HomeMy WebLinkAboutOrd 3554 08/20/1985 767V/4
ORDINANCE NO. 3554
AN ORDINANCE APPROVING THE TAX INCREMENT
i~EDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT
FOR THE DISTRICT NO. 1 REDEVELOPMENT PROJECT
AREA IN THE VILLAGE OF MOUNT PROSPECt', ILLINOIS
WHEREAS, the Village of Mount Prospect desires to implement
tax increment financing pursuant to the Real Property Tax Increment
Allocation Redevelopment Act, as amended i constituting Division 74.4
of Article 11 of the Illinois Municipal Code (hereinafter referred
to as the "Act") for the proposed Redevelopment Plan and
Redevelopment Project within the munic'ipal boundaries of the Village
of Mount Prospect and within the Distict No. 1 Tax Increment
Redevelopment Project Area (hereinafter referred to as the proposed
"Redevelopment Project Area") described in Exhibit "A" of this
Ordinance, which area constitutes in the aggregate more than 1 1/2
act es; and
prepared
the Act,
and
WHEREAS, the administrative staff of the Village has
a Redevelopment Plan and Redevelopment Project required by
a copy of which is attached as Exhibit B of this Ordinance;
WHEREAS, pursuant to Section 11-74.4-4 (k) and 11-74.4-5 of
the Act, the Board of Trustees of the Village of Mount Prospect
caused a public hearing to be held and completed relative to the
Redevelopment Project and Redevelopment Plan and a designation of a
Redevelopment Project Area on July 23, 1985 in the Second Floor
Board Room of the Public Safety Building, 112 East Northwest
Highway, Mount Prospect, Illinois; and
WHEREAS, due notice with respect to such hearing was given
pursuant to Sections 11-74.4-5 and 11-74.4-6 of the Act, said notice
being given to taxing districts by certified mail on June 5, 1985,
by publication on June 25, 1985 and June 26, 1985, and by certified
mail to taxpayers on June 28, 1985; and
WHEREAS, the Redevelopment Plan and Redevelopment Project.
sets forth the conditions~in the proposed Redevelopment Project Area
qualifying the area as a "conservation area" and the Board of
Trustees has reviewed testimony concerning said conditions presented
at the public hearing and is generally informed of the conditions
causing the proposed Redevelopment Project Area to qualify as a
conservation area as said term "conservation area" is used in the
Act; and
WHEREAS, the Board of Trustees nas reviewed the conditions
pertaining to lack of private inveStment in the proposed
Redevelopment Project Area to determine whether private development
would take place in the proposed Redevelopment Project Area as a
whole without the adoption of the proposed Redevelopment Plan; and
WHEREAS, the Board of Trustees has reviewed the conditions
pertaining to real property in the proposed Redevelopment Project
Area to determine whether contiguous parcels of real property and
improvements thereon in the proposed Redevelopment Project Area
would be substantially benefited by the proposed Redevelopment
Project improvements; and
WHEREAS, the Board of Trustees has reviewed tne proposed
Redevelopment Plan and Project Area and the Comprehensive Plan for
development of the Village as a whole to determine whether the
proposed Redevelopment Plan and Project conform to the Comprehensive
Plan of the Village.
NOW THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AS
FOLLOWS:
SECTION ONE: The Board of Trustees of the Village of Mount
Prospect hereby makes the following findings:
The area constituting the proposed Redevelopment
Project Area of the Village of Mount Prospect~
Illinois is described as set forth in the attached
Exhibit "A".
There exist conditions which cause the area proposed
to De designated as a Redevelopment Project Area to De
classified as a "conservation area" as defined in
Section 11-74.4-3(a) of the Act.
The proposed Redevelopment Project Area on the whole
has not been subject to growth and development through
investment Dy private enterprise and would not be
reasonably anticipated to be developed without the
adoption of the Redevelopment Plan.
The Redevelopment Plan and Redevelopment Project
conform to the Comprehensive Plan for the development
of the Village as a whole.
The parcels of real property in the proposed
Redevelopment Project Area are contiguous and only
those contiguous parcels of real property and
improvements thereon which will be suDstantially
benefited by the proposed Redevelopment Project
improvements are included in the proposed
Redevelopment Project Area.
The estimated date for final completion of the
Redevelopment Project is August 20, 2008.
The estimated date for retirement of obligations
incurred to finance Redevelopment Project costs is not
later than August 20, 2008.
SECTION TWO: The Redevelopment Plan and Redevelopment
Project which were the suDject matter of the nearing held on July 23,
1985, copies of which are attached hereto as Exhibit "B" are hereby
adopted and approved.
SECTION THREE: This Ordinance shall be in full force and
effect upon its passage, by the Board of Trustees of the Village of
Mount Prospect, Illinois and approval Dy the President thereof, ana
publication in pamphlet form this 20th day of August, 1985.
AYES: Arthur,
NAYS: None
ABSENT: None
Farley,
Floros, Murauskis, Van Geem, Wattenberg
ATTEST:
VILLAGE CLERK
APPROVED:
REs I DE NT
~ A. TTACHMENT "A" A
DOWNTOWN NO. 1 ....
