HomeMy WebLinkAboutOrd 6294 01/17/2017 Approving the Village of Mount Prospect Tax Increment Financing District (Prospect and Main)ORDINANCE NO. 6294
AN ORDINANCE APPROVING THE VILLAGE OF MOUNT PROSPECT
PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT
REDEVELOPMENT PROJECT AREA
REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the President and Board of Trustees of the Village of Mount
Prospect (the "Village") desire to implement tax increment financing pursuant to the Tax
Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. (the "TIF Act")
for the Village's Prospect and Main Tax Increment Financing District (the "TIF District")
redevelopment plan and project (the "TIF Plan"), and designate the tax increment
redevelopment project area (the "Redevelopment Project Area") relative to the TIF
District; and
WHEREAS, the Village authorized a study in regard to the designation of the
Redevelopment Project Area for the TIF District and the adoption of the TIF Plan in
relation thereto; and
WHEREAS, on October 4, 2016, the Village announced the availability of the TIF
Plan, with said TIF Plan containing an eligibility report for the TIF District addressing the
tax increment financing eligibility of the Redevelopment Project Area (the "Eligibility
Report"); and
WHEREAS, a public hearing was held on December 20, 2016, in regard to the
TIF Plan, at which the Village noted a technical change that needed to be made to the
TIF Plan, with said technical change being formally approved by an Ordinance
approved by the President and Board of Trustees of the Village on December 20, 2016,
resulting in an updated version of the TIF Plan dated December 20, 2016 (the "Final TIF
Plan"); and
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WHEREAS, the President and Board of Trustees of the Village desire to
implement tax increment financing pursuant to the TIF Act for the Final TIF Plan within
the municipal boundaries of the Village and within the Redevelopment Project Area
described and depicted in EXHIBIT A-1 and EXHIBIT A-2, both being attached hereto
and made part hereof; and
WHEREAS, the Village has complied with the specific notice, Joint Review Board
meeting and public hearing requirements provided for in the TIF Act as a prerequisite to
approving the Final TIF Plan in relation to the TIF District, in that the Village has taken
the following actions:
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ACTION
DATE TAKEN
1
Approved, by Motion, the preparation of
August 16, 2016
the Eligibility Report and TIF Plan
2
Published the TIF Interested Parties Registry notice
September 26, 2016
in the newspaper (Daily Herald)
3
Announced the availability of the Eligibility Report
October 4, 2016
and the TIF Plan, at a Village Board meeting
4
Approved Ordinance calling for a Joint Review Board meeting
October 18, 2016
and a Public Hearing relative to the proposed approval of the
Redevelopment Project Area and the TIF Plan in relation
thereto
5
Mailed a copy of the Eligibility Report and the TIF Plan, a
October 21, 2016
notice of the Joint Review Board meeting and the Public
Hearing, and the Ordinance setting the date of the Joint
Review Board meeting and the Public Hearing, to all taxing
districts and the Illinois Department of Commerce and
Economic Opportunity (by certified mail, return receipt
requested)
6
Mailed notices relative to the availability of the Eligibility
October 21, 2016
Report and TIF Plan to all residential addresses within 750
feet of the boundaries of the Redevelopment Project Area, to
all parties who were registered on the Village's TIF Interested
Parties Registry, and a courtesy mailing to all taxpayers of
record and residential addresses within the Redevelopment
Project Area (by First Class U.S. Mail
7.
Held the Joint Review Board meeting
November 7, 2016 and
November 21, 2016
8
Published notice of the Public Hearing in the newspaper
December 5, 2016 and
(Daily Herald) twice
December 12, 2016
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9
Mailed notices of the Public Hearing to each taxpayer of
December 6, 2016
record (by certified mail, return receipt requested) within the
Redevelopment Project Area, to all residential addresses
within the Redevelopment Project Area (by First Class U.S.
Mail), to each person on the Village's TIF Interested Parties
Registry (by First Class U.S. Mail), and a courtesy mailing to
all residential addresses within the proposed TIF District (by
First Class U.S. Mail)
10.
Held a Public Hearing (at which proposed technical changes
December 20, 2016
to the TIF Plan were announced)
11.
Approved a technical change to the TIF Plan by Ordinance,
December 20, 2016
resulting in the Final TIF Plan
12.
Mailed notices of the technical changes to the TIF Plan, and
December 21, 2016
the Final TIF Plan to all taxing districts impacted by TIF
District, to the Public Member of the Joint Review Board and
to each person on the Village's TIF Interested Parties
Registry b First Class U.S. Mail
13.
Published notice of the technical changes to the TIF Plan in
December 29, 2016
the newspaper (Daily Herald)
; and
WHEREAS, on November 7, 2016, the Joint Review Board, relative to the TIF
District, recommended the approval of the Redevelopment Project Area and approval of
the TIF Plan in relation thereto; and
WHEREAS, pursuant to the TIF Act, the Village has waited at least fourteen (14)
days, but not more than ninety (90) days, from the Public Hearing date to take action on
this Ordinance approving the Final TIF Plan; and
WHEREAS, the Final TIF Plan sets forth the conditions in the Redevelopment
Project Area qualifying the Redevelopment Project Area as a "conservation area," and
the President and Board of Trustees of the Village have reviewed testimony concerning
said conditions presented at the Public Hearing and are generally informed of the
conditions causing the Redevelopment Project Area to qualify as a "conservation area,"
as said term is defined in Section 5/11-74.4-3 of the TIF Act (65 ILCS 5/11-74.4-3); and
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WHEREAS, the President and Board of Trustees have reviewed the conditions
pertaining to the lack of private investment in the Redevelopment Project Area to
determine whether private development would take place in the Redevelopment Project
Area as a whole without the adoption of the Final TIF Plan; and
WHEREAS, it is the intent of the President and Board of Trustees to utilize the
tax increment from all sources authorized by law; with such revenues to be exclusively
utilized for the development of the Final TIF Plan within the Redevelopment Project
Area (except as provided in 65 ILCS 5/11-74.4-4(q), as incorporated into the Final TIF
Plan budget of estimated redevelopment project costs), and
WHEREAS, the Redevelopment Project Area would not reasonably be
redeveloped without the use of such incremental revenues; and
WHEREAS, the President and Board of Trustees have reviewed the conditions
pertaining to real property in the Redevelopment Project Area to determine whether
contiguous parcels of real property and improvements thereon in the Redevelopment
Project Area would be substantially benefited by the Final TIF Plan improvements;
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 President and Board of Trustees hereby make the
following findings:
A. The area constituting the Redevelopment Project Area is described and
depicted as set forth in the attached EXHIBIT A-1 and EXHIBIT A-2;
B. There exist conditions which cause the area proposed to be designated as
the Redevelopment Project Area to be classified as a "conservation area," as such term
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is defined in Section 5/11-74.4-3 of the TIF Act (65 ILCS 5/11-74.4-3);
C. The Redevelopment Project Area on the whole has not been subject to
growth and redevelopment through investment by private enterprise and would not be
reasonably anticipated to be redeveloped without the adoption of the Final TIF Plan;
D. The Redevelopment Project Area would not reasonably be redeveloped
without the tax increment derived from real property tax incremental revenues, and the
increment from such revenues will be exclusively utilized for the redevelopment as
outlined in the Final TIF Plan within the Redevelopment Project Area (except as
provided in 65 ILCS 5/11-74.4-4(q), as incorporated into the Final TIF Plan budget of
estimated redevelopment project costs);
E. The Final TIF Plan conforms to the Village's Comprehensive Plan for the
development of the Village as a whole;
F. The parcels of real property in the Redevelopment Project Area are
contiguous and only those contiguous parcels of real property and improvements
thereon which will be substantially benefited by the Final TIF Plan are included in the
Redevelopment Project Area;
G. The estimated date for final completion of the Final TIF Plan is December
31st of the year in which the payment to the Village Treasurer is made with respect to
ad valorem taxes levied in the twenty-third (23rd) calendar year after the year in which
the ordinance approving the Redevelopment Project Area is adopted, which, as to the
TIF District, is December 31, 2040; and
H. The estimated date for retirement of obligations incurred to finance Final
TIF Plan costs is not later than December 31st of the year in which the payment to the
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Village Treasurer is made with respect to ad valorem taxes levied in the twenty-third
(23rd) calendar year after the year in which the ordinance approving the
Redevelopment Project Area is adopted, which, as to the TIF District, is December 31,
2041.
