Certificates of Deposit and Investment Agreements.
The Village will continuously invest all amounts on deposit in the Rebate Fund, together
with the amounts, if any, to be transferred to the Rebate Fund, in any investment
permitted under this Ordinance. In making investments of Gross Proceeds or of amounts
in the Rebate Fund the Village shall take into account prudent investment standards and
the date on which such moneys may be needed. Except as provided in the next sentence,
all amounts that constitute Gross Proceeds and all amounts in the Rebate Fund shall be
invested at all times to the greatest extent practicable, and no amounts may be held as
cash or be invested in zero yield investments other than obligations of the United States
purchased directly from the United States. In the event moneys cannot be invested, other
than as provided in this sentence due to the denomination, price or availability of
investments, the amounts shall be invested in an interest bearing deposit of a bank with a
yield not less than that paid to the general public or held uninvested to the minimum
extent necessary.
Gross Proceeds and any amounts in the Rebate Fund that are invested in
certificates of deposit or in GIes shall be invested only in accordance with the following
prOVISIons:
(a) Investments in certificates of deposit of banks or savings and loan
associations that have a fixed interest rate, fixed payment schedules and
substantial penalties for early withdrawal shall be made only if either (i) the Yield
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on the certificate of deposit (A) is not less than the Yield on reasonably
comparable direct obligations of the United States and (B) is not less than the
highest Yield that is published or posted by the provider to be currently available
from the provider on reasonably comparable certificates of deposit offered to the
public or (ii) the investment is an investment in a OIC and qualifies under
paragraph (b) below.
(b) Investments in OICs shall be made only if
(i) the bid specifications are in writing, include all material terms
of the bid and are timely forwarded to potential providers (a term is
material if it may directly or indirectly affect the yield on the OIC);
(ii) the terms of the bid specifications are commercially reasonable
(a term is commercially reasonable if there is a legitimate business
purpose for the term other than to reduce the yield on the OIC);
(iii) all bidders for the OIC have equal opportunity to bid so that,
for example, no bidder is given the opportunity to review other bids (a last
look) before bidding;
(iv) any agent used to conduct the bidding for the OIC does not bid
to provide the OIC;
(v) at least three of the providers solicited for bids for the OIC are
reasonably competitive providers of investments of the type purchased
(i.e., providers that have established industry reputations as competitive
providers of the type of investments being purchased);
(vi) at least three of the entities that submit a bid do not have a
financial interest in the Bonds;
(vii) at least one of the entities that provided a bid is a reasonably
competitive provider that does not have a financial interest in the Bonds;
(viii) the bid specifications include a statement notifying potential
providers that submission of a bid is a representation that the potential
provider did not consult with any other provider about its bid, that the bid
was determined without regard to any other formal or informal agreement
that the potential provider has with the Village or any other person
(whether or not in connection with the Bonds) and that the bid is not being
submitted solely as a courtesy to the Village or any other person for
purposes of satisfying the federal income tax requirements relating to the
bidding for the OIC;
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(ix) the determination of the terms of the OIC takes into account
the reasonably expected deposit and drawdown schedule for the amounts
to be invested;
(x) the highest-yielding OIC for which a qualifying bid is made
(determined net of broker's fees) is in fact purchased; and
(xi) the obligor on the OIC certifies the administrative costs that it
is paying or expects to pay to third parties in connection with the OIC.
(c) If a OIC is purchased, the Village will retain the following records
with its bond documents until three years after the Bonds are redeemed in their
entirety:
(i) a copy of the GIC;
(ii) the receipt or other record of the amount actually paid for the
OIC, induding a record of any administrative costs paid, and the
certification under subparagraph (b)(xi) of this paragraph;
(iii) for each bid that is submitted, the name of the person and entity
submitting the bid, the time and date of the bid, and the bid results; and
(iv) the bid solicitation form and, if the terms of the GIC deviated
from the bid solicitation form or a submitted bid is modified, a brief
statement explaining the deviation and stating the purpose for the
deviation.
Moneys to be rebated to the United States shall be invested to mature on or prior
to the anticipated rebate payment date. All investments made with Gross Proceeds or
amounts in the Rebate Fund shall be bought and sold at fair market value. The fair
market value of an investment is the price at which a willing buyer would purchase the
investment from a willing seller in a bona fide, arm's length transaction. Except for
investments specifically described in this Section and United States Treasury obligations
that are purchased directly from the United States Treasury, only investments that are
traded on an established securities market, within the meaning of regulations promulgated
under Section 1273 of the Code, will be purchased with Gross Proceeds. In general, an
"established securities market" includes: (i) property that is listed on a national securities
exchange, an interdealer quotation system or certain foreign exchanges; (ii) property that
is traded on a Commodities Futures Trading Commission designated board of trade or an
interbank market; (iii) property that appears on a quotation medium; and (iv) property for
which price quotations are readily available from dealers and brokers. A debt instrument
is not treated as traded on an established market solely because it is convertible into
property which is so traded.
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An investment of Gross Proceeds in an External Commingled Fund shall be made
only to the extent that such investment is made without an intent to reduce the amount to
be rebated to the United States Government or to create a smaller profit or a larger loss
than would have resulted if the transaction had been at arm's length and had the rebate or
Yield restriction requirements not been relevant to the Village. An investment of Gross
Proceeds shall be made in a Commingled Fund other than an External Commingled Fund
only if the investments made by such Commingled Fund satisfy the provisions of this
paragraph.
A single investment, or multiple investments awarded to a provider based on a
single bid may not be used for funds subject to different rules relating to rebate or yield
restriction.
The foregoing provisions of this paragraph satisfy various safe harbors set forth in
the Regulations relating to the valuation of certain types of investments. The safe harbor
provisions of this paragraph are contained herein for the protection of the Village, who
has covenanted not to take any action to adversely affect the tax-exempt status of the
interest on the Bonds. The Village will contact Bond Counsel if it does not wish to
comply with the provisions of this paragraph and forego the protection provided by the
safe harbors provided herein.
4.5. Arbitrage Elections. The President, Village Clerk and Village Treasurer
are hereby authorized to execute one or more elections regarding certain matters with
respect to arbitrage. The Village hereby waives its right to invest the Escrow Account
above the yield on the Bonds.
5.1. Issue Price. For purposes of determining the Yield on the Bonds, the
purchase price of the Bonds is equal to the first offering price (including accrued interest)
at which the Purchaser sold at least ten percent of the principal amount of each maturity
of the Bonds to the public (excluding bond houses, brokers or similar persons or
organizations acting in the capacity of underwriters, placement agents or wholesalers).
All of the Bonds have been the subject of a bona fide initial offering to the public
(excluding bond houses, brokers, or similar persons or organizations acting in the
capacity of underwriters, placement agents or wholesalers) at prices equal to those set
forth in the Official Statement. Based upon prevailing market conditions, such prices are
not less than the fair market value of each Bond as of the sale date for the Bonds.
5.2. Yield Limits. Except as provided in paragraph (a) or (b), all Gross Proceeds
shall be invested at market prices and at a Yield (after taking into account any Yield
Reduction Payments) not in excess of the Yield on the Bonds.
The following may be invested without Yield restriction:
(a) amounts on deposit in the Bond Fund (except for capitalized interest) that
have not been on deposit under the Ordinance for more than 13 months, so long as the
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Bond Fund continues to qualify as a bona fide debt serVIce fund as described III
paragraph 3.2 hereof;
(b) (i) An amount not to exceed the lesser of $100,000 or five percent of the
Sale Proceeds;
(ii) amounts invested in Qualified Tax Exempt Obligations (to the extent
permitted by law and this Ordinance);
(iii) amounts in the Rebate Fund;
(iv) all amounts other than Sale Proceeds for the first 30 days after they
become Gross Proceeds; and
(V) all amounts derived from the investment of Sale Proceeds or
investment earnings thereon other than those on deposit in the Escrow Account
for a period of one year from the date received.
5.3. Yield Limits on Prior Bond Proceeds. Except for an amount not to exceed
the lesser of $100,000 or five percent of Prior Bond Proceeds, the Village acknowledges
that all Prior Bond Proceeds must be invested at market prices and at a Yield not in
excess of the Yield on the Prior Bonds.
5.4. Continuing Nature of Yield Limits. Except as provided in paragraph 7.10
hereof, once moneys are subject to the Yield limits of paragraph 5.2 hereof, such moneys
remain Yield restricted until they cease to be Gross Proceeds.
5.5. Federal Guarantees. Except for investments meeting the requirements of
paragraph 5.2(a) hereof and except for investments in the Escrow Account, investments
of Gross Proceeds shall not be made in (a) investments constituting obligations of or
guaranteed, directly or indirectly, by the United States (except obligations of the United
States Treasury or investments in obligations issued pursuant to Section 21 B( d)(3) of the
Federal Home Loan Bank, as amended (e.g., Refcorp Strips)); or (b) federally insured
deposits or accounts (as defined in Section 149(b)(4)(B) of the Code). Except as
otherwise permitted in the immediately prior sentence and in the Regulations, no portion
of the payment of principal or interest on the Bonds or any credit enhancement or
liquidity device relating to the foregoing is or will be guaranteed, directly or indirectly (in
whole or in part), by the United States (or any agency or instrumentality thereof),
including a lease, incentive payment, research or output contract or any similar
arrangement, agreement or understanding with the United States or any agency or
instrumentality thereof. No portion of the Gross Proceeds has been or will be used to
make loans the payment of principal or interest with respect to which is or will be
guaranteed (in whole or in part) by the United States (or any agency or instrumentality
thereof). Neither this paragraph nor paragraph 5.6 hereof applies to any guarantee by the
Federal Housing Administration, the Federal National Mortgage Association, the Federal
Home Loan Mortgage Corporation, the Government National Mortgage Association, the
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Student Loan Marketing Association or the Bonneville Power Administration pursuant to
the Northwest Power Act (16 U.S.C. 839d) as in effect on the date of enactment of the
Tax Reform Act of 1984.
5.6. Investments After the Expiration of Temporary Periods, Etc. Any amounts,
other than amounts in the Escrow Account, that are subject to the yield limitation in
Section 5.2 because Section 5.2(a) is not applicable and amounts not subject to yield
restriction only because they are described in Section 5.2(b) cannot be invested in
(i) federally insured deposits or accounts (as defined in Section 149(b)(4)(B) of the Code
or (ii) investments constituting obligations of or guaranteed, directly or indirectly, by the
United States (except obligations of the United States Treasury or investments in
obligations issued pursuant to Section 21B(d)(3) of the Federal Home Loan Bank Act, as
amended (e.g., Refcorp Strips).
6.1. Payment and Use Tests. (a) No more than five percent of the proceeds of
each issue of the Prior Bonds and investment earnings thereon were used, directly or
indirectly, in whole or in part, in any Private Business Use. The Village acknowledges
that, for purposes of the preceding sentence, Gross Proceeds used to pay costs of issuance
and other common costs (such as capitalized interest and fees paid for a qualified
guarantee or qualified hedge) or invested in a reserve or replacement fund must be ratably
allocated among all the purposes for which Gross Proceeds are being used.
(b) The payment of more than five percent of the principal of or the interest on
the Bonds or on each issue of the Prior Bonds considered separately will not be, directly
or indirectly (i) secured by any interest in (A) property used or to be used in any Private
Business Use or (B) payments in respect of such property or (ii) on a present value basis,
derived from payments (whether or not to the Village or a member of the same
Controlled Group as the Village) in respect of property, or borrowed money, used or to
be used in any Private Business Use.
(c) No more than the lesser of $5,000,000 or five percent of the sum of the
proceeds of each issue of the Prior Bonds and investment earnings thereon were used,
and no more than the lesser of $5,000,000 or five percent of the sum of the Sale Proceeds
and investment earnings thereon will be used, directly or indirectly, to make or finance
loans to any persons. The Village acknowledges that, for purposes of the preceding
sentence, Gross Proceeds used to pay costs of issuance and other common costs (such as
capitalized interest and fees paid for a qualified guarantee or qualified hedge) or invested
in a reserve or replacement fund must be ratably allocated among all the purposes for
which Gross Proceeds are being used.
(d) No user of the Prior Project other than a state or local governmental unit will
use more than five percent of such facilities, considered separately, on any basis other
than the same basis as the general public.
6.2. IR.S. Form 8038-0. The information contained in the Information Return
for Tax-Exempt Governmental Obligations, Form 8038-G, is true and complete. The
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Village will file Form 8038-G (and all other required information reporting forms) in a
timely manner.
6.3. Bank Qualification. (a) The Village hereby designates each of the Bonds
as a "qualified tax-exempt obligation" for the purposes and within the meaning of
Section 265(b)(3) of the Code. In support of such designation, the Village hereby
certifies that (i) none of the Bonds will be at anytime a "private activity bond" (as defined
in Section 141 of the Code) other than a "qualified 501(c)(3) bond" (as defined in
Section 145 of the Code), (ii) as of the date hereof in calendar year 2009, the Village has
not issued any tax-exempt obligations of any kind other than the General Obligation
Bonds, Series 2009 dated March 11, 2009 (the "Series 2009 Bonds") and the Bonds nor
have any tax-exempt obligations of any kind been issued on behalf of the Village and
(iii) not more than $30,000,000 of obligations of any kind (including the Series 2009
Bonds and the Bonds) issued by or on behalf of the Village during calendar year 2009
will be designated for purposes of Section 265(b )(3) of the Code.
(b) The Village is not subject to Control by any entity, and there are no entities
subject to Control by the Village.
(c) On the date hereof, the Village does not reasonably anticipate that for
calendar year 2009 it will issue any Section 265 Tax-Exempt Obligations (other than the
Series 2009 Bonds and the Bonds), or that any Section 265 Tax-Exempt Obligations will
be issued on behalf of it. "Section 265 Tax-Exempt Obligations" are obligations the
interest on which is excludable from gross income of the owners thereof under
Section 103 of the Code, except for private activity bonds other than qualified 501(c)(3)
bonds, both as defined in Section 141 of the Code. The Village will not issue or permit
the issuance on behalf of it or by any entity subject to Control by the Village (which may
hereafter come into existence) of Section 265 Tax-Exempt Obligations (including the
Series 2009 Bonds and the Bonds) that exceed the aggregate amount of $30,000,000
during calendar year 2009 unless it first obtains an opinion of Bond Counsel to the effect
that such issuance will not adversely affect the treatment of the Bonds as "qualified
tax-exempt obligations" for the purposes and within the meaning of Section 265(b)(3) of
the Code.
7.1. Termination; Interest of Village in Rebate Fund. The terms and provisions
set forth in this Section shall terminate at the later of (a) 75 days after the Bonds have
been fully paid and retired or (b) the date on which all amounts remaining on deposit in
the Rebate Fund, if any, shall have been paid to or upon the order of the United States
and any other payments required to satisfy the Rebate Provisions of the Code have been
made to the United States. Notwithstanding the foregoing, the provisions of
paragraphs 4.3, 4.4( c) and 7.9 hereof shall not terminate until the third anniversary of the
date the Bonds are fully paid and retired.
7. 2. Separate Issue. Since a date that is 15 days prior to the date of sale of the
Bonds by the Village to the Purchaser, neither the Village nor any member of the same
Controlled Group as the Village has sold or delivered any tax-exempt obligations other
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than the Bonds that are reasonably expected to be paid out of substantially the same
source of funds as the Bonds. Neither the Village nor any member of the same
Controlled Group as the Village will sell or deliver within 15 days after the date of sale of
the Bonds any tax-exempt obligations other than the Bonds that are reasonably expected
to be paid out of substantially the same source of funds as the Bonds.
7.3. No Sale of the Prior Project. (a) Other than as provided in the next
sentence, neither the Prior Project nor any portion thereof has been, is expected to be, or
will be sold or otherwise disposed of, in whole or in part, prior to the earlier of (i) the last
date of the reasonably expected economic life to the Village of the property (determined
on the date of issuance of the Bonds) or (ii) the last maturity date of the Bonds. The
Village may dispose of personal property in the ordinary course of an established
government program prior to the earlier of (i) the last date of the reasonably expected
economic life to the Village of the property (determined on the date of issuance of the
Bonds) or (ii) the last maturity of the Bonds, provided: (A) the weighted average
maturity of the Bonds financing the personal property is not greater than 120 percent of
the reasonably expected actual use of that property for governmental purposes; (B) the
Village reasonably expects on the issue date that the fair market value of that property on
the date of disposition will be not greater than 25 percent of its cost; (C) the property is
no longer suitable for its governmental purposes on the date of disposition; and (D) the
Village deposits amounts received from the disposition in a commingled fund with
substantial tax or other governmental revenues and the Village reasonably expects to
spend the amounts on governmental programs within six months from the date of the
commingling.
(b) The Village acknowledges that if property financed with the Prior Bonds is
sold or otherwise disposed of in a manner contrary to (a) above, such sale or disposition
may constitute a "deliberate action" within the meaning of the Regulations that may
require remedial actions to prevent the Bonds from becoming private activity bonds. The
Village shall promptly contact Bond Counsel if a sale or other disposition of Bond-
financed property is considered by the Village.
7. 4. Purchase of Bonds by Village. The Village will not purchase any of the
Bonds except to cancel such Bonds.
7. 5. First Call Date Limitation. The period between the date of Closing and the
first call date of the Bonds is not more than 10-1/2 years.
7.6. Registered Form. The Village recognizes that Section 149(a) of the Code
requires the Bonds to be issued and to remain in fully registered form in order that
interest thereon be exempt from federal income taxation under laws in force at the time
the Bonds are delivered. In this connection, the Village agrees that it will not take any
action to permit the Bonds to be issued in, or converted into, bearer or coupon form.
7. 7. First Amendment. The Village acknowledges and agrees that it will not
use, or allow the Prior Project to be used, in a manner which is prohibited by the
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Establishment of Religion Clause of the First Amendment to the Constitution of the
United States of America or by any comparable provisions of the Constitution of the
State of Illinois.
. 7.8. Future Events. The Village acknowledges that any changes in facts or
expectations from those set forth herein may result in different Yield restrictions or rebate
requirements from those set forth herein. The Village shall promptly contact Bond
Counsel if such changes do occur.
7.9. Records Retention. The Village agrees to keep and retain or cause to be
kept and retained sufficient records to support the continued exclusion of the interest paid
on the Bonds from federal income taxation, to demonstrate compliance with the
covenants in this Ordinance and to show that all tax returns related to the Bonds
submitted or required to be submitted to the Internal Revenue Service are correct and
timely filed. Such records shall include, but are not limited to, basic records relating to
the Bond transaction (including this Ordinance and the Bond Counsel opinion);
documentation evidencing the expenditure of Bond proceeds; documentation evidencing
the use of Bond-financed property by public and private entities (i.e., copies of leases,
management contracts and research agreements); documentation evidencing all sources
of payment or security for the Bonds; and documentation pertaining to any investment of
Bond proceeds (including the information required under paragraphs 4.3 and 4.4 hereof
and in particular information related to the purchase and sale of securities, SLGs
subscriptions, yield calculations for each class of investments, actual investment income
received from the investment of proceeds, guaranteed investment contracts and
documentation of any bidding procedure related thereto and any fees paid for the
acquisition or management of investments and any rebate calculations). Such records
shall be kept for as long as the Bonds are outstanding, plus three (3) years after the later
of the final payment date of the Bonds or the final payment date of any obligations or
series of obligations issued to refund directly or indirectly all or any portion of the Bonds.
7.10. Permitted Changes; Opinion of Bond Counsel. The Yield restrictions
contained in paragraph 5.2 hereof or any other restriction or covenant contained herein
need not be observed or may be changed if such nonobservance or change will not result
in the loss of any exemption for the purpose of federal income taxation to which interest
on the Bonds is otherwise entitled and the Village receives an opinion of Bond Counsel
to such effect. Unless the Village otherwise directs, such opinion shall be in such form
and contain such disclosures and disclaimers as may be required so that such opinion will
not be treated as a covered opinion or a state or local bond opinion for purposes of
Treasury Department regulations governing practice before the Internal Revenue Service
(Circular 230) 31 C.F.R. pt. 10.
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7.11. Excess Proceeds. Gross Proceeds of the Bonds and investment earnings
thereon and all unspent Prior Bond Proceeds as of the date of Closing and investment
earnings thereon do not exceed by more than one percent of the Sale Proceeds of the
Bonds the amount that will be used for:
(i) payment of principal of or interest or call premium on the Refunded
Bonds or on bond issues refunded directly or indirectly with the proceeds of the
Prior Bonds;
(ii) payment of pre-issuance accrued interest on the Bonds and interest on
the Bonds that accrues for a period up to the completion date of any capital
project for which the prior issue was issued, plus one year;
(iii) payment of cost of issuance of the Bonds;
(iv) payment of administrative costs allocable to repaying the Refunded
Bonds, carrying and repaying the Bonds or investments of the Bonds;
(v) Prior Bond Proceeds that will be used or maintained for the
governmental purpose of the Refunded Bonds; and
(vi) interest on purpose investments.
7.12. Successors and Assigns. The terms, provisions, covenants and conditions
of this Section shall bind and inure to the benefit of the respective successors and assigns
of the Board and the Village.
7.13. Expectations. The Corporate Authorities have reviewed the facts, estimates
and circumstances in existence on the date of issuance of the Bonds. Such facts,
estimates and circumstances, together with the expectations of the Village as to future
events, are set forth in summary form in this Section. Such facts and estimates are true
and are not incomplete in any material respect. On the basis of the facts and estimates
contained herein, the Village has adopted the expectations contained herein. On the basis
of such facts, estimates, circumstances and expectations, it is not expected that Sale
Proceeds, investment earnings thereon or any other moneys or property will be used in a
manner that will cause the Bonds to be arbitrage bonds within the meaning of the Rebate
Provisions and the Regulations. Such expectations are reasonable and there are no other
facts, estimates and circumstances that would materially change such expectations.
The Village also agrees and covenants with the purchasers and holders of the Bonds from
time to time outstanding that, to the extent possible under Illinois law, it will comply with
whatever federal tax law is adopted in the future which applies to the Bonds and affects the
tax-exempt status of the Bonds.
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The Board hereby authorizes the officials of the Village responsible for issuing the
Bonds, the same being the President, Village Clerk and Treasurer of the Village, to make such
further covenants and certifications as may be necessary to assure that the use thereof will not
cause the Bonds to be arbitrage bonds and to assure that the interest on the Bonds will be exempt
from federal income taxation. In connection therewith, the Village and the Board further agree:
(a) through their officers, to make such further specific covenants, representations as shall be
truthful, and assurances as may be necessary or advisable; (b) to consult with counsel approving
the Bonds and to comply with such advice as may be given; (c) to pay to the United States, as
necessary, such sums of money representing required rebates of excess arbitrage profits relating
to the Bonds; (d) to file such forms, statements, and supporting documents as may be required
and in a timely manner; and (e) if deemed necessary or advisable by their officers, to employ and
pay fiscal agents, financial advisors, attorneys, and other persons to assist the Village in such
compliance.
Section 17. Elections Concerning the Series 2009C Bonds. The Village hereby makes
an irrevocable election to apply Section 54 AA of the Code and Subsection 54 AA(g) of the
Code to the Series 2009C Bonds and designates each of the Series 2009C Bonds as a "build
America bond" within the meaning of Section 54 AA( d) of the Code and as a "qualified bond"
within the meaning of Section 54 AA(g) of the Code. The Village recognizes that as a result of
these elections, interest on the Series 2009C Bonds shall be includable in gross income of the
owners thereof for federal income tax purposes and the owners of the Series 2009C Bonds will
not be entitled to any tax credits with respect to the Series 2009C Bonds under Section 54 AA of
the Code. The Village also recognizes that it must take certain future actions and omit other
future actions in order for the Series 2009C Bonds to remain "build America bonds." The
Village will only apply for tax credits under Section 6431 of the Code with respect to the
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Series 2009C Bonds if the Village has not taken and does not intend to take any action, and has
not omitted to take and does not intend to omit to take, any action or permit the taking or
omission of any action within its control (including, without limitation, making or permitting any
use of the proceeds of the Series 2009C Bonds or facilities financed therewith) if taking,
permitting or omitting to take such action would cause any of the Series 2009C Bonds to be an
arbitrage bond or a private activity bond within the meaning of the Code, or would otherwise
cause the Series 2009C Bonds to not be "build America bonds." The Village acknowledges that,
in the event of an examination by the Internal Revenue Service of the status of the Series 2009C
Bonds, under present rules, the Village may be treated as a "taxpayer" in such examination and
agrees that it will respond in a commercially reasonable manner to any inquiries from the
Internal Revenue Service in connection with such an examination. The Board hereby authorizes
the officials of the Village responsible for issuing the Series 2009C Bonds, the same being the
President, Village Clerk and Treasurer of the Village, to make such further covenants and
certifications regarding the specific use of the proceeds of the Series 2009C Bonds and as may be
necessary to assure that the use thereof will not cause the Series 2009C Bonds to be arbitrage
bonds and to assure that the Series 2009C Bonds will be "build America bonds" to the extent that
the Village desires such Series 2009C Bonds to be "build America bonds." In connection
therewith, the Village and the Board further agree: (a) through their officers, to make such
further specific covenants, representations as shall be truthful, and assurances as may be
necessary or advisable; (b) to consult with counsel approving the Series 2009C Bonds and to
comply with such advice as may be given; (c) to pay to the United States, as necessary, such
sums of money representing required rebates of excess arbitrage profits relating to the
Series 2009C Bonds; (d) to file such forms, statements, and supporting documents as may be
required and in a timely manner; and (e) if deemed necessary or advisable by their officers, to
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employ and pay fiscal agents, financial advisors, attorneys, and other persons to assist the
Village in such compliance.
Section 18. Registered Form. The Village recognizes that Section 149(a) of the Code
requires the Bonds to be issued and to remain in fully registered form and the Village agrees that
it will not take any action to permit the Bonds to be issued in, or converted into, bearer or coupon
form.
Section 19. Rights and Duties of Bond Registrar and Paying Agent. If requested by the
Bond Registrar or the Paying Agent, or both, any officer of the Village is authorized to execute
standard forms of agreements between the Village and the Bond Registrar or Paying Agent with
respect to the obligations and duties of the Bond Registrar or Paying Agent hereunder. In
addition to the terms of such agreements and subject to modification thereby, the Bond Registrar
and Paying Agent by acceptance of duties hereunder agree:
(a) to act as bond registrar, paying agent, authenticating agent, and transfer
agent as provided herein;
(b) as to the Bond Registrar, to maintain a list of Bondholders as set forth herein
and to furnish such list to the Village upon request, but otherwise to keep such list
confidential to the extent permitted by law;
(c) to give notice of redemption of Bonds as provided herein;
(d) as to the Bond Registrar, to cancel and/or destroy Bonds which have been
paid at maturity or submitted for exchange or transfer;
(e) as to the Bond Registrar, to furnish the Village at least annually a certificate
with respect to Bonds cancelled and/or destroyed; and
(f) to furnish the Village at least annually an audit confirmation of Bonds paid,
Bonds outstanding and payments made with respect to interest on the Bonds.
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The Village Clerk of the Village is hereby directed to file a certified copy of this
Ordinance with the Bond Registrar and the Paying Agent.
Section 20. Defeasance. Any Bond or Bonds which (a) are paid and cancelled,
(b) which have matured and for which sufficient sums been deposited with the Paying Agent to
pay all principal and interest due thereon, or (c) for which sufficient Defeasance Obligations
have been deposited with the Paying Agent or similar institution having trust powers to pay,
taking into account investment earnings on such obligations, all principal of and interest on such
Bond or Bonds when due .at maturity or as called for redemption, pursuant to an irrevocable
escrow or trust agreement, shall cease to have any lien on or right to receive or be paid from the
Pledged Taxes hereunder and shall no longer have the benefits of any covenant for the registered
owners of outstanding Bonds as set forth herein as such relates to lien and security of the
outstanding Bonds. All covenants relative to the Tax-exempt status of the Bonds; and payment,
registration, transfer, and exchange; are expressly continued for all Bonds whether outstanding
Bonds or not.
For purposes of this Section, "Defeasance Obligations" means (a) direct and general full
faith and credit obligations of the United States Treasury ("Directs "), (b) certificates of
participation or trust receipts comprised wholly of Directs or (c) other obligations
unconditionally guaranteed as to timely payment by the United States Treasury.
Section 21. Continuing Disclosure Undertaking. The President, Village Clerk or
Treasurer of the Village is hereby authorized, empowered and directed to execute and deliver a
Continuing Disclosure Undertaking under Section (b )(5) of Rule 15c2-12 adopted by the
Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as
amended (the "Continuing Disclosure Undertaking"). When the Continuing Disclosure
Undertaking is executed and delivered on behalf of the Village as herein provided, the
-50-
Continuing Disclosure Undertaking will be binding on the Village and the officers, employees
and agents of the Village, and the officers, employees and agents of the Village are hereby
authorized, empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of the Continuing
Disclosure Undertaking as executed. Notwithstanding any other provision of this Ordinance, the
sole remedies for failure to comply with the Continuing Disclosure Undertaking shall be the
ability of the beneficial owner of any Bond to seek mandamus or specific performance by court
order, to cause the Village to comply with its obligations under the Continuing Disclosure
Undertaking.