TAX INCREMENT REDEVELOPHENT pRO3EcT AREA
LEGAL DESCRIPTION
Beginning at the intersection,of the centerline of ~ain Street,
State of Illinois Route'83, with the centerline of Central Roa~,
extended; thence Easterly along said centerline of Central Road,
a distance of approximately 570.32 feet to the Northeast corner
of Lot 22 of Block 5 in Busse and Wille's Resubdivision in Mount
Prospect; thence Southerly along the Eastern property line of
Lots 12, 13, 20, 2], and 22 of said Block 5 in Busse and Wille's
Resubdivision in ~lount Prospect, and the Eastern property line of
Lo~ 1 of }fount Prospect State Bank Resubdivision No. 3, a
distance of approximately 608.74 feet, to the centerline of Busse
Avenue; thence Westerly along the centerline of Busse Avenue, a
distance of approximately 157.11 feet, to the point of inter-
section of the centerline of Busse Avenue with the Eastern
right-of-way o,f~ Emerson 'Street;~thence Southerly along said
Eastern right-of-way of Emerson Street, a distance of approxi-
mately 277.00 feet, to a point at the Northwest corner of Lot 18
in Block 12 of Buss~ and Wille's Resubdivision in ~ount Prospect;
thence Easterly along the Northern property line of said Lot 18,
a distance of approximately 157.09 feet, to the Northeast corner
of said Lot 18; thence Sougherly, a distance of approximately
50.00 feet, along the Eastern property line of said Lot 18, to a
point at the Northwest corner of Lot A of Corporate Subdivision
Number 1, Village of ~unt Prospect; thence Easterly along the
Northern property line of said Lot A, a distance of approximately
157.10 feet, to a point of intersection of said Lot A with the
Western right-of-way of Haple Street; thence Northerly along the
Western right-of-way of Maple Street, a distance of approximately
321.88 feet, to a point at the intersection of the Western
right-of-way of Maple Street and the Southern right-of-way of
Busse Avenue; thence Easterly along the Southern right-of-way of
Busse Avenue, a distance of approximately 223.12 feet, to a point
of intersection with the Eastern property line of Lot 1 in Block
11 of Busse and Wille's Resubdivision in ~ount Prospect; thence
Southerly along the Eastern property lines of Lots 1 ~hrough 8 of
Block 11 of Busse and Wille's Resubdivision in Hount Prospect, a
distance of approximately 401,36 feet, to a point at the inter-
section of the Southeast corner of said Lot 8 with the Northwest
corner of Lot 16 of Busse's Subdivision of Lot A of Block 11 in
Busse and Wille's Resubdivision; thence Easterly along the
Northern property line of said Lot ]6, a distance of approxi-
mately ]90.10 feet, to a point on the centerline of Elm Street;
thence Southerly along said centerline of Elm Street, a distance
of approximately 190.00 feet, to the point of intersection of the
centerline of Elm Street, extended, with the Northern right-of-
way of Evergreen Avenue; thence Easterly along the Northern
right-of-way of Evergreen Avenue, a distance of approximately
567.20 feet, to a point of intersection with the SoutRwest corner
of Lot 5 ~f the Subdivision of Block 8 of Busse's Eastern
Addition to ~ount Prospect, recorded February ]1, 1922; thence
Southerly, a distance of approximately 591.00 feet, along the
Western property lines of Lots 1 through 21 of Block 20 of Mount
Prospect Subdivision in Section 12-41-11, Recorded September 2,
1874, to a point at the intersection of the Southwestern corner
of said Lot 21 with the Northern property line of Lot ] of
Bruce's Resubdivision in ~ount Prospect; thence Easterly along
the Northern property line of said Lot I, a distance of approxi-
mately 171.00 feet, to the centerline of Owen Street; thence
Southerly along said' centerline of Owen Street, a distance of
approximately 255.48 feet, to ~he point of the intersection of
the centerline of Northwest Highway, State of Illinois Route 14,
with the centerline of Owen Street, extended; thence North-
westerly along said centerline of Northwest Highway a distance of
approximately 2,250 feet to the point of intersection of the
centerline of Northwest Highway with the centerline of ~ain
Street, State of Illinois Route 83, extended; th.ence Northerly
along the centerline of ~lain Street a distance of approximately
940 feet to the point of beginning, at the intersection of the
centerlines of ~ain Street and Central Road, extended; all
located in the Northwest Quarter (1/4), and the Northeast Quarter
(1/4) of Section 12, Township 41 North, Range ~1 East
Third Principal ~eridian, located in the Village of
Prospect~ Elk Grove Township, County of Cook, in the State of
Illinois.
OWNTOWN NO. 1
-TAX INCREMENT
REDEVELOPMENT
PROJECT AND PLAN
VILLAGE OF
MOUNT PROSPECT
DOWNTOWN NO. 1 TAX INCREMENT REDEVELOPNENT PROJECT AND PLAN
VILLAGE OF MOUNT PROSPECT, ILLINOIS
THIS PLAN IS SUBJECT TO COMMENT AND MAY .BE REVISED AFTER COMMENT AND
HEARING.
PREPARED BY:
APRIL, 1985
COMMUNITY DEVELOPMENT DEPARTMEN'~,
VILLAGE OF MOUNT PROSPECT
AND
TRKLA, PETTIGREW, .ALLEN & PAYNE, INC.
TABLE OF CONTENTS
INTRODUCTION ................................................ 4
REDEVELOPMENT PROJECT AREA LEGAL DESCRIPTION ................ 7
REDEVELOPMENT PROJECT AREA GOALS AND OBJECTIVES ............. 10
-- REDEVELOPMENT OBJECTIVES ................................. 10
-- DEVELOPMENT AND DESIGN OBJECTIVES ........................ 11
CONSERVATION AREA 'CONDITIONS EXISTING
IN THE REDEVELOPMENT PROJECT AREA ........................... 12
DOWNTOWN NO. 1 REDEVELOPMENT PROJECT ........................ 13
-- REDEVELOPMENT PLAN AND PROJECT OBJECTIVES ................ 13
-- REDEVELOPMENT ACTIVITIES ................................. 13
-- GENERAL LAND-USE PLAN .................................... 16
-- DESIGN AND DEVEL(1PMENT OBJECTIVES ........................ 19
-- ESTIMATED REDEVELOPMENT PROJECT COSTS .................... 23
-- SOURCES OF FUNDS TO PAY REDEVELOPMENT PROJECT COSTS ...... 25
ISSUANCE OF OBLIGATIONS ' 26
-- MOST RECENT EOUALIZED ASSESSED VALUATION OF
PROPERTIES IN THE REDEVELOPMENT PROJECT AREA ...... ........ 26
-- ANTICIPATED ASSESSED VALUATION ........................... 26
PHASING AND SCHEDULING OF REDEVELOPMENT PROJECT ............. 28
PROVISIONS FOR AMENDING THE REDEVELOPMENT PLAN & PROJECT .... 31
2
LIST OF TABLES AND EXHIBITS
PAGE NO.