SECTION 2: That the Final TIF Plan is hereby adopted and approved. A copy of
said Final TIF Plan is attached hereto as EXHIBIT B and made a part hereof.
SECTION 3: That this Ordinance shall be in full force and effect from and after
its adoption, approval and publication in pamphlet form as provided by law.
SECTION 4: That if any section, paragraph, clause or provision of this
Ordinance shall be held invalid, the invalidity thereof shall not affect any of the other
provisions of this Ordinance.
SECTION 5: That all ordinances or parts of ordinances in conflict herewith are, to
the extent of such conflict, hereby repealed.
ADOPTED this 17th day of January, 2017, pursuant to a roll call vote as follows:
AYES: Hoefert, Matuszak, Polit, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
APPROVED by me this 17th day of January, 2017.
ATTEST:
�a
Karen Agoranos, D4buty Village Clerk
Arlene A. Juracek, V' age President
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Published by me in pamphlet form this 17th day of January, 2017.
Karen Agoranos,Lbeputy Village Clerk
372151_3
EXHIBIT A-1
Redevelopment Proiect Area Description
Village of Mount Prospect
Prospect and Main Tax Increment Financing District
Legal Description:
THAT PART OF SECTIONS 11 & 12 IN TOWNSHIP 41 NORTH, RANGE 11 EAST AND
SECTIONS 33 & 34 IN TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN COOK COUNTY, ILLINOIS, BOUNDED AND DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE EAST LINE OF THE SOUTHEAST QUARTER
OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD,
AND THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING ALSO THE
NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF
WAY;
THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SECTION
12 AND THE CENTER LINE OF MT. PROSPECT ROAD TO THE SOUTHWESTERLY LINE
OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY, BEING ALSO THE
NORTHEASTERLY LINE OF PROSPECT AVENUE;
THENCE SOUTHWESTERLY TO THE INTERSECTION OF THE WEST LINE OF MT.
PROSPECT ROAD WITH THE SOUTHWESTERLY LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE WEST LINE OF THE EAST 205 FEET OF LOT 1 IN GLEICH'S INDUSTRIAL
PARK, A SUBDIVISION OF PART OF THE WEST HALF OF THE NORTHEAST QUARTER
AND PART OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SECTION 12
AFORESAID;
THENCE SOUTH ALONG SAID WEST LINE OF THE EAST 205 FEET OF LOT 1 IN GLEICH'S
INDUSTRIAL PARK TO THE SOUTHERLY LINE OF LOT 1 AFORESAID;
THENCE NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF LOT 1 IN GLEICH'S
INDUSTRIAL PARK TO THE EAST LINE OF SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE
NORTHEASTERLY LINE OF LINCOLN STREET;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LINCOLN STREET
AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE OF WILLIAM
STREET;
THENCE SOUTH ALONG SAID EAST LINE OF WILLIAM STREET TO THE SOUTH LINE OF
SHA-BONEE TRAIL;
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THENCE WEST ALONG SAID SOUTH LINE OF SHA-BONEE TRAIL TO THE EAST LINE OF
SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE SOUTH LINE OF
COUNCIL TRAIL;
THENCE WEST ALONG SAID SOUTH LINE OF COUNCIL TRAIL TO THE SOUTHERLY
EXTENSION OF THE EAST LINE OF LOT 12 IN ELLENDALE, A SUBDIVISION IN THE
SOUTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE EAST LINE OF LOT 12
IN ELLENDALE TO THE NORTH LINE THEREOF;
THENCE WEST ALONG SAID NORTH LINE OF LOT 12 IN ELLENDALE TO THE EAST LINE
OF LOT 3 IN ELLENDALE AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 3 IN ELLENDALE AND THE
NORTHERLY EXTENSION THEREOF TO THE NORTH LINE OF MOEHLING DRIVE;
THENCE WEST ALONG SAID NORTH LINE OF MOEHLING DRIVE AND THE WESTERLY
EXTENSION THEREOF TO THE WEST LINE OF MAPLE STREET;
THENCE NORTH ALONG SAID WEST LINE OF MAPLE STREET TO THE NORTH LINE OF
THE SOUTH 270 FEET OF LOT 2 IN ETHEL BUSSE'S SUBDIVISION OF PART OF THE
EAST HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF THE SOUTH 270 FEET OF LOT 2 IN ETHEL
BUSSE'S SUBDIVISION TO THE EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S
RESUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT.
PROSPECT AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S
RESUBDIVISION TO THE EAST LINE OF LOT 2 IN MILLER RESUBDIVISION OF LOTS 1 TO
3 & 43 IN BUSSE'S SUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 2 IN MILLER RESUBDIVISION TO THE
SOUTHWESTERLY LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION AFORESAID;
THENCE SOUTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER
RESUBDIVISION TO A BEND THEREIN;
THENCE SOUTH ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION TO
THE NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION TO THE
MOST EASTERLY WEST LINE OF LOT 2 IN MILLER RESUBDIVISION AFORESAID;
372151_3 9
THENCE SOUTH ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN MILLER
RESUBDIVISION TO A BEND THEREIN;
THENCE SOUTHEASTERLY ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN
MILLER RESUBDIVISION TO THE EAST LINE THEREOF, AND THE NORTH LINE OF LOT
42 IN BUSSE'S RESUBDIVISION AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 42 IN BUSSE'S RESUBDIVISION AND
THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF EMERSON STREET;
THENCE NORTH ALONG SAID WEST LINE OF EMERSON STREET TO THE SOUTH LINE
OF LOT 11 IN BUSSE'S RESUBDIVISION AFORESAID;
THENCE WEST ALONG SAID SOUTH LINE OF LOT 11 IN BUSSE'S RESUBDIVISION TO
THE EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN MEIER'S ADDITION TO MT.
PROSPECT IN THE NORTHWEST QUARTER OF SECTION AFORESAID, LYING SOUTH OF
THE RIGHT OF WAY OF THE CHICAGO & NORTHWESTERN RAILWAY;
THENCE NORTH ALONG SAID EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN MEIER'S
ADDITION TO MT. PROSPECT TO THE NORTH LINE OF LOT 5 AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 5 IN BLOCK 1 IN MEIER'S ADDITION
TO MT. PROSPECT AND THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF
MAIN STREET;
THENCE NORTH ALONG SAID WEST LINE OF MAIN STREET TO THE NORTH LINE OF
LOT 24 IN BLOCK 4 IN MEIER'S ADDITION TO MT. PROSPECT AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 24 IN BLOCK 4 IN MEIER'S ADDITION
TO MT. PROSPECT TO THE WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF WILLE
STREET;
THENCE NORTH ALONG SAID WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF WILLE
STREET TO THE SOUTH LINE OF EVERGREEN AVENUE;
THENCE WEST ALONG SAID SOUTH LINE OF EVERGREEN AVENUE TO THE WEST LINE
OF WILLE STREET;
THENCE NORTH ALONG SAID WEST LINE OF WILLE STREET TO THE SOUTH LINE OF
LOT 13 IN BUSSE'S RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, OF RESUBDIVISION
OF LOTS 1 TO 6, INCLUSIVE, IN BLOCK 4, ALOS OF LOTS 2 & 3 IN BLOCK 5, ALL OF
BLOCK 6, LOT 13 TO 24, INCLUSIVE, IN BLOCK 7, LOTS 17 TO 20 IN BLOCK 8 ALL IN
MEIER'S ADDITION TO MT. PROSPECT IN THE NORTHWEST QUARTER OF SECTION 12
AFORESAID;
THENCE WEST ALONG SAID SOUTH LINE OF LOT 13 IN BUSSE'S RESUBDIVISION TO
THE WEST LINE OF LOTS 13 AND 14 IN BUSSE'S RESUBDIVISION;
THENCE NORTH ALONG SAID WEST LINE OF LOTS 13 AND 14 IN BUSSE'S
RESUBDIVISION TO THE SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY
SOUTHWESTERLY OF PROSPECT AVENUE;
372151_3 10
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16 FOOT
WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY
EXTENSION THEREOF TO THE WEST LINE OF PINE STREET;
THENCE NORTH ALONG SAID WEST LINE OF PINE STREET TO THE SOUTHERLY LINE
OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE 16
FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO ITS INTERSECTION WITH THE SOUTH
LINE OF BUSSE AVENUE;
THENCE WEST ALONG SAID SOUTH LINE OF BUSSE AVENUE TO THE SOUTHERLY
EXTENSION OF THE WEST LINE OF THE 20 FOOT WIDE ALLEY WEST OF ELMHURST
AVENUE;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF THE 20
FOOT WIDE ALLEY WEST OF ELMHURST AVENUE TO THE SOUTHWESTERLY LINE OF
THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16 FOOT
WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY
EXTENSION THEREOF TO THE WEST LINE OF I-OKA AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF I-OKA AVENUE TO THE SOUTHERLY LINE
OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE 16
FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF HI-LUSI AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF HI-LUSI AVENUE TO THE