Section 22. Municipal Bond Insurance. In the event the payment of principal and
interest on the Bonds is insured pursuant to a municipal bond insurance policy (the "Municipal
Bond Insurance Policy") issued by a bond insurer (the "Bond Insurer"), and as long as such
Municipal Bond Insurance Policy shall be in full force and effect, the Village and the Bond
Registrar agree to comply with such usual and reasonable provisions regarding presentment and
payment of the Bonds, subrogation of the rights of the Bondholders to the Bond Insurer when
holding Bonds, amendment hereof, or other terms, as approved by the President of the Village on
advice of counsel, his or her approval to constitute full and complete acceptance by the Village
of such terms and provisions under authority of this Section.
Section 23. Severability. If any section, paragraph, clause or prOVlSlon of this
Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision
shall not affect any of the other provisions of this Ordinance.
Section 24. Repealer. All ordinances, resolutions or orders, or parts thereof, in conflict
with the provisions of this Ordinance are to the extent of such conflict hereby repealed.
-51-
Section 25. Superseder and Effective Date. All ordinances, resolutions, and orders, or
parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded; and this
Ordinance shall be in full force and effect immediately upon its passage and approval, and
publication as provided by law.
AYES:
NAYS:
ABSENT:
ADOPTED:
December 1,2009
ApPROVED: December _, 2009
President, Village of Mount Prospect
Cook County, Illinois
Recorded In Village Records: December 1,2009.
ATTEST:
Village Clerk, Village of Mount Prospect,
Cook County, Illinois
-52-
EXHIBIT A
December _,2009
The Bank of New York Mellon Trust
Company, National Association
2 North LaSalle Street
Suite 1020
Chicago, Illinois 60602
Re:
Village of Mount Prospect, Cook County, Illinois
General Obligation Refunding Bonds, Series 2009B
Ladies and Gentlemen:
The Village of Mount Prospect, Cook County, Illinois (the "Village "), by an ordinance
adopted by its President and Board of Trustees on the 1st day of December, 2009 (the "Bond
Ordinance "), has authorized the issue and delivery of $ General Obligation Refunding
Bonds, Series 2009B, dated October _,2009 (the "Bonds "). The Village has authorized by the
Bond Ordinance that proceeds of the Bonds be used to refund the Village's outstanding and
unpaid General Obligation Bonds, Series 2001, dated October 1, 2001 (the "Refunded Bonds"),
upon redemption thereof prior to maturity on
The Village will deposit with you $ from the proceeds of the Bonds and $_
from other funds of the Village and you are hereby instructed as follows with respect thereto:
1. Upon deposit, you are directed to purchase U.S. Treasury Securities State
and Local Government Series (Certificates of Indebtedness) (the "SLGs") in the amount
of $ with an interest rate of _ % and maturing on . You are
further instructed to fund a beginning cash escrow deposit on demand in the amount of
$_. The beginning deposit and the SLGs are to be held in an irrevocable trust fund
account (the "Trust Account") for the Village to the benefit of the holders of the
Refunded Bonds.
2. You shall hold the SLGs and interest income or profit derived therefrom and
all uninvested cash in the Trust Account for the sole and exclusive benefit of the holders
of the Refunded Bonds until redemption and payment of the Refunded Bonds on
_, is made.
3. You shall promptly collect the principal, interest or profit from the SLGs
and promptly remit $ of the same on _, to The Bank of
New York Mellon Trust Company, National Association, as successor to American
The Bank of New York Mellon Trust Company, National Association
December _, 2009
Page 2
National Bank and Trust Company of Chicago, Chicago, Illinois, as paying agent for the
Refunded Bonds (the "Paying Agent ").
4. You shall make no payment of fees, due or to become due, of the Paying
Agent or the bond registrar and paying agent on the Bonds or the Refunded Bonds. The
Village shall pay the same as they become due.
5. If at any time it shall appear to you that the available proceeds of the SLGs
and deposits on demand in the Trust Account will not be sufficient to pay the Refunded
Bonds, you shall notify the Village not later than five (5) days prior to any payment date,
and the Village shall make up the anticipated deficit from any funds legally available for
such purpose so that no default in the making of any such payment will occur.
6. That, upon final disbursement of funds sufficient to pay the Refunded Bonds
as hereinabove provided for, you shall transfer any remaining balance in the Trust
Account to the Village and thereupon this Agreement shall terminate.
Very truly yours,
VILLAGE OF MOUNT PROSPECT,
COOK COUNTY, ILLINOIS
By
President
Accepted this _ day of
,20_.
THE BANK OF NEW YORK MELLON TRUST
COMPANY, NATIONAL ASSOCIATION,
Chicago, Illinois
By
Its
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATION OF MINUTES AND ORDINANCE
I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk
of the Village of Mount Prospect, Cook County, Illinois (the "Village "), and as such official I
am the keeper of the official journal of proceedings, books, records, minutes and files of the
Village and of the President and Board of Trustees (the "Board") thereof.
I do further certify that the foregoing is a full, true and complete transcript of that portion
of the minutes of the meeting of the Board held on the 1 st day of December, 2009 insofar as the
same relates to the adoption of an ordinance, entitled:
AN ORDINANCE providing for the issuance of $ General
Obligation Bonds, Series 2009, of the Village of Mount Prospect,
Cook County, Illinois, and providing for the levy and collection of
a direct annual tax for the payment of the principal of and interest
on said bonds.
a true, correct and complete copy of which said ordinance as adopted at said meeting appears in
the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Board on the adoption of said ordinance
were conducted openly; that the vote on the adoption of said ordinance was taken openly; that
said meeting was called and held at a specified time and place convenient to the public; that
notice of said meeting was duly given to all of the news media requesting such notice; that an
agenda for said meeting was posted at the location where said meeting was held and at the
principal office of the Board 96 hours in advance of the holding of said meeting, that a true,
correct and complete copy of said agenda as so posted is attached hereto as Exhibit A, that said
meeting was called and held in strict compliance with the provisions of the Open Meetings Act
of the State of Illinois, as amended, and that the Board has complied with all of the provisions of
said Act and with all of the procedural rules of the Board in the adoption of said ordinance.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the Village
this 1st day of December, 2009.
Village Clerk
[SEAL]
[ATTACH EXHIBIT A]
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
CERTIFICATE OF FILING
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk
of The County of Cook, Illinois, and as such officer I do hereby certify that on the _ day of
December, 2009 there was filed in my office a properly certified copy of Ordinance
Number
passed by the President and Board of Trustees of the Village of Mount
Prospect, Cook County, Illinois, on the 1 st day of December, 2009 and entitled:
AN ORDINANCE providing for the issuance of $ General
Obligation Bonds, Series 2009, of the Village of Mount Prospect,
Cook County, Illinois, and providing for the levy and collection of
a direct annual tax for the payment of the principal of and interest
on said bonds.
and that the same has been deposited in, and all as appears from, the official files and records of
my office.
IN WITNESS WHEREOF I have hereunto affixed my official signature and the seal of The
County of Cook, Illinois, this _ day of December, 2009.
County Clerk of The County of Cook,
Illinois
[SEAL]
EXTRACT OF MINUTES of a regular public meeting of the President
and Board of Trustees of the Village of Mount Prospect, Cook
County, Illinois, held in the Village Board Room of the Village
Hall, located at 50 South Emerson Street, in said Village, at
7:00 p.m., on Tuesday, the 1st day of December, 2009.
The President, Irvana K. Wilks, called the meeting to order and directed the Village Clerk
of the Village to call the roll.
Upon roll call, the President and following Trustees answered present at said location:
The following Trustees were allowed by a majority of the members of the President and
Board of Trustees in accordance with and to the extent allowed by rules adopted by the President
and Board of Trustees to attend the meeting by video or audio conference:
No Trustee was not permitted to attend the meeting by video or audio conference.
The following Trustees were absent and did not participate in the meeting in any manner
or to any extent whatsoever:
Trustee
presented for a first reading, and made available
to the Trustees and interested members of the public complete copies of an ordinance entitled:
AN ORDINANCE providing for the issuance of $ General
Obligation Bonds, Series 2009, of the Village of Mount Prospect,
Cook County, Illinois, and provirting for the levy and collection of
a direct annual tax for the payment of the principal of and interest
on said bonds.
(the "Bond Ordinance ").
Trustee
moved and Trustee
seconded the
motion to waive the rule requiring two readings of an ordinance.
272308901 02 B (2)
2165579 LKG/EA
The President directed that the roll be called for a vote upon the motion to waive the rule
requiring two readings of an ordinance.
Upon the roll being called, the following Trustees voted AYE:
and the following Trustees voted NAY:
WHEREUPON, the President declared the motion carried.
Trustee moved and Trustee
seconded the
motion that the Bond Ordinance as presented be adopted.
A Board discussion of the matter followed. During the Board discussion, Trustee
gave a public recital of the nature of the matter, which included a
reading of the title of the Bond Ordinance and statements that (1) the Bond Ordinance provides
for the issuance of General Obligation Bonds to refund certain outstanding Bonds of the Village
and to construct and equip a replacement fire station, expand the public works facility and
relocate the emergency operations center, (2) the bonds are issuable without referendum pursuant
to the home rule powers of the Village, (3) the Bond Ordinance provides for the levy of taxes
sufficient to pay the bonds, and (4) the Bond Ordinance provides many details for the bonds,
including federal tax covenants, provision for terms and form of the bonds, and appropriations.
The President directed that the roll be called for a vote upon the motion to adopt the Bond
Ordinance.
Upon the roll being called, the following Trustees voted AYE:
and the following Trustees voted NAY:
-2-
WHEREUPON, the President declared the motion carried and the Bond Ordinance adopted,
and henceforth did approve and sign the same in open meeting, and did direct the Village Clerk
to record the same in full in the records of the President and Board of Trustees of the Village of
Mount Prospect, Cook County, Illinois.
Other business was duly transacted at said meeting.
Upon motion duly made and carried, the meeting adjourned.
Village Clerk
-3-
Village of Mount Prospect
Community Development Department
Mount Prospect
MEMORANDUM
FROM:
MICHAEL E. JANONIS, VillAGE MANAGER
DIRECTOR OF COMMUNITY DEVELOPMENT
TO:
DATE:
NOVEMBER 23, 2009
RANDHURST VillAGE - BUSINESS IMPROVEMENT DISTRIC
SUBJECT:
As part of the approval of the Randhurst Village Redevelopment Agreement on August 19, 2008, e
Village Board agreed to establish a Business Improvement District (BID) to fund a portion of the $ 50
million project. The BID is an economic development tool that enables the Village to initiate a sales tax
that is specific to the Randhurst Village property that can be used to improve the property. These funds
can be utilized to cover expenses related to the demolition of existing structures and construction of the
project. Prior to adopting the BID ordinances, the Village must hold two public hearings to provide
interested parties the opportunity to speak on this matter.
The Village initiated discussions with Casto regarding the proposed public/private partnership in 2007.
While the Village was encouraged by the redevelopment proposal, a key premise to considering any
public assistance for this project was that we must protect the sales tax revenue that currently is
generated by the property ($3.65 million in FY 2007). Therefore any public assistance would have to
be generated by new revenue produced by the redevelopment project. The BID sales tax is one of
several revenue sources that the Village pledged towards this project.
The attached term sheet provides greater detail of the proposed public financial participation. In
summary, the term sheet commits the Village to provide $25 million towards this project with funds that
are generated by the redevelopment. The funds would be pledged in non-recourse revenue bonds that
would be backed by the following five revenue sources:
1. A quarter percent Business District Retailer's Occupation Tax (new tax on Randhurst only);
2. Incremental local Distributive share of the sales taxes over $236.5 million (2007 base sales);
3. Hotel Tax (increase current rate Village-wide from 3% to 6%);
4. A 25 cent Amusement Tax on the sale of movie tickets (new Village-wide tax);
5. Food and Beverage Tax.
It is important to note that the proposed $25 million in revenues would only be paid if the above sources
generate this amount. The Village is not obliged to pay any monies from existing revenue sources or
from any future sources if the above taxes do not generate their projected amounts. In addition, the
Village will continue to receive the current amount of sales taxes generated by the property ($3.65
million) plus approximately $1 million annually in new home rule sales taxes. After the revenue bonds
are paid off, the Village will receive all revenues generated by Randhurst Village.
Please forward this memorandum and attachments to the Village Board for their review and
consideration at the December 1st meeting. Staff will present at that meeting to discuss this matter
further.
w.
William J. Cooney Jr.
Director of Community Development
CONFIDENTIAL
CLP/SPF Randhurst LLC
Village of Mount Prospect
CLP/SPF Randhurst LLCNillage of Mount Prospect
TERM SHEET
The joint venture of Casto and lP Morgan has formed a single purpose entity of which Casto is a managing
member, CLP/SPF Randhurst LLC (the "Developer"). The Developer intends to redevelop the 100 acre
parcel presently known as Randhurst Mall (the "Property") located at the intersection of Rand Rd.,
Kensington Ave., and Elmhurst Rd. in the Village of Mount Prospect (the "Village").
Developer is a Delaware limited liability company authorized to do business in the State of Illinois.
Casto Lifestyle Properties L.P.
401 North Cattlemen Road
Suite 108
Sarasota, FL 34232
Attn: Mr. Brett Hutchens
DLA Piper US LLP
203 N. LaSalle, Suite 1900
Chicago, IL 60601
Attn: Mr. Richard Klawiter and Ms. Aarti Kotak
Developer acquired and intends to redevelop the Property at a cost of approximately $154 million. The
Property will be developed as a "Lifestyle Center". The redevelopment will consist ofthe following
(collectively, the "Project"):
. Redesign and construction of the existing multi-tenant building in the center ofthe Property.
. Construction of a new theater which will anchor the lifestyle component
. Re-tenanting of portions of the Property
. Cause to be leased and constructed approximately 155,000 +/- square feet of newly
constructed retail.
. Cause to be constructed a 120 +/- room hotel
Term Sheet
1
CHG02\40245171.4
CONFIDENTIAL
CLP/SPF Randhurst LLC
Village of Mount Prospect
JP Morgan owned the Property. JP Morgan contributed the land into the entity constituting the Developer,
subject to the redevelopment moving forward on the terms set forth herein.
6i~~~t~~JJdsid~s'Si))1$tat
The Village will create a Business District corresponding to the boundaries of the Property, with the
exception of the Costco property, in accordance with the Business District Development and
Redevelopment Act, 65 ILCS 5/11 - 74.3 (the "Business District Act"). The Village agrees to hire an
independent consultant to establish the eligibility of the Business District, perform any required studies and
prepare any required plans, and cause all public hearings and Village Board meetings to be held as
required by the Business District Act. Once established, the Village agrees to impose up to a 0.25%
Business District Retailers' Occupation Tax (the "Business District Tax") generated by the Property sans
Costco.
The Village agrees to impose the following additional taxes:
· Increase the Village-wide hotel tax to 6% total
· hnpose an amusement tax on the sale of tickets to an entertainment event, including the sale of
movie theater tickets, in an amount of $0.25 per ticket.
The Village shall issue a one or more series of Business District and Sales Tax Revenue Bonds (the
"Bonds") and a Subordinate Note (the "Note") supported from the following pledges:
· 100% of the Business District Tax
· 100% of the Incremental Local Distributive Share of the Sales Taxes ("Incremental Sales Tax")
· 100% of the Hotel Tax generated by the Project ("Hotel Taxes")
· 100% of the Amusement Tax generated by the Project ("Amusement Taxes")
· 100% of the Food and Beverage Tax generated by the Project ("F&B Taxes")
Incremental Sales Taxes shall mean 100% of the Village's local distributive share of the Municipal
Retailers' Occupation Tax associated with sales in excess of$236.5 million annually ("Base Sales Tax").
The Note shall be issued as follows:
Term Sheet
2
CHG02\4024 5171. 4
CONFIDENTIAL
CLP/SPF Randhurst LLC
Village of Mount Prospect
A. Note (Taxable). The Village will issue one or more taxable notes (the "Taxable Note") to
Developer upon the closing of the redevelopment agreement (the "RDA") (the "Issuance Date") in an
aggregate initial principal amount equal to the amount of the eligible costs as delineated in the Business
District Plan which have been incurred by the Developer by the Issuance Date up to a maximum principal
amount of $25,000,000, as evidenced by a certificate provided by the Developer and approved by the Village
substantiating as much ("Certificate of Expenditure"). After the initial issuance of the Taxable Note, if the
principal balance of the Taxable Note is less than $25,000,000, then the principal balance ofthe Taxable Note
will be increased when the Village issues additional Certificate(s) of Expenditure, up to a maximum of
$25,000,000. Eligible costs will be certified by the Developer to, and approved by, the Village on the Issuance
Date and on a quarterly basis thereafter. Interest on the Taxable Note will accrue upon issuance at a rate equal
to the median value of the 10-year Treasury constant maturity as published in the daily Federal Reserve
Release for 15 business days prior to the Issuance Date plus 300 basis points (the "Taxable Note Interest
Rate") and will compound semi-annually. The Taxable Note shall be payable from the Business District Taxes
Incremental Sales Taxes, Hotel Taxes, F&B Taxes, and Amusement Taxes. The Taxable Note will begin to
accrue interest upon the closing of the RDA, but no payments will be made until the Certificate(s) of
Completion are issued as delineated below. The Taxable Note will have a first lien on the Business District
Taxes, Incremental Sales Taxes, Hotel Taxes, F&B Taxes, and Amusement Taxes. Upon issuance of the Bonds
( as hereinafter defmed), the lien of the Taxable Note will automatically subordinate to the liens of the Bonds
with respect to the pledged payments to that series of bond issuance. Any Bonds that are issued by the Village
will have a first lien on the pledged source of repayment to that Bond issuance. The Village may not prepay
the Taxable Note for a period of 10-years at anytime without the Developer's consent.
The principal value of the Taxable Note will be reduced by the net proceeds of the Bonds when issued (as
discussed below in 3C).
B. Assignment of Notes. The Taxable Note may be (i) assigned or pledged as collateral to any senior
lender holding the Taxable Note, or, following the issuance of Certificate of Completion 2, (ii) sold or assigned
to a qualified investor. Notwithstanding the foregoing, the Developer may transfer the Taxable Note at any
time to (i) any entity controlling, controlled by or under common control with Developer or (ii) any entity in
which the majority equity interest is owned by the parties that have a majority equity interest in Developer.
C. Revenue Bonds - Upon Developer's request, the Village shall issue at least two or more series of
revenue bonds (the "Bonds") in the amount required to yield up to $25 million in net proceeds (after
provision for debt service coverage, capitalized interest, debt service reserve fund, and closing costs) to retire
all or a portion of the Taxable Note. The source of repayment for the Bonds will be the Business District
Taxes, Incremental Sales Taxes, Amusement Taxes, F &B Taxes, and Hotel Taxes, which, when collected, are
allocated to and paid to the Treasurer of the Village for deposit by the Treasurer into the special tax allocation
fund specifically set up for the Project (the "Tax Allocation Fund").
The Village will issue one or more series of Business District revenue bonds that will have an amortization
schedule of up to 23-years as allowed by the Business District Act.
The Village will issue one or more series of Revenue Bonds supported by the Incremental Sales Taxes,
Amusement Taxes, F&B Taxes, and Hotel taxes that will have an amortization of up to 30-years.
Term Sheet
3
CHG02\40245171.4
CONFIDENTIAL
CLP/SPF Randhurst LLC
Village of Mount Prospect
To the extent issued, the Bonds will have fIrst lien on the Business District Taxes, Incremental Sales Taxes,
Hotel Taxes, F &B Taxes, and Amusement Taxes. Beginning on the date of issuance, the Village shall deposit
all Business District Taxes, Incremental Sales Taxes, Hotel Taxes, F&B Taxes, and Amusement Taxes into the
Tax Allocation Fund. .
The Bonds shall be issued by a qualifIed investment banker, chosen at the Village's sole discretion and
reasonably acceptable to Developer, upon the later of (i) the Developer's request, (ii) the determination that the
Bonds are marketable, and (iii) the issuance of CertifIcate of Completion 2. Typical market requirements are
as follows:
o A certain percentage of the Project shall be leased or sold to tenants, ground lessees and/or
purchasers.
o Developer and/or subsequent developers (in the case of a ground lease or pad sale) shall
have secured a binding commitment from a construction lender to provide funds to
construct the Project.
o Developer or subsequent developers (in the case of a ground lease or pad sale) shall have
entered into a lump sum agreement with a general contractor to construct the Project.
o The Village will need to pledge the coverage to the 30-year revenue bonds to pay the
principal down early after the call protection periods as may be required by the Village's
bond underwriter to maintain marketability.
The Village and Developer will make all reasonable efforts, to the extent possible, to ensure that the Bonds
will be exempt from federal taxation under the IRS code. However, it is anticipated that the Bonds
supported by the Business District Tax will not be tax-exempt.
The Village will reimburse Developer up to $25 million (exclusive of costs of issuance, capitalized
interest, and debt service reserve fund) applicable toward the following costs:
· Acquisition Payment - $20 million
· Hard Costs of New Construction - $49 million
· Site Preparation - $9.9 million
· Subsurface and Basement Structure Renovation - $10 million
· Tenant buyout costs (Steve and Barry's; Costco) - $1.75 million
To establish its right to reimbursement, Developer shall submit to the Village such documentation as may
be reasonably requested by the Village (including but not limited to lien waivers, cancelled checks, paid
invoices, etc.) verifying the costs Developer has incurred in connection with the Project. The Village shall
have 30 days after receipt of such information from Developer to recommend approval or disapproval of
such request for reimbursement and, if a request is disapproved, to provide Developer in writing a detailed
explanation as to why the Village will not or cannot recommend such reimbursement. Once approved,
Developer will be reimbursed within 7 days.
Term Sheet
4
CHG02\40245171.4
CONFIDENTIAL
CLP/SPF Randhurst LLC
Village of Mount Prospect
The following is an estimated timeline for the Project:
Acquisition of Center - Completed
Commencement of Construction - July, 2008
Completion of Construction - Summer, 2010
Developer will provide sufficient equity and construction fmancing so as to complete the Project as
contemplated herein
Upon the satisfaction of the following conditions, the Village shall issue certificates evidencing completion
of the Project:
Certificate of Completion 1 - Upon the closing of the RDA and fmal approval of the zoning and
entitlements, the Village shall issue an initial certificate of completion ("Certificate of Completion 1") and
will begin making payments to the Taxable Note from Business District Taxes. Additionally, one or more
series of Business District Tax Bonds shall be issued at Developer's request following the issuance of
Certificate of Completion 1.
Certificate of Completion 2 - A second certificate of completion ("Certificate of Completion 2") shall be
issued upon the occurrence of the following:
Developer shall have constructed and caused to be leased (or purchased) the following:
. Construction of the shell building of the theater and executed lease agreement with theater
operator
. Construction of 80% of the shell buildings of the new retail space, approximately 124,000 square
feet
. Executed leases with 50% of the new retail space, approximately 77,500 square feet
. Executed buyout ofthe Steve and Barry's lease (to be deemed completed in the Redevelopment
Agreement)
. Executed buyout of the existing Costco Sales Tax Rebate/Incentive Agreement in entirety
Upon issuance of Certificate of Completion 2, the Village will begin making payments from Incremental
Sales Taxes, Hotel Taxes, F&B Taxes, and Amusement Taxes to the Taxable Note. Additionally, one or
more series of Bonds shall be issued from a pledge of Incremental Sales Taxes, Hotel Taxes, F&B Taxes,
and Amusement Taxes at Developer's request.
Term Sheet
5
CHG02\40245171.4
CONFIDENTIAL
CLP/SPF Randhurst LLC
Village of Mount Prospect
The Village shall respond to Developer's request for both Certificates of Completion 1 and 2 within 15
days by issuing either such Certificate or a written statement detailing the ways in which the Project does
not confonn to the RDA and the measures which must betaken by Developer in order to obtaIn such
Certificate. The Village shall respond to, and process, Developer's request for either Completion
Certificate within said IS-day period or such Completion Certificate shall be deemed to have been issued.
The Village agrees to expeditiously review plans and specifications for the Project and approve or reject in
writing within 15 days. The Village agrees to provide written notice to Developer within the normal
course of their approval process, not to exceed 15 days. Material change orders made by Developer to the
Project shall be reported to the Village immediately by Developer.
The Village agrees to perform all necessary actions, including the passage of an inducement or intent
resolution, if needed, to preserve the eligibility of any costs associated with the creation of the Business
District and/or execution of the RDA.
Prior to execution of the RDA, Developer shall provide the Village with evidence of its fmancial
condition, evidence of a commitment to senior construction fmancing and equity fmancing to complete the
entire Project, a copy of the owner's title policy for the Property, DCC, tax and judgment searches, an
opinion of legal counsel regarding Developer's authority to enter into the RDA, a certificate of insurance
and other customary closing documents.
There are no bid requirements associated with the Project.
Developer may not merge, liquidate, or consolidate any of its development entities in a way that will
materially and adversely affect its ability to complete the Project until Certificate of Completion 2 has been
issued.
To be detennined by Developer.
Term Sheet
6
CHG02\40245171.4
CONFIDENTIAL
CLP/SPF Randhurst LLC
Village of Mount Prospect
Not applicable unless required by Developer's lender.
Developer will assist the Village in future bond issuances (where [mancial infonnation regarding
development impacts bonding) related to any future bonding on the Project. In no event shall Developer
be required to incur any out-of-pocket expenses.
The RDA will contain event of default provisions customary for real estate transactions.
Term Sheet
7
CHG02\40245171.4
..
LAUBE
COMPANIES
~~~'<M'I.tl~~~lI!M\"~'"'lf""t,..~
Business District Plan
For the
Randhurst Village Business District Area
"Mount Prospect Business District No.1"
Mount Prospect, Illinois
Preparedfor the Village of Mount Prospect
Village of Mount Prospect
Business District Plan
TABLE OF CONTENTS
I. Executive Summary 3
II. Redevelopment Area Description 4
III. Background of Site 4
N. Business District Area Goals and Zoning 6
V. Summary of Blighting Conditions 10
VI. Business District Redevelopment Project 11
VII. Conformance to Comprehensive Plan 16
VIII. Provisions for Amending the Plan 17
IX. Proposed Project, Approximate Location and Scheduling of Plan 18
X. Rate of Tax to be Imposed 19
XI. Lack of Growth Through Private Investment 20
XII. Conclusions 21
Appendix
· Table - Parcel Numbers
· Legal Description of the Area
· Boundary Map of the Area
· Legal Description of Parcel A
· Boundary Map of Parcel A
Laube Consulting Group
2
Village of Mount Prospect
Business District Plan
I. EXECUTIVE SUMMARY
The Village of Mount Prospect ('the Village") is dedicated to the continued growth and economic
development of the Village. The Village's ability to stimulate growth and development relies on
the creation and implementation of government poli~ies that will allow the Village to work with
the private sector to eliminate blighting conditions, enhance the tax base, and ensure sound
growth and development of property. Based upon the Village's establishment of this Business
District Area, it is understood that the Village recognizes the necessity of the relationship
between continued community growth and public participation. The blighting of communities
impairs the value of private investment and threatens the growth of the community's tax base.
Additionally, the Village understands the dangers associated with blighting factors and problems
arising from blighted conditions. Both of these statements are supported by the Village's
establishment of the Business District Area.
The Illinois General Assembly passed the Business District Development and Redevelopment
Act (65 lLes 5//1-74.3 et. seq.) (the "Act") to address the public interest with respect to the
enhancement of the tax base and elimination of blighting conditions in many Illinois
municipalities. The blighting of communities impairs the value of private investment and
threatens the growth ofthe community's tax base. The Act declares that it is in the economic and
social welfare of each municipality that blighting conditions be addressed, and economic
opportunity be garnered by assuring opportunities for development or redevelopment and
attracting sound and stable commercial growth.
The Village's Business District Redevelopment Plan (the "Plan") was developed to provide a
description of the necessary actions to address existing blighting conditions and attract sound and
stable commercial growth. The proposed Business District Area generally bounded by Euclid
Ave. to the north, Route 83 to the west, Kensington and Rand Rds. to the south and the mall
access road to the east. (Please see legal description and map in the Appendix.)
encompasses approximately 100 acres of land in the Village. From an economic perspective,
the implementation of the Plan through the use of Business District sales tax revenues should
stimulate private investment in the Business District Area (the "Area"). The combined public and
private investment should eliminate the blighting conditions that currently exist in the Area.