TABLES
Table 1, REDEVELOPMENT PROJECT
ESTIMATED REDEVELOPMENT PROJECT COST SCHEDULE ............ 24
Table 2, BLOCK SUMMARY OF 1983 EQUALIZED ASSESSED
VALUEATIONS ..... . ................. . ....................... 27
Exhibit 1, BOUNDARY MAP ...~..~ .................................... 9
Exhibit 2, DEVELOPMENT PROGRAM ................................... ~ 14
Exhibit 3, LAND-USE PLAN .......................................... 17
Exhibit 4, REDEVELOPMENT TARGET AREAS ............................. 29
3
1.
INTRODUCTION
The Downtown of Mount Prospect, located .in a triangular area
generally between the Chicago and Northwestern Railroad, North-
west ~ighway and Central Road was the original commercial and
civic center of the Village. The importance of this area to the
economic well-being of the community and as a symbol of the
quality of the Village has long been recognized by elected
officials, business persons and residents%
Declining physical and economic conditions evident during the
1960S and 1970s led to the establishment in 1974 of Business
District Development and. Redevelopment Commission (BDDRC). This
action was' followed by the preparation of a Downtown Development
Plan in 1976. This plan contained two primary components: a
planning framework which established basic standards and require-
ments for key parts of the downtown environment, including land-
use, movement systems, parking areas, and pedestrian and open
space facilities; and a listing of planning projects which should
be undertaken to re,vitalize the downtown area. In 1981, the
Village completed and adopted an updated Comprehensive Plan for
the growth and development of the community as a whole. This
plan incorporated the basic planning framework recommendation of
the 1976 Downtown Plan with only minor refinement and
modification,
During the period since completion of the 1976 Downtown Plan,
the Village has continued to work with representatives of the
business community to identify and implement projects designed to
arrest declining physical and economic conditions, and to improve
the appearance and image of th~ Downtown. The Busse-Wille Area
'improvement project together with financial incentives for the
rehabilitation of existing commercial buildings have resulted in
only limited new private investment, almost all of which has
occurred outside of the boundaries of the Downtown No. 1
Redevelopment Project Area.
The portion~of the downtown area east of Main Street and
north of Northwest ~ighway has not been subject to growth and
development by private enterprisD. An analysis of conditions
within this area indicated that it would be appropriate for
designation as a redevelopment project, utilizing the State of
Illinois tax increment financing legislation.
This analysis disclosed that the area was originally
developed without the benefit or guidance of overall community
planning, the area has developed in a pattern which is not
consistent with the Comprehension Plan for the Village, and the
the area does not meet basic standards and guidelines for contem-
porary development. As a result of the lack of community
4
planning, adequate development controls and other factors, the
area is characterized by conditions which warrant the designation
of the entire area as a "conservation area" within the defini-
tions set forth in the Real Property Tax Increment A~location
Redevelopment Act of the State of Illinois (hereinafter ~eferred
to as the "Act".)
It was concluded that development through investment by pri-
vate enterprise cannot be anticipated to occur without the
investment of public funds in accordance with a Village
redevelopment plan.
The Act, which became effective in 1978, provides the Village
with a tool making it possible to raise public funds to utilize
in its redeveIopment efforts. It provides a means for munici-
palities, after the approval of a "Redevelopment Plan and
Project," to improve and redevelop conservation areas by tax
revenues derived from the increase in equalized assessed values
of redeveloped properties in the Redevelopment Project Area. This
method of raising funds is called tax increment financing.
After a conservation area is designated as a Redevelopment
Project Area, and the tax increment financing mechanism is
adopted, all taxing districts continue to levy taxes against
valuations to the E~qualized Assessed Valuation that existed in
the area prior to redevelopment. The increase in tax revenue
generated by the application.of tax rates to the area after
redevelopment is described as tax increment revenue. As soon as
more tax increment revenue is received than is necessary to pay
for redevelopment project costs and principal and. interest on
obligations issued to pay for such costs, the excess revenue may
be distributed to taxing districts which have real property in
the redevelopment project area. Thus, all taxing districts are
the beneficiaries of the redevelopment.
The Downtown No. 1 Tax Increment Area Redevelopment Project
and Plan (hereinafter referred to as the "Redevelopment Plan")
has been formulated in accordance with the provisions of the Act4
It is a guide to all proposed public and private actions in the'
Redevelopment Project Area.
In addition to describing the~bjectives of redevglopment.,
the Redevelopment Plan sets forth the overall program to be
undertaken to accomplish these objectives. This program is.the
"Redevelopment Project".
This Redevelopment Plan also specifically describes the
Downtown No. 1 Tax Increment Redevelopment Project Area (herein-
after referred to as the "Redevelopment Project Area"). This area
mee~s the eligibility requirements of the Act. The Redevelopment.
Project Area boundaries are described in Section II of the
Redevelopment Plan and shown on the Boundary
5
After its approval of the Redevelopment Plan, the Village Board
then formally designates the Redevelopment Project Area.
The purpose of this Redevelopment Plan is to ensure that new
development occurs:
On a coordinated rather than a piecemeal basis to ensure
that the land-use, pedestrian access, vehicular circu-
lation, parking, service and urban design systems will
functionally come together, meeting modern-day princi-
ples and standards.
2. On a reasonable, comprehensive and integrated basis to
ensure.that blighting factors are eliminated.
3~
Within a reasonable and defined time period so that the
area may contribute productively to the economic vitality
of the Village.
Revitalization of the Redevelopment Project Area is a large
and complex undertaking, and it presents challenges and opportu-
nities commensurable to its scale. The success of this effort
will depend to a large extent on the cooperation between the
private sector and agencies of local government. Planning and
development efforts to date have not been capable of stimulating
this comprehensive and coordinated public and private effort. In
addition, the Redevelopment Project Area as a whole has not been
subject to growth and development by private enterprise. The
adoption of this Redevelopment Plan will make possible the imple-
mentation of a logical program to stimulate redevelopment in the
Redevelopment Project Area--an area which is not anticipated to
develop without the adoption of this Redevelopment Plan. Through
public investment, the area will become a stable environment to
attract properly scaled new private investment to set the stage
for the rebuilding of the area with private capital.