SOUTHWESTERLY LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE EAST LINE OF
LOT 8 IN H.ROY BERRY CO.S' COLONIAL MANOR, A SUBDIVISION OF PART OF THE
NORTHEAST QUARTER OF SECTION 11 AND PART OF THE NORTHWEST QUARTER OF
SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 8 IN H.ROY BERRY CO.S' COLONIAL
MANOR AND THE SOUTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF THE 16
FOOT WIDE ALLEY SOUTH OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF THE 16 FOOT WIDE ALLEY SOUTH OF
CENTRAL ROAD TO THE WEST LINE OF THE EAST HALF OF THE NORTHEAST
QUARTER OF SECTION 11 AFORESAID;
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THENCE NORTH ALONG SAID WEST LINE OF THE EAST HALF OF THE NORTHEAST
QUARTER OF SECTION 11 TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE SOUTHERLY
EXTENSION OF THE WEST LINE OF MILLERS LANE;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF
MILLERS LANE TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11 IN
MILLERS STATION SUBDIVISION, A RESUBDIVISION OF LOT 1 IN TRADE SERVICE
PUBLICATIONS SUBDIVISION AND PART OF THE SOUTHEAST QUARTER OF THE
SOUTHEAST QUARTER OF SECTION 33 AFORESAID;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE SOUTH LINE OF LOT 11
IN MILLERS STATION SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE
EAST LINE OF CATHY LANE;
THENCE NORTH ALONG SAID EAST LINE OF CATHY LANE TO THE EAST LINE OF LOT
12 IN MILLERS STATION SUBDIVISION AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 12 IN MILLERS STATION SUBDIVISION
AND THE NORTHERLY EXTENSION THEREOF TO THE SOUTHWESTERLY LINE OF THE
CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY;
THENCE SOUTHEASTERLY ALONG SAID SOUTHWESTERLY LINE OF THE CHICAGO &
NORTHWESTER RAILWAY RIGHT OF WAY TO THE EAST LINE OF THE SOUTHEAST
QUARTER OF SECTION 33 AFORESAID;
THENCE NORTH ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION
33 AFORESAID TO THE WESTERLY EXTENSION OF THE NORTH LINE OF HENRY
STREET;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF HENRY
STREET TO THE EAST LINE OF FAIRVIEW AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF FAIRVIEW AVENUE TO THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE
ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE OF
PROSPECT MANOR AVENUE;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF FAIRVIEW AVENUE TO THE
EAST LINE OF PROSPECT MANOR AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF PROSPECT MANOR AVENUE TO THE
NORTH LINE OF WALNUT STREET;
THENCE EAST ALONG SAID NORTH LINE OF WALNUT STREET AND THE EASTERLY
EXTENSION THEREOF TO THE EAST LINE OF RIDGE AVENUE;
372151_3 12
THENCE SOUTH ALONG SAID EAST LINE OF RIDGE AVENUE TO THE NORTH LINE OF
LOT 1 IN FRIEDRICH'S SUBDIVISION OF LOTS 4 & 5 IN BLOCK 25 IN PROSPECT MANOR,
A SUBDIVISION OF THE SOUTH 3/4 OF THE WEST HALF OF THE WEST HALF OF
SECTION 34 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN FRIEDRICH'S SUBDIVISION TO
THE WEST LINE OF ELMHURST AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF ELMHURST AVENUE TO THE WESTERLY
EXTENSION OF THE NORTH LINE OF THE PLAT OF CONSOLIDATION OF THE WEST 70
FEET OF LOTS 1 THRU 10 IN BLOCK 3 AND PART OF BLOCK 4 IN THE ERNST BUSSE
ADDITION TO MT. PROSPECT IN THE EAST HALF OF THE SOUTHWEST QUARTER OF
SECTION 34 AFORESAID;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF THE
PLAT OF CONSOLIDATION TO THE EAST LINE OF LOT 1 IN THE PLAT OF
CONSOLIDATION AFORESAID;
THENCE SOUTH ALONG SAID EAST LINE LOT 1 IN THE PLAT OF CONSOLIDATION TO
THE NORTH LINE OF CENTRAL ROAD;
THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE OF
PINE STREET;
THENCE SOUTH ALONG SAID EAST LINE OF PINE STREET TO THE NORTHEASTERLY
LINE OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY TO THE WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION
OF LOTS 18 & 19 AND THE NORTH 22 FEET OF LOT 17 IN BLOCK 2 OF BUSSE & WILDE'S
RESUBDIVISION IN MT. PROSPECT TOGETHER WITH LOT "A" IN CORPORATE
SUBDIVISION NO. 8 VILLAGE OF MT. PROSPECT AND LOT 1 IN WILLE'S
RECONSOLIDATION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 38.06 FEET TO A BEND THEREIN;
THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 28.07 FEET TO A BEND THEREIN;
THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 18.61 FEET TO A BEND THEREIN;
THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 30.63 FEET TO A BEND THEREIN;
THENCE NORTH ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 65.92 FEET TO THE NORTH LINE THEREOF;
THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION TO THE WEST LINE OF WILLE STREET;
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THENCE EAST TO THE EAST LINE OF WILLE STREET AT THE SOUTHWEST CORNER OF
LOT 1 IN PROSPECT PLACE PLAT OF RESUBDIVISION OF SUNDRY LOTS AND VACATED
ALLEYS OF VARIOUS SUBDIVISIONS IN THE WEST HALF OF THE NORTHWEST
QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG THE SOUTH LINE OF LOT 1 IN PROSPECT PLACE PLAT OF
RESUBDIVISION TO THE EAST LINE THEREOF;
THENCE NORTH ALONG SAID EAST LINE OF LOT 1 IN PROSPECT PLACE PLAT OF
RESUBDIVISION TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE SOUTHERLY
EXTENSION OF THE WEST LINE OF LOT 1 IN TRAPANI'S RESUBDIVISION OF LOT "A" IN
BLOCK 1 IN THE ERNST BUSSE ADDITION TO MT. PROSPECT AND LOT "A" IN
HILLCREST SUBDIVISION IN THE SOUTHWEST QUARTER OF SECTION 34 AFORESAID;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF LOT 1,
AND THE WEST LINE OF LOT 2 IN TRAPANI'S RESUBDIVISION AND THE NORTHERLY
EXTENSION THEREOF TO THE NORTH LINE OF HENRY STREET;
THENCE EAST ALONG SAID NORTH LINE OF HENRY STREET TO THE EAST LINE OF
MAIN STREET;
THENCE SOUTH ALONG SAID EAST LINE OF MAIN STREET TO THE NORTH LINE OF
CENTRAL ROAD;
THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE OF
EMERSON STREET;
THENCE SOUTH ALONG SAID EAST LINE OF EMERSON STREET TO THE NORTH LINE
OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT IN THE
EAST HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE NORTH LINE OF BUSSE AVENUE;
THENCE EAST ALONG SAID NORTH LINE OF BUSSE AVENUE TO THE EAST LINE OF
MAPLE STREET;
THENCE SOUTH ALONG SAID EAST LINE OF MAPLE STREET TO THE NORTH LINE OF
LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT
AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
372151_3 14
THENCE SOUTH ALONG SAID EAST LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE SOUTH LINE THEREOF;
THENCE SOUTHWESTERLY ALONG SAID SOUTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE
& WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE OF LOT 12 IN BLOCK
11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT, BEING ALSO THE
WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT DEVELOPMENT OF LOTS 2,
3, 4 & OUT LOT 1 IN TAX INCREMENT FINANCE SUBDIVISION NO. 1, A RESUBDIVISION
OF LOTS A & B IN THE RESUBDIVISION OF LOTS 2 TO 6, PART OF LOT 1 IN THE
SUBDIVISION OF BLOCK 10, LOT 16 IN BUSSE'S SUBDIVISION, LOTS 13 TO 15 IN BLOCK
11 & PART OF BLOCK 9 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT IN THE
NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED
UNIT DEVELOPMENT 172.45 FEET TO A BEND THEREIN;
THENCE WEST ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT
DEVELOPMENT 4.63 FEET TO A BEND THEREIN;
THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED
UNIT DEVELOPMENT 147.65 FEET TO A BEND THEREIN;
THENCE SOUTHWESTERLY ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT TO THE NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY TO THE NORTHWESTERLY LINE OF LOT 1 IN TAX INCREMENT FINANCE
SUBDIVISION NO. 1, A RESUBDIVISION OF PARTS OF BLOCKS 9, 10 & 11 IN BUSSE &
WILLE'S RESUBDIVISION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE NORTHEASTERLY ALONG SAID NORTHWESTERLY LINE OF LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTHEASTERLY LINE THEREOF;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTH LINE OF LOT A IN GEORGE
R. BUSSE'S RESUBDIVISION OF PART OF BLOCK 9 IN BUSSE & WILLE'S
RESUBDIVISION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT A IN GEORGE R. BUSSE'S
RESUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF
SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE NORTH LINE OF
THE SOUTH HALF OF LOT 33 IN MT. PROSPECT SUBDIVISION IN SECTION 12
AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF THE SOUTH HALF OF LOT 33 IN MT.