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Business District Plan
II. BUSINESS DISTRICT AREA DESCRIPTION
The Area encompasses approximately 100 acres ofland in the Village. The Area generally
bounded by Euclid Ave. to the north, Route 83 to the west, Kensington and Rand Rds. to the
south and the mall access road to the east, however, it excludes the Costco Parcels. (Please see
legal description and map in the Appendix.)
Based upon the former use of the Area, the current site conditions, and property history, it is
reasonable to assume that, without the establishment of a Business District and the use of a
Business District Sales Tax, the Area is not likely to develop.
III. BACKGROUND OF SITE
The original Randhurst Mall was designed by Victor Gruen, a pioneer of modem shopping mall
design. Unlike most shopping malls of the time, which were built in a straight line between two
anchoring department stores, Gruen's design was shaped like an equilateral triangle, with an
anchoring department store at each angle. Additional stores lined the sides of the triangle on two
levels: a conventional level and a level located half a floor below the first level (down a flight of
stairs), facing the first level. A floor of offices occupied the level 'above this "subfloor" of stores.
A ring of clerestory windows was mounted in a domed area over the center of the mall; mounted
just inside these windows were numerous stained glass windows in various oval and round ,
shapes, oriented in such a way as to cast beams of colored light into the mall itself. As the mall
was built at the height of the Cold War, it included a fallout shelter big enough to hold every
citizen of Mount Prospect.
At the time of its 1962 opening, the one million square foot Randhurst Mall had three major
department store anchors: Wieboldt's, Carson Pirie Scott, and The Fair. All three anchors had two
above-ground floors and a full basement. Of the three anchors, the Carson Pirie Scott anchor was
the most distinctive, featuring turquoise-colored accents at the entrances and multi-colored lights
around its perimeter. Other stores included Baskins, Charles A. Stevens, and Woolworth's. In
1965, Montgomery Ward purchased The Fair and renamed all its stores as Montgomery Ward;
Wards also built an auto service center at the perimeter of the mall. Randhurst would retain this
configuration well into the 1980s.
In 1985, then-owners the Rouse Corporation converted the upper sub-level of offices into a food
court - one of the first in the Chicago area - and more retail space; a complete conventional
second floor of retail space would be constructed by 1990. The "subfloor" of stores was also
made larger and easier to access. In 1987, the entire Wieboldt's chain went bankrupt and closed
their stores; Peoria" illinois-based Bergner's acquired the empty Randhurst location. Shortly
thereafter, Elgin-based specialty department store Joseph Spiess builta minor anchor (61,000 sq
ft.) next to the, Wieboldt's/Bergner's anchor, and Main Street added another minor anchor near the
Montgomery Ward anchor Gust before the chain was acquired by Kohl's). Spiess expanded too
rapidly and too late for the market; as a consequence of this, the chain went bankrupt, and the
store at Randhurst closed on January 31, 1992.
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Business District Plan
In 1990, Bergner's - which had acquired Carson Pirie Scott in 1989 - closed their Randhurst store,
allowing the Carson Pirie Scott anchor to move into the grander ex-Wieboldt's building while
JCPenney took over the former Carson Pirie Scott anchor. Wickes Furniture briefly occupied the
Spiess anchor, until Circuit City and Old Navy took over the space in 1995; meanwhile, a new
Filene's Basement junior anchor occupied the majority of the "subfloor." This brought Randhurst
to its greatest level of occupancy ever - three major alJ.chors and four 'unior anchors - and an all-
time pe . 4 000 s uare eet (130,000 m2 of retail space. .
The next ars, owever, would be muc more difficult for Randhu onstruction an
expansion of multiple shopping malls in the area, especially the improvements to Woodfield Mall
in nearby Schaumburg, devastated Randhurst's shopping base, as did the local population's
general change in shopping tastes. The mall's management tried to compensate by updating
mall's decor and adding new Jewel-Osco and Home Depot stores at the perimeter of the mall;
despite this, foot traffic fell, and stores began disappearing from the mall at a rapid rate. This
included the Filene's Basement minor anchor, which closed in 1999 (alo' oth
Chica o-area Filene's Basement stores).
The problems urstcontinued as one of Chicago's first lifestyle center,. eerPark
Center, opened in north suburban D:.;~er Park in 2000. This open-air shopping center became
increasingly popUlar and may have attracted patrons who would have otherwise traveled to.
Randhurstor nearby Woodfield. Meanwhile, Randhurst suffered the loss of its JCPenney an
Montgomery Ward anchors within months of each other in 2001; JCPenney had labeled the
Randhurst store as an "underperformer," while Chicago-based Montgomery Ward closed their
entire chain of stores and went out of business. In 2003, Kohl's moved its store to a space
formerly occupied by Venture near the corner of Elmhurst Road and Dempster Street on the south
end of Mount Prospect. Following the sudden departure of these three anchor tenants, many
stores inside the mall closed as well. The devastating loss of numerous tenants and anchors led
many to believe that Randhurst was about to become a dead mall.
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Business District Plan
IV. BUSINESS DISTRICT AREA GOALS AND ZONING
The Act encourages both public and private sector cooperation to address and resolve issues with
deteriorating and declining areas. The Act, as seen in its legislative intent, recognizes that the
physical and economic decline of properties impairs the value of private investment and threatens
the community's health, safety, and welfare and it is in the community's best interest to develop
or redevelop properties and attract sound and stable commercial growth. The continued
investment in and development of the Area will not only strengthen the Area, but the entire
Village through sound economic growth, an increased tax base, and additional employment
opportunities.
The Plan is based on the following redevelopment goals:
General Goals of the Village
· Restore and expand the tax base in order to maintain a high level of services, programs,
and facilities;
· Stimulate private investment;
· Encourage new development and expansion in an orderly manner;
· Encourage productive use of underutilized and vacant property;
· Restore and enhance the property-tax base within the Area;
· Encourage sales tax producing enterprises in the Area;
· Enhance the Village's image as a desirable place to live;
· Eliminate blighting conditions which prevent further development of the Area; and
· Utilize the parcels in the Area and surrounding area for a development that is in
conformance with their overall planning efforts.
To meet the goals and objectives of this Plan, the Village may acquire and assemble property
throughout the Project Area. Land assemblage by the Village may be by purchase, exchange,
donation, lease, eminent domain and may be for the purpose of (a) sale, lease or conveyance to
private developers, or (b) sale, lease, conveyance or dedication for the construction of public
improvements or facilities. As appropriate, the Village may devote acquired property to
temporary uses until such property is scheduled for disposition and development.
In connection with the Village exercising its power to acquire real property, including the
exercise of the power of eminent domain, under the Act in implementing the Plan, the Village
will follow procedures as required by Illinois law. Acquisition of such real property as may be
authorized by the Village Council does not constitute a change in the nature of this Plan.
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Business District Plan
Zoning for the Area
The area is currently zoned for as a B-3 Community Shopping Zone District. Additional land
uses are permitted by Ordinance No. 5705, an Ordinance granting a conditional use permit,
certain variations, and a special use for signage of property. Therefore, the zone provides for the
following uses:
. Accessory uses and structures, incidental to and on the same zoning lot as the permitted
use.
. Bakeries.
. Barbershops.
. Beauty shops.
. Candy and ice cream stores.
. Dressmakers.
. Drugstore.
. Dry-cleaning and laundry establishment.
. Flower store.
. Food store, grocery store, meat market and delicatessen.
. Gift shop.
. Hardware store.
. Laundromat, automatic, self-service only.
. Music or dance studio.
. Offices, business and professional.
. Restaurants, not including entertainment and dancing.
. Shoe and clothing repair shops.
. Variety stores.
. Wearing apparel shops.
. Wireless service facilities shall be permitted as set forth in subsection 14.313E ofthis
chapter.
. Accessory uses and buildings, incidental to and on the same zoning lot as the permitted
use.
. Antique shops.
. Art and school supply stores.
. Art and woodcraft studios.
. Art, sculptor, and composer studios.
. Art shops or galleries, but not including auction rooms.
. Automobile accessory stores.
. Banks and financial institutions.
. Bicycle sales, rental, and repair stores.
. Business machine sales and service.
. Camera and photographic supply stores.
. Carpet and rug stores, retail sales only.
. China and glassware stores.
. Clothing and costume rental stores.
. Clubs and lodges, nonprofit and fraternal.
. Coin and philatelic stores.
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Business District Plan
· Computer sales, service and accessories.
· Dairy products, retail sales.
· Department stores.
· Educational services:
· Schools: music, dance, business, commercial or business machine, but not trade schools
or vocational.
· Electrical and household appliance stores, including radio and television sales, and repair.
· Furniture stores, including upholstering when conducted as part of the retail operations
and secondary to. the principal use.
· Furrier shops.
· Hearing aid stores.
· Home improvement centers, not including outdoor storage.
· Household appliance stores.
· Interior decorating shops, including upholstering and making of draperies, slipcovers, and
other similar articles, when conducted as part of the retail operations and secondary to the
principal use.
· Jewelry stores, including watch repair.
· Lamp and lighting fixtures.
· Lawn and garden equipment and supply stores.
· Leather goods and luggage stores.
· Libraries, museums and art galleries, public.
· Liquor stores, packaged goods.
· Locksmith shops.
· Mail order, catalog store.
· Martial arts school.
· Medical and dental clinics.
· Municipal buildings.
· Music stores, including cassettes, compact discs, and accessories.
· Musical instrument sales and repair.
· Office machine sales and servicing.
· Office supply stores.
· Optician sales, retail and orthopedic and medical appliance stores.
· Paint, glass, and wallpaper stores.
· Party supply stores.
. Pet shops.
· Photography studios, including the developing of film and pictures when conducted as
part of the retail business on the premises.
· Picture framing.
· Post office.
· Printing and duplicating services.
· Radio and television sales, service, and repair.
· Recorded music and video rental stores.
· Repair, rental or servicing of any article, the sale of which is a permitted use in the
district.
· Restaurants, including entertainment, dancing, and outside dining areas subject to the
requirements of subsection 14.311B of this chapter.
· Schools (see Educational services).
· Secondhand stores and rummage shops.
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Business District Plan
. Sewing machine sales and service, household appliances only.
. Shoe stores.
. Sporting goods stores.
. Tailor shops.
. Tanning salon.
. Taverns and cocktail lounges.
. Telegraph offices.
. Theaters, indoor.
. Ticket agencies, amusement.
. Tobacco shops.
. Toy shops.
. Travel agencies.
. Watchman's quarters.
. Wireless service facilities
. Any other use as permitted by the zoning director or as may be amended in the zoning
code from time to time by action of the Plan Commission and Village Council
These general types of uses are consistent with the overall goals of the Area for the following
reasons:
. Through private investment in redevelopment, the tax base of the Area will increase.
. The increased tax base will generate additional incremental property tax revenues which
may be used to fund eligible project costs in accordance with the Plan.
. Through private investment and implementation of the Plan, it is reasonably anticipated
that the blighting factors will be eliminated.
. Through private investment, productive use of underutilized and vacant land will be
achieved.
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Business District Plan
v. SUMMARY OF BLIGHTING CONDITIONS EXISTING IN THE AREA
As set forth in the Act, the Illinois General Assembly has determined that, in order to promote
and protect the health, safety, morals, and welfare of the public, blighted conditions need to be
eradicated. The Act also states that the eradication of these blighted areas is essential to the
public interest.
Prior to the adoption of an ordinance adopting a Business District, there are certain statutory
requirements that must be met. One of the requirements for eligibility of the area is that the
municipality must demonstrate that the Area qualifies as a "blighted area". Based on site
inspections, surveys and area analysis, the Area qualifies for designation as a blighted area as
defmed in the Act.
We have examined all seven (7) parcels within the proposed Business District Area. Our finding
concludes that the Area on the whole contains 1 of 5 blighting factors. The one factor,
deterioration7 was found present to a major extent and was reasonably distributed throughout the
whole Area.
Please see the accompanying Eligibility Report for our detailed findings.
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Business District Plan
VI. BUSINESS DISTRICT REDEVELOPMENT PROJECT
This section presents the Plan to be implemented by the Village and prospective redevelopers of
the Area. The section is divided into the following subsections:
. Redevelopment Objectives
. Redevelopment Plan and Project Activities
. Estimated Redevelopment Project Costs
. Sources of Funds to Pay Obligations
. Issuance of Obligations
. Surplus Incremental Tax Revenue
Redevelopment Objectives
The following represent major redevelopment objectives of the Village:
. Enhance the Village's image as a desirable place to live;
. Expand the tax base in order to maintain a high level of services, programs, and facilities;
. Encourage productive use ofunderutilized and/or vacant properties;
. Strengthen the economic well-being of the Area;
. Eliminate blighting conditions which prevent further development of the Area;
. Upgrade any public infrastructure, thereby preparing the Area for new private
investment;
. Stimulate private investment;
. Increase revenue (e.g., property and sales tax revenue) generation from currently
underutilized property within the Area;
. Assemble or encourage the assembly of land into parcels of appropriate size and shape
for redevelopment in accordance with this Plan;
. Encourage functional and visually attractive buildings, rights-of-way, and open spaces
and encourage high standards of design;
. Provide needed improvements and facilities in proper relationship to the projected
demand for such facilities in accordance with the present-day design standards for such
facilities;
. Provide needed incentives to encourage a broad range of improvements and new
development; and
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Redevelopment Plan and Project Activities
Pursuant to the Act, the Village has the power to take the following actions:
· To approve all development and redevelopment proposals for the Business District
· To exercise the use of eminent domain for the acquisition of real and personal property
for the purposes of a development and/or redevelopment project.
· To acquire, manage, conveyor otherwise dispose of real and personal property according
to the provisions of a development or redevelopment plan. ..
· To apply for and accept capital grants and loans from the United States and the State of
Illinois, or any instrumentality of the United States or the State, for Business District
development or redevelopment.
· To borrow funds as it may be deemed necessary for the purpose of Business District
development or redevelopment, and issue such obligations or revenue bonds as it shall be
deemed necessary.
· To enter into contracts with any private or public agency or person.
· To sell, lease, .trade or improve real property in connection with Business District
development and redevelopment plans.
· To employ all such persons as may be necessary for the planning, administration and
implementation of Business District plans.
· To expend such public funds as may be necessary to the planning, execution, and
implantation of Business District Plans.
· To establish by ordinance or resolution procedures for the planning, execution, and
implementation of Business District plans.
· To create a Business District Development or Redevelopment Commission to act as agent
for the Village.
· To impose a retailers' occupation tax and a service occupation tax in the Business
District.
· To impose a hotel operators' occupation tax.
· To issue obligations in one or more series bearing interest at rates determined by the
corporate authorities of the municipality by ordinance and secured by the Business
District Tax Allocation Fund set forth in the Act.
All of the above-mentioned Plan activities would take specific action on the part of the Village.
Estimated Redevelopment Project Costs
To eliminate the blighting factors present in the Area and to meet the redevelopment objectives,
the Village plans to make a number of improvements in the Area. Table 1 identifies the eligible
redevelopment project costs under the Act that the Village may fund to implement the Plan over
the Area's twenty-three (23) year life.
Redevelopment projects in the Area would not reasonably be anticipated to be developed without
the adoption of the Plan.
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Business District Plan
Table 1
Estimated Development and Redevelopment Project Costs (3)
Business District Area
Eligible Activities:
1. Analysis, Administration, Studies, Surveys, Legal,
Marketing, etc.
$1,000,000
2. Property Assembly including Acquisition, Site Prep and
Demolition, Environmental Remediation
$10,000,000
3. Rehabilitation of Existing Buildings, Fixtures and
Leasehold Improvements, Affordable Housing
Construction and Rehabilitation Costs
$15,000,000
4. Public Works & Improvements, including streets and
utilities, parks and open space, public facilities (schools &
other public facilities) (1)
$15,000,000
5. Job Training, Retraining,
$4,500,000
6. Financing costs
$3,000,000
$10,000,000
7. Construction of New Private Buildings and
Improvements
8. Relocation costs
$5,000,000
9. Interest costs incurred by the redeveloper related to the
construction, renovation or rehabilitation of a
redevelopment project
$1,000,000
Total Eligible Development and Redevelopment Project
Costs
$64,500,000
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Notes for Table 1 - Redevelopment Project Costs
I. The Village reserves the right to move amounts among the eligible cost categories. Table I represents a
listing of costs associated with the Area over the life of the Area. The budget of the eligible costs does not
obligate the Village to fund specific levels.
2. Total Redevelopment Costs exclude any additional fmancing costs, including any interest expense,
capitalized interest and costs associated with any municipal obligation issued.
3. The ability of the Village to fund all or a portion ofthe eligible redevelopment costs is based on the amount
of Business District taxes generated over the 23-year life of the Area..
4. Increases in estimated total Redevelopment Costs of more than five percent, after adjustment for inflation
from the date of Redevelopment Plan adoption, are subject to Redevelopment Plan amendment procedures as
provided under the Act.
5. Additional funding from other sources such as federal, state, county, or local grant funds may be utilized to
supplement the Village's ability to fmance Redevelopment Project Costs identified above.
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Business District Plan
Sources of Funds to Pay Obligations
Funds necessary to pay for redevelopment project costs and/or municipal obligations which have
been issued or incurred to pay for such costs are to be derived principally from business district
retailers' occupation tax revenues and/or proceeds from municipal obligations which have as their
revenue source as business district retailers' occupation taxes. Business district retailers'
occupation tax revenues will be the principal source of repayment of Village obligations, but
other tax revenues as the Village may deem appropriate from time to time may also be used.
Issuance of Obligations
According to section 11-74.3-6 of the Act, the Village may issue obligations (notes, bonds, or
other as allowed by Illinois statute) secured by the business district tax revenues from the Area.
In addition, the Village may wish to secure the obligations with other designated revenue, or a
pledge offull faith aDd credit of the. municipality, or other general or special revenue sources as it
deems appropriate. All obligations must be retired by the 23rd year from the date of designation
of the Area by the Village. The final maturity date of any financial obligation may not exceed
23-years from the date of issuar.ce. One or more series of obligations may be issued to
implement the Plan for the Area. Subsequent obligations, if any, may be issued as junior lien
obligations or as parity obligations.
Surplus Incremental Tax Revenue
Surplus funds must be distributed in accordance with the Act.
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VII. CONFORMITY TO THE COMPREHENSIVE PLAN
This Redevelopment Plan and Project include land uses which will be approved by the Village's
Plan Commission and Village Board (see Section IV above) prior to the adoption of the Business
District Plan.
Therefore, the overall proposed land use is consistent with the intent and direction set forth by
comprehensive and strategic planning efforts.
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VIII. PROVISIONS FOR AMENDING THE PLAN
The Plan may be amended by the Village in accordance with the provisions in the Act.
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IX. PROPOSED PROJECT, APPROXIMA TE LOCATION AND SCHEDULING
OF PLAN
The currently proposed project is the redevelopment of the currently underutilized mall parcel
(Parcel A - as legally described in the Appendix) to a current and updated retail development
confonning to current standards of design, layout, and leasing. This project is anticipated to take
place in the Area.
There may be future development or redevelopment projects in the Area that may be proposed.
Over the life of the Area, the timing of business investment cannot be predicted with precision.
However, it is reasonable to expect the following public and private investments over the life of
the Area. As the Plan is implemented, the numerous blighting factors will be eliminated and the
following activities are likely to occur within the Area:
· Clearing and grading of the land within the Area
· Provision for adequate water, sewer and electrical power to support additional
development
· Construction of residential living units in the Area
· Construction of commercial buildings that will support retail, office, and other
commercial uses
· Implement reconstruction, renovation, and extension of public roadways as required to
service existing and new businesses
· Private investment in new facilities
· Revitalization of existing uses in the Area
The estimated date for completion of the Area shall be no later than 23-years from the adoption of
the ordinance of the Village Council approving the Area.
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X. RATE OF TAX TO BE IMPOSED
The Village may impose a Business District Retailers' Occupation tax on all persons engaged in
selling tangible personal property, subject to the limitations in the Act, up to the maximum
prescribed in the Act, as amended from time to time.
The Village may also impose a Business District Hotel Operators' Occupation tax, on all
qualifYing uses, subject to the limitations in the Act, up to the maximum prescribed in the Act, as
amended from time to time.
Any additional Business District taxes imposed by the Village shall remain in effect no longer
than 23-years from the date of the designation of the Business District and adoption ofthis Plan
by the Village Council.
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XI. LACK OF GROWTH THROUGH PRIVATE INVESTMENT
Based on our observations and research of the Area there has been no new construction or
significant redevelopment in the Area for the last two decades. The lack of private investment is
evidenced by the following findings and conditions:
· Due to increasing functional and economic obsolescence, and the arrival of new
competition in the marketplace (e.g., Deerpark Lifestyle Center in Deerpark, Illinois), the
mall space itself exhibits a high degree of vacancy. In 2007, the mall was 21.6% vacant
which represents 73,323 square feet of vacancy. In 2008, the mall is 56.3% vacant
representing 191,192 square feet of unoccupied space.
· Ingress and egress to the site is severely outdated and traffic flow not up to modem day
commercial standards.
· We have analyzed the site conditions and potential costs of redevelopment. It is our
finding that the extraordinary costs are prohibitive to redeveloping the site without the
implementation of this Redevelopment Plan and the use of the Business District sales tax,
a significant financial "gap" exists between the economics as they currently are and what
is necessary to achieve a viable redevelopment.
· The presence of the blighting conditions, as detailed in the Eligibility Report, creates an
impediment to the further development of the site.
The Area is an excellent representation of the type of area which lacks the requisite private
investment to prevent or eliminate blighting factors in the general area and promote business
growth and the health, safety, and morals of the community.
In summary, the Area on the whole has not been subject to growth and development through
investment by private enterprise, and the Area is not reasonably anticipated to further develop
without the direct participation of the Village through the implementation of the Plan and the use
of Business District fmancing.
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XII. CONCLUSIONS
The following statements summarize the Plan:
. The Area on the whol~ has not been subject to growth and development.
. Without the establishment of a redevelopment project area and the use of Business
District fmancing, the Area is not likely to experience significant private development.
. Implementation ofthe Plan will meet the Village's long-term development objectives,
eliminate the blighting conditions which exist, and enhance the morals, safety, and
welfare of the Village and assure opportunities for development and redevelopment with
sound and stable commercial growth. As a result, all the parcels in the Area are
anticipated to experience benefit from this redevelopment.
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APPENDIX
TABLE 1
Redevelopment Area Parcel Numbers
Parcel Number
03-27-401-261
03-27-401-264
03-27-401-265 and
040
03-27-401-269
03-27-401-270
Parcel A
03-27 -401-262
AMC Theater/Steak and Shake
Borders Books
Home Depot
Carsons
Buffalo Wild Wings
Mall
Chase Bank
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LEGAL DESCRIPTION OF THE AREA
100 ACRE MALL PARCEL LESS COSTCO AND COSTCO GAS PARCELS
PARCEL A: LOTS 1,2, AND 3 (EXCEPTING FROM SAID LOT ONE THAT PART
THEREOF TAKEN BY DEPARTMENT OF TRANSPORTATION STATE OF ILLINOIS IN
CASE NO. 87L51078 AND ALSO EXCEPTING FROM SAID LOT ONE THAT PART
THEREOF CONVEYED TO THE PEOPLE OF THE STATE OF ILLINOIS, DEPARTMENT
OF TRANSPORTATION PURSUANT TO THAT CERTAIN QUIT CLAIM DEED
RECORDED SEPTEMBER 29, 1995 AS DOCUMENT NO. 95664230) IN RANDHURST
CENTER RESUBDIVISION - NO.1, BEING A RESUBDIVISION OF LOT ONE IN
RANDHURST CENTER, BEING A SUBDIVISION OF PART OF THE SOUTHEAST 1;4 OF
SECTION 27, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDL-\N, IN COOK COUNTY, ILLINOIS, ACCORDING TO THE PLAT OF SAID
RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE
OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT
NO. 87408581 AND REGISTERED IN THE OFFICE OF THE REGISTRAR OF TITLES OF
SAID COUNTY AS DOCUMENT NO. LR3637429.
PARCEL B: THE NORTH 70 FEET OF THE WEST 70 FEET OF THE SOUTH 120 FEET OF
THE EAST Yz OF THE SOUTHEAST 1;4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE
11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS
EXCEPTING FROM SAID PARCELS A AND B THE FOLLOWING PARCEL:
A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1, BEING A
RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A SUBDIVISION OF
PART OF THE SOUTHEAST 1;4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID
RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE
OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT
NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG THE SOUTH LINE OF SAID LOT 1,
A DISTANCE OF 869.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 17.0 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230, SAID POINT BEING THE
POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUING
NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 292.28 FEET;
THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF
150.75 FEET TO A POINT OF CURVE; THENCE SOUTHWESTERLY ALONG A CURVED
LINE CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 28.0 FEET, AN ARC
LENGTH OF 43.98 FEET, A CHORD BEARING SOUTH 45 DEGREES 00 MINUTES 00
SECONDS WEST 39.60 FEET TO A POINT OF TANGENCY; THENCE SOUTH 00
DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 263.78 FEET TO A POINT
ON SAID NORTH LINE OF KENSINGTON AVENUE AS WIDENED, SAID POINT BEING
ON A LINE 17.0 FEET NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT
1; THENCE SOUTH 89 DEGREES 50 MINUTES 20 SECONDS EAST, ALONG SAID
Laube Consulting Group
23
Village of Mount Prospect
Business District Plan
NORTH LINE OF KENSINGTON AVENUE AS WIDENED, A DISTANCE OF 178.75 FEET
TO THE POINT OF BEGINNING, CONTAINING 1.19 ACRES, MORE OR LESS.
ALSO EXCEPTING FROM SAID PARCELS A AND B THE FOLLOWING PARCEL:
A PART OF LOT 1 IN RANDHURST CENTER RESUBDNISION - NO.1, BEING A
RESUBDNISION OF LOT ONE IN RANDHURST CENTER, BEING A SUBDNISION OF
PART OF THE SOUTHEAST ~ OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID
RANDHURST CENTER RESUBDNISION - NO.1 RECORDED JULY 24, 1987 IN THE.
OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT
NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST WESTERLY SOUTHWEST CORNER OF ORIGINAL LOT
1 AFORESAID; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST,
ALONG THE WESTERLY LINE OF SAID LOT 1,360.59 FEET; THENCE NORTH 90
DEGREES 00 MINUTES 00 SECONDS EAST, 188.76 FEET TO THE POINT OF
BEGINNING OF THIS DESCRIPTION; THENCE NORTH 04 DEGREES 04 MINUTES 56
SECONDS WEST, 39.92 FEET; THENCE NORTHERLY AND NORTHEASTERLY, 22.66
FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 19.50 FEET,
SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 29 DEGREES 12
MINUTES 18 SECONDS EAST AND A LENGTH OF 21.40 FEET; THENCE
NORTHEASTERLY, 30.22 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
325.11 FEET, SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 59
DEGREES 49 MINUTES 45 SECONDS EAST AND A LENGTH OF 30.21 FEET; THENCE
NORTH 56 DEGREES 27 MINUTES 15 SECONDS EAST, 42.41 FEET; THENCE
NORTHEASTERLY, 37.52 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
294.91 FEET, SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 43
DEGREES 06 MINUTES 11 SECONDS EAST AND A LENGTH OF 37.50 FEET; THENCE
NORTH 34 DEGREES 51 MINUTES 03 SECONDS EAST, 72.03 FEET; THENCE
NORTHEASTERLY, 154.45 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS
OF 422.95 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 15
DEGREES 01 MINUTES 34 SECONDS EAST AND A LENGTH OF 153.59 FEET; THENCE
NORTHERLY AND NORTHEASTERLY, 33.81 FEET ALONG AN ARC TO THE RIGHT,
HAVING A RADIUS OF 26.50 FEET, SUBTENDED BY A LONG CHORD HAVING A
BEARING OF NORTH 41 DEGREES 06 MINUTES 54 SECONDS EAST AND A LENGTH
OF 31.56 FEET; THENCE NORTH 77 DEGREES 39 MINUTES 56 SECONDS EAST, 352.49
FEET; THENCE EASTERLY AND SOUTHEASTERLY, 12.40 FEET ALONG AN ARC TO
THE RIGHT, HAVING A RADIUS OF 11.50 FEET, SUB TENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 71 DEGREES 26 MINUTES 54 SECONDS EAST AND A
LENGTH OF 11.81 FEET; THENCE SOUTHEASTERLY, 20.84 FEET ALONG AN ARC TO
THE LEFT, HAVING A RADIUS OF 61.50 FEET, SUB TENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 50 DEGREES 16 MINUTES 17 SECONDS EAST AND A
LENGTH OF 20.74 FEET; THENCE SOUTH 59 DEGREES 58 MINUTES 01 SECONDS
EAST, 51.51 FEET; THENCE SOUTHEASTERLY, 49.87 FEET ALONG AN ARC TO THE
LEFT, HAVING A RADIUS OF 67.50 FEET, SUBTENDED BY A LONG CHORD HAVING
A BEARING OF SOUTH 81 DEGREES 07 MINUTES 54 SECONDS EAST AND A LENGTH
OF 48.74 FEET; THENCE NORTH 77 DEGREES 42 MINUTES 13 SECONDS EAST, 77.05
FEET; THENCE NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 0.58 FEET;
THENCE SOUTH 60 DEGREES 01 MINUTES 21 SECONDS EAST, 28.46 FEET; THENCE
NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 300.44 FEET; THENCE SOUTH
Laube Consulting Group
24
Village of Mount Prospect
Business District Plan
60 DEGREES 01 MINUTES 21 SECONDS EAST, 80.14 FEET; THENCE NORTH 29
DEGREES 58 MINUTES 44 SECONDS EAST, 157.32 FEET; THENCE SOUTH 60 DEGREES
00 MINUTES 13 SECONDS EAST, 11 0.06 FEET; THENCE SOUTHEASTERLY, 151.57
FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 1467.70 FEET,
SUB TENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 46 DEGREES 46
MINUTES 20 SECONDS EAST AND A LENGTH OF 151.50 F;EET; THENCE SOUTH 29
DEGREES 58 MINUTES 49 SECONDS WEST, 587.41 FEET; THENCE NORTH 59
DEGREES 59 MINUTES 56 SECONDS WEST, 150.73 FEET; THENCE SOUTH 30
DEGREES 01 MINUTES 59 SECONDS WEST, 156.61 FEET; THENCE SOUTH 90
DEGREES 00 MINUTES 00 SECONDS WEST, 148.32 FEET; THENCE SOUTH 00
DEGREES 00 MINUTES 34 SECONDS EAST, 214.01 FEET; THENCE SOUTHWESTERLY,
14.17 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 9.00 FEET,
SUBTENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 45 DEGREES 05
MINUTES 31 SECONDS WEST AND A LENGTH OF 12.75 FEET; THENCE NORTH 89
DEGREES 48 MINUTES 24 SECONDS WEST, 260.82 FEET; THENCE SOUTH 89
DEGREES 03 MINUTES 38 SECONDS WEST, 83.27 FEET; THENCE NORTH 89 DEGREES
58 MINUTES 19 SECONDS WEST, 145.72 FEET; THENCE WESTERLY, 33.26 FEET
ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 61.50 FEET, SUB TENDED BY
A LONG CHORD HAVING A BEARING OF NORTH 74 DEGREES 28 MINUTES 47
SECONDS WEST AND A LENGTH OF 32.85 FEET; THENCE NORTH 58 DEGREES 59
MINUTES 15 SECONDS WEST, 25.69 FEET; THENCE NORTHWESTERLY AND
NORTHERLY, 105.29 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF
108.50 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 31
DEGREES 11 MINUTES 12 SECONDS WEST AND A LENGTH OF 101.21 FEET; THENCE
NORTHERLY, 31.26 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
114.20 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 11
DEGREES 13 MINUTES 39 SECONDS WEST AND A LENGTH OF 31.16 FEET; THENCE
NORTH 06 DEGREES 34 MINUTES 06 SECONDS WEST, 11.08 FEET; THENCE NORTH 01
DEGREES 40 MINUTES 22 SECONDS WEST, 61.21 FEET TO THE POINT OF
BEGINNING, CONTAINING 13.12 ACRES, MORE OR LESS.
Source: Woolpert
Laube Consulting Group
25
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RANDHURST VILLAGE
PART OF THE SOUTHEAST QUARTER OF SECTION 27,
TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY. ILLlNOS
BOUNDARY MAP OF PARCEL A
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1815 South Meyers Rood,
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Ookbrook Terroce. IL. 60181
630.424.9080
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Village of Mount Prospect
Business District Plan
Legal Description of Parcel A
LOT 1 (EXCEPTING FROM SAID LOT ONE THAT PART THEREOF TAKEN BY
DEPARTMENT OF TRANSPORTATION STATE OF ILLINOIS IN CASE NO. 87L5I078
AND ALSO EXCEPTING FROM SAID LOT ONE THA T PART. THEREOF CONVEYED TO
THE PEOPLE OF THE STATE OF ILLINOIS, DEPARTMENT OF TRANSPORTATION
PURSUANT TO THAT CERTAIN QUIT CLAIM DEED RECORDED SEPTEMBER 29, 1995
AS DOCUMENT NO. 95664230) IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS, ACCORDING TO THE PLAT OF SAID RANDHURST CENTER
RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE OFFICE OF THE
RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT NO. 87408581
AND REGISTERED IN THE OFFICE OF THE FEGISTRAR OF TITLES OF SAID COUNTY
AS DOCUMENT NO. LR3637429. ALSO EXCEPTING FROM LOT 1 THE FOLLOWING 10
PARCELS:
PARCEL 1: THAT PART OF LOT 1 IN RANDHURSTCENTERRESUBDIVISION -NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 LYING WITHIN THE FOLLOWING DESCRIBED PARCEL
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG THE SOUTH LINE OF SAID LOT 1,
A DISTANCE OF 869.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 17.0 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230, SAID POINT BEING THE
POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUING
NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 148.00 FEET;
THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 19.00
FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF
144.29 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 797.25 FEET; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 294.58 FEET TO A POINT ON SAID NORTH LINE OF
KENSINGTON A VENUE AS WIDENED, SAID POINT BEING ON A LINE 17.0 FEET
NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH LINE OF
KENSINGTON A VENUE AS WIDENED, A DISTANCE OF 816.25 FEET TO THE POINT
OF BEGINNING.
ALSO;
THE NORTH 70 FEET OF THE WEST 70 FEET OF THE SOUTH 120 FEET OF THE EAST
IIz OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11, EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PARCELS DESCRIBED ABOVE CONTAIN 5.44 ACRES, MORE OR LESS.
Laube Consulting Group
27
Village of Mount Prospect
Business District Plan
PARCEL 2: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 19~7 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG THE SOUTH LINE OF SAID LOT 1,
A DISTANCE OF 869.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 17.0 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
A VENUE AS WIDENED PER DOCUMENT NUMBER 95664230, SAID POINT BEING THE
POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUING
NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 292.28 FEET;
THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF
150.75 FEET TO A POINT OF CURVE; THENCE SOUTHWESTERLY ALONG A CURVED
LINE CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 28.0 FEET, AN ARC
LENGTH OF 43.98 FEET, A CHORD BEARING SOUTH 45 DEGREES 00 MINUTES 00
SECONDS WEST 39.60 FEET TO A POINT OF TANGENCY; THENCE SOUTH 00
DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 263.78 FEET TO A POINT
ON SAID NORTH LINE OF KENSINGTON AVENUE AS WIDENED, SAID POINT BEING
ON A LINE 17.0 FEET NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT
1; THENCE SOUTH 89 DEGREES 50 MINUTES 20 SECONDS EAST, ALONG SAID
NORTH LINE OF KENSINGTON AVENUE AS WIDENED, A DISTANCE OF 178.75 FEET
TO THE POINT OF BEGINNING, CONTAINING 1.19 ACRES, MORE OR LESS.
PARCEL 3: A PART OF LOT 1 IN RANDHURST CENTERRESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 00
DEGREES 03 MINUTES 50 SECONDS WEST, ALONG THE EAST LINE OF SAID LOT 1, A
DISTANCE OF 17.00 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED, AND ALSO ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED EXTENDED WESTERLY, A DISTANCE OF
1272.01 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED,
SAID POINT ALSO BEING ON THE SOUTH LINE OF SAID LOT 1; THENCE NORTH 00
DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 291.15 FEET; THENCE
NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 135.50 FEET
TO A POINT OF CURVE; THENCE SOUTHEASTERL Y, ALONG A CURVED LINE
CONVEX TO THE NORTHEAST, HAVING A RADIUS OF 30.0 FEET, AN ARC LENGTH
OF 47.12 FEET, A CHORD BEARING SOUTH 45 DEGREES 00 MINUTES 00 SECONDS
EAST 42.43 FEET TO A POINT OF TANGENCY; THENCE SOUTH 00 DEGREES 00
MINUTES 00 SECONDS EAST, A DISTANCE OF 261.61 FEET TO A POINT ON SAID
NORTH LINE OF KENSINGTON AVENUE AS WIDENED, SAID POINT BEING ON A
Laube Consulting Group
28
Village of Mount Prospect
Business District Plan
LINE 17.0 FEET NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT 1;
THENCE NORTH 89 DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH
LINE OF KENSINGTON AVENUE AS WIDENED, AND ALSO ALONG SAID NORTH
LINE OF KENSINGTON A VENUE AS WIDENED EXTENDED WESTERLY, A DISTANCE
OF 165.50 FEET TO THE POINT OF BEGINNING, CONTAINING 1.10 ACRES, MORE OR
LESS.
PARCEL 4: A PART OF LOT lIN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST Yi OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 00
DEGREES 03 MINUTES 50 SECONDS WEST, ALONG THE EAST LINE OF SAID LOT 1, A
DISTANCE OF 17.00 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED, AND ALSO ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED EXTENDED WESTERLY, A DISTANCE OF
1272.01 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED,
SAID POINT ALSO BEING ON THE SOUTH LINE OF SAID LOT 1; THENCE NORTH 00
DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 291.15 FEET; THENCE
NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 199.73 FEET;
THENCE SOUTH 28 degrees 59 minutes 27 seconds west, a distance of23.18 feet TO THE
MOST EASTERLY SOUTHEAST CORNER OF THE TRACT DESCRIBED IN EXHIBIT A
IN A MEMORANDUM OF LEASE RECORDED MARCH 19, 1999 AS DOCUMENT
NUMBER 99268894; THENCE SOUTH 28 DEGREES 59 MINUTES 27 SECONDS WEST,
ALONG THE SOUTHEASTERLY LINE OF SAID TRACT, A DISTANCE OF 29.00 FEET;
THENCE CONTINUING ALONG THE SOUTHEASTERLY LINE OF SAID TRACT, SOUTH
00 DEGREES 00 MINUTES 33 SECONDS EAST, A DISTANCE OF 43.00 FEET TO THE
MOST SOUTHERLY SOUTHEAST CORNER OF SAID TRACT; THENCE SOUTH 00
DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 201.87 FEET TO A POINT
ON THE SOUTH LINE OF SAID LOT 1; THENCE SOUTH 89 DEGREES 50 MINUTES 20
SECONDS EAST, ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF 225.01
FEET TO THE POINT OF BEGINNING, CONTAINING 1.49 ACRES, MORE OR LESS.
PARCEL 5: A PART OF LOT lIN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST Yi OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHEAST Yi OF SAID
SECTION 27; THENCE ON AN ASSUMED BEARING OF NORTH 00 DEGREES 00
MINUTES 00 SECONDS WEST, ALONG THE WEST LINE OF SAID SOUTHEAST Yi,
840.83 FEET; THENCE NORTH 89 DEGREES 59 MINUTES 27 SECONDS EAST, 54.73
FEET TO THE POINT OF BEGINNING; THENCE NORTH 44 DEGREES 59 MINUTES 27
Laube Consulting Group
29
Village of Mount Prospect
Business District Plan
SECONDS EAST, 28.00 FEET; THENCE NORTH 89 DEGREES 59 MINUTES 27 SECONDS
EAST, 86.08 FEET; THENCE SOUTH 43 DEGREES 00 MINUTES 33 SECONDS EAST,
17.95 FEET; THENCE SOUTH 05 DEGREES 16 MINUTES 33 SECONDS EAST, 395.00
FEET; THENCE SOUTH 18 DEGREES 45 MINUTES 33 SECONDS EAST, 45.00 FEET;
THENCE SOUTH 36 DEGREES 45 MINUTES 33 SECONDS EAST, 115.00 FEET; THENCE
SOUTB 28 DEGREES 59 MINUTES 27 SECONDS WEST, 29.00 FEET; THENCE SOUTH 00
DEGREES 00 MINUTES 33 SECONDS EAST, 43.00 FEET; THENCE SOUTH 85 DEGREES
59 MINUTES 27 SECONDS WEST, 174.00 FEET; THENCE NORTH 04 DEGREES 45
MINUTES 33 SECONDS WEST, 604.00 FEET TO THE POINT OF BEGINNING,
CONTAINING 1.90 ACRES, MORE OR LESS
PARCEL 6: A PART OF LOT I IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST 114 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHEAST 114 OF SAID
SECTION 27; THENCE ON AN ASSUMED BEARING OF NORTH 00 DEGREES 00
MINUTES 00 SECONDS WEST, ALONG THE WEST LINE OF SAID SOUTHEAST 114,
840.83 FEET; THENCE NORTH 89 DEGREES 59 MINUTES 27 SECONDS EAST, 54.73
FEET TO THE MOST WESTERLY CORNER OF THE TRACT DESCRIBED IN EXHIBIT A
IN A MEMORANDUM OF LEASE RECORDED MARCH 19, 1999 AS DOCUMENT
NUMBER 99268894; THENCE NORTH 44 DEGREES 59 MINUTES 27 SECONDS EAST,
ALONG THE NORTHWESTERLY LINE OF SAID TRACT, 28.00 FEET; THENCE NORTH
89 DEGREES 59 MINUTES 27 SECONDS EAST, ALONG THE NORTHERLY LINE OF
SAID TRACT, 86.08 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 43
DEGREES 00 MINUTES 33 SECONDS EAST, ALONG THE NORTHEASTERLY LINE OF
SAID TRACT, 17.95 FEET; THENCE SOUTH 05 DEGREES 16 MINUTES 33 SECONDS
EAST, ALONG THE EASTERLY LINE OF SAID TRACT, 160.96 FEET; THENCE NORTH
84 DEGREES 43 MINUTES 27 SECONDS EAST, 89.50 FEET; THENCE
NORTHEASTERLY, 250.94 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS
OF 282.26 FEET, SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 23
DEGREES 20 MINUTES 42 SECONDS EAST AND A LENGTH OF 242.76 FEET; THENCE
SOUTH 74 DEGREES 47 MINUTES 55 SECONDS WEST, 220.06 FEET TO THE POINT OF
BEGINNING, CONTAINING 0.74 ACRES, MORE OR LESS.
PARCEL 7: A PART OF LOT I IN RANDHURST CENTER RESUBDIVISION - NO. I,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST 114 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE I I EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO. I RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST WESTERLY SOUTHWEST CORNER OF ORIGINAL LOT
I AFORESAID; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST,
ALONG THE WESTERLY LINE OF SAID LOT I, 360.59 FEET; THENCE NORTH 90
DEGREES 00 MINUTES 00 SECONDS EAST, 188.76 FEET TO THE POINT OF
BEGINNING OF THIS DESCRIPTION; THENCE NORTH 04 DEGREES 04 MINUTES 56
Laube Consulting Group
30
Village of Mount Prospect
Business District Plan
SECONDS WEST, 39.92 FEET; THENCE NORTHERLY AND NORTHEASTERLY, 22.66
FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 19.50 FEET,
SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 29 DEGREES 12
MINUTES 18 SECONDS EAST AND A LENGTH OF 21.40 FEET; THENCE
NORTHEASTERLY, 30.22 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
325.11 FEET, SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 59
DEGREES 49 MINUTES 45 SECONDS EAST AND A LENGTH OF 30.21 FEET; THENCE
NORTH 56 DEGREES 27 MINUTES 15 SECONDS EAST, 42.41 FEET; THENCE
NORTHEASTERLY, 37.52 FEET ALONG AN ARC TO THE LEFT, HAVING ARADIUS OF
294.91 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 43
DEGREES 06 MINUTES 11 SECONDS EAST AND A LENGTH OF 37.50 FEET; THENCE
NORTH 34 DEGREES 51 MINUTES 03 SECONDS EAST, 72.03 FEET; THENCE
NORTHEASTERLY, 154.45 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS
OF 422.95 FEET, SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 15
DEGREES 01 MINUTES 34 SECONDS EAST AND A LENGTH OF 153.59 FEET; THENCE
NORTHERLY AND NORTHEASTERLY, 33.81 FEET ALONG AN ARC TO THE RIGHT,
HAVING A RADIUS OF 26.50 FEET, SUBTENDED BY A LONG CHORD HAVING A
BEARING OF NORTH 41 DEGREES 06 MINUTES 54 SECONDS EAST AND A LENGTH
OF 31.56 FEET; THENCE NORTH 77 DEGREES 39 MINUTES 56 SECONDS EAST, 352.49
FEET; THENCE EASTERLY AND SOUTHEASTERLY, 12.40 FEET ALONG AN ARC TO
THE RIGHT, HAVING A RADIUS OF 11.50 FEET, SUB TENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 71 DEGREES 26 MINUTES 54 SECONDS EAST AND A
LENGTH OF 11.81 FEET; THENCE SOUTHEASTERLY, 20.84 FEET ALONG AN ARC TO
THE LEFT, HAVING A RADIUS OF 61.50 FEET, SUBTENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 50 DEGREES 16 MINUTES 17 SECONDS EAST AND A
LENGTH OF 20.74 FEET; THENCE SOUTH 59 DEGREES 58 MINUTES 01 SECONDS
EAST, 51.51 FEET; THENCE SOUTHEASTERLY, 49.87 FEET ALONG AN ARC TO THE
LEFT, HAVING A RADIUS OF 67.50 FEET, SUBTENDED BY A LONG CHORD HAVING
A BEARING OF SOUTH 81 DEGREES 07 MINUTES 54 SECONDS EAST AND A LENGTH
OF 48.74 FEET; THENCE NORTH 77 DEGREES 42 MINUTES 13 SECONDS EAST, 77.05
FEET; THENCE NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 0.58 FEET;
THENCE SOUTH 60 DEGREES 01 MINUTES 21 SECONDS EAST, 28.46 FEET; THENCE
NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 300.44 FEET; THENCE SOUTH
60 DEGREES 01 MINUTES 21 SECONDS EAST, 80.14 FEET; THENCE NORTH 29
DEGREES 58 MINUTES 44 SECONDS EAST, 157.32 FEET; THENCE SOUTH 60 DEGREES
00 MINUTES 13 SECONDS EAST, 110.06 FEET; THENCE SOUTHEASTERLY, 151.57
FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 1467.70 FEET,
SUBTENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 46 DEGREES 46
MINUTES 20 SECONDS EAST AND A LENGTH OF 151.50 FEET; THENCE SOUTH 29
DEGREES 58 MINUTES 49 SECONDS WEST, 587.41 FEET; THENCE NORTH 59
DEGREES 59 MINUTES 56 SECONDS WEST, 150.73 FEET; THENCE SOUTH 30
DEGREES 01 MINUTES 59 SECONDS WEST, 156.61 FEET; THENCE SOUTH 90
DEGREES 00 MINUTES 00 SECONDS WEST, 148.32 FEET; THENCE SOUTH 00
DEGREES 00 MINUTES 34 SECONDS EAST, 214.01 FEET; THENCE SOUTHWESTERLY,
14.17 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 9.00 FEET,
SUBTENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 45 DEGREES 05
MINUTES 31 SECONDS WEST AND A LENGTH OF 12.75 FEET; THENCE NORTH 89
DEGREES 48 MINUTES 24 SECONDS WEST, 260.82 FEET; THENCE SOUTH 89
DEGREES 03 MINUTES 38 SECONDS WEST, 83.27 FEET; THENCE NORTH 89 DEGREES
58 MINUTES 19 SECONDS WEST, 145.72 FEET; THENCE WESTERLY, 33.26 FEET
Laube Consulting Group
31
Village of Mount Prospect
Business District Plan
ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 61.50 FEET, SUBTENDED BY
A LONG CHORD HAVING A BEARING OF NORTH 74 DEGREES 28 MINUTES 47
SECONDS WEST AND A LENGTH OF 32.85 FEET; THENCE NORTH 58 DEGREES 59
MINUTES 15 SECONDS WEST, 25.69 FEET; THENCE NORTHWESTERLY AND
NORTHERLY, 105.29 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF
108.50 FEET, SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 31
DEGREES 11 MINUTES 12 SECONDS WEST AND A LENGTH OF 101.21 FEET; THENCE
NORTHERLY, 31.26 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
114.20 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 11
DEGREES 13 MINUTES 39 SECONDS WEST AND A LENGTH OF 31.16 FEET; THENCE
NORTH 06 DEGREES 34 MINUTES 06 SECONDS WEST, 11.08 FEET; THENCE NORTH 01
DEGREES 40 MINUTES 22 SECONDS WEST, 61.21 FEET TO THE POINT OF
BEGINNING, CONTAINING 13.12 ACRES, MORE OR LESS.
PARCEL 8: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST Y4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT WHICH IS 787.35 FEET SOUTH AND 254.12 FEET EAST OF
THE NORTHWEST CORNER OF SAID SOUTHEAST Y4; THENCE NORTH 25 DEGREES
00 MINUTES 00 SECONDS EAST, 158.95 FEET; THENCE EAST, 112.53 FEET TO A POINT
OF A CURVE; THENCE NORTH AND EAST ALONG A CURVED LINE CONVEX TO THE
SOUTHEAST, HAVING A RADIUS OF 240.0 FEET, AN ARC LENGTH OF 215.72 FEET, A
CHORD BEARING NORTH 64 DEGREES 15 MINUTES 00 SECONDS EAST 208.53 FEET,
TO A POINT BEING 552.70 FEET SOUTH AND 621.65 FEET EAST OF THE NORTHWEST
CORNER OF SAID SOUTHEAST Y4; THENCE NORTH 38 DEGREES 30 MINUTES 00
SECONDS EAST, 140.21 FEET TO A POINT OF A CURVE; THENCE NORTH AND EAST
ALONG A CURVED LINE CONVEX TO THE NORTHWEST, HAVING A RADIUS OF
190.0 FEET, AN ARC LENGTH OF 170.78 FEET, A CHORD BEARING NORTH 64
DEGREES 15 MINUTES 00 SECONDS EAST 165.09 FEET; THENCE EAST, 90.80 FEET TO
A POINT 371.25 FEET SOUTH AND 948.43 FEET EAST OF THE NORTHWEST CORNER
OF SAID SOUTHEAST Y4; THENCE SOUTH AND EAST ALONG A CURVED LINE
CONVEX TO THE SOUTHWEST, HAVING A RADIUS OF 190.0 FEET, AN ARC LENGTH
OF 289.08 FEET, A CHORD BEARING SOUTH 46 DEGREES 27 MINUTES 01 SECONDS
EAST 261.99 FEET; THENCE EAST, 398.03 FEET TO A POINT OF A NON - TANGENT
CURVE; THENCE EAST ALONG A CURVED LINE CONVEX TO THE NORTHEAST,
HAVING A RADIUS OF 205.0 FEET, AN ARC LENGTH OF 45.49 FEET, A CHORD
BEARING SOUTH 83 DEGREES 38 MINUTES 32 SECONDS EAST 45.40 FEET; THENCE
SOUTH 60 DEGREES 00 MINUTES 00 SECONDS WEST, 438.49 FEET; THENCE NORTH,
34.94 FEET; THENCE SOUTH 60 DEGREES 00 MINUTES 00 SECONDS WEST, 126.10
FEET; THENCE SOUTH, 95.67 FEET; THENCE WEST, 46.64 FEET; THENCE SOUTH,
198.02 FEET; THENCE WEST, 320.96 FEET TO A POINT 1097.83 FEET SOUTH AND
724.91 FEET EAST OF THE NORTHWEST CORNER OF SAID SOUTHEAST Y4; THENCE
NORTH 30 DEGREES 00 MINUTES 00 SECONDS WEST, 129.44 FEET; THENCE NORTH
75 DEGREES 00 MINUTES 00 SECONDS WEST, 120.67 FEET; THENCE NORTH 60
DEGREES 00 MINUTES 00 SECONDS WEST, 334.29 FEET TO THE POINT OF
BEGINNING, CONTAINING 10.35 ACRES, MORE OR LESS.
Laube Consulting Group
32
Village of Mount Prospect
Business District Plan
(BEARINGS REFERENCED ABOVE ARE BASED ON THE WEST LINE OF SAID LOT 1
HAVING AN ASSUMED BEARING OF NORTH 00 DEGREES 00 MINUTES 00 SECONDS
WEST)
PARCEL 9: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST Y4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT A POINT ON THE SOUTH LINE OF EUCLID A VENUE, BEING THE
MOST NORTHERLY NORTHEAST CORNER OF LOT 2 IN SAID RANDHURST CENTER
RESUBDIVISION - NO.1; THENCE EASTERLY, ALONG THE SOUTH LINE OF SAID
EUCLID AVENUE (SAID LINE ALSO BEING THE NORTH LINE OF SAID LOT 1), BEING
A CURVED LINE CONVEX TO THE NORTH, HAVING A RADIUS OF 24505.35 FEET, AN
ARC LENGTH OF 110.13 FEET; THENCE SOUTHWESTERLY, ALONG A CURVED LINE
CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 25.00 FEET, AN ARC LENGTH
OF 39.78 FEET, A CHORD BEARING SOUTH 45 DEGREES 38 MINUTES 23 SECONDS
WEST 35.72 FEET, TO A POINT ON A LINE 60.00 FEET EAST OF AND PARALLEL TO
THE EASTERNMOST EAST LINE OF SAID LOT 2; THENCE SOUTH 00 DEGREES 03
MINUTES 02 SECONDS WEST, ALONG SAID LINE 60.00 FEET EAST OF AND
PARALLEL TO THE EASTERNMOST EAST LINE OF SAID LOT 2, A DISTANCE OF 85.00
FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE
CONTINUING ALONG SAID PARALLEL LINE, SOUTH 00 DEGREES 03 MINUTES 02
SECONDS WEST, A DISTANCE OF 224.07 FEET TO A POINT OF A NON - TANGENT
CURVE; THENCE SOUTHEASTERLY, ALONG A CURVED LINE CONVEX TO THE
SOUTHWEST, HAVING A RADIUS OF 139.91 FEET, AN ARC LENGTH OF 219.90 FEET,
A CHORD BEARING SOUTH 44 DEGREES 58 MINUTES 29 SECONDS EAST 197.96
FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF
18.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 364.11 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS
WEST, A DISTANCE OF 158.00 FEET TO THE POINT OF BEGINNING, CONTAINING
1.23 ACRES, MORE OR LESS.
(BEARINGS REFERENCED ABOVE ARE BASED ON THE WEST LINE OF SAID LOT 1
HAVING AN ASSUMED BEARING OF NORTH 00 DEGREES 00 MINUTES 00 SECONDS
WEST)
PARCEL 10: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST Y4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT A POINT ON THE SOUTH LINE OF EUCLID AVENUE, BEING THE
MOST NORTHERLY NORTHEAST CORNER OF LOT 2 IN SAID RANDHURST CENTER
RESUBDIVISION - NO.1; THENCE EASTERLY, ALONG THE SOUTH LINE OF SAID
EUCLID AVENUE (SAID LINE ALSO BEING THE NORTH LINE OF SAID LOT 1), BEING
A CURVED LINE CONVEX TO THE NORTH, HAVING A RADIUS OF 24505.35 FEET, AN
Laube Consulting Group
33
Village of Mount Prospect
Business District Plan
ARC LENGTH OF 110.13 FEET; THENCE SOUTHWESTERLY, ALONG A CURVED LINE
CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 25.00 FEET, AN ARC LENGTH
OF 39.78 FEET, A CHORD BEARING SOUTH 45 DEGREES 38 MINUTES 23 SECONDS
WEST 35.72 FEET, TO A POINT ON A LINE 60.00 FEET EAST OF AND PARALLEL TO
THE EASTERNMOST EAST LINE OF SAID LOT 2; THENCE SOUTH 00 DEGREES 03
MINUTES 02 SECONDS WEST, ALONG SAID LINE 60.00 FEET EAST OF AND
PARALLEL TO THE EASTERNMOST EAST LINE OF SAID LOT 2, A DISTANCE OF 85.00
FEET; THENCE CONTINUING ALONG SAID PARALLEL LINE, SOUTH 00 DEGREES 03
MINUTES 02 SECONDS WEST, A DISTANCE OF 224.07 FEET TO A POINT OF A NON-
TANGENT CURVE; THENCE SOUTHEASTERLY, ALONG A CURVED LINE CONVEX
TO THE SOUTHWEST, HAVING A RADIUS OF 139.91 FEET, AN ARC LENGTH OF
219.90 FEET, A CHORD BEARING SOUTH 44 DEGREES 58 MINUTES 29 SECONDS
EAST 197.96 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 18.28 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN
DESCRIBED; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 470.88 FEET TO A POINT ON THE NORTH LINE OF SAID LOT 1;
THENCE EASTERLY, ALONG THE NORTH LINE OF SAID LOT 1, BEING A CURVED
LINE CONVEX TO THE NORTH, HAVING A RADIUS OF 24505.35 FEET AND AN ARC
LENGTH OF 439.62 FEET, TO A POINT OF CURVE ON THE NORTH LINE OF SAID LOT
1; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, SOUTH 87
DEGREES 26 MINUTES 00 SECONDS EAST, A DISTANCE OF 165.03 FEET TO A POINT
OF CURVE ON THE NORTH LINE OF SAID LOT 1; THENCE EASTERLY, CONTINUING
ALONG THE NORTH LINE OF SAID LOT 1, BEING A CURVED LINE CONVEX TO THE
SOUTH, HAVING A RADIUS OF 24605.35 FEET AND AN ARC LENGTH OF 31.84 FEET,
TO THE NORTHEAST CORNER OF SAID LOT 1; THENCE SOUTH 00 DEGREES 03
MINUTES 50 SECONDS EAST, ALONG THE EAST LINE OF SAID LOT 1, A DISTANCE
OF 446.34 FEET TO A POINT BEING NORTH 90 DEGREES 00 MINUTES 00 SECONDS
EAST FROM THE POINT OF BEGINNING; THENCE NORTH 90 DEGREES 00 MINUTES
00 SECONDS WEST, A DISTANCE OF 636.51 FEET TO THE POINT OF BEGINNING,
CONTAINING 6.71 ACRES, MORE OR LESS.