6
REDEFSLOPMENT PRO~ECT AREA LEGAL DESCRIPTION
Boundaries of the Redevelopment Project Area are shown on the
Boundary MaD. Exhibit 1. The legal description of the Redevelop-
ment Project Area is as follows:
Beginning at the intersection of the centerline of Main Street,
State of Illinois Route 83, with the centerline of Central Road,
extended; thence Easterly along said centerline of Central Road,
a distance of approximately 570.32 feet; thence Southerly along
the Eastern property line of Lots 12, 13, 20., 21, and 22 of Block
5 in Busse and Wille's Resubdivision in Mount Prospect, and the
Eastern property line of Lot 1 of Mount Prospect State Bank
Resubdivision No. 3, a distance of approximately 608.74 feet, to
the centerline of Busse Avenue; thence Westerly, a distance of
approximately 157.11 feet, to the point of intersection of the
centerline of Busse Avenue with the Eastern right-of-way of
Emerson Street; thence Southerly along said Eastern right-of-way
of Emerson Street, a distance of approximately 277.00 feet, to a
point at the Northwest. corner of Lot 18 in Block 12 of Busse and
Willie's Resubdivision in Mount Prospect; thence Easterly along
the Northern property line of said Lot 18, a distance of approxi-
mately 157.09 feet, to the Northeast corner of said Lot 18;
thence Southerly, a distance of approximately 50.00 feet, along
the Eastern property line of said Lot 18, to a point at the
Northwest corner of Lot A of'Corporate Subdivision Number 1,
Village of Mount Prospect; thence Easterly along the Northern
property line of said Lot A, a distance of approximately 157.10
feet, to a point of intersection of said Lot A with the Western
right-of-way of Maple Street; thence Northerly along the Western
right-of-way of Maple Street, a distance of approximately 321.88
ft, to a point at the intersection of the Western right-of-way of
Maple Street and the Southern right-of-way of Busse Avenue;
thence Easterly along the Southern right-of-way of Busse Avenue;
a distance of approximately 223.12 feet, to a point of
intersection with the Eastern property line of Lot 1 in Block 11
of Busse and Wille's Resubdi~vision in Mount Prospect; thence
southerly along the Eastern property lines of Lots 1 through 8 of
Block 11 of Busse and Wille's Resubdivision in Mount Prospect, a
distance of approximately 401~36 feet, to a point at the
intersection of the Southeast corner of said Lot 8. with the
Northwest corner of Lot 16 of Busse's Subdivision of Lot A of
Block 11 in Busseand Wille's Resubdivision; thence Easterly
along the Northern property tine of said Lot 16, a distance of
approximately 190.10 feet, to a point on the centerline of Elm
Street; thence Southerly, a distance of approxima'tely 190.00
feet, to the point of intersection of the centerline of Elm
Street, extended, with the Northern right-of-way of Evergreen
Avenue; thence Easterly along the Northern right-of-way of
Evergreen, a distance of approximately 567.20 feet, to a point of
intersection with the Southwest corner of Lot 5 of the
Subdivision of Block 8 of Busse's Eastern Addition to Mount
Prospect, recorded February ll, 1922; thence Southerly, a
distance of approximately 591.00 feet, along the Western property
lines of Lots 1 ~hrough 21 of BloCk 20 of Mount Prospect Sub-
division in Section 12-41-11, Recorded September 2, 1874, to a
point at the intersection of the Southwestern corner of said Lot
21 with the Northern property line of Lot 1 of Bruce's Resub-
division in Mount Prospect; thence Easterly along the Northern
property line of said Lot 1, a distance of approximately 171.00
feet, to the centerline of Owen Street; thence Southerly along
said centerline, a distance of approximately 255.48 feet, to the
point of the intersection of the centerline of Northwest Highway,
State of Illinois Routel4, with the centerline of Owen Street,
extended; thence Northwesterly along said centerline of Northwest
Highway to the point of intersection of the centerline of
Northwest Highway with the centerline of Main Street, State of
Illinois Route 83,. extended; thence Northerly along the center-
line of Main Street to thepoint of beginning, the intersection
of the centerlines of Main Street and Central Road, extended; all
located in the Northwest Quarter (1/4), and the Northeast Quarter
(1/4) of Section 12, Township 41 North,'Range 11 East of the
Third Principal Meridian, located in the Village of Mount
Prospect, Elk Grove Township, County of Cook, in the State of
Illinois.
REDEVELOPMENT PROJECT AREA GOA~S AND OBJECTiv~.S
Managed growth in the form of investment in new development
and facilities is essential in the Redevelopment Project Area, as
it is in the entire Village. Redevelopment efforts in the
Redevelopment Project Area will strengthen the entire Village
through environmental improvements, increased tax base and
additional employment opportunities.
The Act. encourages the public and private sectors to work
together to address and solve the problems of urban growth and
development. The joint effort between the Village and the pri-
vate secto.r to"redevelopparts of the Redevelopment Project Area
will receive significant support from the financing methods made
available by the Act.
This section of the Redevelopment Plan identifies the goals
and objectives of the Redevelopment Project Area. A latter
section of this Redevelopment Plan identifies the more specific
programs (the Redevelopment Project) which the Village plans to
undertake in achieving the redevelopment goals and objectives
which have been identified.
Improve the quality of life in Mount Prospect by elimi-
nating the influences as well as the manifestations of,
physical and economic deterioration and obsolescence
within the Redevelopment Project Area.
Provide sound economic development in the Redevelopment
Project Area.
Revitalize the Redevelopment Project Area to make it an
important activity center contributing to the regional.
focus of the Mount Prospect area.
Create an environment within the Redevelopment Project
Area which will contribut~ to the health, safety, and
general welfare of the Village, and preserve or enhance
the value of properties to remain adjacent to the Area.
