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Home My WebLink AboutRes 38-04 07/06/2004 vwl 6/29/04 RESOLUTION NO. 38-04 A RESOLUTION AUTHORIZING THE EXECUTION OF A RESTRICTIVE COVENANT FOR STREETLIGHT INSTALLATION AT 700-715 FRENCH WAY WHEREAS, applicant, Nicholas Papanicholas, has received approval from appropriate Village of Mount Prospect departments, to improve the right-of-way as part of the redevelopment of the Subject Property, located at 700-715 French Way; and WHEREAS, Chapter 16 (Site Construction Standards) of the Village Code of Mount Prospect requires installation of streetlights in conjunction with the development of property; and WHEREAS, in certain instances the installation of public improvements, including but not limited to streetlights, is not feasible at the time of development, however the developer is required to provide those improvements as such time as the Village, Cook County, or Hlinois Department of Transportation deems appropriate; and WHEREAS, the Mayor and Board of Trustees have determined that the best interests of the Village would be served by having the developer enter into a Restrictive Covenant, a copy of which is attached hereto and hereby made a part hereof as Exhibit "A", guaranteeing the installation of specified improvements at such a time as deemed reasonable and proper. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE' The Mayor and Board of Trustees do hereby authorize execution of a Restrictive Covenant, a copy of which Restrictive Covenant is attached hereto and hereby made a part hereof as Exhibit "A", for property commonly known as 700-715 French Way, which Restrictive Covenant guarantees the installation of public improvements in the form of streetlights at such time as deemed necessary. 700-715 French Way Page 2/2 SECTION TWO' The Village Clerk is hereby directed to record with the Recorder of Deeds, a fully executed copy of the Agreement being the subject of this Resolution, SECTION THREE' This Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Hoefert, lohrstorfer, Skowron, Wilks, lade! NAYS: None ABSENT: Corcoran PASSED and APPROVED this 6th day of July, 2004. Gerald L Farle Mayor ATTEST: velJ;¿! ~ Village Clerk H:\CLKOlfiles\WINIRESIRestrictive Cov,700-715 FrenchWay,July,O4.doc RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND THE OWNER-DEVELOPER OF CERTAIN PROPERTY 'WITHIN SAID VILLAGE REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY COMMONLY KNOWN AS 700-715 FRENCH WAY, MOUNT PROSPECT, ILLINOIS WHEREAS, pursuant to the provisions of Chapter 15 entitled "Development" of the Village Code of Mount Prospect, Illinois certain public improvements are required to be constructed and installed by Owner and Developers of property within the ViHage, as part of the approval for the development of such property; and WHEREAS, the schedule for accomplishing the construction and installation of such public improvements by the Owner-Developer of the Property under development is often in conflict with other public improvement projects adjacent to or in the vicinity of the Property so as to render the accomplishment of such public improvements by the Owner- Developer to be practically or economically unfeasible until the project can be combined with or scheduled so as to conform with other public improvements affecting the subject Property under development; and WHEREAS, such other public improvement projects are administered by the Village, County or State officials over which the Owner-Developer has no control, and in some instances those improvements to be accomplished by the Owner-Developer with respect to the Property under development cannot be completed until the other improvements under the Village, County or State control have been accomplished; and WHEREAS, under such circumstances, it is deemed to be inequitable to delay development of the Property under development or to require the O",rner-Ðeveloper to establish a cash escrow, letter of credit or improvement bond for the purpose of guaranteeing the completion of required public improvements due to the delay caused by the intervening or subsequent accomplishment of the other public improvement projects under administration and control of the Village, County or State; and WHEREAS, Chapter 15 of the Village Code of Mount Prospect, Illinois provides that in lieu of a cash escrow, letter of credit or development bond, the Owner-Developer may execute a restrictive