PROSPECT SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST
LINE OF THE 16 FOOT WIDE ALLEY EAST OF SCHOOL STREET;
372151_3 15
THENCE SOUTH ALONG SAID EAST LINE OF THE 16 FOOT ALLEY EAST OF SCHOOL
STREET TO THE NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION IN MT. PROSPECT
OF LOTS 22 TO 27 IN BLOCK 20 IN MT. PROSPECT SUBDIVISION IN SECTION 12
AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION IN MT.
PROSPECT AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF OWEN
STREET;
THENCE SOUTH ALONG SAID EAST LINE OF OWEN STREET TO THE NORTHWESTERLY
EXTENSION OF THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY
NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHWESTERLY EXTENSION AND THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE
EAST LINE OF LOUIS STREET;
THENCE SOUTH ALONG SAID EAST LINE OF LOUIS STREET TO THE NORTHERLY LINE
OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE EAST AND SOUTHEASTERLY ALONG SAID NORTHERLY LINE OF THE 16 FOOT
WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY AND THE SOUTHEASTERLY
EXTENSION THEREOF TO THE EAST LINE OF EDWARDS STREET;
THENCE SOUTH ALONG SAID EAST LINE OF EDWARDS STREET TO THE NORTH LINE
OF LINCOLN STREET;
THENCE EAST ALONG SAID NORTH LINE OF LINCOLN STREET TO THE NORTHERLY
EXTENSION OF THE EAST LINE OF LOT 1 IN OLIVER'S RESUBDIVISION OF LOTS 12 & 13
IN H. ROY BERRY COMPANY'S MAPLEWOOD HEIGHTS (EXCEPT THE SOUTHERLY 66
FEET FOR ROAD) ALSO BLOCK 26 IN BUSSE'S EASTERN ADDITION TO MT. PROSPECT
IN THE EAST HALF OF SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID NORTHERLY EXTENSION AND THE EAST LINE OF LOT 1
IN OLIVER'S RESUBDIVISION TO THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE
ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE
ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE EAST LINE OF GEORGE
STREET;
THENCE NORTH ALONG SAID EAST LINE OF GEORGE STREET TO THE NORTH LINE OF
LOT 17 IN MAPLEWOOD HEIGHTS, A SUBDIVISION NORTH OF THE RAILROAD IN THE
DIVISION OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO THE
EAST LINE THEREOF;
372151_3 16
THENCE SOUTH ALONG SAID EAST LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE
ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE OF LOT 65 IN
MAPLEWOOD HEIGHTS AFORESAID;
THENCE NORTH ALONG SAID WEST LINE OF LOT 65 IN MAPLEWOOD HEIGHTS TO THE
NORTH LINE THEREOF;
THENCE EAST ALONG SAID NORTH LINE OF LOT 65 IN MAPLEWOOD HEIGHTS AND
THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF THE SOUTHEAST
QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT.
PROSPECT ROAD;
THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SECTION
12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD, TO THE
SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING ALSO THE
NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF
WAY, AND THE POINT OF BEGINNING;
EXCEPTING THEREFROM
THAT PART OF LOT 1 IN DESIDERATA SUBDIVISION OF BLOCK 1 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT IN SECTION 12 AFORESAID, LYING NORTH OF A
LINE DESCRIBED AS FOLLOWS:
BEGINNING ON THE WEST LINE OF SAID LOT 1 AT POINT 246.07 FEET SOUTH OF THE
NORTHWEST CORNER THEREOF;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A DISTANCE OF
67.34 FEET;
THENCE NORTHEASTERLY ALONG A LINE DRAWN PERPENDICULAR TO THE
SOUTHWESTERLY LINE OF LOT 1, A DISTANCE OF 65.76 FEET;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A DISTANCE OF
55.38 FEET TO THE MOST WESTERLY EAST LINE OF SAID LOT 1, AND THE POINT OF
TERMINUS OF SAID LINE;
ALSO EXCEPTING THEREFROM
ALL OF VILLAGE CENTRE PHASE 1-B PLAT OF RESUBDIVISION OF LOTS 6, 7, 8, 9 IN
BLOCK 13 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AND PARTS OF
LOTS 8, 9, 10 IN BLOCK 15 IN MT. PROSPECT SUBDIVISION IN SECTION 12 AFORESAID;
IN COOK COUNTY, ILLINOIS.
3721513 17
PIN LIST
PIN LIST
Record
Parcel Identification Number
Record
Parcel Identification Number
1
03-33-419-002-0000
42
08-11-203-025-0000
2
03-33-419-005-0000
43
08-11-203-026-0000
3
03-33-419-007-0000
44
08-11-204-015-0000
4
03-33-419-011-0000
45
08-11-204-016-0000
5
03-33-419-012-1001
46
08-11-204-017-0000
6
03-33-419-012-1002
47
08-11-205-007-0000
7
03-33-419-012-1003
48
08-11-205-014-0000
8
03-33-419-012-1004
49
08-11-205-015-0000
9
03-33-419-012-1005
50
08-11-205-016-0000
10
03-33-419-012-1006
51
08-11-205-017-0000
11
03-33-419-012-1007
52
08-11-205-018-0000
12
03-33-419-013-0000
53
08-11-205-019-0000
13
03-34-320-053-0000
54
08-11-205-020-0000
14
03-34-320-054-0000
55
08-11-500-001-0000
15
03-34-320-057-0000
56
08-12-100-007-0000
16
03-34-324-008-0000
57
08-12-100-008-0000
17
03-34-325-013-0000
58
08-12-100-013-0000
18
03-34-325-014-0000
59
08-12-100-015-0000
19
03-34-325-015-0000
60
08-12-100-016-8001
20
03-34-325-016-0000
61
08-12-100-016-8002
21
03-34-325-017-0000
62
08-12-101-023-0000
22
03-34-325-018-0000
63
08-12-102-029-0000
23
03-34-326-008-0000
64
08-12-102-030-0000
24
03-34-326-009-0000
65
08-12-102-056-0000
25
03-34-328-001-0000
66
08-12-102-057-0000
26
03-34-328-009-0000
67
08-12-102-058-0000
27
03-34-328-010-0000
68
08-12-102-059-0000
28
03-34-328-011-0000
69
08-12-102-060-0000
29
03-34-328-016-0000
70
08-12-102-061-0000
30
03-34-328-017-0000
71
08-12-102-062-0000
31
03-34-328-019-0000
72
08-12-103-014-0000
32
03-34-328-020-0000
73
08-12-103-017-0000
33
03-34-328-021-0000
74
08-12-103-019-0000
34
03-34-328-022-0000
75
08-12-103-020-0000
35
03-34-331-015-0000
76
08-12-103-021-0000
36
03-34-331-018-0000
77
08-12-103-025-0000
37
03-34-500-001-0000
78
08-12-103-026-0000
38
08-11-203-001-0000
79
08-12-103-027-0000
39
08-11-203-008-0000
80
08-12-103-028-0000
40
08-11-203-009-0000
81
08-12-103-031-0000