REDEVELOPMENT OBJECTIVES
Reduce or eliminate those conditions which qualify the
Redevelopment Project Area as a conservation area. Section
IV of this document, Conservation Area Conditions Existing
in the RedeveloPment Progect Area. describes the existing
conditions.
10
· Strenghten the economic well-being of the Redevelopment
Project Area and the Village by increasing business
activity, taxable values, and job opportunities.
· To create an environment which stimulates private invest-
ment in new construction, expansion, and rehabilitation.
· To encourage the assembly of land into parcels function-
ally adaptable with respect to shape and size for rede-
velopment in accordance with contemporary development
needs and standards.
· Achieve development which is integrated both functionally
and aes~heticallywith nearby existing development.
· . Provide adequate off-street parking space in locations
easily accessible from major thoroughfares and surrounding
area destinations.
Encourage a high-quality appearance of buildings, rights-
of-way and open spaces, and encourage high standards .of
design.
Emphasize features which can
Redevelopment Project Area from
villages.
help distinguish the
other areas and other
Provide sites for needed public improvements or facilities
in proper relationship to the projected demand for such
facilities and in accordance with accepted design criteria
for such facilities.
DEVELOPMEN~ AND DESIGN OBJECTIVES
· Establish a .pattern of land-use activities arranged in
compact, compatible groupings to increase efficiency of
operation and economic relationships. .~
· Provide.safe and efficient vehicular access to the project
area from major regional highways., from neighborhoods and
communities throughout the~region, and from ot~er major
centers of business and employment.
· Ensure safe and adequate vehicular and pedestrian
circulation patterns and capacity in the project area.
Encourage coordinated development of parcels and
structures in order to achieve efficient building design;
multi-purpose use of sites; unified off-street parking~
trucking, and service facilities; and internal pedestrian
connections.
11
CONSERVATION AREA CONDITIONS EXISTING
IN THE REDEVELOP~ENT PROJECT APdA
Based upon surveys, inspections and analyses of the area, the
Redevelopment Project Area qualifies as a "conservation area" as
defined by the Act. The area meets the "age" criteria and is
also characterized by the presence of a combination of three or
more of the conservation factors as listed in the Act, rendering
the area detrimental to the public safety, health and welfare of
the citizens of the Village. Specifically:
· More than 50 percent of the buildings in the area are over
35 year~ of age.
· Of the fourteen other factors set forth in the Act, 8 are
present in the area.
· The factors present.are reasonably distributed throughout
the area.
· Ail blocks within the study area show the presence of
conservation factors.
The following factors are found to be present: age,
obsolescence, deterioration, .dilapidation, structures below
minimum code, excessive vacancies, inadequate utilities,
deleterious land-use or laY-out, depreciation of physical
maintenance, and lack of community planning. '
12
DOWNTOWN NO. I REDEVELOPMENT PROJECT
RFDEVELOPMENT PLAN AND PROJECT OBJECTIVES
The Village proposes to achieve its redevelopment goals and
objectives through public financing techniques, including but not
limited to tax increment financing, and by undertaking some or
all of the following actions:
Assembling sites for redevelopment through appropriate
land assemblage techniques, including: (a) acquiring and
removing deteriorated and/or obsolete buildings and
buildings so situated as to interfere with replatting of
the land into parcels suitable for redevelopment in
accordance with this Redevelopment Plan; and (b)
vacating, where necessary, existing public rights-of-way
and making them a part of one or more redevelopment
sites.
2. Providing for the conservation and preservation of
basically sound buildings.
Providing public improvements and facilities which may
include: (a) parking facilities, (b) new utilities and
utility adjustments, (c) surface right-of-way improve-
ments, and (d) pedestrian walkways.
4e
Entering into redevelopment agreements for the
tation or construction of private improvements
ance with this Redevelopment Plan.
rehabili-
in accord-
R~DEVELOPMENT ACTIVITIES
me
Assemblage of Sites
To.achieve the renewal of the Redevelopment P'roj'ect Area,
property identified in ~SlL~M~lopment Program,
attached hereto and made ~ part hereof, may be acquired
by the Village of Mount Prospect and cleared of all
improvements and either (a) sold or leased for private
redevelopment, or (b) sold, leased or dedicated for
construction of public improvements or facilities. The.
Village may determine that to meet the objectives of this
Redevelopment Plan, properties in the Redevelopment
Project Area not scheduled for acquisition may be
acquired, and properties shown as scheduled for
acquisition may be exempted from acquisition, without
amendment to this plan.
13
~ Pzoject Area Bou~ary
200' 400' 600'
DOWNTOWN NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT
Village of Mount Prospect. Trkla, Pettigrew, Allen & Payne
2~ Conservation and Preservation
Conservation and preservation are important concepts to
be considered in downtown redevelopment. Plans should
strive to combine the best of the past with compatible
new structures to create a sense of vitality and
cont inu ity.
The Redevelopment Plan presently contemplates the pre-
servation of existing buildings that are basically sound
and are located so as not to impede overall economic
development..
Provision of Public Improvements and Facilities
Adequate public improvements and facilities will be pro-
vided to service the entire Redevelopment Project Area.
Public improvements and facilities may include, but are
not limited to:
Adjustments and modifications to sewer and water
lines as maybe necessary to facilitate and serve
redevelopment in accordance with the objectives and
provisions of this Redevelopment Plan.
mw
The vacation, removal, resurfacing, widening, recon-
struction and other improvements of streets, and
other public rights-of-way.
c. Construction of pedestrian walkway improvements and
beautification improvements.
In the event the Village determines that construction of
certain improvements is not financially feasible, the
Village may reduce the scope of the proposed improve-
ments.
Redevelopment Aqreements
Land assemblage shall be conducted for (a) sale, lease or
conveyance to private developers, or (b) sale, lease,
conveyance or dedication f~r the construction 9f public
improvements or facilities. Terms of conveyance shall be
incorporated in appropriate disposition agreements which
may contain more specific controls than those stated in
this Redevelopment Plan.