(BEARINGS REFERENCED ABOVE ARE BASED ON THE WEST LINE OF SAID LOT 1
HAVING AN ASSUMED BEARING OF NORTH 00 DEGREES 00 MINUTES 00 SECONDS
WEST)
NET PARCEL DESCRIBED ABOVE CONTAINS 48.95 ACRES, MORE OR LESS.
Source: Woolpert
Laube Consulting Group
34
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....
RANDHURST VILLAGE
A PART OF THE SOUTHEAST QUARTER OF SECTION 27,
TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLlNOS
BOUNDARY MAP OF BUSINESS DISTRICT
=" WOOlPERT, INC
1515 South Meyers Rood,
~Suite12D
Ookbrook Terrace, 1L. 60181
630.424.9080
WJOl1ElT fAX: 630.495.3731
PROJECT Na: No.
6761~
DAn 10/30/09
SCALE AS SHOWN
DES SRK
OR PTK
CKD_ .sH!L-
DATE
REYI8ION
o
-
....
L~
!:j
" 17 09 REVlSED PER CllENfS REQUEST
Eligibility Report
for the
Randhurst Village Business District Area
"Mount Prospect Business District No.1"
Mt. Prospect, Illinois
Prepared for Village of Mt. Prospect
Village of Mt. Prospect
Eligibility R. eport
. .',
TABLE OF CONTENTS
I. EXECUTIVE SUMMARY 3
II. BASIS FOR REDEVELOPMENT 5
III. REDEVELOPMENT PROJECT AREA 7
IV. ELIGIBILITY OF A BLIGHTED AREA 8
V. FINDINGS 9
APPENDIX
Table of Deterioration Factors
Legal Description of the Area
Boundary Map of the Area
Legal Description of Parcel A
Boundary Map of Parcel A
Laube Consulting Group
2
Village of Mt. Prospect
Eligibility Report
I. Executive Summary
Purpose of Report
Laube Consulting Group LLC ("Laube") has been asked to prepare this Eligibility Report of a
Proposed Business District Redevelopment Area (the "Report") in order to assist the Village of
Mt. Prospect (the "Village") in determining whether or not this area of the Village qualifies for
designation as a Business District under the State of Illinois Business District Act (65 ILCS
55/11-74.3-1 et. seq.) (the "Act"").
Scope of Report
The Report identifies proposed boundaries of the proposed Business District Area (the "Area").
These proposed boundaries were developed based on the existence of certain blighting factors
present in the Area, The Report establishes the blighting factors which are present in the Area on
a parcel by parcel basis. To establish the fact that the blighting factors are geographically
distributed across the proposed Area, Table 1, which is included in the Appendix, illustrates the
presence of blighting factors on a per parcel basis for the improved parcels that are located within
the Area.
Methodology
Laube conducted numerous on-site surveys of the proposed area on a parcel-by-parcel basis and
met with Village officials to collaborate and substantiate that the evidence of deterioration was
consistent with what Village officials had witnessed. An analysis was made of each of the
deterioration factors to determine the locations and extent to which each of the factors are present
in the Area. Listed below are the types of surveys and analyses conducted by Laube.
1. Exterior survey of the condition and use of each building and parcels;
2. Site surveys of streets, driveways, sidewalks, curbs and gutters, lighting, parking
facilities, landscaping, fences and walls, and general property maintenance;
3. Analysis of infrastructure as it relates to existing and proposed uses;
4. Analysis of existing uses and their relationship to the community;
5. Analysis of current parcel configuration, building size and layout; and
6. Analysis of obsolescence and vacancy within the Area.
Laube Consulting Group
3
Village of Mt. Prospect
Eligibility Report
Based on the above surveys and analyses and through the application ofthe language the Act, we
were able to conclude which deterioration factors were applicable to the various parcels within
the Area.
Findings Under the Act
Under the Act, parcels 03-27-401-262, 03-27-401-261, 03-27-401-264, 03-27-401-265, 03-27-
401-040,03-27-401-269,03-27-401-270 and Parcel A (as legally described in the Appendix)
within the Area, the range of blighting factors that were present are as follows:
All ten parcels exhibited 1 ofthe 5 factors necessary to qualify this as a Business District under
the Act, with Parcel A, covering much of the site containing a predominance of deterioration.
This factor that is present on every parcel and, we believe, is evenly distributed throughout the
area. Therefore, we believe that the Area qualifies as a Business District under the Act.
The ultimate responsibility for designation lies with the Village Board. The purpose of the
Report is to assist the Village Board this with its decision process.
Laube Consulting Group
4
Village of Mt. Prospect
Eligibility Report
II. Basis for Redevelopment
As set forth in the Act, the Illinois General Assembly has detennined that in order to promote
and protect the health, safety, morals, and welfare of the public, blighted conditions within
Illinois need to be eradicated. The Act also states that the eradication of these blighted
conditions is essential to the public interest and that the use of business district revenues to
fund certain projects designed to do so benefits the community. Additionally, the Illinois
General Assembly declared that it is essential to the economic and social welfare of each
municipality that business districts be maintained and revitalized by assuring opportunities
for development or redevelopment and attracting sound and stable commercial growth.
Prior to adopting an ordinance authorizing the establishment of a Business District under the
Act for a proposed redevelopment area, certain statutory requirements must be met. One of
the requirements is that the municipality must demonstrate that the proposed redevelopment
area be considered "blighted" by virtue of the presence of 1 of 5 factors. We have
doclUnemed the statutory blighting factors under the Act. To designate the Area as a blighted
area, the Village must detennine that one or more of the following factors is present:
1. The predominance of inadequate or defective street layout
2. Unsanitary or unsafe conditions
3. Deterioration of Site Improvements
4. Improper subdivision of obsolete platting, or
5. The existence of conditions which endanger life or property by fire or other causes
The following statements provide the legislative basis for business districts in Illinois:
· The existence of blighted areas threatens the sound growth of the tax base and negatively
impacts the welfare of the public. In addition, the welfare of the public would be
enhanced through the development of blighted areas.
· The blighting conditions in the Area need to be eradicated, conservation measures
instituted, and redevelopment of blighted areas undertaken to alleviate these blighting
conditions. The alleviation of blight through development is essential to the public
interest.
. The Area should be developed or redeveloped through the use of an additional Business
District sales tax that is only imposed on that specific Area. Taxing districts in the Area
would not derive the benefits of an increased assessment base without the benefits of the
Business District and are not affected by the Business District. All taxing districts benefit
from the removal of blighting conditions.
. It is necessary to eliminate these blighting conditions for private development to take
place.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
The Village recognizes that economic development or redevelopment initiatives can offer
communities the opportunity to realize various, and in this case, specific redevelopment
goals, including, but not limited to, increased property and sales taxes and capture of
sales taxes and users from the immediate and surrounding areas. A diversified tax base,
increased employment and services to the community and reductions in deterioration and
vacancies are also important to the Village. Finally, increased local control over projects
is necessary when Federal or State monies are not foreseen.
The proposed creation of the Business District is the Village's initial step in revitalizing
and strengthening an important retail and commercial area within the Village. The
Village maintains that the creation of the BD will foster commercial and retail advantages
both within and around the proposed Area, preserve existing area strengths and develop a
flexible and workable approach in order to both maintain and create retail and
commercial uses in the Village. The Randhurst Mall redevelopment will require massive
demolition and reconfiguration in order to address and remedy obsolete, deteriorating and
vacant conditions prior to attracting new market users.
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Village of Mt. Prospect
Eligibility Report
III. Redevelopment Project Area
The Area encompasses approximately 100 acres ofland in the Village. The Area generally
bounded by Euclid Ave. to the north, Route 83 to the west, Kensington and Rand Rds. to the
south and the mall access road to the east, however, excludes the Costco Parcels. (Please see
legal description and map in the Appendix.)
Blighting Conditions
Representatives from Laube visited the Area to ascertain the physical condition of properties and
infrastructure located within the Area.
Based on Laube's review of the Area, we believe that a sufficient basis exists for the
establishment of a blighted area under the Act.
Specifically, under the Act, the parcels within the Area exhibited one of five blighting factors
necessary to be designated as a blighted area. Since every parcel in the Area contains the
required amounts of blighting factors it is our conclusion that the blight is evenly distributed to a
reasonable extent throughout the Area.
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Village of Mt. Prospect
Eligibility Report
IV. Eligibility of a Blighted Area under the Act
BD development and redevelopment is specifically provided for in the Act. Pursuant to the Act,
the Village Board may designate a specific area of the Village as a Business District, with the
authority to levy an additional sales tax therein, but only after the holding of at least two (2)
public hearings and the making of a formal fmding as to the following:
The BD is a blighted area that, by reason of one of the following five factors:
I. predominance of defective or inadequate street layout,
II. unsanitary or unsafe conditions,
III. deterioration of site improvements,
IV. improper subdivision or obsolete platting,
V. the existence of conditions which endanger life or property by fire or other
causes, or
Any combination of those factors retards the provision of housing accommodations or
constitutes an economic or social liability or a menace to the public health, safety,
morals, or welfare in its present condition and use.
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Village of Mt. Prospect
Eligibility Report
v. Findings From the Site Surveys and Analysis Under the Act
An analysis was made of each of the blighting factors listed in the Act to determine whether each
or any are present in the Area and, if so, to what extent and in what locations. Surveys and
analyses within the Area included:
. Exterior survey of the condition and use of the buildings;
. Interior survey of the condition of the primary property, Randhurst Mall;
. Field survey of conditions of sidewalks, curbs and gutters, lighting, parking facilities,
landscaping, fences and walls, and general property maintenance;
. Analysis of existing uses and their relationships.
. Site Coverage
The Area was evaluated on a parcel-by-parcel basis. There are eight (8) parcels within the Area.
The parcels are as follows:
. Randhurst Mall Parcel (Parcel A)
(Includes Jewel-Osco, Egg Factory, Bank Outlots, Bed Bath & Beyond)
. Home Depot (03-27-401-265 and 040)
. Borders Bookstore (03-27-401-264)
. Buffalo Wild Wings (03-27-401-270)
. Steak and Shake/AMC Theatre (03-27-401-261)
. Carson Pirie Scott (03-27-401-269)
· Chase Bank (03-27-401-262)
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Village of Mt. Prospect
Eligibility Report
Each deterioration factor is rated on one of the three following categories:
Not Present Indicates that either no information was
available or that no evidence could be
documented as part of the various surveys and
analyses.
Present to a Limited Extent Indicates that conditions exists which
document that the factors are present, but the
distribution of impact of the deterioration
condition are limited.
Present to a Major Extent fudicates that conditions exist which document
that the factors are present throughout a major
portion of the proposed Area and the presence
of such conditions have an influence on
~,,- adjacent and nearby development.
The following is a summary evaluation of the respective factors, presented in the order of their
listing in the Act. A definition of each category is presented followed by the conditions that exist
and the relative extend to which each factor is present.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
BUSINESS DISTRICT AREA QUALIFICATIONS
1. The Predominance of Inadequate or Defective Street Layout
The predominance of inadequate or defective street layout refers to a faulty or inadequate street
layout, inadequate parking or parking facilities, or roadways or other public transportation
facilities handling the volume of traffic flows into, through, or out of an area.
Overall Conclusion - Not Present
2. Deterioration
Deterioration refers to any physical deficiencies or disrepair in buildings or site improvements
requiring treatment or repair. This would include buildings with major defects in the secondary
building components (e.g., doors, windows, porches, gutters anJ downspouts, fascia materials,
etc.), and major defects in primary building components (e g., foundations, frames, roofs, etc.).
The condition of roadways, alleys, curbs guHers, sidewalks, off-street parking and surface areas
may also evidence deterioration, as well as surface cracking, crumbling, potholes, depressions,
loose paving materials, and weeds protruding through the concrete and asphalt surfaces.
Proposed Area components examined were of the following types:
Basic Structural- Includes the basic elements of a building: foundation walls, load
bearing walls and columns, floor structure, roof and roof structure.
Structural Components - Includes normal additions to structures such as porches and
steps, window and window units, doors and door units, chimneys, tuck points and gutters
and downspouts.
Infrastructure Components - Includes parking lots, curbs, pylons, drainage, fire
hydrants.
Internal Components - Includes ceilings, floors, walls, carpeting, tiling, terrazzo and
marble - essential overall condition of all internal conditions.
Overall Conclusion for the Area - Present to a Major Extent
Laube Consulting Group
II
Village of Mt. Prospect
Eligibility Report.
Randhurst Mall Parcel- Parcel A - This parcel exhibits major deterioration.
(Note - This parcel includes the mall building, Bed, Bath & Beyond, Jewel Store, Egg Factory,
and the Banks to the south of the Parcel.)
The specific factors are as follows:
· The majority of the bricks on the external fa~ade are stained, cracked and discolored.
· There is exposed wiring along the external walls where identification signs no longer
exist possibly causing an electrical hazard.
· There is significant foliage and weed overgrowth sprouting through the cracks in the
pavement around the entire building possibly causing increased cracking and
deterioration to the entire parking lot.
· Parking blocks that limit close acce~s to the building are cracked and crumbling and need
to be replaced.
· There is evidence of severe cracking along the 6",1emal walls of the entire building, most
noticeable on the east side of the structure.
· Utility pipes are rusty and unsightly and in need of refurbishment.
· There is significant water damage to the majority of the curbs causing cracking and
crumbling and leading to a potential hazard for pedestrians.
· Reception antennas on the roof of the building are rusty and bent and need to be repaired
or refurbished.
· Metal pylons along the exterior walls are bent and need to be repaired.
· The paint on the bricks is chipping and in many cases fading and is in need of
refurbishment.
· The majority of the gutters along the outside of the structure are bent and in need of
repair or replacement.
· Metal framing on exterior and interior doors is rusty and in need of refurbishment.
· Ceilings on the interior of the structure are broken, and, in some cases entirely missing
leading to exposure to insulation and wiring.
· There is evidence of severe water damage to interior ceilings causing discoloration,
warping and in some cases irreparable damage. The majority of the ceiling throughout the
structure needs to be replaced.
· There is significant cracking in the floors throughout the structure that need to be
repaired.
· There is significant cracking in the walls throughout the structure that could lead to
instability of the structure. These cracks need to be repaired or the walls need to be
replaced.
· Where the structure is carpeted, the carpeting is tom, frayed and generally needs to be
repaired or replaced.
· The underground loading/parking area has a severely bent and rusty door and bent pylons
that could possibly lead to the inoperability to the access door and ramp.
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Village of Mt. Prospect
Eligibility Report
Bed, Bath & Beyond Building.
The specific factors are as follows:
. Curbs severely cracked and chunked possibly causing a safety hazard to pedestrians.
· Access doors are rusted and in need of refurbishment.
. Significant cracking and deterioration along the external walls has caused unsightly
holes, potentially leading to water damage and/or a less stable structure.
. Identification signage is rusty and unsightly and needs to be repaired or refurbished.
. The pylons at the front of the structure are cracking and decaying and need to be repaired
or replaced.
. The metal access doors on the south side of building are rusty and bent and need to be
repaired or replaced.
. The asphalt in the parking lot is significantly cracked and in need or repair or
replacement.
· The m~iority of the parking lot is uneven and has significant grade changes leading to
potential flooding problems.
. There is severely cracked curbs/parking medians in the parking lot possibly creating a
hazard for car tires.
. There was standing water in the parking lot and drainage was insufficient.
. The tuck pointing and masonry along the roof is cracked and in need of repair or
replacement.
. There is significant foliage and weed overgrowth sprouting through the cracks in the
pavement to the west of the building possibly causing increased cracking and
deterioration to the entire parking lot.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
Egg Factory Building
The specific factors are as follows:
· The wooden doors shielding the garbage area completely rotted, unpainted and falling
apart giving access to animals and/ortrespassers. The doors are in need ofreplacemimt.
· The exterior molding along the soffit is significantly faded and chipped and in need or
repair or replacement.
· The external gas meter is completely rusted and in need of refurbishment and/or possible
replacement.
· There is significant water damage under the external utility area.
· The paint on the exterior walls is significantly chipped and faded and in need of
refurbishment.
· The exterior walls exhibit significant water damage evidenced by staining and fading.
· The fire hydrant is rusty and in need of refurbishment.
· The curbs are significantly cracked and in need of repair or replacement.
· There is severe cracking in the parking lot causing potential damage to car tires. The
parking lot is in need of repavement or replacement.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
Jewel-Osco Building
The specific factors are as follows:
. The asphalt in the parking lot is significantly cracked and in need of repair or
replacement.
. The majority of the parking lot is uneven and has significant grade changes leading to
potential flooding problems.
. The bricks around the bricks of the front fa~ade are significantly faded.
. The fire pump door is completely rusted possibly causing a hazard regarding access and .
usability .
. Curbs severely cracked and chunked possibly causing a safety hazard to pedestrians.
. The I-beam structures around the garbage bin are rusty and in need of refurbishment.
. The garbage shoot is rusty and in need of refurbishment.
. There was significant litter on the ground at the rear of the building possibly causing a
health hazard regarding rodents anJanimals in the area.
. Parking and other designation signs are rusty and unsightly.
· There is significant foliage and weed overgrowth sprouting through the cracks in the
pavement possibly causing increased cracking and deterioration.
· The receiving door and rail to the rear access door are rusty and bent and in need or repair
or replacement.
· There is evidence of birds roosting in various nooks and crannies around the exterior of
the building.
· The foundations of the pylons in the front ofthe building are cracked and in need of
repair or replacement.
. There is significant cracking along the entire foundation wall, possibly creating potential
area for water damage.
. There is significant evidence of water damage to the fa~ade including fading and
discoloration.
. There is severely cracked curbs/parking medians in the parking lot possibly creating a
hazard for car tires.
Bank Outlot Buildings - This parcel exhibits deterioration to a major extent.
The specific factors are as follows:
. The curbs are significantly cracked and in need or repair or replacement.
· There is exposed wiring along the roof line of the exterior fa~ade.
. There is evidence of significant water damage around the exterior windows.
· The gutter is broken and in need of repair or replacement.
. There is damaged and broken wood along the garbage bays potentially giving access to
animals and/or trespassers.
· There was significant standing water and puddling in several areas of the parking lot.
· The paint on the roof and fences is severely cracking and peeling and in need of repair
and refurbishment.
Laube Consulting Group
15
Village of Mt. Prospect
Eligibility Report
Carson Pirie Scott - 03-27-401-269 - This parcel exhibits deterioration to a major extent.
The specific factors are as follows:
· The sidewalks and curbs on the east, west and north sides of the building are significantly
cracked and in need of repair or replacement.
· There is evidence of birds roosting in various nooks and crannies around the exterior of
the building.
· The asphalt in the parking lot is significantly cracked and in need of repair or
replacement.
· The majority of the parking lot is uneven and has significant grade changes leading to
potential flooding problems.
· An emergency exit door on the west side of the building is dented and rusted and in need
of repair or replacement. .
· The light poles throughout the parking lots on the east and north sides of the building are
rusted, with many having cracked and crumbling bases.
· The paint on the west, north and east exterior walls is significantly chipped and faded and
in need of refurbishment.
· The actual parking lot space stripes are faded and chipped, almost to the point of being
invisible in many cases. This could easily cause damage to individuals' cars due to
inadvertently parking to close to another vehicle and/or inadvertently straddling a parking
stripe.
· There are many cases of discoloration along the west and east facades, possibly
exhibiting signs of water damage.
· There is a severe example of an obsolescent traffic pattern in the north parking lot where
two-way traffic within rows of parking abruptly becomes one-way. There is no sign
warning motorists of this change, unless was painted and has become to faded to be of
any use.
· The painted 'no-parking' areas along the north side of the building have faded to
obsolescence.
· There are signs of significant cracking along the main north entryway door frame,
possibly leading to further brick erosion and potential water damage.
· There is significant cracking and erosion at the northeast comer of the structure, possibly
displaying signs of water damage and/or inferior materials being used during
construction.
Therefore, this parcel exhibits deterioration to a major extent
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
Buffalo Wild Wings - 03-27-401-270 - The parcel exhibits deterioration to a limited extent.
The specific factors are as follows:
· There are severely cracked curbs on the west side of the building that are in need of
complete repair or replacement
· The asphalt in the parking lot is significantly cracked to the extent that repavement is
necessary or repair in some areas
. The canopies on the building exhibit fading and ripping and are in need of replacement.
Therefore, this parcel exhibits deterioration to a limited extent.
Chase Bank 03-27-401-262 - The parcel exhibits deterioration to a limited extent.
The specific factors are as follows:
· The parking lot on the west side ofthe building is severely cracked and deteriorated and
in need of complete repair or replacement
· There are severely cracked curbs on the west side of the building that are in need of
complete repair or replacement
. The light posts on all sides of the building show significant signs of water damage and
rusting and are in need of repair or replacement
· There are signs of significant cracking along the support wall by the drive-thro.
· There is exposed, rusty rebar protruding from the support wall by the drive-thro.
· There is evidence of vandalism with litter and broken alcohol bottles on the east side of
the building.
· There is a significant separation between the concrete and framework on the west side of
the building.
. A lamp post on the east side ofthe building is leaning significantly.
Therefore, this parcel exhibits deterioration to a limited extent.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
AMC Theatre and Steak and Shake - 03-27-401-261- The parcel exhibits deterioration to a
limited extent.
AMC Theater Building - The specific factors are as follows:
· External walls exhibit signs of severe water damage including discoloration, rusting roof
fascia, gutters and tuck points.
· The sidewalks and curbs are significantly damaged and cracked to the extent that
replacement and or repair is necessary.
· The asphalt in the parking lot is significantly cracked and in need or repair or
replacement.
· The manhole cover in the asphalt is sunken creating a potential hazard for pedestrians as
well as motor vehicles.
· The painted parking space lines, handicapped designations and light poles are all faded
and chipped ahd in need of repainting.
Steak & Shake Building - The specific factors are as follows:
· The asphalt in the parking lot is significantly cracked and in need or repair or
replacement.
· The majority of the parking lot is uneven and has significant grade changes leading to
potential flooding problems.
· There is significant deterioration to the bricks on the south side of the building that needs
to be repaired or replaced.
· The employee access door to the rear of the building is rusty and in need of
refurbishment.
· The tuck pointing along the roof line is cracked and need of repair or replacement.
· The paint on the bricks is chipping and in many cases fading and is in need of
refurbishment.
· Curbs severely cracked and chunked possibly causing a safety hazard to pedestrians.
Therefore, this parcel exhibits deterioration to a limited extent.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
Home Depot - 03-27-401-265 and 040 - This parcel exhibits deterioration to a major extent.
The specific factors are as follows:
. There were significant standing water and puddling in several areas of the parking lot.
· The asphalt in the parking lot is significantly cracked and in need or repair or
replacement.
· The majority ofthe parking lot is uneven and has significant grade changes leading to
potential flooding problems.
. The parking lot concrete pylons are cracked and in need of repair or replacement.
· There is overgrowth of weeds and grass within the cracks of the parking lot along the
pylons.
· There is evidence that the parking lot is being used for storage of empty portable trailers
and other construction materials that are damaging the parking surface. The support
beams on the exterior of the building are chipping and in need of repainting.
. The exterior walls are slightly dirty and stained as a result of water damage.
· There is evidence of slight cracking of the tuck pointing which will require repair or
replacement.
· There is exposed wiring on the front fayade of the exterior.
. The metal on the upper part of access pylons is significantly rusted and in need of repair
or replacement.
Therefore, this parcel exhibits deterioration to a major extent.
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Village of Mt. Prospect
Eligibility Report
Borders Bookstore - 03-27-401-264 - This parcel exhibits deterioration to a major extent.
The specific factors are as follows:
. The pylons on the loading dock are rusted and in need of repair or replacement.
· The asphalt in the parking lot is significantly cracked and in need or repair or
replacement.
. The majority of the parking lot is uneven and has significant grade changes leading to
potential flooding problems.
· The curbs are significantly cracked and in need or repair or replacement.
· There is significant evidence of water damage on the roof area of the exterior fa9ade
causing staining and fading.
· There is significant foliage and weed overgrowth sprouting through the cracks in the
pavement possibly causing increased cracking and deterioration.
· The tuck pointing around the roof area of the fa9ade is cracked and in need or repair or
replacement.
· There-is significant staining around the bricks near the garbage bin.
. Exterior support beams are rusted and in need of refurbishment.
· Curbs severely cracked and chunked possibly causing a safety hazard to pedestrians.
Therefore, this parcel exhibits deterioration to a major extent.
All observed deterioration factors from each of the above parcels have been photographed and
documented.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
3. Improper Subdivision or Obsolete Platting
Improper subdivision or platting means that the parcels in their current configurations exhibit
irregular sizes and shapes that will make it difficult to develop the Area in a manner that is
compatible with contemporary standards and requirements.
The American Institute of Real Estate Appraisers defmes obsolescence as follows: "One of the
causes of depreciation. An impairment of desirability and usefulness caused by new inventions,
current changes in design, improved processes for production, or external factors that make a
property less desirable and valuable for a continued use; may be either functional or external
[economical]."
Real estate development is driven by the highest and best use of a property at the time the
property is developed. Over time, changes in technology, design, and economics may alter the
highest and best use of a property causing it tt) become functionally or economically obsolete.
Obsolete platting or improper subdivision has an overall blighting effect on the surrounding area,
detracting from the desirability of the overall area.
Overall Conclusion - Not Present
4. Unsanitary or Unsafe Conditions
Unsanitary or unsafe conditions means when by reason of many factors including conditions of
the presence of crime, conditions with unreasonably put a person's life, health, or safety in danger
or factors that affect a persons well being. Some examples of such illegal use include the conduct
of any illegal vice activities such as drug manufacture or dealing and prostitution sale, or uses in
violation of national, state, or local environmental and occupational safety and health regulations,
or substandard conditions which adversely affect the health and welfare of building occupants,
(e.g., residents, employees, or visitors.), or deficiencies in the capacity or condition of all
overhead and underground utilities including, but not limited to, storm drainage, water supply,
electrical power, telephone, sanitary sewers, gas, and electricity. Inadequate utilities include
those which are:
. of sufficient capacity to serve the uses in the redevelopment project and surrounding
areas,
· deteriorated, antiquated, obsolete, or in disrepair, or
. lacking.
Overall Conclusion - Not Present
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
5. Existence of Conditions which Endanger Life or Property by Fire or Other Causes
This factor means conditions which would put a person or persons in an unreasonably unsafe
condition that could endanger their life or their property by the potential unguarded potential of
fire or other unsafe conditions. Some examples of such conditions are substandard conditions of
the fire protection system, outdated exit or egress emergency points, buildings that are not within
building code which adversely affect the health and welfare of building occupants, (e.g.,
residents, employees, or visitors.) Additionally, further examples of such conditions include a
condition that an environmental expert has determined a need for, the clean-up of hazardous
waste, hazardous substances, or underground storage tanks required by State or federal law .
Overall Conclusion - Not Present
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
VI. Findings
. The conditions in the Area demonstrate that the Area has not been subject to growth and
development through private investment (please see Business District Plan).
. The primary parcel within the Area, Randhurst Mall, has been substantially vacant and
has become increasingly obsolescent for some time and each of the parcels within the
area exhibits deterioration.
. The Area has been underused and the partially vacant buildings are blight's to the
community, both economically and aesthetically.
. The majority of the parcels in the Area, while currently occupied, exhibit signs of
deterioration and blight that make them outdated to today's standards, possibly
prohibiting redevelopment of the primary parcel, Parcel A.
. Over the past few years, the buildings within the Area evidence mere patchwork solutions
that have not been conducive to growth within the Area and surrounding area.
Under the Act, as one of the five blighting conditions necessary to classify an area as a blighted
area were found in the Area. A summary of the findings in the Area can be found on Table 1 in
the Appendix.