41
08-11-203-024-0000
82
08-12-103-032-0000
3706312 18
PIN LIST
PIN LIST
Record
Parcel Identification Number
Record
Parcel Identification Number
83
08-12-104-009-0000
124
08-12-113-012-0000
84
08-12-104-010-0000
125
08-12-113-018-0000
85
08-12-107-003-0000
126
08-12-113-019-0000
86
08-12-107-004-0000
127
08-12-113-021-0000
87
08-12-107-006-0000
128
08-12-114-001-0000
88
08-12-107-007-0000
129
08-12-114-002-0000
89
08-12-107-008-0000
130
08-12-114-003-0000
90
08-12-107-018-0000
131
08-12-114-004-0000
91
08-12-107-019-0000
132
08-12-114-005-0000
92
08-12-107-020-0000
133
08-12-115-001-0000
93
08-12-107-021-0000
134
08-12-115-005-0000
94
08-12-107-022-0000
135
08-12-119-016-0000
95
08-12-108-015-0000
136
08-12-119-029-0000
96
08-12-108-031-0000
137
08-12-120-003-0000
97
08-12-108-032-0000
138
08-12-120-018-0000
98
08-12-109-025-0000
139
08-12-120-027-0000
99
08-12-109-026-0000
140
08-12-120-028-0000
100
08-12-109-028-0000
141
08-12-120-029-0000
101
08-12-109-029-0000
142
08-12-120-031-0000
102
08-12-109-030-0000
143
08-12-120-036-0000
103
08-12-110-031-0000
144
08-12-121-057-0000
104
08-12-112-001-0000
145
08-12-121-061-0000
105
08-12-112-002-0000
146
08-12-121-063-0000
106
08-12-112-003-0000
147
08-12-122-003-0000
107
08-12-112-004-0000
148
08-12-122-015-0000
108
08-12-112-005-0000
149
08-12-122-016-0000
109
08-12-112-006-0000
150
08-12-122-017-0000
110
08-12-112-007-0000
151
08-12-122-019-0000
111
08-12-112-008-0000
152
08-12-122-030-0000
112
08-12-112-011-0000
153
08-12-122-031-0000
113
08-12-112-012-0000
154
08-12-122-034-0000
114
08-12-112-031-0000
155
08-12-122-036-1007
115
08-12-113-001-0000
156
08-12-122-036-1008
116
08-12-113-002-0000
157
08-12-122-036-1009
117
08-12-113-003-0000
158
08-12-122-037-1001
118
08-12-113-004-0000
159
08-12-122-037-1002
119
08-12-113-005-0000
160
08-12-122-037-1003
120
08-12-113-006-0000
161
08-12-214-061-0000
121
08-12-113-007-0000
162
08-12-214-062-0000
122
08-12-113-010-0000
163
08-12-214-063-0000
123
08-12-113-011-0000
164
08-12-214-065-0000
370631_3 19
PIN LIST
PIN LIST
Record
Parcel Identification Number
Record
Parcel Identification Number
165
08-12-214-066-0000
206
08-12-404-004-0000
166
08-12-221-002-0000
207
08-12-404-011-0000
167
08-12-221-003-0000
208
08-12-404-012-0000
168
08-12-221-004-0000
209
08-12-404-013-0000
169
08-12-221-005-0000
210
08-12-404-014-0000
170
08-12-221-006-0000
211
08-12-404-015-0000
171
08-12-221-007-0000
212
08-12-404-019-0000
172
08-12-221-008-0000
213
08-12-404-020-0000
173
08-12-221-009-0000
214
08-12-404-021-0000
174
08-12-221-010-0000
215
08-12-404-022-0000
175
08-12-221-011-0000
216
08-12-404-023-0000
176
08-12-221-012-0000
217
08-12-404-024-0000
177
08-12-222-017-0000
218
08-12-404-025-0000
178
08-12-222-020-0000
219
08-12-404-026-0000
179
08-12-222-021-0000
220
08-12-404-027-0000
180
08-12-222-022-0000
221
08-12-404-029-0000
181
08-12-222-023-0000
222
08-12-405-018-0000
182
08-12-222-024-0000
223
08-12-405-019-0000
183
08-12-222-025-0000
224
08-12-405-020-0000
184
08-12-222-026-0000
225
08-12-405-021-0000
185
08-12-222-027-0000
226
08-12-405-022-0000
186
08-12-223-021-0000
227
08-12-405-023-0000
187
08-12-223-022-0000
228
08-12-405-024-0000
188
08-12-223-023-0000
229
08-12-405-025-0000
189
08-12-223-024-0000
230
08-12-405-026-0000
190
08-12-223-025-0000
231
08-12-405-027-0000
191
08-12-223-026-0000
232
08-12-405-028-0000
192
08-12-223-027-0000
233
08-12-405-029-0000
193
08-12-223-028-0000
234
08-12-405-038-0000
194
08-12-223-034-0000
235
08-12-405-039-0000
195
08-12-223-035-0000
236
08-12-500-001-0000
196
08-12-227-017-0000
237
08-11-201-030-0000
197
08-12-403-005-0000
238
08-11-202-001-0000
198
08-12-403-006-0000
239
08-11-202-002-0000
199
08-12-403-007-0000
240
08-12-115-006-0000
200
08-12-403-008-0000
241
08-12-116-006-0000
201
08-12-403-009-0000
242
08-12-305-002-0000
202
08-12-403-010-0000
243
08-12-305-003-0000
203
08-12-403-011-0000
244
08-12-400-003-0000
204
08-12-403-014-0000
245
03-34-331-019-0000
205
08-12-403-016-0000
246
03-34-329-016-0000
3706313 20
Common Boundary Description: The area generally described as east of Millers Lane
north of Central Avenue to Northwest Highway, and then southeast along Prospect
Avenue (including most of the properties adjacent thereto) to Maple Street, then south
along Maple Street to Council Trail, then north along School Street to Shabonnee Trail,
then east along Shabonee Trail to William Street, then north along William Street to
Lincoln Street, then northwest along Lincoln Street to School Street, then north along
School Street to Prospect Avenue, then southwest along Prospect Avenue to Mt.
Prospect Road, then north along Mt. Prospect Road to Northwest Highway, and then
northwest along Northwest Highway (including most of the properties adjacent thereto)
to Maple Street, then north along Maple Street to Busse Avenue, then west along Busse
Avenue to Emerson Street, then north along Emerson Street to Central Road, then west
along Central Road to Main Street, then north along Main Street to Henry Street, then
south along the western boundary of the properties adjacent to Main Street south of
Henry Street, then south on Main Street to Busse Avenue (including most of the
properties adjacent thereto), then northwest along Northwest Highway to Pine Street,
then north on Pine Street to Central Road, then west on Central Road to Elmhurst
Avenue (including most of the properties adjacent thereto) to Northwest Highway, then
northwest on Northwest Highway (including most of the properties adjacent thereto) to
Forest Avenue, then due south on Forest Avenue to a point across the Union Pacific
Railway tracks, all in Mount Prospect, Illinois.