15
GENERAL LAND-USE PLAN
This Redevelopment Plan and the proposed projects d~scribed
herein conform to the Comprehensive Plan for the municipality as
a whole.
The -~, Exhibit 3, attached hereto and made a part
hereof, identifies land-uses and public rights-of-way to be in
effect upon adoption of this Plan. The major land-use categories
included within the Redevelopment Project Area are office/govern-
mental, mixed-use office and residential, commercial service,
medium-density resident:iai, and low-density residential.
All major thoroughfares and street rights-of-way are shown on
the ~kan map. Their locations are subject to minor
modification.
The following land-use provisions are established for the
redevelopment project area as designated in Exhibit 3, Land-
use lan.
Office/Governmental
The office/govermental area is intended to provide for
high-quality office and related development within the
heart of downtown. Permitted uses include business and
professional offices, governmental offices, financial
institutions, parking and business services. Under cer-
tain conditions, multi-family residential may be permitted
in selected subareas, as is indicated below. Other com-
patible and special uses as approved by the Village may
also be permitted.
Within this land-use area, there are three subareas where
new development could occur. These include:
~. .This subarea should be developed' for new'
office uses, perhaps clustered around a new, consolidated
parking lot.
~. ?his subarea should be developed f6r either
new office uses or multi-family housing, or for a
combination of the two uses.
Subarea 3. This subarea should be developed for either
off-street parking to serve adjacent public uses or for
public uses.
2
Of fice/Gover r~ental
Mixed-Use office/Residential
~edi~Density Residential
LOw-Density Residantial
200' 400' 600'
3
~hibi t 3
LAND US~ p~AN
DOWNTOWN NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT
Village of Mount Prospect. Trkla~Pettigrew, Allen & Payne
· Mixed-use Office/Residential
· This land-use area is intended to allow for high-quality
mixed-use development. While the area may include a range
of land-uses, the ~rea should be planned and designed as a
single, unified district, with consolidated access,
service and support systems. Permitted uses include:
business and professional offices; governmental offices;
financial institutions; research offices; parking; and
townhouses, garden apartments and similar housing types.
Other compatible and special uses as approved by the
Village may also be permitted.
Within this land-use area, there are five subareas where
new development, could occur.' As a part of planned mixed-
use development, each of these subareas could be
appropriate for. several different uses. Potential alter-
native land-uses are indicated below:
-- Subarea 1. This subarea should be developed for new
medium-density residential uses, including duplexes, town-
houses or garden apartments.
-- Subarea 2. This subarea should be developed for either:
a) new medium-density residential uses, in conjunction
with Subarea 1 to the east; or b) new office uses.
-- Subarea 3. This subarea should be developed 'for either:
a) parking to serve adjacent new development; or b) new
commercial uses and associated parking.
-- ~. This subarea should be developed for either:
a) new office uses; or b) new multi-family residential
uses.
-- ~. This subarea should be developed for parking
to serve new and existing development in the vicinity.
· Commercial Service
This area is in~ended to l~rovide sites for sm~ll-scale
commercial and office development. In contrast to the
Office/Governmental and the Mixed-use development areas to
the west, this area should be characterized by lower
intensity development which is compatible with nearby
residential areas. Permitted uses include: business and
professional offices; business services; personal
services; convenience retail uses; and secondary commer-
cial uses. Other compatible and special uses as approved
by the Village may also be permitted.
18
· Medium-Density Residential
The medium-density residential area is intended to provide
for high-quality, multi-family residential development at
a density of approximately 16 units per acre. This area
is also intended to serve as a transition zone between
office and commercial areas and surrounding residential
neighborhoods. The area should be designed and developed
according to a unified, overall site plan. Permitted uses
include townhouses, garden apartments, or similar housing
types. Other compatible and special uses as approved by
the Village may also.be permitted.
· ~ow-Density Residential
The low-density residential area is intended to serve as a
high-quality residential area adjoining the downtown.
Permitted uses include single-family attached or detached
houses, townhouses or similar housing types, provided they
are compatible with existing nearby residential
development. Other compatible and special uses as
approved by the Village may also be permitted.
DESIGN AND DEVELOPMENT OBJECTIVES
It is intended that the Project Area be improved and
developed as an economically viable and aethetically pleasing
environment. The following design and development objectives
should be used to guide all improvements and new development
within the Project area.
· Ail new development should complement existing surrounding
uses in terms of size, scale, intensity and appearance.
· The massing and.interrelationship of new buildings and
open space areas 'should help create a distinct and
attractive, visual identity for specific development
districts and for the overall Project Area.
· All new d~velopment should be characterized by high-
quality building construction and site design.
Attractive .and well-landscaped frontages should be
provided along Main Street,.Central Road, and Northwest
Highway.
Safe and efficient vehicular circulation systems should be
provided which enable adequate access to, movement within
and connections between development areas.
19
An adequate supply of conveniently located short-term
patron and long-term employee parking spaces should be
provided within all development areas; consolidation and
joint-use of parking areas should be encouraged where
possible.
All parking areas should be paved, striped, lighted, well
maintained, and be designed to allow for proper drainage.
Adequate screening and buffering should be provided around
all new parking areas.
Off-street loading and service facilities should be con-
solidated where possible, and should be screened and
buffered from adjacent development areas and public
streets.
An overall, comprehensive pedestrian circulation system
should be provided which facilitates pedestrian movement
between buildings, related land-use areas, parking and
building destinations, and residential areas and the down-
town.
Adequate screening and buffering should be provided
between different land-use areas, particularly between
residential and non-residential development areas.
An overall system of signage should be provided which will
establish visual continuity and promote a positive overall
image for the area.
Common facilities and service areas should be encouraged
within office and commercial areas which can serve a
number of different buildings or business establishments.
Other Area-Specific ObiectiVes
In addition to the objectives listed above, which apply to
the overall Project Area, several Other design and development
objectives which 'apply to specif%c land-use areas are listed
below:
-- Office/Governmental Area
· New office development within Subarea 1 should be low-
rise, one or two-story construction.