Unless corrected, these conditions will persist and continue to delay future economic
development in the Area.
Through the establishment and use ofa Business District and the use offmancial tools afforded
the Village within the BD according to the Act, the Village will be able to address the blighting
factors that are present throughout the Area and promote additional development in and around
the Area.
Laube Consulting Group
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Village of Mt. Prospect
Eligibility Report
APPENDIX
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Village of Mt. Prospect
Eligibility Report
TABLE OF BLIGHTING FACTORS
Summary of Blighting Criteria
Key-
L - Present to a Limited Extent
M - Present to a Major E~tent
NP - Not Present
BWW AMC and
03-27-401-270 Steak & Shake
03-27-401-261
Deterioration of site improvements L L
The predominance of inadequate or defective street
layout
Unsanitary or unsafe conditions
Improper subdivision or obsolete platting
The existence t:>fc.onditions which endanger life or
ro e b fIre or other causes
NP
NP
NP
NP
NP
NP
NP
NP
Total Factors
10f5
10f5
BORDERS Home Depot
03-27-401-264 03-27-401-265
and 040
Deterioration of site improvements M M
The predominance of inadequate or defective street
layout
Unsanitary or unsafe conditions
Improper subdivision or obsolete platting
The existence of conditions which endanger life or
ro e b fIre or other causes
NP
NP
NP
NP
NP
NP
NP
NP
Total Factors
10f5
1 of5
RANDHURST Carsons Chase Bank
Parcel A 03-27-401-269 03-27-401-262
Deterioration of site imorovements M M L
The predominance of inadequate or defective street
1
NP
NP
NP
ayout
Unsanitary or unsafe conditions NP NP NP
Improoer subdivision or obsolete olatting NP NP NP
The existence of conditions which endanger life or NP NP NP
property by fIre or other causes
Total Factors 1 of5 10f5 1 of5
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Village of Mt. Prospect
Eligibility Report
Overall
Conclusion
Deterioration of site improvements M
The predominance of inadequate or defective street NP
la out
Unsanit or unsafe conditions NP
1m ro er subdivision or obsolete lattin NP
The existence of conditions which endanger life or NP
ro e b fIre or other causes
Total Factors 1 of 5
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Village of Mt. Prospect
Eligibility Report
LEGAL DESCRIPTION OF THE AREA
100 ACRE MALL PARCEL LESS COSTCO AND COSTCO GAS PARCELS
PARCEL A: LOTS 1,2, AND 3 (EXCEPTING FROM SAID LOT ONE THAT PART
THEREOF TAKEN BY DEPARTMENT OF TRANSPORTATION STATE OF ILLINOIS IN
CASE NO. 87L51078 AND ALSO EXCEPTING FROM SAID LOT ONE THAT PART
THEREOF CONVEYED TO THE PEOPLE OF THE STATE OF ILLINOIS, DEPARTMENT
OF TRANSPORTATION PURSUANT TO THAT CERTAIN QUIT CLAIM DEED
RECORDED SEPTEMBER 29, 1995 AS DOCUMENT NO. 95664230) IN RANDHURST
CENTER RESUBDIVISION - NO.1, BEING A RESUBDIVISION OF LOT ONE IN
RANDHURST CENTER, BEING A SUBDIVISION OF PART OF THE SOUTHEAST Y4 OF
SECTION 27, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN COOK COUNTY, ILLINOIS, ACCORDING TO THE PLAT OF SAID
RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE
OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT
NO. 87408581 AND REGISTERED IN THE OFFICE OF THE REGISTRAR OF TITLES OF
SAID COUNTY AS DOCUMENT NO. LR3637429.
PARCEL B: THE NORTH 70 FEET OF THE WEST 70 FEET OF THE SOUTH 120 FEET OF
THE EAST Yz OF THE SOUTHEAST Y4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE
11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS
EXCEPTING FROM SAID PARCELS A AND B THE FOLLOWING PARCEL:
A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1, BEING A
RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A SUBDIVISION OF
PART OF THE SOUTHEAST Y4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID
RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE
OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT
NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG THE SOUTH LINE OF SAID LOT 1,
A DISTANCE OF 869.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 17.0 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230, SAID POINT BEING THE
POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUING
NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 292.28 FEET;
THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF
150.75 FEET TO A POINT OF CURVE; THENCE SOUTHWESTERLY ALONG A CURVED
LINE CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 28.0 FEET, AN ARC
LENGTH OF 43.98 FEET, A CHORD BEARING SOUTH 45 DEGREES 00 MINUTES 00
SECONDS WEST 39.60 FEET TO A POINT OF TANGENCY; THENCE SOUTH 00
DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 263.78 FEET TO A POINT
ON SAID NORTH LINE OF KENSINGTON A VENUE AS WIDENED, SAID POINT BEING
ON A LINE 17.0 FEET NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT
Laube Consulting Group
27
Village of Mt. Prospect
Eligibility Report
1; THENCE SOUTH 89 DEGREES 50 MINUTES 20 SECONDS EAST, ALONG SAID
NORTH LINE OF KENSINGTON AVENUE AS WIDENED, A DISTANCE OF 178.75 FEET
TO THE POINT OF BEGINNING, CONTAINING 1.19 ACRES, MORE OR LESS.
ALSO EXCEPTING FROM SAID PARCELS A AND B THE FOLLOWING PARCEL:
A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1, BEING A .
RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A SUBDIVISION OF
PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MPRIDIAN, ACCORDING TO THE PLAT OF SAID
RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE
OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT
NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST WESTERLY SOUTHWEST CORNER OF ORIGINAL LOT
1 AFORESAID; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST,
ALONG THE WESTERLY LINE OF SAID LOT 1,360.59 FEET; THENCE NORTH 90
DEGREES 00 MINUTES 00 SECONTIS EAST, 188.76 FEET TO THE POINT OF
BEGINNING OF THIS DESCRIPTION; THENCE NORTH 04 DEGREES 04 MINUTES 56
SECONDS WEST, 39.92 FEET; THENCE NORTHERLY AND NORTHEASTERLY, 22.66
FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 19.50 FEET,
SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 29 DEGREES 12
MINUTES 18 SECONDS EAST AND A LENGTH OF 21.40 FEET; THENCE
NORTHEASTERL Y, 30.22 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
325.11 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 59
DEGREES 49 MINUTES 45 SECONDS EAST AND A LENGTH OF 30.21 FEET; THENCE
NORTH 56 DEGREES 27 MINUTES 15 SECONDS EAST, 42.41 FEET; THENCE
NORTHEASTERLY, 37.52 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
294.91 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 43
DEGREES 06 MINUTES 11 SECONDS EAST AND A LENGTH OF 37.50 FEET; THENCE
NORTH 34 DEGREES 51 MINUTES 03 SECONDS EAST, 72.03 FEET; THENCE
NORTHEASTERLY, 154.45 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS
OF 422.95 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 15
DEGREES 01 MINUTES 34 SECONDS EAST AND A LENGTH OF 153.59 FEET; THENCE
NORTHERLY AND NORTHEASTERLY, 33.81 FEET ALONG AN ARC TO THE RIGHT,
HAVING A RADIUS OF 26.50 FEET, SUBTENDED BY A LONG CHORD HAVING A
BEARING OF NORTH 41 DEGREES 06 MINUTES 54 SECONDS EAST AND A LENGTH
OF 31.56 FEET; THENCE NORTH 77 DEGREES 39 MINUTES 56 SECONDS EAST, 352.49
FEET; THENCE EASTERLY AND SOUTHEASTERLY, 12.40 FEET ALONG AN ARC TO
THE RIGHT, HAVING A RADIUS OF 11.50 FEET, SUBTENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 71 DEGREES 26 MINUTES 54 SECONDS EAST AND A
LENGTH OF 11.81 FEET; THENCE SOUTHEASTERLY, 20.84 FEET ALONG AN ARC TO
THE LEFT, HAVING A RADIUS OF 61.50 FEET, SUB TENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 50 DEGREES 16 MINUTES 17 SECONDS EAST AND A
LENGTH OF 20.74 FEET; THENCE SOUTH 59 DEGREES 58 MINUTES 01 SECONDS
EAST, 51.51 FEET; THENCE SOUTHEASTERLY, 49.87 FEET ALONG AN ARC TO THE
LEFT, HAVING A RADIUS OF 67.50 FEET, SUBTENDED BY A LONG CHORD HAVING
A BEARING OF SOUTH 81 DEGREES 07 MINUTES 54 SECONDS EAST AND A LENGTH
OF 48.74 FEET; THENCE NORTH 77 DEGREES 42 MINUTES 13 SECONDS EAST, 77.05
FEET; THENCE NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 0.58 FEET;
Laube Consulting Group
28
Village of Mt. Prospect
Eligibility Report
THENCE SOUTH 60 DEGREES 01 MINUTES 21 SECONDS EAST, 28.46 FEET; THENCE
NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 300.44 FEET; THENCE SOUTH
60 DEGREES 01 MINUTES 21 SECONDS EAST, 80.14 FEET; THENCE NORTH 29
DEGREES 58 MINUTES 44 SECONDS EAST, 157.32 FEET; THENCE SOUTH 60 DEGREES
00 MINUTES 13 SECONDS EAST, 110.06 FEET; THENCE SOUTHEASTERLY, 151.57
FEET ALONG AN ARC TO. THE RIGHT, HAVING A RADillS OF 1467.70 FEET,
SUBTENDED BY A LONG CHORD HA VINO A BEARING OF SOUTH 46 DEGREES 46
MINUTES 20 SECONDS EAST AND A LENGTH OF 151.50 FEET; THENCE SOUTH 29
DEGREES 58 MINUTES 49 SECONDS WEST, 587.41 FEET; THENCE NORTH 59
DEGREES 59 MINUTES 56 SECONDS WEST, 150.73 FEET; THENCE SOUTH 30
DEGREES 01 MINUTES 59 SECONDS WEST, 156.61 FEET; THENCE SOUTH 90
DEGREES 00 MINUTES 00 SECONDS WEST, 148.32 FEET; THENCE SOUTH 00
DEGREES 00 MINUTES 34 SECONDS EAST, 214.01 FEET; THENCE SOUTHWESTERLY,
14.17 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADillS OF 9.00 FEET,
SUB TENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 45 DEGREES 05
MINUTES 31 SECONDS WEST AND A J ,ENGTH OF 12.75 FEET; THENCE NORTH 89
DEGREES 48 MINUTES 24 SECONDS WEST, 260.82 FEET; THENCE SOUTH 89
DEGREES 03 MINUTES 38 SECONDS WEST, 83.27 FEET; THENCE NORTH 89 DEGREES
58 MINUTES 19 SECONDS WEST, 145.72 FEET; THENCE WESTERLY, 33.26 FEET
ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 61.50 FEET, SUB TENDED BY
A LONG CHORD HAVING A BEARING OF NORTH 74 DEGREES 28 MINUTES 47
SECONDS WEST AND A LENGTH OF 32.85 FEET; THENCE NORTH 58 DEGREES 59
MINUTES 15 SECONDS WEST, 25.69 FEET; THENCE NORTHWESTERLY AND
NORTHERLY, 105.29 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADillS OF
108.50 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 31
DEGREES 11 MINUTES 12 SECONDS WEST AND A LENGTH OF 101.21 FEET; THENCE
NORTHERL Y, 31.26 FEET ALONG AN ARC TO THE LEFT, HAVING A RADillS OF
114.20 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 11
DEGREES 13 MINUTES 39 SECONDS WEST AND A LENGTH OF 31.16 FEET; THENCE
NORTH 06 DEGREES 34 MINUTES 06 SECONDS WEST, 11.08 FEET; THENCE NORTH 01
DEGREES 40 MINUTES 22 SECONDS WEST, 61.21 FEET TO THE POINT OF
BEGINNING, CONTAINING 13.12 ACRES, MORE OR LESS.
Source: Woolpert
Laube Consulting Group
29
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PART OF THE SOUTHEAST QUARTER OF SECTION 27,
TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOS
BOUNDARY MAP OF PARCEL A
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Village of Mt. Prospect
Eligibility Report
Legal Description of Parcel A
LOT 1 (EXCEPTING FROM SAID LOT ONE THAT PART THEREOF TAKEN BY
DEPARTMENT OF TRANSPORTATION STATE OF ILLINOIS IN CASE NO. 87L51078
AND ALSO EXCEPTING FROM SAID LOT ONE THAT PART THEREOF CONVEYED TO
THE PEOPLE OF THE STATE OF ILLINOIS, DEPARTMENT OF TRANSPORTATION
PURSUANT TO THAT CERTAIN QUIT CLAIM DEED RECORDED SEPTEMBER 29, 1995
AS DOCUMENT NO. 95664230) IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS, ACCORDING TO THE PLAT OF SAID RANDHURST CENTER
RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE OFFICE OF THE
RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT NO. 87408581
AND REGISTERED IN THE OFFICE OF THE REGISTRAR OF TITLES OF SAID COUNTY
AS DOCUMENT NO. LR3637429. ALSO EXCEPTING FROM LOT 1 THE FOLLOWING 10
PARCELS:
PARCEL 1: THAT PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 LYING WITHIN THE FOLLOWING DESCRIBED PARCEL
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG THE SOUTH LINE OF SAID LOT 1,
A DISTANCE OF 869.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 17.0 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230, SAID POINT BEING THE
POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUING
NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 148.00 FEET;
THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 19.00
FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF
144.29 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 797.25 FEET; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 294.58 FEET TO A POINT ON SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED, SAID POINT BEING ON A LINE 17.0 FEET
NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED, A DISTANCE OF 816.25 FEET TO THE POINT
OF BEGINNING.
ALSO;
THE NORTH 70 FEET OF THE WEST 70 FEET OF THE SOUTH 120 FEET OF THE EAST
Y2 OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11, EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PARCELS DESCRIBED ABOVE CONTAIN 5.44 ACRES, MORE OR LESS.
Laube Consulting Group
31
Village of Mt. Prospect
Eligibility Report
PARCEL 2: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST Y4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG THE SOUTH LINE OF SAID LOT 1,
A DISTANCE OF 869.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST, A DISTANCE OF 17.0 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
A VENUE AS WIDENED PER DOCUMENT NUMBER 95664230, SAID POINT BEING THE
POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE CONTINUING
NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 292.28 FEET;
THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF
150.75 FEET TO A POINT OF CURVE; THENCE SOUTHWESTERLY ALONG A CURVED
LINE CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 28.0 FEET, AN ARC
LENGTH OF 43.98 FEET, A CHORD BEARING SOUTH 45 DEGREES 00 MINUTES 00
SECONDS WEST 39.60 FEET TO A POINT OF TANGENCY; THENCE SOUTH 00
DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 263.78 FEET TO A POINT
ON SAID NORTH LINE OF KENSINGTON A VENUE AS WIDENED, SAID POINT BEING
ON A LINE 17.0 FEET NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT
1; THENCE SOUTH 89 DEGREES 50 MINUTES 20 SECONDS EAST, ALONG SAID
NORTH LINE OF KENSINGTON AVENUE AS WIDENED, A DISTANCE OF 178.75 FEET
TO THE POINT OF BEGINNING, CONTAINING 1.19 ACRES, MORE OR LESS.
PARCEL 3: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST Y4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 00
DEGREES 03 MINUTES 50 SECONDS WEST, ALONG THE EAST LINE OF SAID LOT 1, A
DISTANCE OF 17.00 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED, AND ALSO ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED EXTENDED WESTERLY, A DISTANCE OF
1272.01 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED,
SAID POINT ALSO BEING ON THE SOUTH LINE OF SAID LOT 1; THENCE NORTH 00
DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 291.15 FEET; THENCE
NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 135.50 FEET
TO A POINT OF CURVE; THENCE SOUTHEASTERLY, ALONG A CURVED LINE
CONVEX TO THE NORTHEAST, HAVING A RADIUS OF 30.0 FEET, AN ARC LENGTH
OF 47.12 FEET, A CHORD BEARING SOUTH 45 DEGREES 00 MINUTES 00 SECONDS
EAST 42.43 FEET TO A POINT OF TANGENCY; THENCE SOUTH 00 DEGREES 00
Laube Consulting Group
32
Village of Mt. Prospect
Eligibility Report
MINUTES 00 SECONDS EAST, A DISTANCE OF 261.61 FEET TO A POINT ON SAID
NORTH LINE OF KENSINGTON A VENUE AS WIDENED, SAID POINT BEING ON A
LINE 17.0 FEET NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT 1;
THENCE NORTH 89 DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH
LINE OF KENSINGTON AVENUE AS WIDENED, AND ALSO ALONG SAID NORTH
LINE OF KENSINGTON A VENUE AS WIDENED EXTENDED WESTERLY, A DISTANCE
OF 165.50 FEET TO THE POINT OF BEGINNING, CONTAINING 1.10 ACRES, MORE OR
LESS.
PARCEL 4: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 8'/4085.81 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 00
DEGREES 03 MINUTES 50 SECONDS WEST, ALONG THE EAST LINE OF SAID LOT 1, A
DISTANCE OF 17.00 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON
AVENUE AS WIDENED PER DOCUMENT NUMBER 95664230; THENCE NORTH 89
DEGREES 50 MINUTES 20 SECONDS WEST, ALONG SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED, AND ALSO ALONG SAID NORTH LINE OF
KENSINGTON A VENUE AS WIDENED EXTENDED WESTERLY, A DISTANCE OF
1272.01 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED,
SAID POINT ALSO BEING ON THE SOUTH LINE OF SAID LOT 1; THENCE NORTH 00
DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF 291.15 FEET; THENCE
NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 199.73 FEET;
THENCE SOUTH 28 degrees 59 minutes 27 seconds west, a distance of23.18 feet TO THE
MOST EASTERLY SOUTHEAST CORNER OF THE TRACT DESCRIBED IN EXHffiIT A
IN A MEMORANDUM OF LEASE RECORDED MARCH 19, 1999 AS DOCUMENT
NUMBER 99268894; THENCE SOUTH 28 DEGREES 59 MINUTES 27 SECONDS WEST,
ALONG THE SOUTHEASTERLY LINE OF SAID TRACT, A DISTANCE OF 29.00 FEET;
THENCE CONTINUING ALONG THE SOUTHEASTERLY LINE OF SAID TRACT, SOUTH
00 DEGREES 00 MINUTES 33 SECONDS EAST, A DISTANCE OF 43.00 FEET TO THE
MOST SOUTHERLY SOUTHEAST CORNER OF SAID TRACT; THENCE SOUTH 00
DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 201.87 FEET TO A POINT
ON THE SOUTH LINE OF SAID LOT 1; THENCE SOUTH 89 DEGREES 50 MINUTES 20
SECONDS EAST, ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF 225.01
FEET TO THE POINT OF BEGINNING, CONTAINING 1.49 ACRES, MORE OR LESS.
PARCEL 5: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHEAST V4 OF SAID
SECTION 27; THENCE ON AN ASSUMED BEARING OF NORTH 00 DEGREES 00
Laube Consulting Group
33
Village of Mt. Prospect
Eligibility Report
MINUTES 00 SECONDS WEST, ALONG THE WEST LINE OF SAID SOUTHEAST V4,
840.83 FEET; THENCE NORTH 89 DEGREES 59 MINUTES 27 SECONDS EAST, 54.73
FEET TO THE POINT OF BEGINNING; THENCE NORTH 44 DEGREES 59 MINUTES 27
SECONDS EAST, 28.00 FEET; THENCE NORTH 89 DEGREES 59 MINUTES 27 SECONDS
EAST, 86.08 FEET; THENCE SOUTH 43 DEGREES 00 MINUTES 33 SECONDS EAST,
17.95 FEET; THENCE SOUTH 05 DEGREES 16 MINUTES 33 SECONDS EAST, 395.00.
FEET; THENCE SOUTH 18 DEGREES 45 MINUTES 33 SECONDS EAST, 45.00 FEET;
THENCE SOUTH 36 DEGREES 45 MINUTES 33 SECONDS EAST, 115.00 FEET; THENCE
SOUTH 28 DEGREES 59 MINUTES 27 SECONDS WEST~ 29.00 FEET; THENCE SOUTH 00
DEGREES 00 MINUTES 33 SECONDS EAST, 43.00 FEET; THENCE SOUTH 85 DEGREES
59 MINUTES 27 SECONDS WEST, 174.00 FEET; THENCE NORTH 04 DEGREES 45
MINUTES 33 SECONDS WEST, 604.00 FEET TO THE POINT OF BEGINNING,
CONTAINING 1.90 ACRES, MORE OR LESS
PARCEL 6: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHEAST V4 OF SAID
SECTION 27; THENCE ON AN ASSUMED BEARING OF NORTH 00 DEGREES 00
MINUTES 00 SECONDS WEST, ALONG THE WEST LINE OF SAID SOUTHEAST V4,
840.83 FEET; THENCE NORTH 89 DEGREES 59 MINUTES 27 SECONDS EAST, 54.73
FEET TO THE MOST WESTERLY CORNER OF THE TRACT DESCRIBED IN EXHIBIT A
IN A MEMORANDUM OF LEASE RECORDED MARCH 19, 1999 AS DOCUMENT
NUMBER 99268894; THENCE NORTH 44 DEGREES 59 MINUTES 27 SECONDS EAST,
ALONG THE NORTHWESTERLY LINE OF SAID TRACT, 28.00 FEET; THENCE NORTH
89 DEGREES 59 MINUTES 27 SECONDS EAST, ALONG THE NORTHERLY LINE OF
SAID TRACT, 86.08 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 43
DEGREES 00 MINUTES 33 SECONDS EAST, ALONG THE NORTHEASTERLY LINE OF
SAID TRACT, 17.95 FEET; THENCE SOUTH 05 DEGREES 16 MINUTES 33 SECONDS
EAST, ALONG THE EASTERLY LINE OF SAID TRACT, 160.96 FEET; THENCE NORTH
84 DEGREES 43 MINUTES 27 SECONDS EAST, 89.50 FEET; THENCE
NORTHEASTERLY, 250.94 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS
OF 282.26 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 23
DEGREES 20 MINUTES 42 SECONDS EAST AND A LENGTH OF 242.76 FEET; THENCE
SOUTH 74 DEGREES 47 MINUTES 55 SECONDS WEST, 220.06 FEET TO THE POINT OF
BEGINNING, CONTAINING 0.74 ACRES, MORE OR LESS.
PARCEL 7: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
Laube Consulting Group
34
Village of Mt. Prospect
Eligibility Report
COMMENCING AT THE MOST WESTERLY SOUTHWEST CORNER OF ORIGINAL LOT
I AFORESAID; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST,
ALONG THE WESTERLY LINE OF SAID LOT I, 360.59 FEET; THENCE NORTH 90
DEGREES 00 MINUTES 00 SECONDS EAST, 188.76 FEET TO THE POINT OF
BEGINNING OF THIS DESCRIPTION; THENCE NORTH 04 DEGREES 04 MINUTES 56
SECONDS WEST, 39.92 FEET;. THENCE NORTHERLY AND NORTHEASTERLY, 22.66
FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 19.50 FEET,
SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 29 DEGREES 12
MINUTES 18 SECONDS EAST AND A LENGTH OF 2 1.40 FEET; THENCE
NORTHEASTERL Y, 30.22 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
325. I I FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 59
DEGREES 49 MINUTES 45 SECONDS EAST AND A LENGTH OF 30.2 I FEET; THENCE
NORTH 56 DEGREES 27 MINUTES 15 SECONDS EAST, 42.41 FEET; THENCE
NORTHEASTERLY, 37.52 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
294.91 FEET, SUB TENDED BY A LONG CHORD HAVING A BEARING OF NORTH 43
DEGREES 06 MINUTES J 1 SECONDS EAST AND A LENGTH OF 37.50 FEET; THENCE
NORTH 34 DEGREES 51 MINUTES 03 SECONDS EAST, 72.03 FEET; THENCE
NORTHEASTERLY, 154.45 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS
OF 422.95 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 15
DEGREES 01 MINUTES 34 SECONDS EAST AND A LENGTH OF 153.59 FEET; THENCE
NORTHERLY AND NORTHEASTERLY, 33.81 FEET ALONG AN ARC TO THE RIGHT,
HAVING A RADIUS OF 26.50 FEET, SUBTENDED BY A LONG CHORD HA VlNG A
BEARING OF NORTH 41 DEGREES 06 MINUTES 54 SECONDS EAST AND A LENGTH
OF 3 I .56 FEET; THENCE NORTH 77 DEGREES 39 MINUTES 56 SECONDS EAST, 352.49
FEET; THENCE EASTERLY AND SOUTHEASTERLY, 12.40 FEET ALONG AN ARC TO
THE RIGHT, HA VlNG A RADIUS OF I 1.50 FEET, SUB TENDED BY A LONG CHORD
HA VlNG A BEARING OF SOUTH 71 DEGREES 26 MINUTES 54 SECONDS EAST AND A
LENGTH OF 11.81 FEET; THENCE SOUTHEASTERLY, 20.84 FEET ALONG AN ARC TO
THE LEFT, HAVING A RADIUS OF 6 I .50 FEET, SUBTENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 50 DEGREES 16 MINUTES 17 SECONDS EAST AND A
LENGTH OF 20.74 FEET; THENCE SOUTH 59 DEGREES 58 MINUTES 01 SECONDS
EAST, 51.51 FEET; THENCE SOUTHEASTERLY, 49.87 FEET ALONG AN ARC TO THE
LEFT, HA VlNG A RADIUS OF 67.50 FEET, SUBTENDED BY A LONG CHORD HAVING
A BEARING OF SOUTH 8 I DEGREES 07 MINUTES 54 SECONDS EAST AND A LENGTH
OF 48.74 FEET; THENCE NORTH 77 DEGREES 42 MINUTES 13 SECONDS EAST, 77.05
FEET; THENCE NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 0.58 FEET;
THENCE SOUTH 60 DEGREES 01 MINUTES 21 SECONDS EAST, 28.46 FEET; THENCE
NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 300.44 FEET; THENCE SOUTH
60 DEGREES 01 MINUTES 21 SECONDS EAST, 80.14 FEET; THENCE NORTH 29
DEGREES 58 MINUTES 44 SECONDS EAST, 157.32 FEET; THENCE SOUTH 60 DEGREES
00 MINUTES 13 SECONDS EAST, 110.06 FEET; THENCE SOUTHEASTERLY, 151.57
FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 1467.70 FEET,
SUB TENDED BY A LONG CHORD HA VING A BEARING OF SOUTH 46 DEGREES 46
MINUTES 20 SECONDS EAST AND A LENGTH OF 151.50 FEET; THENCE SOUTH 29
DEGREES 58 MINUTES 49 SECONDS WEST, 587.41 FEET; THENCE NORTH 59
DEGREES 59 MINUTES 56 SECONDS WEST, 150.73 FEET; THENCE SOUTH 30
DEGREES 01 MINUTES 59 SECONDS WEST, 156.61 FEET; THENCE SOUTH 90
DEGREES 00 MINUTES 00 SECONDS WEST, 148.32 FEET; THENCE SOUTH 00
DEGREES 00 MINUTES 34 SECONDS EAST, 214.01 FEET; THENCE SOUTHWESTERLY,
Laube Consulting Group
35
Village of Mt. Prospect
Eligibility Report
14.17 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 9.00 FEET,
SUBTENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 45 DEGREES 05
MINUTES 31 SECONDS WEST AND A LENGTH OF 12.75 FEET; THENCE NORTH 89
DEGREES 48 MINUTES 24 SECONDS WEST, 260.82 FEET; THENCE SOUTH 89
DEGREES 03 MINUTES 38 SECONDS WEST, 83.27 FEET; THENCE NORTH 89 DEGREES
58 MINUTES 19 SECONDS WEST, 145.72 FEET; THENCE WESTERLY, 33.26 FEET
ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 61.50 FEET, SUB TENDED BY
A LONG CHORD HAVING A BEARING OF NORTH 74 DEGREES 28 MINUTES 47
SECONDS WEST AND A LENGTH OF 32.85 FEET; THENCE NORTH 58 DEGREES 59
MINUTES 15 SECONDS WEST, 25.69 FEET; THENCE NORTHWESTERLY AND
NORTHERLY, 105.29 FEET ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF
108.50 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 31
DEGREES 11 MINUTES 12 SECONDS WEST AND A LENGTH OF 101.21 FEET; THENCE
NORTHERLY, 31.26 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF
114.20 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 11
DEGREES 13 MINUTES 39 SECONDS WEST AND A LENGTH OF 31.16 FEET; THENCE
NORTH 06 DEGREES 34 MINUTES 06 SECONDS WEST, 11.08 FEET; THENCE NORTH 01
DEGREES 40 MINUTES 22 SECONDS WEST, 61.21 FEET TO THE POINT OF
BEGINNING, CONTAINING 13.12 ACRES, MORE OR LESS.