370631_2 21
EXHIBIT A-2
Street Location Map
(attached)
370631_3 22
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EXHIBIT B
Redevelopment Plan and Project for the
Village of Mount Prospect
Prospect and Main Tax Increment Financing District
(attached)
363031_2
VILLAGE OF MOUNT PROSPECT, IL
Tax Increment Financing ("TIF") Eligibility Study, and
Redevelopment Plan and Project
Prospect and Main Redevelopment
Project Area
REPORT: December 20, 2016
(Revised to correct a map error from the October 18, 2016 version of the report)
rr SB Friedman
Development Advisors
VISION 1 ECONOMICS I STRATEGY 1 FINANCE I IMPLEMENTATION
Table of Contents
SECTION
PAGE NUMBER
1. Executive Summary ...................................................................................................................................1
2. Introduction..............................................................................................................................................5
3. Eligibility Study........................................................................................................................................10
4. Redevelopment Plan and Project...........................................................................................................23
5. Financial Plan.......................................................................................................................................... 28
6. Required Findings and Tests...................................................................................................................35
7. Provisions for Amending Redevelopment Plan and Project...................................................................38
8. Commitment to Fair Employment Practices and Affirmative Action Plan..............................................39
Appendix 1: Boundary and Legal Description
Appendix 2: Summary of EAV by PIN
LIST OF MAPS
Map1: Community Context..........................................................................................................................6
Map2: Proposed RPA Boundary ...................................................................................................................7
Map3: Existing Land Use..............................................................................................................................9
Map4A: Age of Structures..........................................................................................................................15
Map 413: Lack of Growth in EAV..................................................................................................................16
Map4C: Deterioration................................................................................................................................17
Map 41): Inadequate Utilities......................................................................................................................18
Map 4E: Lack of Community Planning........................................................................................................19
Map 5: Proposed Future Land Use.............................................................................................................26
S. B. FRIEDMAN & COMPANY
221 N. LaSalle St. Suite 820 Chicago, IL 60601
T: 312.424.4250 F: 312.424.4262 E: info@sbfriedman.com
www.sbfriedman.com
5B FRIEDMAN I DEVELOPMENT ADVISORS i www.sbfriedman.com
1. Executive Summary
In March 2016, SB Friedman Development Advisors ("SB Friedman") was preliminarily engaged by the
Village of Mount Prospect (the "Village") to conduct an informal Tax Increment Financing ("TIF") Eligibility
Study. On August 16, 2016, the Village Board of Trustees, by motion, authorized SB Friedman to conduct
a formal TIF Eligibility Study and prepare a Redevelopment Plan and Project. This report details the
eligibility factors found within the Prospect and Main Redevelopment Project Area (the "RPA") in support
of its TIF designation as a "conservation area" within the definitions set forth in the Illinois Tax Increment
Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended (the "Act"). In addition to the
eligibility analysis, this report also contains the Redevelopment Plan and Project (the "Redevelopment
Plan") for the RPA.
The RPA consists of 235 parcels over approximately 178 acres (109 acres of parcel area and 69 acres of
public rights-of-way). In total, there are 246 Property Index Numbers and 128 buildings, including three
(3) condominium buildings. The RPA is centered around South Main Street and East Prospect Avenue in
the downtown area of the Village. The boundary of the RPA extends east to Mt. Prospect Road, west to
Central Road and Millers Lane, and north and south along Main Street. The proposed RPA also overlaps
with portions of the existing Downtown RPA, which, we assume throughout this Eligibility Study and
Redevelopment Plan and Project, will be dissolved prior to the adoption and creation of the Prospect and
Main TIF District (the "TIF District"). The RPA primarily includes commercial, industrial and retail
properties. Several residential and mixed-use buildings are also incorporated in the RPA.
Determination of Eligibility
This report concludes that the RPA is eligible for TIF designation as a "conservation area" under the Illinois
TIF statute (65 ILCS 5/11-74.4-1 and subsequent amendments and supplements, or the "Act"), because at
least 50% of the structures are 35 years of age or older and the following four (4) improved -land eligibility
factors have been found to be present to a meaningful extent and reasonably distributed throughout the
RPA:
1. Lack of Growth in Equalized Assessed Value
2. Deterioration
3. Inadequate Utilities
4. Lack of Community Planning
Redevelopment Plan Goal, Objectives and Strategies
The overall goal of this Redevelopment Plan and Project is to reduce or eliminate the conditions that
qualify the RPA as a "conservation area." Accordingly, this Redevelopment Plan will provide an integrated
and comprehensive strategy for supporting public and private development to strengthen the downtown
area as a neighborhood -level commercial and residential district.
Objectives. Five (5) broad objectives support the overall goal of area -wide revitalization of the RPA. These
include:
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Village of Mount Prospect: Prospect and Main RPA Executive Summary • Section 1
Facilitate redevelopment of vacant or underutilized properties by providing resources for site
assembly and preparation—including demolition and environmental cleanup where necessary—and
marketing vacant and underutilized sites for development or redevelopment.
Facilitate the rehabilitation of existing properties within the RPA, and the preservation of
architecturally or historically significant buildings; and encourage the construction of new
commercial, residential, civic/cultural buildings and parks/open spaces compatible with the existing
character of the area. The Village may use TIF funds to encourage new private sector development by
reimbursing developers for eligible construction costs, which include but are not limited to
stormwater facilities, demolition, environmental remediation and site preparation.
Provide resources for streetscaping, landscaping and wayfinding signage to improve the image,
attractiveness and accessibility of the RPA; create a cohesive identity for the RPA and surrounding
area; strengthen connections between the areas north and south of railway in the RPA; and provide
buffering between different land uses and screening of unattractive service facilities such as parking
lots and loading areas, where appropriate.
4. Replace or repair public infrastructure to create an environment conducive to private investment and
flood mitigation. Public infrastructure includes but is not limited to streets, sidewalks, bike routes,
curbs, gutters, alleys, underground water and sanitation systems, and stormwater detention
infrastructure.
Support the goals and objectives of other overlapping plans, including but not limited to the Village's
Comprehensive Plan, Downtown Implementation Plan and Northwest Highway Corridor Plan; and
coordinate available Federal, State and local resources to further the goals of this Redevelopment
Plan and Project.
Strategies. These objectives will be implemented through four (4) specific and integrated strategies. These
include:
1. Redevelop Vacant and Underutilized Sites. The redevelopment of vacant and underutilized
properties within the RPA is expected to stimulate private investment and increase the overall
taxable value of properties within the RPA. Development of vacant and/or underutilized sites,
including parking lots, is anticipated to have a positive impact on other properties beyond the
individual project sites.
2. Facilitate Property Assembly, Demolition and Site Preparation. Sites may be acquired and
assembled for use by the Village to attract future private investment and development.
Consolidated ownership of multiple sites will streamline the redevelopment process and make it
easier to market to potential developers. In addition, financial assistance may be provided to
private developers seeking to acquire land and assemble sites to undertake projects supportive
of this Redevelopment Plan and Project.
To meet the goals of this Redevelopment Plan and Project, the Village may acquire and assemble
property throughout the RPA. Land assemblage by the Village may be by purchase, exchange,
donation, lease, eminent domain, or through other programs, 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. Site preparation may include such
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Village of Mount Prospect: Prospect and Main RPA Executive Summary • Section 1
preparatory work as demolition of existing improvements and environmental remediation, where
appropriate. Furthermore, the Village may require written redevelopment agreements with
developers before acquiring any properties. As appropriate, the Village may devote acquired
property to temporary uses until such property is scheduled for disposition and development.
3. Encourage Private Sector Activities. Through the creation and support of public-private
partnerships or through written agreements, the Village may provide financial and other
assistance to encourage the private sector, including local property owners and businesses, to
undertake redevelopment and new construction projects, and other improvements that are
consistent with the goals of this Redevelopment Plan and Project.
4. Implement Public Improvements. A series of public improvements throughout the RPA may be
designed and implemented to build upon and improve the character of the area, and to create a
more conducive environment for private development. TIF funding for public improvements is
intended to complement, and not replace, existing funding sources for public improvements in
the RPA.
These improvements may include new streets, streetscaping, street and sidewalk lighting,
alleyways, underground water and sewer infrastructure, parks or open space, and other public
improvements consistent with this Redevelopment Plan and Project. These public improvements
may be completed pursuant to redevelopment agreements with private entities or
intergovernmental agreements with other public entities, and may include the construction,
rehabilitation, renovation or restoration of public improvements on one or more parcels.
Required Findings and Tests
The conditions required under the Act for the adoption of this Eligibility Study and Redevelopment Plan
and Project are found to be present within the RPA, as follows:
First, the equalized assessed value ("EAV") of the RPA has declined over all five (5) of the last five (5) year-
to-year periods, and has not kept pace with the Consumer Price Index. In addition, the EAV of the RPA
declined at a faster rate than the rest of the Village in four (4) out of five (5) of the past year-to-year
periods. On the whole, the RPA has not been subject to widespread growth and development through
investment by private enterprise. Building permit activity over the past five (5) years in the RPA indicates
some investment in commercial remodels. However, the level of investment has not been significant
enough to reverse the trends of declining property values in the RPA.
Second, the Village is required to find that, but for the designation of the TIF District and the use of Tax
Increment Financing, it is unlikely that significant investment will occur in the RPA. Without the support
of public resources, the redevelopment objectives of the RPA will most likely not be realized. The area -
wide improvements and development assistance needed to revitalize the RPA as a healthy, mixed-use
district are extensive and costly, and the private market on its own has shown little ability to absorb these
costs. Public resources to assist with public infrastructure improvements and project -specific
development costs are needed to leverage private investment and facilitate area -wide redevelopment.