New office buildings within Subarea 1 should be sited.
in a well-landscaped setting, perhaps clustered around
a common parking area.
2O
Vehicular access to Subarea I should be from Emerson
Street.
A well-landscaped buffer should be provided along the
eastern edge of Subarea 1, to screen new office devel-
opment from the existing single-family neighborhood.
· New construction within Subarea 2 should be mid-rise,
with a maximum building height of four (4) stories.
· Vehicular access to Subarea 2 could be provided from
Northwest Highway and from Emerson Street; however, if
this subarea includes both office and multi-family
development, seParate access systems should be provided
· for ~'he two land-uses.
· High-quality design and construction is particularly
important in Subarea 2 because of ,its high-visibility
location along Northwest Highway.
The Northwest Highway edge of Subarea 2 should be
attractivelY and generously landscaped.
-- Mixed-Use Office/Residential Area
New residential development along the northern and
eastern edges of this area should be low-rise con-
struction, and should be oriented toward the adjacent
existing residential neighborhoods.
· New office development in the western portion of this
area should be mid-rise construction, with a maximum
a building height of four (4) stories.
Vehicula~ access to office and commercial development
could be from Northwest Highway and from Evergreen
Avenue to the.west; access off Northwest Highway should
be limited to no more than two consolidate'd access
points.
· Vehicular access to office and commercial deyelopment
should not be permitted from School Street, Elm Street
north of Evergreen, or Evergreen east of Elm; these
street segments should be maintained for residential
traffic only.
· Careful on-site screening and buffering should be
provided between office/commercial and multi-family
residential development within this area.
21
High-quality design and construction is particularly
important in this area because of its high visibility
location along Northwest Highway.
· The Northwest Highway edge of this area should be
attractively and generously landscaped.
Medium-Density ~emidential Area
· New residential construction within this area should have
a maximum building height of four (4) stories.
· Vehicular access to this area should be from Maple Street.
~ New residential buildings should be grouped together in a
well-landscaped site, with an attractive frontage along
Maple Street.
A heavily-landscaped buffer strip should be provided along
the eastern edge of this area to screen new multi-family
development from the existing single-family neighborhoods.
22
ESTIMATED REDEVELOPMENT PROJECT COSTS
Redevelopment project costs mean and include the sum total of
all reasonable or necessary costs incurred or estimated to be
incurred, and any such costs incidental to this Redevelopment
Plan and Redevelopment Project. Such costs may include, without
limitation, the following:
Costs of studies and surveys, plans and specifications,
and professional service costs including but not limited
to architectural, engineering, legal, marketing,
financial, planning and special services;
Property assembly costs, including but not limited to
acquisition of land and other property, real or personal,
or rights or interests therein, demolition of buildings,
and the clearing and grading of land;
Relocation costs to the extent that the Village deter-
mines that relocation costs shall be paid or that the
Village is required to make payment of relocation costs
.by Federal or State law;
4. Costs of rehabilitation, construction, repair or
remodeling of existing buildings and fixtures;
5. Costs of the construction of public works or improve-
ments;
Financing costs, including but not limited to all neces-
sary and incidental expenses related to the issuance of
obligations and which may include payment of interest on
any obligation issued under the Act accruing during the
estimated period of construction of any redevelopment
project for which such obligations are issued and for not
exceeding 18 months thereafter and including reasonable
reserves related thereto; and
Ail or a portion of. a haxing district's capital costs.
~esul.ting from-the Redevelopment~ Project necessarily
incurred or to be incurred in furtherance of the
Redevelopment Plan and Project, to the extent the munici-
pality, by written agreemeht, accepts and approves.such
costs.
Estimated costs are shown in Table 1. To the extent that
municipal obligations have been issued or costs incurred to pay
for such redevelopment project costs included prior to, but in
anticipation of, the adoption of tax increment financing, the
Village shall be reimbursed for such redevelopment project costs.
The total redevelopment project costs are intended to provide an
upper limit on expenditures. Within this limit, adjustments may
be made in line items without amendment of this Redevelopment
Plan.
23
TABLE 1
REDEVELOPMENT PROJECT
ESTIMATED REDEVELOPMENT PROJECT COST SCHEDULE.
Property Acquisition
Demolition
Public Improvements
Planning, legal, studies, fee, etc.
Contengenc.ies ..
Gross Project Cost
Land Sale Proceeds
Net Project Cost
RANGE
1.660.000 to 2.485,000
$3,243,000 to $3,920,000
$3,585,000 to $4,660,000
243,000 to 390,000
576,000 to 705,000
266,000 to 345,000
233.000 to 305,000
4,903,000 to 6,405,000
~0URCES OF FUNDS TO PAY REDEVELOPMENT PROJECT COSTS
Funds necessary to pay for redevelopment project costs and
municipal obligations which have been issued to pay for such
costs are to be derived principally from tax increment revenues
and proceeds from municipal obligations which have as their
revenue source tax increment revenue. TO secure the issuance of
these obligations, the Village may permit the utilization of
guarantees, deposits and other forms of security made available
by private sector developers.
The tax increment revenue which will be used to fund tax
increment ~obligations and redevelopment project costs shall be
the incremental taxes attributable to the increase in the current
equalized assessed value of each taxable lot, block, tract or
parcel of real property in the Redevelopment Project Area over
and above the initial equalized assessed value of each such
property in the Redevelopment Project Area. Other sources of
funds which maybe used to pay for redevelopment costs and
obligations issued, the proceeds of which are used to pay for
such costs, are land disposition proceeds, state and federal
grants, investment income, and such other sources of funds and
revenues as the municipality may from time to time deem
appropriate.
ISSUANCE OF OBLIGATIONS
The Village may issue obligations secured by the tax
increment special tax allocation fund pursuant to section 11-
74.4-7 of the Act.
