HomeMy WebLinkAboutRes 30-88 07/19/1988
RESOLUTION NO. 30-88
A RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT
BETWEEN THE VILLAGE OF MOUNT PROSPECT AND
THE ALTER GROUP LTD.
WHEREAS, The Alter Group Ltd. is developing land within the
corporate limits of the Village of Mount Prospect commonly known
as the Lake Center Plaza, located north of Algonquin Road and west
of Elmhurst Road; and
'.
WHEREAS, The Alter Group Ltd. has requested relief from the
requirement of the Village of Mount Prospect to install street
lights in conjunction with the development of the Lake Center
"Plaza; and
WHEREAS, in accordance with the requirements of the Chapter 16
(Development Code) of the Village Code of Mount Prospect, a total
of fourteen (14) street lights must be installed on Algonquin Road
and/or Elmhurst Road; and
WHEREAS, the corporate authorities of the Village of Mount
Prospect have determined that inasmuch as the the aforesaid
roadways are under the jurisdiction of the State of Illinois,
-Department of Transportation, which entity will not permit the
installation of the required street lights at this time, it would
be in the best interests of the Village to enter into an Escrow
Agreement with The Alter Group Ltd. Said Esc~ow Agreement shall
provide for the creation of an escrow account for the purpose of
The Alter Group Ltd. depositing the amount of $70,000.00, being
the estimated amount of said street lights, more fully explained
thé in the Escrow Agreement attached hereto and hereby made a part
hereof as Exhibit "A".
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
~F THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor is hereby authorized to sign and the
Village Clerk authorized to attest her signature on the Escrow
Agreement between the Village of Mount Prospect and The Alter
Group Ltd. a copy of said Escrow Agreement is attached hereto and
hereby made a part hereof as Exhibit "A", which Agreement
addresses the installation of street lights for property commonly
known as Lake Center Plaza in the Village of Mount Prospect
.SECTION TWO: That this Resolution shall be in full force and
effect from and after its passage and approval in the manner
provided by law. .
AYES:
ARTHUR, FLOROS, MURAUSKIS, VAN GEEM, WATTENBE~G
NAYS:
NONE
ABSENT:
FARLEY
C"~cC
PASSED and APPROVED this ----- day of
July
, 1988.
Z-f J;ifcfl~
Carol A. Fields
Village Clerk
car~* :!~
Mayor
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JA:HKF:AGRE~.~SCROW.ALT
4th Draft
6/29/88
ESCROW AGREEMENT
THIS AGREEMENT, made and entered into between THE ALTER
GROUP LTD., an Illinois corporation, hereinafter referred to
as "ALTER" and the VILLAGE OF MOUNT PROSPECT,
hereinafter
referred to as "VILLAGE".
WITNESSETH:
WHEREAS, ALTER has requested from the VILLAGE approval
of a subdivision known as the Lake Center Plaza, located on
the north of Algonquin Road and west of Elmhurst Roads; and
WHEREAS,
the VILLAGE requires as a condition for the
approval
of
the
Lake
Center
Plaza
Subdivision,
the
installation of fourteen (14) street lights on Algonquin Road
and Elmhurst Road '{; and
"'_'C"".,,~/
WHEREAS, the installation of the aforementioned street
lights will
not be allowed by the Illinois Department of
Transportation at this time; and
WHEREAS, ALTER and VILLAGE desire to establish a cash
escrow, pursuant to Chapter 16 of the village code, to have
the necessary funds available for the installation of the
street
lights
at
such
time,
if
ever,
when
the
Illinois
Department of Transportation approves their installation; and
WHEREAS, ALTER and VILLAGE agree to appoint VILLAGE as
the escrowee in conjunction herewith.
NOW,
THEREFORE,
in
consideration
of
the
mutual
covenants and agreements set forth herein, the parties hereto
hereby agree as follows:
1.
Deposit Provisions.
Upon execution hereof, ALTER
shall deposit with the VILLAGE the sum of Seventy Thousand
($70,000.00)
Dollars which represents the estimated cost to
install
the
fourteen
(14)
street
lights.
VILLAGE
shall
deposit said funds in a segregated interest bearing account.
.
All
interest
earned
thereon
shall
be paid
to
the
party
entitled to same.
2.
Disbursement Provisions.
At such time as the
Illinois
Department
of
Transportation
approves
the
installation
of
said
street
lights
then
same
shall
be
installed by VILLAGE and the VILLAGE shall be entitled to
take
all
of the
funds
together with the
interest
earned
thereon
as
reimbursement
for
the
monies
advanced
in
connection with the installation of said street lights and
this Agreement shall thereupon terminate.
3.
Termination
Provision.
In
the
event
the
Illinois Department of Transportation fails to approve the
installation of said street lights and said street lights are
not installed within a period of twenty (20) years from the
date
of
this
Agreement,
then
the
parties
hereto
shall
determine if there is the probability that said approval will
be given within a reasonable time thereafter and the parties
hereto shall extend the period of this Agreement for such
additional period of time.
In the event said street lights
are not installed within the twenty (20) year period or such
additional time period, if extended, then the funds in said
escrow,
together with the interest earned thereon shall be
paid to ALTER and this Agreement shall thereupon terminate.
4.
Indemnification Provision.
ALTER shall indemnify
VILLAGE in its capacity of escrowee,
from and against all
liabilities, fees, costs, and expenses incurred by VILLAGE in
respect to the performance of its duties hereunder,
unless
said liabilities,
fees,
costs or expenses shall arise from
VILLAGE's
failure
to
perform
~....-
...~i::>
duties
hereunder
with
reasonable care and due diligence.
IN WITNESS WHEREOF, the parties hereto have hereof set
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their hands and seals on July
, 1988.
THE ALTER GROUP LTD., an
Illinois Corporation
BY:
ATTEST:
VILLAGE OF MOUNT PROSPECT
BY:
ATTEST:
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