PARCEL 8: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST V4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT WHICH IS 787.35 FEET SOUTH AND 254.12 FEET EAST OF
THE NORTHWEST CORNER OF SAID SOUTHEAST V4; THENCE NORTH 25 DEGREES
00 MINUTES 00 SECONDS EAST, 158.95 FEET; THENCE EAST, 112.53 FEET TO A POINT
OF A CURVE; THENCE NORTH AND EAST ALONG A CURVED LINE CONVEX TO THE
SOUTHEAST, HAVING A RADIUS OF 240.0 FEET, AN ARC LENGTH OF 215.72 FEET, A
CHORD BEARING NORTH 64 DEGREES 15 MINUTES 00 SECONDS EAST 208.53 FEET,
TO A POINT BEING 552.70 FEET SOUTH AND 621.65 FEET EAST OF THE NORTHWEST
CORNER OF SAID SOUTHEAST V4; THENCE NORTH 38 DEGREES 30 MINUTES 00
SECONDS EAST, 140.21 FEET TO A POINT OF A CURVE; THENCE NORTH AND EAST
ALONG A CURVED LINE CONVEX TO THE NORTHWEST, HAVING A RADIUS OF
190.0 FEET, AN ARC LENGTH OF 170.78 FEET, A CHORD BEARING NORTH 64
DEGREES 15 MINUTES 00 SECONDS EAST 165.09 FEET; THENCE EAST, 90.80 FEET TO
A POINT 371.25 FEET SOUTH AND 948.43 FEET EAST OF THE NORTHWEST CORNER
OF SAID SOUTHEAST V4; THENCE SOUTH AND EAST ALONG A CURVED LINE
CONVEX TO THE SOUTHWEST, HAVING A RADIUS OF 190.0 FEET, AN ARC LENGTH
OF 289.08 FEET, A CHORD BEARING SOUTH 46 DEGREES 27 MINUTES 01 SECONDS
EAST 261.99 FEET; THENCE EAST, 398.03 FEET TO A POINT OF A NON - TANGENT
CURVE; THENCE EAST ALONG A CURVED LINE CONVEX TO THE NORTHEAST,
HAVING A RADIUS OF 205.0 FEET, AN ARC LENGTH OF 45.49 FEET, A CHORD
BEARING SOUTH 83 DEGREES 38 MINUTES 32 SECONDS EAST 45.40 FEET; THENCE
SOUTH 60 DEGREES 00 MINUTES 00 SECONDS WEST, 438.49 FEET; THENCE NORTH,
34.94 FEET; THENCE SOUTH 60 DEGREES 00 MINUTES 00 SECONDS WEST, 126.10
Laube Consulting Group
36
Village of Mt. Prospect
Eligibility Report
FEET; THENCE SOUTH, 95.67 FEET; THENCE WEST, 46.64 FEET; THENCE SOUTH,
198.02 FEET; THENCE WEST, 320.96 FEET TO A POINT 1097.83 FEET SOUTH AND
724.91 FEET EAST OF THE NORTHWEST CORNER OF SAID SOUTHEAST 1;4; THENCE
NORTH 30 DEGREES 00 MINUTES 00 SECONDS WEST, 129.44 FEET; THENCE NORTH
75 DEGREES 00 MINUTES 00 SECONDS WEST, 120.67 FEET; THENCE NORTH 60
DEGREES 00 MINUTES 00 SECONDS WEST, 334.29 FEET TO THE POINT OF
BEGINNING, CONTAINING 10.35 ACRES, MORE OR LESS.
(BEARINGS REFERENCED ABOVE ARE BASED ON THE WEST LINE OF SAID LOT I
HAVING AN ASSUMED BEARING OF NORTH 00 DEGREES 00 MINUTES 00 SECONDS
WEST)
PARCEL 9: A PART OF LOT I IN RANDHURST CENTER RESUBDIVISION - NO. I,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST 1;4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE I I EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO. I RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT A POINT ON THE SOUTH LINE OF EUCLID AVENUE, BEING THE
MOST NORTHERLY NORTHEAST CORNER OF LOT 2 IN SAID RANDHURST CENTER
RESUBDIVISION - NO. I; THENCE EASTERLY, ALONG THE SOUTH LINE OF SAID
EUCLID AVENUE (SAID LINE ALSO BEING THE NORTH LINE OF SAID LOT I), BEING
A CURVED LINE CONVEX TO THE NORTH, HAVING A RADIUS OF 24505.35 FEET, AN
ARC LENGTH OF 110.13 FEET; THENCE SOUTHWESTERLY, ALONG A CURVED LINE
CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 25.00 FEET, AN ARC LENGTH
OF 39.78 FEET, A CHORD BEARING SOUTH 45 DEGREES 38 MINUTES 23 SECONDS
WEST 35.72 FEET, TO A POINT ON A LINE 60.00 FEET EAST OF AND PARALLEL TO
THE EASTERNMOST EAST LINE OF SAID LOT 2; THENCE SOUTH 00 DEGREES 03
MINUTES 02 SECONDS WEST, ALONG SAID LINE 60.00 FEET EAST OF AND
PARALLEL TO THE EASTERNMOST EAST LINE OF SAID LOT 2, A DISTANCE OF 85.00
FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE
CONTINUING ALONG SAID PARALLEL LINE, SOUTH 00 DEGREES 03 MINUTES 02
SECONDS WEST, A DISTANCE OF 224.07 FEET TO A POINT OF A NON - TANGENT
CURVE; THENCE SOUTHEASTERLY, ALONG A CURVED LINE CONVEX TO THE
SOUTHWEST, HAVING A RADIUS OF 139.91 FEET, AN ARC LENGTH OF 219.90 FEET,
A CHORD BEARING SOUTH 44 DEGREES 58 MINUTES 29 SECONDS EAST 197.96
FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF
18.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 364.1 1 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS
WEST, A DISTANCE OF 158.00 FEET TO THE POINT OF BEGINNING, CONTAINING
1.23 ACRES, MORE OR LESS.
(BEARINGS REFERENCED ABOVE ARE BASED ON THE WEST LINE OF SAID LOT 1
HAVING AN ASSUMED BEARING OF NORTH 00 DEGREES 00 MINUTES 00 SECONDS
WEST)
PARCEL 10: A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1,
BEING A RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A
SUBDIVISION OF PART OF THE SOUTHEAST 1;4 OF SECTION 27, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
Laube Consulting Group
37
Village of Mt. Prospect
Eligibility Report
THE PLAT OF SAID RANDHURST CENTER RESUBDIVISION - NO.1 RECORDED JULY
24, 1987 IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS
AS DOCUMENT NO. 87408581 MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT A POINT ON THE SOUTH LINE OF EUCLID AVENUE, BEING THE
MOST NORTHERLY NORTHEAST CORNER OF LOT 2 IN SAID RANDHURST CENTER
RESUBDIVISION - NO.1; THENCE EASTERLY, ALONG THE SOUTH LINE OF SAID .
EUCLID AVENUE (SAID LINE ALSO BEING THE NORTH LINE OF SAID LOT 1), BEING
A CURVED LINE CONVEX TO THE NORTH, HAVING A RADIUS OF 24505.35 FEET, AN
ARC LENGTH OF 110.13 FEET; THENCE SOUTHWESTERLY, ALONG A CURVED LINE
CONVEX TO THE NORTHWEST, HAVING A RADIUS OF 25.00 FEET, AN ARC LENGTH
OF 39.78 FEET, A CHORD BEARING SOUTH 45 DEGREES 38 MINUTES 23 SECONDS
WEST 35.72 FEET, TO A POINT ON A LINE 60.00 FEET EAST OF AND PARALLEL TO
THE EASTERNMOST EAST LINE OF SAID LOT 2; THENCE SOUTH 00 DEGREES 03
MINUTES 02 SECONDS WEST, ALONG SAID LINE 60.00 FEET EAST OF AND
PARALLEL TO THE EASTERNMOST EAST LINE OF SAID LOT 2, A DISTANCE OF 85.00
FEET; THENCE CONTINUING ALONG SAID PARALLEL LINE, SOUTH 00 DEGREES 03
MINUTES 02 SECONDS WEST, A DISTANCE OF 224.07 FEET TO A POINT OF A NON-
TANGENT CURVE; THENCE SOUTHEASTERLY, ALONG A CURVED LINE CONVEX
TO THE SOUTHWEST, HAVING A RADIUS OF 139.91 FEET, AN ARC LENGTH OF
219.90 FEET, A CHORD BEARING SOUTH 44 DEGREES 58 MINUTES 29 SECONDS
EAST 197.96 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 18.28 FEET TO THE POINT OF BEGINNING OF THE TRACT HEREIN
DESCRIBED; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A
DISTANCE OF 470.88 FEET TO A POINT ON THE NORTH LINE OF SAID LOT 1;
THENCE EASTERLY, ALONG THE NORTH LINE OF SAID LOT 1, BEING A CURVED
LINE CONVEX TO THE NORTH, HAVING A RADIUS OF 24505.35 FEET AND AN ARC
LENGTH OF 439.62 FEET, TO A POINT OF CURVE ON THE NORTH LINE OF SAID LOT
1; THENCE CONTINUING ALONG THE NORTH LINE OF SAID LOT 1, SOUTH 87
DEGREES 26 MINUTES 00 SECONDS EAST, A DISTANCE OF 165.03 FEET TO A POINT
OF CURVE ON THE NORTH LINE OF SAID LOT 1; THENCE EASTERLY, CONTINUING
ALONG THE NORTH LINE OF SAID LOT 1, BEING A CURVED LINE CONVEX TO THE
SOUTH, HAVING A RADIUS OF 24605.35 FEET AND AN ARC LENGTH OF 31.84 FEET,
TO THE NORTHEAST CORNER OF SAID LOT 1; THENCE SOUTH 00 DEGREES 03
MINUTES 50 SECONDS EAST, ALONG THE EAST LINE OF SAID LOT 1, A DISTANCE
OF 446.34 FEET TO A POINT BEING NORTH 90 DEGREES 00 MINUTES 00 SECONDS
EAST FROM THE POINT OF BEGINNING; THENCE NORTH 90 DEGREES 00 MINUTES
00 SECONDS WEST, A DISTANCE OF 636.51 FEET TO THE POINT OF BEGINNING,
CONTAINING 6.71 ACRES, MORE OR LESS.
(BEARINGS REFERENCED ABOVE ARE BASED ON THE WEST LINE OF SAID LOT 1
HAVING AN ASSUMED BEARING OF NORTH 00 DEGREES 00 MINUTES 00 SECONDS
WEST)
NET PARCEL DESCRIBED ABOVE CONTAINS 48.95 ACRES, MORE OR LESS.
Source: Woolpert
Laube Consulting Group
38
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DAll..Y HERALD SECTION 4 PAGE 3
I "
Notice of Public Hearing for Creation of
BUSINESS OlsTRICT AT RANDHURsT MALL
MOUNT PROSPECT, ILLINOIS '
. Th~ Village of Mount Prospect shall canduct a public
hearing at the Mount Prospect Village Hall. Village Board
Roam. 50 S. Emerson Street. Mount Prospect an Tuesday.
December 1, 2009 at the hour of 7:00 p.m. far the establish.
ment of q Busine~s i:)istrict. pursuant to 65 ILCS 5111.743.5.
T~e .Busme~s Dlstrlct.shall be established for an area
wlthm the Village of Mount Prospect. legally described as'
PARCEL A: LOTS I. 2. AND 3 (EXCEPTING FROM SAID
LOT ONE THAT PART THEREOF TAKEN BY DEPART.
MENT OF TRANSPORTATION STATE OF ILLINOIS IN
CASE NO. 87L51078 AND ALSO EXCEPTING FROM SAID
LOT ONE THAT I;'ART THEREOF CONVEYED'TO THE
PEOPLE OF THE STATE OF ILLINOIS. DEPARTMENT
OF TRANSPORTATION PURSUANT TO THAT CERTAI N
QUIT CLAIM DEED RECORDED SEPTEMBER 29 1995
AS DOCUMENT NO. 95664230) INRANDHURST CENTER
RESUBDIVISION. NO.1. BEING A RESUBDIVISION OF
LOT ONE IN RANDHURST CENTER. BEING A SUBDI.
VISION OF PART OF THE SOUTHEAST Tt.. OF SECTION
27. TOWNSHI P 42 NORTH. RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN; IN COOK COUNTY. IL.
L1NOIS. ACCORDING TO 'HE PLAT OF SAID RAND.
HURST CENTER RESUBDIVISION .NO. 1 RECORDED
JULY 24. 1987 IN THE OFFICE OF THE RECORDER OF
DEEDS OF COOK COUNTY. ILLINOIS AS DOCUMENT
NO. 87408581 AND REGISTERED IN THE OFFICE OF
THE REGISTRAR OF TITLES OF SAID COUNTY AS
DOCUMENT NO. LR3637429.
PARCEL B: THE NORTH 70 FEET OF THE WES, 70
FEET OF THE SOUTH 120 FEET OF THE EAST V2 OF
THE SOUTHEAST Tt.. OF SECTION 27. TOWNSHIP 42
NORTH. RANGE 11. EAST.OF THE THIRD PRINCIPAL
MERIDIAN. IN COOK COUNTY. ILLINOIS
EXCEPTING FROM SAID PARCELS A'AND B THE FOL.
LOWING PARCEL:
A PART OF LOT 11N RANDHURSTCENTER RESUBDI.
VISION. NO.1. BEING A RESUBDIVISION OF LOT ONE
IN RANDHURST CENTER. BEING A SUBDIVISION OF
PART OF THE SOUTHEAST Tt.. OF SECTION..27. TOWN-
SHIP 42 NORTH. RANGE 11 EAST OF THE THIRD PRIN.
CIPAL MERIDIAN. ACCORDING TO THE PLAT OF
SAID RANDHURST CENTER RESUBDIVISION. NO: 1
RECORDED JULY24, 1987 IN THE OFFICE OF THE RE.
CORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS
~2~Nt~5~~ ~gLt~&~~l MORE PARTICULARLY DE.
'COMMENCING ATTHE SOUTHEAST CORNER OF SAID
LOT 1; THENCE NORTH 89 DEGREES 50 MINUTES 20
SECONDS WEST, ALONG THE SOUTH LINEOFSAID
LOT 1. A DISTANCE OF 869.28 FEET; THENCE NORTH'
00 DEGREES 00 MINUTES 00 SECONDS EAST,' A DIS.
TANCE OF 17.0 FEET TOA POINT ON THE NORTH
LINE OF KENSINGTON AVENUE AS WIDENED PER
DOCUMENT NUMBER 95664230. SAID POINT BEING
THE POINT OF BEGINNING OF THE TRACT HEREIN
DESCRIBED; THENCE CONTINUING NORTH 00 DE.
GREES 00 MINUTES 00 SECONDS EAST. A DISTANCE
OF 292.28 FEET; THENCE NORTH 90 DEGREES'OO MIN-
UTES 00 SECONDS WEST. A DISTANCE OF 150.75 FEET
TO A POINT OF CURVE; THENCE SOUTHWESTERLY
ALONG A CURVED LINE CONVEX TO THE NORTH.
WEST, HAVING A RADIUS OF 28.0 FEET. AN ARC
LENGTH OF 43.98 FEET. A CHORD BEARING SOUTH 45
DEGREES 00 MINUTES 00 SECONDS WEST 39.60 FEET
TO APOI"!T OF TANGENCY; THENCE SOUTH 00 DE.
GREES 00 MINUTES 00 SECONDS WEST. A.DISTANCE
OF 263.78 FEET TO A POINT ON SAID NORTH LINE OF
KENSINGTON AVENUE AS WIDENED, SAID POINT
BEING ON A LINE 17.0 FEET NORTH OF AND PARAL.
LEL TO THE SOUTH LINE OF SAID LOT 1; THENCE
SOUTH 89 DEGREES 50 MI NUTES 20 SECONDS EAST.
ALONG SAID NORTH LINE OF KENSINGTON AVENUE
AS WIDENED. A DISTANCE OF 178.75 FEET TO THE
f,..~I~J oWLls1~INNING. CONTAINING 1.19 ACRES,
ALSO EXCEPTING FROM SAID PARCELS A AND B
THE FOLLOWING PARCEL:
A PART OF LOT 1 IN RANDHURST CENTER RESUBDI.
VISI9N - NO.1, BEING A RESUBDIVISION OF LOT ONE
IN RANDHURST CENTER. BEING A SUBDIVISION OF
PART OF THE SOUTHEAST V. OF SECTION 27. TOWN-
SHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRIN.
CIPAL MERIDIAN. ACCORDING TO THE PLAT OF
SAID RANDHURST CENTER RESUBDIVISlON 'NO.1
. ~g~g~~1Jf-Jg€~6t !i~7d~OT~Ed>J:~+~~I~U~'6TsRl's
DOCUMENT NO. 87408581 MORE PARTICULARLY DE-
SCRIBED AS FOLLOWS:
SATURDAY, NOVEMBER 21, 2009
COMMENCING AT THE MOST WESTERLY SOUTH-
WEST CORNER OF ORIGINAL LOT 1 AFORESAID;.
THENCE NORTH 00 DEGREES 00 MI NUTES 00 SEC.'
ONDS WEST, ALONG THE WESTERLY LINE OF .SAID'
LOT 1, 360.59 FEET; THENCE NORTH 90 DEGREES 00
MINUTES 00 SECONDS EAST, 188.76 FEET TO THE
POINT OF BEGINNING OF THIS DESCRIPTION;
iTHENCE NORTH 04 DEGREES 04 MINUTES 56 SEC.
ONDS WEST. 39.92 FEET; THENCE NORTHERLY AND
NORTHEASTERLY, 22.66 FEET ALONG AN ARC TO
THE RIGHT. HAVING A RADIUS OF 19.50 FEET. SUB.
TENDED BY A LONG CHORD HAVING A BEARING OF
I NORTH 29 DEGREES 12 MINUTES 18 SECONDS E.AST
AND A LENGTH OF 21.40 FEET;' THENCE NORTH.
EASTERL Yi 30.22 FEET ALONG AN ARC TO THE LEFT.
HAVING A RADIUS OF 325.11 FEET. SUBTENDED BY A
LONG CHORD HAVING A BEARING OF NORTH 59 DE.
GREES 49 MINUTES 45 SECONDS EAST AND A
LENGTH OF 30.21 FEET; THENCE NORTH' 56 DE-
GREES 27 MINUTES 15 SECONDS EAST. 42.41 FEET;
THENCE NORTHEASTERLY. 37.52 FEET ALONG AN
ARC TO THE LEFT, HAVING A RADIUS OF 294.91 FEET.
SUBTENDED BY A LONG CHORD HAVING A BEARING
10F NORTH 43 DEGREES 06 MINUTES 11 SECONDS
EAST ANDA LENGTHOF 37.50 FEET; THENCE NORTH
34 DEGREES 51 MINUTES 03 SECONDS EAST. 72.03
FEET: THENCE NORTHEASTERLY. ~ 154.45 FEET
ALONG AN ARC TO THE LEFT. HAVING A RADIUS OF
422.95 FEET, SUBTENDED BY A LONG CHORD HAVING
A BEARING OF NORTH 15 DEGREES 01 MINUTES 34
SECONDS EAST AND A LENGTH OF 153.59 FEET;
THENCE NORTHERLY AND NORTHEASTERLY..33.81
FEET ALONG AN ARC TO THE RIGHT. HAVING A RA.
DIUS OF 26.50 FEET, SUBTENDED BY A LONG CHORD
HAVING A BEARING OF NORTH 41 DEGREES 06 MIN.
UTES 54 SECONDS EAST AND A LENGTH OF 31.56
FEET: THENCE NORTH 77 DEGREES 39 MI NUTES 56
SECONDS EAST, 352.49 FEET: THENCE EASTERLY.
AND SOUTHEASTERL y,12.40 FEET ALONG AN ARC TO
THE RIGHT. HAVING A RADIUS OF 11.50 FEET. SUB.
TENDED BY A LONG CHORD HAVING A BEARING OF
SOUTH 71 DEGREES 26 MINUTES 54 SECONDS EAST
AND A LENGTH OF 11.81 FEET; THENCE SOUTHEAST.
I ERLY.20.84 FEET ALONG AN ARCTOTHE LEFT. HAV-
ING A RADIUS OF 61.50,FEET, SUBTENDED BY A
LONG CHORD HAVING A BEARING OF SOUTH 50 DE.
GREES 16 MINUTES 17 SECONDS EAST AND A
LENGTH OF 20.74 FEET: THENCE SOUTH 59 DEGREES
58 MINUTES.01 SECONDS EAST. 51.51 FEET; THENCE
,SOUTHEASTERLY. 49.87 FEET ALONG AN ARC TO THE
LEFT, HAVING A RADIUS OF 67.50 FEET. SUBTENDED
BY A LONG CHORD HAVING A BEARING OF SOUTH 81
DEGREES 07 MINUTES 54 SECONDS EAST AND A
LENGTH OF 48.74 FEET: THENCE NORTH 77 DE-
GREES 42' MINUTES 13.SECONDS EAST. 77.05 FEET;
THENCE NORTH 29 DEGREES 58 MINUTES 39 SEC-
ONDS EAST. 0.58 FEET; THENCE SOUTH 60.DEGREES
01 MINUTES 21 SECONDS EAST. 28.46 FEET; THENCE
NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST.
300.44 FEET; THENCE SOUTH 60 DEGREES 01 MIN-
UTES 21 SECONDS EAST, 80.14 FEET; THENCE NORTH
29 DEGREES 58 MINUTES 44 SECONDS EAST. 157.32
FEET: THENCE SOUTH 60 DEGREES 00 MINUTES 13
SECONDS. EAST. 110.06 FEET; THENCE SOUTHEAST.
ERLY, 151.57 FEET ALONG AN ARC TO THE RIGHT.
HAVING A RADIUS OF 1467.70 FEET, SUBTENDED BY
A LONG CHORD HAVINGA BEARING OF SOUTH 46 DE-
GREES 46' MINUTES 20 SECONDS EAST AND A
LENGTH OF 151.50' FEET: THENCE SOUTH 29 DE.
GREES 58 MI NUTES 49 SECONDS WEST. 587.41 FEET;
THENCE NORTH 59 DEGREES 59 MINUTES 56 SEC-
ONDS WEST. 150.73 FEET: THENCE SOUTH 30 DE-
GREES 01 MINUTES 59 SECONDS WEST. 1'56.61 FEET;
THENCE SOUTH 90 DEGREES 00 MINUTES 00 SEC.
.ONDS WEST. 148.32 FEET; THENCE SOUTH 00 DE'
GREES 00 MINUTES 34 SECONDS EAST. 214.01 FEE',
THENCE SOUTHWESTERLY. 14.17 FEET ALONG AN
ARC TO THE RIGHT. HAVING A RADIUS OF 9.00 FEET.
SUBTENDED BY A LONG CHORD HAVING A BEARING
OF SOUTH 45 DEGREES 05 MINUTES 31 SECONDS
WEST AND A LENGTH OF 12.75 FEET; THENCE
'NORTH 89 DEGREES 48 MINUTES 24 SECONDS WEST.
260.82 FEET; THENCE SOUTH 89 DEGREES 03 MIN.
UTES 38 SECONDS WEST. 83,27 FEET; THENCE NORTH
89 DEGREES 58 MINUTES 19 SECONDS WEST. 145.72
FEET; THENCE WESTERLY, 33.26 FEET ALONG AN
ARC TOTHE RIGHT. HAVING A RADIUS OF 61.50 FEET.
SUBTENDED BY A LONG CHORD HAVING A BEARING
OF NORTH 74 DEGREES 28 MINUTES 47 SECONDS
WEST AND A LENGTH OF 32.85 FEET; THENCE
NORTH 58 DEGREES 59 MINUTES 15 SECONDS WEST. .
25.69 FEET; THENCE NORTHWESTERLY AND NORTH-
ERLY. 105.29 FEET ALONG AN ARC TO THE RIGHT.
HAVING A RADIUS OF 108.50 FEET. SUBTENDED BY A
LONG CHORD HAVING A BEARING OF NORTH 31 DE.
GREES 11 MINUTES 12 SECONDS WEST AND A
LENGTH OF 101.21 FEET; THENCE NORTHERLY. 31.26
FEET ALONG AN ARC TO THE LEFT. HAVING A RA.
DIUS OF 114.20 FEET, SUBTENDED BY A LONG CHORD
HAVINGA BEARING OF NORTH 11 DEGREES 13 MIN.
UTES 39' SECONDS WEST AND A LENGTH OF 31.16
FEET; THENCE NORTH 06 DEGREES 34 MINUTES 06
SECONDS WEST. 11:08 FEET; THENCE NORTH 01 DE.
GREES 40 MINUTES 22 SECONDS WEST. 61.21 FEET TO
THE POINT OF BEGINNING. CONTAINING 13.12
ACRES. MORE OR LESS.
and generallY located on the property known as the Rand-
hurst Shopping Moll at the southeast corner of Illinois
Route 83 and Euclid Avenue;
The proposed Business District legislation shall include,
among other things, an additional Sales Tax of one".Quarter
of one percent (.25%). an increase of the Hotel Tax (to be
imposed throughout the Village) of six percent (6%) and an
Amusement Tax of twentv five 25 cents ($0.25) per ticket on
all entertainment events within the Business District.
The proposed Business District legislation shall also
pledge UP to $25,000.000 of the revenue raised from certain
taxes within the District as detailed in the Redevelopment
Agreement between the Village of Mount Prospect and
Randhurst Shopping Center LLC.
All of those in aft€ndbnce wifl-nave an opportunity to
speak on the issue of the creation of the Business District. A
Copy of the proposed Ordinance creating the District shall
be available from the Village Clerk at the Village Hall. 50 S.
Emerson Street. Mount Prospect. Illinois.
Published in Daily Herald Nov. 21. 2009 (4189170)N
ORDINANCE NO.
AN ORDINANCE DESIGNATING
MOUNT PROSPECT BUSINESS DISTRICT NO.1
[RANDHURST BUSINESS DISTRICT]
(Southeast Corner of Euclid Avenue
and Route 83 on the Randhurst Mall Property)
BE IT ORDAINED by the President and Board of Trustees of the Village of Mount
Prospect, Cook County, Illinois, acting in the exercise of their home rule powers, as follows:
SECTION 1: The President and Board of Trustees find as follows:
A. On ,2009, a public hearing was held by the President and Board
of Trustees relative to the designation of Mount Prospect Business District No.1;
B. Notice of the public hearing was published in the , on
, 20_ and , 20_ (a copy of the Publisher's Certificate in
regard to the publications is attached as Exhibit "A");
C. At the public hearing, Village Staff and a representative of Michael Laube made
presentations in regard to the proposed Redevelopment Plan for Mount Prospect Business
District No.1; a "blighted area" designation, pursuant to 65 ILCS 5/11-74.3-5, for Mount
Prospect Business District No.1; and proposed redevelopment within Mount Prospect Business
District No.1;
D. At the pUblic hearing, all members of the public who desired to speak relative to
the designation of proposed Mount Prospect Business District No.1, the "blighted area"
designation, or the proposed Redevelopment Plan, were given an opportunity to speak;
E. The area legally described below is an area in need of commercial
redevelopment so as to maintain and revitalize stable commercial growth within the Village in
accordance with the Mount Prospect Village Code;
F. For the reasons as more specifically set forth in the Redevelopment Plan, entitled
"Village of Mount Prospect Randhurst Business District No. 1 Plan" and prepared by Michael
Laube, attached as Exhibit "B", the area legally described below:
(1 )
is a "blighted area," as defined in 65 ILCS 5/11-74.3-5, by reason of the
predominance of defective or inadequate street layout, unsafe conditions
and deterioration of site improvements;
(2)
constitutes an economic liability to the Village in its present condition and
use; and
(3)
on the whole has not been subject to growth and development by private
enterprises and would not reasonably be anticipated to be developed or
redeveloped without the Village of Mount Prospect Business District No. 1
Plan set forth in Exhibit "c, which is hereby adopted as though fully set
forth."
241472_1
G-- .:r
G. In light of Subsection (F) above, the Village should impose a Business District
Retailers' Occupation Tax upon all persons engaged in the business of selling tangible personal
property at retail within Mount Prospect Business District No. 1 at the rate of one quarter
percent (0.25%) of the gross receipts of sales made in the course of business, pursuant to and
in accordance with 65 ILCS 5/11-74.3-6; and
H. In light of Subsection (F) above, the Village should impose a Business District
Service Occupation Tax upon all persons engaged in the business of making sales of service
within Mount Prospect Business District No. 1 who, as an incident to making those sales of
service, transfer tangible personal property within Mount Prospect Business District No.1, either
in the form of tangible personal property or real estate, as an incident to a sale of service, at the
rate of one quarter percent (0.25%) of the selling price of such personal property so transferred,
pursuant to and in accordance with 65 ILCS 5/11-74.3-6.