TIF assistance may be used to fund rehabilitation, infrastructure improvements, and expansion of public
facilities. Accordingly, but for the designation of a TIF district, these projects, which would contribute
substantially to area and Village -wide redevelopment, are unlikely to occur.
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Village of Mount Prospect: Prospect and Main RPA Executive Summary • Section 1
Third, the RPA includes only the contiguous real property that is expected to substantially benefit from
the proposed Redevelopment Plan and Project improvements.
Finally, the proposed land uses described in this Redevelopment Plan and Project are consistent with
approved land uses in the Village of Mount Prospect Comprehensive Plan, Downtown Implementation
Plan and Northwest Highway Corridor Plan. The redevelopment opportunities identified in this
Redevelopment Plan and Project will be substantially supported and their implementation facilitated
through the creation of the TIF District.
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2. Introduction
The Redevelopment Project Area
This document serves as the Eligibility Study and Redevelopment Plan and Project for the RPA located in
the downtown area of the Village of Mount Prospect. In March 2016, SB Friedman was preliminarily
engaged by the Village to conduct an informal TIF Eligibility Study. On August 16, 2016, the Village Board
of Trustees, by motion, authorized SB Friedman to conduct a formal TIF Eligibility Study and prepare a
Redevelopment Plan and Project.
This Eligibility Study and Redevelopment Plan and Project document summarizes the analyses and findings
of SB Friedman's work, which, unless otherwise noted, is solely the responsibility of SB Friedman. The
Village is entitled to rely on the findings and conclusions of this Eligibility Study and Redevelopment Plan
in designating the RPA as a redevelopment project area under the Act. SB Friedman has prepared this
Eligibility Study and Redevelopment Plan with the understanding that the Village would rely: 1) on the
findings and conclusions of the Eligibility Study and Redevelopment Plan in proceeding with the
designation of the RPA and the adoption and implementation of the Redevelopment Plan; and 2) on the
fact that SB Friedman has obtained the necessary information to conclude that the RPA can be designated
as a redevelopment project area under the Act; and 3) that the Eligibility Study and Redevelopment Plan
will comply with the Act.
The community context and boundary of the RPA are detailed in Map 1 and Map 2 on the following pages.
A formal legal description of the RPA is listed in Appendix 1.
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Village of Mount Prospect: Prospect and Main RPA Introduction • Section 2
Map 1: Community Context
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Village of Mount Prospect: Prospect and Main RPA
Existing Land Use
Introduction • Section 2
Based on SB Friedman's research, the following six (6) land uses have been identified within the RPA:
• Commercial
• Residential
• Mixed -Use
• Institutional
• Industrial
• Public Rights -of -Way
Map 3 on the following page displays a parcel -by -parcel breakdown of the above land uses.
The following is a description of predominant existing land uses in the RPA:
Commercial. The RPA includes a portion of the central retail core of the Village's downtown. Retail and
some office uses line much of the Northwest Highway and Prospect Avenue in the RPA. Commercial uses
can also be found along Central Road and Main Street in the RPA.
Residential. The few residential buildings in the RPA are located along Prospect Avenue and Emerson
Street. All of these properties are located in predominantly commercial areas.
Mixed -Use. The majority of residential units in the RPA are in mixed-use properties with apartments
located above ground -floor retail. These residential units are dispersed throughout the RPA.
Institutional. The RPA contains the Village Hall and several other public facilities located in the core
downtown. Lions Park Elementary School, Lions Park and the offices of the Mount Prospect Park District
are also located in the RPA.
Industrial. There are several industrial parcels located on southeastern sections of East Prospect Avenue
and on western sections of Central Road in the RPA.
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Village of Mount Prospect: Prospect and Main RPA
Map 3: Existing Land Use
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3. Eligibility Study
Provisions of the Illinois Tax Increment Allocation Redevelopment Act
Based upon the conditions found within the RPA at the completion of 58 Friedman's research and
assuming the existing Downtown RPA is dissolved prior to the adoption of the TIF District, it has been
determined that the RPA meets the eligibility requirements of the Act as a "conservation area." The
following text outlines the provisions of the Act to establish eligibility.
Under the Act, two (2) primary avenues exist to establish eligibility for an area to permit the use of Tax
Increment Financing for area redevelopment: declaring an area as a "blighted area" and/or a
"conservation area."
"Blighted areas" are those improved orvacant areas with blighting influences that are impacting the public
safety, health, morals or welfare of the community, and are substantially impairing the growth of the tax
base in the area. "Conservation areas" are those improved areas which are deteriorating and declining,
and soon may become blighted if the decline is not stopped and the deterioration is not abated.
The statutory provisions of the Act specify how a district may be designated as a "blighted area" and/or
"conservation area." Both require evidence -based findings of certain eligibility factors listed in the Act.
The eligibility factors for each designation are identical for improved land. A separate set of factors exists
for the designation of vacant land as a "blighted area." There is no provision for designating vacant land
as a "conservation area."
Factors for Improved Land
For improved land to constitute a "conservation area," it must have a minimum of 50% of the total
structures within the area aged thirty-five (35) years or older, plus a combination of three (3) or more of
the thirteen (13) following eligibility factors, which are detrimental to the public safety, health, morals or
welfare, and could result in such an area becoming a "blighted area." The thirteen (13) factors are:
1. Dilapidation. An advanced state of disrepair, or neglect of necessary repairs, to the primary
structural components of buildings or improvements in such a combination that a documented
building condition analysis determines that major repair is required, or that the defects are so
serious and so extensive that the buildings must be removed.
Obsolescence. The condition or process of falling into disuse. Structures have become ill-suited
for the original use.
3. Deterioration. With respect to buildings, defects including but not limited to major defects in the
secondary building components such as doors, windows, porches, gutters and downspouts, and
fascia. With respect to surface improvements, that the condition of roadways, alleys, curbs,
gutters, sidewalks, off-street parking, and surface storage areas evidence deterioration, including
but not limited to surface cracking, crumbling, potholes, depressions, loose paving material, and
weeds protruding through paved surfaces.
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Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
4. Presence of Structures below Minimum Code Standards. All structures that do not meet the
standards of zoning, subdivision, building, fire and other governmental codes applicable to
property, but not including housing and property maintenance codes.
5. Illegal Use of Individual Structures. The use of structures in violation of the applicable federal,
state or local laws, exclusive of those applicable to the "Presence of Structures below Minimum
Code Standards," In factor 4 above.
6. Excessive Vacancies. The presence of buildings that are unoccupied or under-utilized and that
represent an adverse influence on the area because of the frequency, extent or duration of the
vacancies.
Lack of Ventilation, Light or Sanitary Facilities. The absence of adequate ventilation for light or
air circulation in spaces or rooms without windows, or that require the removal of dust, odor, gas,
smoke or other noxious airborne materials. Inadequate natural light and ventilation means the
absence of skylights or windows for interior spaces or rooms, and improper window sizes and
amounts by room -area -to -window -area ratios. Inadequate sanitary facilities refer to the absence
or inadequacy of garbage storage and enclosure, bathroom facilities, hot water and kitchens, and
structural inadequacies preventing ingress and egress to and from all rooms and units within a
building.
8. Inadequate Utilities. Underground and overhead utilities, such as storm sewers and storm
drainage, sanitary sewers, water lines, and gas, telephone and electrical services that are shown
to be inadequate. Inadequate utilities are those that are: (i) of insufficient capacity to serve the
uses in the RPA; (ii) deteriorated, antiquated, obsolete or in disrepair; or (iii) lacking within the
RPA.
9. Excessive Land Coverage and Overcrowding of Structures and Community Facilities. The over -
intensive use of property and the crowding of buildings and accessory facilities onto a site.
Examples of problem conditions warranting the designation of an area as one exhibiting excessive
land coverage are: (i) the presence of buildings either improperly situated on parcels or located
on parcels of inadequate size and shape in relation to present-day standards of development for
health and safety, and (ii) the presence of multiple buildings on a single parcel. For there to be a
finding of excessive land coverage, these parcels must exhibit one or more of the following
conditions: (i) insufficient provision for light and air within or around buildings, (ii) increased
threat of spread of fire due to the close proximity of buildings, (iii) lack of adequate or proper
access to a public right-of-way, (iv) lack of reasonably required off-street parking, or (v)
inadequate provision for loading and service.