.All obligations issued by the Village pursuant to this
Redevelopment Plan and the Act shall be retired within twenty-
three (23) years from the adoption of the ordinance approving the
Redevelopment Project Area, such ultimate retirement date
occurring in the year 2008. Also, the final maturity date of
any such obligations which are issued may not be later than
twenty (20) years from their respective dates of issue. One or
more series or.obligatiOns may be sold at one or more times in
order to implement this RedeVelopment Plan. The amounts payable
in any year as principal of and interest on all obligations
issued by the Village pursuant to the Redevelopment P1an and the
Act shall not exceed the amounts available, or projected to be
available, from tax increment revenues and from such bond sinking
other sources of funds as may be provided bY ordinance.
Revenues shall be used for the scheduled and/or early
retirement of obligations, and for reserves, sinking funds and
redevelopment project costs, and, to the extent not used for such
purposes, may be declared surPlUs and shall then become available
for distribution annually to taxing districts in the
Redevelopment Project Area in the manner provided by the Act.
MOST RECENT EOUALIZED ASSESSED VALUATION OF PROPERTIES IN TRE
REDEVELOPMENT PROJECT AREA ·
Table 2 lists the most rece~% (1983) equalized assessed
valuations of properties in the Redevelopment Project Area by
block. The total estimated equalized assessed ~aluation for the
Redevelopment Project Area is $2,754,572.
~ICIPATED ASSESSED VALUATION
.By the year 1991, when it .is estimated that all. the
anticipated private development will be completed ~nd fully
assessed, the equalized assessed valuation of real property
within the Redevelopment Project Area is estimated at between
$3,474,493 and $4,312,950.. By the year 2005, the equalized
assessed value of real property within the Redevelopment Project
Area is estimated at between $6,507,660 and $7,934,776.
TABLE 2
BLOCK SUM}IARY OF ]983 EQUALIZED ASSESSED VALUATIONS
AND PROPERTY TAX REVENUES*
EQUALIZED
BLOCK NO. ASSESSED VALUE REAL ESTATE TAXES
103 $ 140,315 $ 11,877.69
104 242,182 20,500..71
108 508,728 43,063.82
109 263,910 22,339.98
110 602,458 50,998.07
115 250,463 21,201.69
116 435,853 36,894.96
214 411,687 34,849.30
TOTAL: $2,855,596 $241,726.20
These figures are subject
valuation is estimated to
correct figures shall be
County, Illinois.
to final verification. Initial equalized
be $2,855,596. After verifiction, the
certified to by the County Clerk of Cook
CO'RRECTED'P~GE
27
PHASING AND SCHEDULING OF REDEVELOPMENT PROJECT
A phased implementation strategy will be'utilized to achieve
a timely and orderly redevelopment of the project area. This
plan of action is described below. See also Exhibit 4,
R~velopment Tarqet Areas. Scheduled projects and redevelopment
actions may be shifted as deemed appropriate or necessary.
It is anticipated that redevelopment of designated target
areas, within the Redevelopment Project will be carefully staged
to coincide with the securing of firm commitments from private
developers who demonstrate their willingness and ability to com-
plete the.proposed development in accordance with the Village's
Plan and guidelines. Staging of the proposed project in this
manner will serve to achieve several important objectives,
including:
The Village will not be required to incur cost until a
Private developer is selected and committed to complete
the development.
2. Existing property will remain on the tax rolls until the
new development is committed to start.
e
Any increase in' real .estate tax revenue that may be
realized from increases in the equalized assessed value
of existing property will be available to the Village to
be used toward financing of the project.
4. Property will be taken off the tax rolls for the shortest
period possible.
Target Area la of the Redevelopment Project will include
initiation of redevelopment activity within Blocks 115 and 116
and a portion of Block 110. Private development within this area
will provide for between 30 and 40 dwelling units and between.
25,000. square feet and 50,000 square feetof office or'combina-
tion of office and other commercial use.
Target Area la expenditures, exclusive of financing.coSt., are
estimated at $.1,878,0.00 to $2,976,000. Proceeds from the sale of
land for development are estimated at $477,000 to $1,298,000
leaving a net project cost for this initial phase of $1,401,000
to $1,678,000.
Target Area lb of the Redevelopment Project will include
initiation of redevelopment activity within that portion of Block
110 which faces Maple Street. Private development within this
block will provide for an estimated 25 dwelling units.
28
200' 400' 600'
a
Exhibit 4
REDEVELOPMENT TARGET AREAS
DOWNTOWN NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT
Village of Mount Prospect. Trkla, Pettigrew, Allen& Payne
Target Area lb expenditures, exclusive of financing cost, are
estimated at $997,000. Proceeds from the sale of land for
development are estimated at $320,000, leaving a net project cost
for this target area of $677,000.
Target Area lc of the Redevelopment Project will include
initiation of redevelopment activity within Block 104. Private
development within this block will provide for between 10,000
square feet and 20,000 square feet of office and off-street
parking.
Target Area lc expenditures exclusive of financing cost, are
estimated at $1,182,000. Proceeds from the sale of land for
development are estimated at $484,00.0, leaving a net project cost
for this target area of $698,000.
Target Area Id of the Redevelopment Project will include
initiation of redevelopment activity within Block 108. Private
development within this area will provide for between 15 and 40
dwelling units and between 10,000 square feet and 20,000 square
feet of office.
Target Area Id expenditures exclusive of financing cost, are
estimated at $752,000. Proceeds from the sale of land for
development are estimated at $382,000, leaving a net project cost
for this target area of $370,000.
Target Area le of the Redevelopment Project will include
initiation of redevelopment activity wihin Block 103. It is
anticipated that land to be assembled within this block will be
used for off-street parking other use compatible with existing
public uses within the block.
The final phase expenditures, exclusive of financing cost,
are estimated at $496,000.
30
7.
PROVISIONS FOR AMENDING THE REDEVELOPMENT PLAN AND PROJECT
This Downtown No.. I Tax Increment Redevelopment Project
Plan may be amended pursuant to the provisions of the Act.
and
31
OAD --
DOWNTOWN NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT
¥illage of Mount Prospect. Trkla, Pettigmw, Allen & P~ne