I. In light of Subsection (F) above, the Village shall impose an Amusement Tax on
the sale of tickets to an entertainment event, including the sale of movie theater tickets, in the
amount of twenty five cents ($0.25) per ticket. For purposes of this Business District, the sale of
the tickets will be deemed to have taken place at the venue at which the tickets are actually
used.
J. In light of Subsection (F) above, the Village shall amend Article XIII of Chapter 8
of the Village Code to increase its Hotel Tax so that it is equal to six (6%) percent of the gross
receipts for the rental of hotel or motel rooms throughout the Village of Mount Prospect.
SECTION 2: That pursuant to 11-74.3-1 et seq. of the Illinois Municipal Code, the
following legally described area is designated as Mount Prospect Business District NO.1:
100 ACRE MALL PARCEL LESS COSTCO AND COSTCO GAS PARCELS
PARCEL A: LOTS 1,2, AND 3 (EXCEPTING FROM SAID LOT ONE THAT PART THEREOF
TAKEN BY DEPARTMENT OF TRANSPORTATION STATE OF ILLINOIS IN CASE NO. 87L51 078
AND ALSO EXCEPTING FROM SAID LOT ONE THAT PART THEREOF CONVEYED TO THE
PEOPLE OF THE STATE OF ILLINOIS, DEPARTMENT OF TRANSPORTATION PURSUANT TO
THAT CERTAIN QUIT CLAIM DEED RECORDED SEPTEMBER 29, 1995 AS DOCUMENT NO.
95664230) IN RANDHURST CENTER RESUBDIVISION - NO.1, BEING A RESUBDIVISION OF
LOT ONE IN RANDHURST CENTER, BEING A SUBDIVISION OF PART OF THE SOUTHEAST 1;4
OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN COOK COUNTY, ILLINOIS, ACCORDING TO THE PLAT OF SAID RANDHURST
CENTER RESUBDIVISION - NO.1 RECORDED JULY 24, 1987 IN THE OFFICE OF THE
RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT NO. 87408581 AND
REGISTERED IN THE OFFICE OF THE REGISTRAR OF TITLES OF SAID COUNTY AS
DOCUMENT NO. LR3637429.
PARCEL B: THE NORTH 70 FEET OF THE WEST 70 FEET OF THE SOUTH 120 FEET OF THE
EAST 1;2 OF THE SOUTHEAST 1/4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11, EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS
EXCEPTING FROM SAID PARCELS A AND B THE FOLLOWING PARCEL:
241472_1
" r~
t.. ...
t.
'I/lfo .
. -.:'
A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1, BEING A
RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A SUBDIVISION OF PART
OF THE SOUTHEAST 14 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID RANDHURST CENTER
RESUBDIVISION - NO. 1 RECORDED JULY 24, 1987 IN THE OFFICE OF THE RECORDER OF
DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT NO. 87408581 MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 1; THENCE NORTH 89 DEGREES
50 MINUTES 20 SECONDS WEST, ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF
869.28 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, A DISTANCE OF
17.0 FEET TO A POINT ON THE NORTH LINE OF KENSINGTON A VENUE AS WIDENED PER
DOCUMENT NUMBER 95664230, SAID POINT BEING THE POINT OF BEGINNING OF THE
TRACT HEREIN DESCRIBED; THENCE CONTINUING NORTH 00 DEGREES 00 MINUTES 00
SECONDS EAST, A DISTANCE OF 292.28 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00
SECONDS WEST, A DISTANCE OF 150.75 FEET TO A POINT OF CURVE; THENCE
SOUTHWESTERL Y ALONG A CURVED LINE CONVEX TO THE NORTHWEST, HAVING A
RADIUS OF 28.0 FEET, AN ARC LENGTH OF 43.98 FEET, A CHORD BEARING SOUTH 45
DEGREES 00 MINUTES 00 SECONDS WEST 39.60 FEET TO A POINT OF TANGENCY; THENCE
SOUTH 00 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 263.78 FEET TO A
POINT ON SAID NORTH LINE OF KENSINGTON A VENUE AS WIDENED, SAID POINT BEING
ON A LINE 17.0 FEET NORTH OF AND PARALLEL TO THE SOUTH LINE OF SAID LOT 1;
THENCE SOUTH 89 DEGREES 50 MINUTES 20 SECONDS EAST, ALONG SAID NORTH LINE
OF KENSINGTON AVENUE AS WIDENED, A DISTANCE OF 178.75 FEET TO THE POINT OF
BEGINNING, CONTAINING 1.19 ACRES, MORE OR LESS.
ALSO EXCEPTING FROM SAID PARCELS A AND B THE FOLLOWING PARCEL:
A PART OF LOT 1 IN RANDHURST CENTER RESUBDIVISION - NO.1, BEING A
RESUBDIVISION OF LOT ONE IN RANDHURST CENTER, BEING A SUBDIVISION OF PART
OF THE SOUTHEAST 14 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID RANDHURST CENTER
RESUBDIVISION - NO. 1 RECORDED JULY 24, 1987 IN THE OFFICE OF THE RECORDER OF
DEEDS OF COOK COUNTY, ILLINOIS AS DOCUMENT NO. 87408581 MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST WESTERLY SOUTHWEST CORNER OF ORIGINAL LOT 1
AFORESAID; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST, ALONG THE
WESTERLY LINE OF SAID LOT 1,360.59 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00
SECONDS EAST, 188.76 FEET TO THE POINT OF BEGINNING OF THIS DESCRIPTION;
THENCE NORTH 04 DEGREES 04 MINUTES 56 SECONDS WEST, 39.92 FEET; THENCE
NORTHERL Y AND NORTHEASTERLY, 22.66 FEET ALONG AN ARC TO THE RIGHT, HAVING
A RADIUS OF 19.50 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH
29 DEGREES 12 MINUTES 18 SECONDS EAST AND A LENGTH OF 21.40 FEET; THENCE
NORTHEASTERLY, 30.22 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF 325.11
FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 59 DEGREES 49
MINUTES 45 SECONDS EAST AND A LENGTH OF 30.21 FEET; THENCE NORTH 56 DEGREES
27 MINUTES 15 SECONDS EAST, 42.41 FEET; THENCE NORTHEASTERLY, 37.52 FEET ALONG
AN ARC TO THE LEFT, HAVING A RADIUS OF 294.91 FEET, SUBTENDED BY A LONG
CHORD HAVING A BEARING OF NORTH 43 DEGREES 06 MINUTES 11 SECONDS EAST AND
A LENGTH OF 37.50 FEET; THENCE NORTH 34 DEGREES 51 MINUTES 03 SECONDS EAST,
72.03 FEET; THENCE NORTHEASTERLY, 154.45 FEET ALONG AN ARC TO THE LEFT,
241472_1
HAVING A RADIUS OF 422.95 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING
OF NORTH 15 DEGREES 01 MINUTES 34 SECONDS EAST AND A LENGTH OF 153.59 FEET;
THENCE NORTHERLY AND NORTHEASTERLY, 33.81 FEET ALONG AN ARC TO THE RIGHT,
HA VING A RADIUS OF 26.50 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING
OF NORTH 41 DEGREES 06 MINUTES 54 SECONDS EAST AND A LENGTH OF 31.56 FEET;
THENCE NORTH 77 DEGREES 39 MINUTES 56 SECONDS EAST, 352.49 FEET; THENCE
EASTERLY AND SOUTHEASTERLY, 12.40 FEET ALONG AN ARC TO THE RIGHT, HAVING A
RADIUS OF 11.50 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 71
DEGREES 26 MINUTES 54 SECONDS EAST AND A LENGTH OF 11.81 FEET; THENCE
SOUTHEASTERLY, 20.84 FEET ALONG AN ARC TO THE LEFT, HAVING A RADIUS OF 61.50
FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING OF SOUTH 50 DEGREES 16
MINUTES 17 SECONDS EAST AND A LENGTH OF 20.74 FEET; THENCE SOUTH 59 DEGREES
58 MINUTES 01 SECONDS EAST, 51.51 FEET; THENCE SOUTHEASTERLY, 49.87 FEET ALONG
AN ARC TO THE LEFT, HAVING A RADIUS OF 67.50 FEET, SUBTENDED BY A LONG CHORD
HAVING A BEARING OF SOUTH 81 DEGREES 07 MINUTES 54 SECONDS EAST AND A
LENGTH OF 48.74 FEET; THENCE NORTH 77 DEGREES 42 MINUTES 13 SECONDS EAST, 77.05
FEET; THENCE NORTH 29 DEGREES 58 MINUTES 39 SECONDS EAST, 0.58 FEET; THENCE
SOUTH 60 DEGREES 01 MINUTES 21 SECONDS EAST, 28.46 FEET; THENCE NORTH 29
DEGREES 58 MINUTES 39 SECONDS EAST, 300.44 FEET; THENCE SOUTH 60 DEGREES 01
MINUTES 21 SECONDS EAST, 80.14 FEET; THENCE NORTH 29 DEGREES 58 MINUTES 44
SECONDS EAST, 157.32 FEET; THENCE SOUTH 60 DEGREES 00 MINUTES 13 SECONDS EAST,
110.06 FEET; THENCE SOUTHEASTERLY, 151.57 FEET ALONG AN ARC TO THE RIGHT,
HAVING A RADIUS OF 1467.70 FEET, SUBTENDED BY A LONG CHORD HAVING A BEARING
OF SOUTH 46 DEGREES 46 MINUTES 20 SECONDS EAST AND A LENGTH OF 151.50 FEET;
THENCE SOUTH 29 DEGREES 58 MINUTES 49 SECONDS WEST, 587.41 FEET; THENCE
NORTH 59 DEGREES 59 MINUTES 56 SECONDS WEST, 150.73 FEET; THENCE SOUTH 30
DEGREES 01 MINUTES 59 SECONDS WEST, 156.61 FEET; THENCE SOUTH 90 DEGREES 00
MINUTES 00 SECONDS WEST, 148.32 FEET; THENCE SOUTH 00 DEGREES 00 MINUTES 34
SECONDS EAST, 214.01 FEET; THENCE SOUTHWESTERLY, 14.17 FEET ALONG AN ARC TO
THE RIGHT, HAVING A RADIUS OF 9.00 FEET, SUBTENDED BY A LONG CHORD HAVING A
BEARING OF SOUTH 45 DEGREES 05 MINUTES 31 SECONDS WEST AND A LENGTH OF 12.75
FEET; THENCE NORTH 89 DEGREES 48 MINUTES 24 SECONDS WEST, 260.82 FEET; THENCE
SOUTH 89 DEGREES 03 MINUTES 38 SECONDS WEST, 83.27 FEET; THENCE NORTH 89
DEGREES 58 MINUTES 19 SECONDS WEST, 145.72 FEET; THENCE WESTERLY, 33.26 FEET
ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 61.50 FEET, SUBTENDED BY A
LONG CHORD HAVING A BEARING OF NORTH 74 DEGREES 28 MINUTES 47 SECONDS
WEST AND A LENGTH OF 32.85 FEET; THENCE NORTH 58 DEGREES 59 MINUTES 15
SECONDS WEST, 25.69 FEET; THENCE NORTHWESTERLY AND NORTHERLY, 105.29 FEET
ALONG AN ARC TO THE RIGHT, HAVING A RADIUS OF 108.50 FEET, SUBTENDED BY A
LONG CHORD HAVING A BEARING OF NORTH 31 DEGREES 11 MINUTES 12 SECONDS
WEST AND A LENGTH OF 101.21 FEET; THENCE NORTHERLY, 31.26 FEET ALONG AN ARC
TO THE LEFT, HAVING A RADIUS OF 114.20 FEET, SUBTENDED BY A LONG CHORD
HA VING A BEARING OF NORTH 11 DEGREES 13 MINUTES 39 SECONDS WEST AND A
LENGTH OF 31.16 FEET; THENCE NORTH 06 DEGREES 34 MINUTES 06 SECONDS WEST,
11.08 FEET; THENCE NORTH 01 DEGREES 40 MINUTES 22 SECONDS WEST, 61.21 FEET TO
THE POINT OF BEGINNING, CONTAINING 13.12 ACRES, MORE OR LESS.
the property being more fully depicted on Exhibit "0" commonly known as the Southeast Corner
of Euclid Avenue and Route 83 on the Randhurst Mall Property.
241472_1
SECTION 3: That Village Staff is directed to prepare an Ordinance imposing the taxes
as set forth in Sections (G) and (H) above.
SECTION 4: In promoting the commercial development/redevelopment within Mount
Prospect Business District No.1, the President and Board of Trustees may exercise those
powers as set forth in Section 11-74.3-3 of the Illinois Municipal Code.
SECTION 5: This Ordinance shall be in full force and effect from and after its adoption
and approval as provided by law.
AYES:
NAYS:
ABSENT:
PASSED AND APPROVED this _ day of
,2009.
Irvana K. Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H:\CLKO\WI N\ORD INANCE2\businessimprovementdistrictrandh u rstdec20092414 72_ 1 . doc
241472_1
ORDINANCE NO.
AN ORDINANCE
ESTABLISHING A BUSINESS DISTRICT NO.1
BUSINESS DISTRICT MUNICIPAL RETAILERS' OCCUPATION TAX
WHEREAS, the Village of Mount Prospect has approved a Redevelopment Agreement
for redevelopment of the property commonly known as the Randhurst Shopping Mall; and
WHEREAS, the Agreement calls for the establishment of 0.25% Retailer's Occupation
Tax to be imposed and collected within the Business District that is in addition to all other taxes
collected within the District; and
WHEREAS, the President and Board of Trustees have determined that it is in the best
interests of the Village to impose such tax.
NOW, THEREFORE BE IT ORDAINED by the President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, acting in the exercise of their home rule
powers, as follows:
SECTION 1: A new Article XXIV entitled "Business District Municipal Retailer's
Occupation Tax" shall be added to Chapter 8 entitled "Village Government Miscellaneous
Provisions" to the Village of Mount Prospect Village Code and shall read as follows:
ARTICLE XXIV
BUSINESS DISTRICT MUNICIPAL RETAILERS' OCCUPATION TAX
8.2401 PURPOSE:
A Business District Municipal Retailers' Occupation Tax is hereby established for the
purp6se of planning, execution and implementation of business district plans and to pay for
business district project costs in Business District NO.1 in the Village of Mount Prospect. (Ord.
4275,2-19-1991, eft. 9-1-1991: amd. Ord. 4613,1-18-1994).
8.2402 IMPOSITION OF TAX:
A. TanQible Personal Property. Effective as of the date of the establishment of
Business District No.1, a Business District Retailers' Occupation Tax is imposed upon all
persons engaged in the business of selling tangible personal property, other than an item of
tangible personal property titled or registered with an agency of the State of Illinois' government,
at retail in the Village at the rate set forth in Appendix A, Division II of this Code, on the gross
receipts from such sales made in the course of such business. (Ord. 4275, 2-19-1991, eft. 9-1-
1991: amd. Ord. 4613,1-18-1994: Ord. 5189, 5-15-2001.
243860_1
B. Tanaible Personal Property in Connection with the Sale of a Service. Effective
as of the date of he establishment of Business District No.1, a Business District Service
Occupation Tax is imposed upon all persons engaged in the business of making sales of
service within Mount Prospect Business District No. 1 who, as an incident to making those sales
of service, transfer tangible personal property within Mount Prospect Business District No.1, at
the rate set forth in Appendix A, Division II of this Code.
8.2403 COLLECTION OF TAX:
The taxes that are the subject of this Article, and all civil penalties that may be assessed
pursuant to Article XX of this Chapter, shall be collected by the Department of Revenue of the
State of Illinois. The Department of Revenue shall have full power to administer and enforce the
provisions of this Article. (Ord. 5156-A, 12-19-2000).
SECTION 2: Section 8.2402 entitled "Imposition of Tax" of Chapter 8 listed in
Appendix A, Division II"Fees, Rates and Taxes" of the Mount Prospect Village Code shall be
amended as follows:
Sec. 8.2402
IMPOSITION OF TAX:
A. 0.25% on the gross receipts from sales
SECTION 3: This Ordinance shall be in full force and effect from and after its adoption
and approval as provided by law.
AYES:
NAYS:
ABSENT:
PASSED AND APPROVED this
day of
,2009.
Irvana K. Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H:\CLKO\WIN\ORDINANCE2\CHAPTER8RET AILERSOCCUPA TIONT AXDEC2009243860_1 .doc
243860_1
ORDINANCE NO.
AN ORDINANCE AMENDING APPENDIX A, DIVISION II
OF THE VILLAGE CODE OF MOUNT PROSPECT
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS ACTING IN THE EXERCISE
OF THEIR HOME RULE POWERS:
SECTION ONE: Section 8.1302 of Chapter 8 listed in Appendix A, Division II "Fees,
Rates and Taxes" of the Mount Prospect Village Code shall be amended as follows:
Sec. 8.1302
Hotel/Motel Use
Tax
6% of gross rental receipts from rental,
leasing or letting
SECTION TWO: That this ordinance shall be in full force and effect from and after its
passage, approval and publication in pamphlet form in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this
day of
,2009.
Irvana K. Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H:\CLKO\WIN\ORDINANCE2\CHAPTER8MPHotel Accommodations TaxDEC2009.doc
ORDINANCE NO.
AN ORDINANCE AMENDING CHAPTER 8
ENTITLED "VILLAGE GOVERNMENT MISCELLANEOUS PROVISIONS" OF THE
MOUNT PROSPECT VILLAGE CODE IN REGARD TO A MOVIE THEATER TAX
WHEREAS, Chapters 5/11-42-2 and 5/11-42-5 of the Illinois Municipal Code, 65 ILCS
5/11-42-2 and 5/11-42-5, authorize the corporate authorities of a municipality to license, tax and
regulate all places for amusement, as well as theatricals and other exhibitions, shows and
amusements, including, but not limited to, pinball, bowling and billiards, within the municipality (
"Amusements"); and
WHEREAS, the corporate authorities of the Village of Mount Prospect find that it is in the
Village's best interests to levy a twenty five cents ($.025) tax on each individual admission to
movie theaters located within the Village of Mount Prospect;
NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the
Village Mount Prospect, Cook County, Illinois, acting in the exercise of their home rule powers,
as follows:
SECTION 1: A new Article XXIII entitled "Movie Theater Tax" shall be added to Chapter
8 entitled "Village Government Miscellaneous Provisions" of the Mount Prospect Village Code,
which shall read in its entirety as follows:
ARTICLE XXIII
MOVIE THEATER TAX
8.2301 Movie Theater Tax
(A) Definitions:
For the purposes of this Article, the following definitions shall apply unless the
context clearly indicates or requires a different meaning:
"Gross Receipts" means all fees or charges received or collected in the form of
admission fees or other charges for admission regardless of whether such fees
or charges are characterized as admission fees, membership fees, use charges
or service charges, exclusive of any tax imposed by the United States
government, the State of Illinois, the Village or any other governmental unit,
provided, however:
243854_1
(1) Where a fee or charge is comprised of
identifiable components, packages or tiers,
this tax shall be imposed on any such
components, packages or tiers which
provide solely for admission to the movie
theater; and
(2) Where a single fee or charge for admission
to any movie theater also entitles the patron
to the incidental use of parking, restaurant,
bar or refreshment, this tax shall be
imposed on such fee or charge.
"Movie Theater" means and includes any motion picture showing to which the
general public is invited and for which admission is charged.
"Owner" means any person having an ownership interest in or conducting the
operation of a movie theater.
(B) Tax Imposed:
(1) A tax is hereby imposed upon all persons operating a movie theater
within the corporate limits of the Village, in an amount equal to twenty five
cents ($.025) per individual admission. This tax shall be in addition to all
other taxes imposed by law.
(2) Any person subject to the movie theater tax may separately itemize and
charge the tax directly to patrons in addition to any admission fee or other
charge. In the event the tax imposed by this Article is not shown or
collected as a separate charge, then all admission fees and other charges
shall be deemed subject to the movie theater tax.
(C) Books and Records; Inspection; Contents:
The Village Manager or Village Finance Director or any person
designated by either of them as their respective deputy or
representative, may enter the premises of any movie theater for
inspection, examination, copying and auditing of books and
records. This shall include, but not be limited to, the Illinois
Retailers' Occupation Tax and Illinois Service Occupation Tax
returns filed with the Illinois Department of Revenue. It shall be
unlawful for any person to prevent, hinder or interfere with the
Village Manager or the Finance Director or their duly designated
deputies or representatives in the discharge of their respective
duties in the performance of this subsection. It shall be the duty of
every owner of a movie theater to keep accurate and complete
books and records to which the Village shall at all times have full
access. Such records shall include a daily sheet showing the
amount of gross receipts received during any calendar day.
(D) Transmittal of Tax Revenue by Owner; Delinquency:
(1) The owner or owners of each movie theater shall file tax
returns showing the gross receipts received during each
calendar month period upon forms prescribed by the
Finance Director. Returns for each calendar month shall
be due on or before the 20th day of the next calendar
month, (e.g. the return for January shall be due on or
before the 20th day of February; the return for February
shall be due on or before the 20th day of March; etc.).
Notwithstanding the foregoing, in the event that the owner
of the movie theater files Illinois Retailers' Occupation Tax
and Illinois Service Occupation Tax returns with the Illinois
Department of Revenue at intervals which are greater than
monthly, that owner shall be allowed to file tax returns
relative to the tax imposed by this Article XXIII with the
Village at the same intervals. At the time of the filing of the
tax returns, the owner shall pay to the Village all taxes due
for the period to which the tax return applies.
(2) If, for any reason, any tax due pursuant to this Article is not
paid when due, penalties and interest shall be imposed in
accordance with the provisions of Appendix A, Division II of
this Code.
(3) Owners filing tax returns pursuant to this subsection shall,
at the time of filing such return, pay to the Village the
amount of the tax imposed by this Article, less a
commission of one percent (1%) of the amount of the tax,
which is allowed to reimburse the owners for the expenses
incurred in keeping records, billing, preparing and filing
returns, remitting the tax and supplying data to the Village
upon request. No such commission may be claimed by an
owner for taxes not timely remitted to the Village.
(E) Transmittal of Excess Tax Collections:
If any person collects an amount upon a transaction not subject to
this tax, but which amount is purported to be the collection of the
tax, or if a person collects an amount upon a transaction greater
than the amount of this tax and does not for any reason return the
same to the person who paid the same before filing the return for
the period in which such occurred, that person shall account for
and pay over those amounts to the Village along with the tax
properly collected.
(F) Registration:
Every owner maintaining a movie theater shall register with the
Finance Department prior to the admission of any patron.
(8) Exemptions: The provisions of this Article shall not apply to:
(1) Any movie theater sponsored or conducted by, and the
proceeds of which inure exclusively and solely to the
benefit of, any bona fide religious, charitable, or not-for-
profit person or organization. Provided, however, that such
person or organization has received an exemption from the
State of Illinois and the United States Internal Revenue
Service exempting the person or organization from the
payment of state and federal income taxes.
(2) The movie theater is operated or conducted by a
municipality, park district, school district, or any other unit
of local government, whether individually or jointly.
(H) Collection:
Whenever any person shall fail to pay the tax imposed by this
Article, the Village Attorney or Village Prosecutor shall, upon
request of the Village Manager, bring or cause to be brought an
action to enforce the payment of said tax on behalf of the Village
in any court of competent jurisdiction.
(I) Penalties:
(1) Any person found guilty of violating, disobeying, omitting,
neglecting, or refusing to comply with or unlawfully
resisting or opposing the enforcement of any of the
provisions of this Article shall be punished by a fine as set
forth in Appendix A, Division III of this Code.
(2) Each day upon which a person shall continue any violation
of this Article, or permit any such violation to exist after
notification thereof, shall constitute a separate and distinct
offense.
(3) Any person subjected to the penalties provided for by this
subsection shall not be discharged or released from the
payment of any tax due.
(J) Separability:
If any subsection, sentence, clause, or phrase of this Article, or
the application thereof to any person or circumstance, is, for any
reason, held invalid or unconstitutional by any court of competent
jurisdiction, such portion shall be deemed a separate, distinct and
independent provision and such holding shall not affect the validity
of the remaining portions of this Article, or the application of such
portion to other persons or circumstances.
SECTION 2: Appendix A, Division III entitled "Penalties and Fines" of the Village of
Mount Prospect Village Code shall be amended by adding a new Section 8.2301 to Chapter 8
which shall read as follows:
8.2301 Movie Theater Tax Not less than $200.00 nor more than
$750.00 for the first offense and not less
than $500.00 nor more than $750.00 for
the second and each subsequent offense
in anyone hundred eighty (180) day period
SECTION 3: That this Ordinance shall be in full force and effect from and after its
passage, approval and publication in pamphlet form as provided by law.
AYES:
NAYS:
ABSENT:
PASSED AND APPROVED this _ day of
,2009.
Irvana K. Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H:\CLKO\WIN\ORDINANCE2\CHAPTER8THEA TERT AXDEC2009243854_1.doc
KLEIN. THORPE & JENKINS, LTD.
Attorneys at Law
20 N. Wacker Drive, 5te ~660 ~50~0 5. Ravinia Avenue, 5te ~o
Chicago, Illinois 60606-2903 Orland Park, Illinois 60462-5353
T 312 984 6400 F 312 984 6444 T 708 349 3888 F 708 349 ~506
DD 3~2 984 6468
gawagner@ktjlaw.com
www.ktjlaw.com
MEMORANDUM
~. -r~
12.]1 eft
TO:
FROM:
Michael E. Janonis, Village Manager
Village of Mount Prospect
George A. Wagner "$
November 25, 2009
DATE:
RE: RESOLUTION FOR THE DESIGNATION OF PERSONS TO RECEIVE
TRAINING ON COMPLIANCE WITH THE OPEN MEETINGS ACT AND l
DESIGNATION OF FREEDOM OF INFORMATION OFFICERS
As you know, the Illinois Open Meetings Act and the Illinois Freedom of
Information Act were recently amended by Public Act 96-542. That Act requires that all
public bodies designate employees, officers, or members to receive training on
compliance with the provisions of the Illinois Open Meetings Act and also to designate
one or more officials or employees to act as its Freedom of Information Officers. We
have prepared a resolution authorizing the Village Manager to designate those persons,
as required.
If you have any questions, please contact me.
244023_1
RESOLUTION NO.
FOR THE DESIGNATION OF PERSONS TO RECEIVE TRAINING ON COMPLIANCE
WITH THE OPEN MEETINGS ACT
AND THE DESIGNATION OF FREEDOM OF INFORMATION OFFICERS
WHEREAS, the Illinois Open Meetings Act and the Illinois Freedom of
Information Act were recently amended by Public Act 96-542; and
WHEREAS, Public Act 96-542 requires that all public bodies designate
employees, officers, or members to receive training on compliance with the provisions
of the Illinois Open Meetings Act and also to designate one or more officials or
employees to act as its Freedom of Information Officers;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VilLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS, PURSUANT TO ITS HOME RULE POWERS, AS FOllOWS:
SECTION 1: The Village Manager of the Village of Mount Prospect shall
designate such employees, officers or members, as he or she deems necessary, to
receive training on compliance with the provisions of the Illinois Open Meetings Act, as
required by that Act.
SECTION 2: The Vii/age Manager of the Village of Mount Prospect shall also
designate such officials or employees of the Vii/age, as he or she deems necessary, as
Freedom of Information Officers. The Vii/age's Freedom of Information Officers shall
perform those duties as are required by law of such officers and shall comply with the
training requirements for such officers as required by law.
K
SECTION 3: This Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this
day of
,2009.
Irvana Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H:\CLKO\W1N\RESOLUTION\Resolution - FOIA Officerdecember2009(4).DOC
243579_1
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RESOLUTION NO.
A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT PUBLIC LIBRARY
UNDER THE TERMS OF A GROUND LEASE AGREEMENT
WHEREAS, on November 6, 2002, the Village of Mount Prospect ("the Village") and the Mount
Prospect Public Library ("the Library") entered into a Ground Lease Agreement (the "Lease")
providing, among other things, for the Village to lease certain property ("Property") from the Library;
and
WHEREAS, the Village has caused its attorney and staff to review the terms of the Lease and the
current status of the Property and its usage; and
WHEREAS, the attorney and staff have reported that both the Village and the Library are in
substantial compliance with all material terms of the Lease; and
WHEREAS, the President and Board of Trustees have determined that it is in the best interests of
the Village and its residents to assure that there is continued compliance with the Lease.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the parties are in substantial compliance with all material terms of the Lease.
SECTION TWO: That the President and Board of Trustees authorize the Village Director of Finance
to pay the Library such sums as are due pursuant to the Lease.
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:
NAYS:
ABSENT:
PASSED and APPROVED this 1 sl day of December 2009.
Irvana K. Wilks
Mayor
ATTEST:
M. Lisa Angell
Village Clerk
H:\CLKO\WIN\RESOLUTION\Lease pymt, Library & VOMP,parking201 O.doc
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