covenant to be recorded and to run with the land as a guarantee that the required public improvements shall be completed with respect to the Property under development;and WHEREAS, the Village finds that it be in the best interests of the Village to accept a covenant to construct street lights in the future 0 NOW, THEREFORE, in accordance with the provisions of the said Chapter 15 of the Village Code of Mount Prospect, Illinois the undersigned Owner does hereby covenant with the Village of Mount Prospect, an Illinois municipal corporation, as follows: 1. The undersigned is the Owner of the following described Property within the Village of Mount Prospect, Illinois, to wit: 1 UNITS 1 THROUGH 7, IN THE VILLA OF SEVJŒS CONDOMINIUMS AS DEPICTED ON THE PLAT OF SURVEY OF THE FOLLO~'ING DESCRIBED REAL ESTATE: LOT 1 IN VIlLAS OF SEVRES, INc., PLAT OF CONSOLIDATION OF LOTS 19 AND 20 IN BLOCK 8 IN _ARTHUR T. MCINTOSH AND Co.MP~i\;."'JY'S NORTHWEST MEADOWS, BEING A SUBDIVISION OF THE EAST ONE HALF OF SECTION 33, TOWNSHIP 42 NOR11 I, RANGE 11, EAST OF THE THIRD PRINCIPAL MERlDIAN, ACCORDING TO THE PLAT THERETO RECORDED APRil. 28, 1952 AS DOCUMENT NUMBER 15327949, IN COOK COUNTY, JLLINOIS WHICH PLAT OF SURVEY IS ATTACHED AS EXHIBIT "A" TO THE DECLARATION OF CONDOMINIUM OWNER.~HIP, RECORDED SEPTEMBER 17, 2003 IN THE OFFICE OF TI-IE JU=<'.CORDER OF DEEDS OF COOK COUN1Y, IlLINOIS AS DOCUMENT NUMBER 0326031141, AS AMENDED FROM TIME TO TIME, TOGE'TI-IER ~'ITH ITS UNDIVIDED PERCENTAGE INTEREST IN TI-IE COMMON ELEMENTS IN COOK COUNTY, ILLINOIS. Permanent Real Estate Index Number(s): 03-33-407-007-0000 Permanent Real Estate Index Number(s): 03-33-407-008-0000 Commonly Known As: 700-715 FRENCH WAY, MT. PROSPECT, IlLINOIS 2. A plan of development of the described Property by the undersigned has been approved by the Village of Mount Prospect, which approval includes the completion of the following public improvements contained in and provided as a part of the plans, to wit: The payment for the installation of a streetlight along Dale Avenue at Northwest Highway adjacent to Villas of Sevres, installed and constructed to Village Code. 3. For a period of twenty (20) years commencing from the date of this Restrictive Covenant, the undersigned shall undertake the above stated improvements within sixty (60) days after being advised by the Village of Mount Prospect to commence such construction and installation work. The work shall continue without interruption or delay, until the improvements are completed in a satisfactory manner and in accordance with the Village, County, and State plans and specifications. 4. This Covenant to complete public improvements shall run with the subject Property for twenty (20) years. Nothing in the Covenant shall in any way prevent the alienation or sale of all or a portion of the subject Property, except that the sale shall be subject to the provisions of this Restrictive Covenant and to the plan of development pertaining to the Property. The new Owner shall be both benefited and bound by the conditions and restrictions herein expressed of this Restrictive Covenant. 5. This Covenant shall be binding upon and shall inure to the benefit of the parties and their successors and assigns in title and interest. 'lhe provisions shall be enforceable 2 '.--'-'---'---'-'-'--------_w_w_>m~n-_-_-_'->-'_-_-_>N-'-----'---------'-'m_=-m,-_--w------,-----,---~" c- -,-- _,_T~'__-- -",-,'-'-'-'-'-'-'>-'-'-'_'_'_'m-"-,mw_~~._n.' ..m- ... .,~_. '~T""" _..- - - - - --- - ~-~.-_.~~__m-.wm__wm_-_-_-----_.~_.~.~n - - --- _.--..~~....-- - m~ - - - - -- -..-- ---- -- - ---------- -- - in a proceeding at law or in equity against the person or persons seeking to violate it including an action for injunctive relief, specific performance or to recover damages or other fines and penalties as may be established in such violation. In the event that the Owner-Developer of the subject Property fails to complete the required improvements or pay a proportionate share of the required improvements by other contractors within the specified time periods, the value of such improvements shall be entered as a lien against the Property due and payable within sixty (60) days after notification to proceeds with the improvements. IN \VI1NESS 'XTJIEREOF, the parties hereto have set their hands and seals this 27th day of February, 2004. VILLAS OF SEVRES, INc., an Illinois corporation. BY~Ch~ ;,Jg£~ Attest: 1'. ~ uJf/ By Real Estate Index No: 3