10. Deleterious Land Use or Layout. The existence of incompatible land use relationships, buildings
occupied by inappropriate mixed uses, or uses considered to be noxious, offensive or unsuitable
for the surrounding area.
11. Environmental Clean -Up. The RPA has incurred Illinois Environmental Protection Agency or
United States Environmental Protection Agency remediation costs for, or a study conducted by
an independent consultant recognized as having expertise in environmental remediation has
determined a need for, the clean-up of hazardous waste, hazardous substances or underground
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Village of Mount Prospect: Prospect and Main RPA Eligibility Study ■ Section 3
storage tanks required by state or federal law, provided that the remediation costs constitute a
material impediment to the development or redevelopment of the RPA.
12. Lack of Community Planning. The RPA was developed prior to or without the benefit or guidance
of a community plan. This means that the development occurred prior to the adoption by the
municipality of a comprehensive or other community plan, or that the plan was not followed at
the time of the area's development. This factor must be documented by evidence of adverse or
incompatible land use relationships, inadequate street layout, improper subdivision, parcels of
inadequate shape and size to meet contemporary development standards, or other evidence
demonstrating an absence of effective community planning.
13. Lack of Growth in Equalized Assessed Value. The total EAV of the RPA has declined for three (3)
of the last five (5) consecutive annual periods prior to the year in which the RPA is designated; or
is increasing at an annual rate that is less than the balance of the municipality for three (3) of the
last five (5) consecutive annual periods for which information is available; or is increasing at an
annual rate that is less than the Consumer Price Index for All Urban Consumers, published by the
United States Department of Labor or successor agency, for three (3) the last five (5) consecutive
annual periods prior to the year in which the RPA is designated.
For improved land to constitute a "blighted area," a combination of five (5) or more of the thirteen (13)
eligibility factors listed above, and at 65 ILCS 5/11-74.4-3, must: (a) meaningfully exist, and (b) be
reasonably distributed throughout the RPA.
Factors for Vacant Land
According to the Act, there are two (2) ways by which vacant land can be designated as "blighted." One
way is to find that at least two (2) of six (6) factors from the list discussed below under the 'Two -Factor
Test" are present to a meaningful extent and reasonably distributed throughout the RPA. The second way
is to find that at least one (1) of the six (6) factors discussed under the "One -Factor Test" is present to a
meaningful extent and reasonably distributed throughout the RPA.
TWO -FACTOR TEST
Under the provisions of the "blighted area" section of the Act, if the land is vacant, a combination of two
(2) or more of the following six (6) factors may be identified, which combine to impact the sound growth
in tax base for the TIF District.
1. Obsolete Platting of Vacant Land. This occurs where parcels of limited or narrow size, or
configurations of parcels of irregular size or shape, make it difficult to develop on a planned basis
and in a manner compatible with contemporary standards and requirements, or where platting
has failed to create rights -of -ways for streets or alleys, has created inadequate right-of-way
widths for streets, alleys or other public rights-of-way, or has omitted easements for public
utilities.
2. Diversity of Ownership. Diversity of ownership is when adjacent properties are owned by
multiple parties. This factor applies when the number of owners of parcels of vacant land is
sufficient to retard or impede the ability to assemble the land for development.
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Village of Mount Prospect: Prospect and Main RPA Eligibility Study - Section 3
3. Tax and Special Assessment Delinquencies. This factor is present when tax and special
assessment delinquencies exist or the property has been the subject of tax sales under the
Property Tax Code within the last five (5) years.
4. Deterioration of Structures or Site Improvements in Neighboring Areas adjacent to the Vacant
Land. Evidence of structural deterioration and area disinvestment in blocks adjacent to the vacant
land may substantiate why new development had not previously occurred on the vacant parcels.
Environmental Clean -Up. The area has incurred Illinois Environmental Protection Agency or
United States Environmental Protection Agency remediation costs for, or a study conducted by
an independent consultant recognized as having expertise in environmental remediation has
determined a need for, the clean-up of hazardous waste, hazardous substances or underground
storage tanks required by State or Federal law, provided that the remediation costs constitute a
material impediment to the development or redevelopment of the RPA.
6. Lack of Growth in Equalized Assessed Value. The total EAV of the RPA has declined for three (3)
of the last five (5) consecutive annual periods prior to the year in which the RPA is designated; or
is increasing at an annual rate that is less than the balance of the municipality for three (3) of the
last five (5) consecutive annual periods for which information is available; or is increasing at an
annual rate that is less than the Consumer Price Index for All Urban Consumers, published by the
United States Department of Labor or successor agency, for three (3) of the last five (5)
consecutive annual periods prior to the year in which the RPA is designated.
ONE -FACTOR TEST
As mentioned above, under the provisions of the "blighted area" section of the Act, if the land is vacant,
an area qualifies as "blighted" if one (1) or more of the following six (6) factors is found to be present to
a meaningful extent:
1. The area contains unused quarries, strip mines or strip mine ponds;
2. The area contains unused rail yards, rail track, or railroad rights-of-way;
3. The area, prior to its designation, is subject to: (i) chronic flooding that adversely impacts real
property in the area, as certified by a registered professional engineer or appropriate regulatory
agency, or (ii) surface water that discharges from all or a part of the area and contributes to
flooding within the same watershed, but only if the redevelopment project provides for facilities
or improvements to contribute to the alleviation of all or part of the flooding;
4. The area contains unused or illegal dumping sites;
5. The area was designated as a town center prior to January 1, 1982, is between 50 and 100 acres
in size, and is 75% vacant land; or
6. The area qualified as "blighted" prior to becoming vacant.
Additionally, under the "blighted area" section of the Act, eligibility may be established for those vacant
areas that would have qualified as a "blighted area" immediately prior to becoming vacant. Under this
test for establishing eligibility, building records may be reviewed to determine that a combination of five
(5) or more of the thirteen (13) "blighted area" eligibility factors, listed above, were present immediately
prior to demolition of the area's structures.
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Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
Methodology Overview and Determination of Eligibility
Analysis of the eligibility factors was conducted through research involving an extensive exterior survey
of the properties within the RPA, as well as a review of property records and infrastructure data. Property
records included Cook County assessor information, building permits and code violations. In addition, to
verify the age of area buildings, field observations were compared to the recorded age of the buildings in
property records obtained from the Cook County Assessor's Office.
Our survey of the area established that there are a total of 235 parcels and 128 buildings (not including
ancillary structures) within the RPA. All properties were examined for qualification factors consistent with
either "blighted area" or "conservation area" requirements of the Act. Since 85.2% of the structures (109
out of 128 structures) were found to be 35 years of age or older, and the RPA has four (4) eligibility factors
present to a meaningful extent, we concluded that the Prospect and Main RPA could qualify as a
"conservation area."
To arrive at this designation, SB Friedman calculated the number of eligibility factors present on a building -
by -building or parcel -by -parcel basis within the RPA. When appropriate, we calculated the presence of
eligibility factors on infrastructure associated with the structures. Eligibility factors were correlated to
buildings using property files created from field observations and record searches. This information was
then graphically plotted on a tax parcel map of the RPA to establish the distribution of eligibility factors,
and to determine which factors were present to a major extent.
Conservation Area Findings
As required by the Act, within a "conservation area," at least three (3) of the thirteen (13) eligibility factors
for improved property must be found to be present to a major extent within the RPA and at least 50% of
the buildings must be thirty-five (35) years of age or older. Construction years for each building were
obtained from the Cook County Assessor's Office and—as stated in the previous section -85.2% were
over thirty-five (35) years of age as of 2016
Our research has revealed that the following four (4) factors are present to a major extent:
1. Lack of Growth in Equalized Assessed Value
2. Deterioration
3. Inadequate Utilities
4. Lack of Community Planning
On the following pages, Map 4A shows the age of buildings within the RPA, and Maps 4B through 4E on
illustrate the distribution of eligibility factors and highlights each parcel where the respective factors were
found to be present to a meaningful degree. The sections following the maps summarize our field research
as it pertains to each of the major eligibility factors identified within the RPA.
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Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
Map 4A: Structures Aged 35 Years or Older
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Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
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Village of Mount Prospect: Prospect and Main RPA
Eligibility Study • Section 3
Map 4C: Deterioration
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S8 FRIEDMAN I DEVELOPMENT ADVISORS 17 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
Map 4D: Inadequate Utilities
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5B FRIEDMAN I DEVELOPMENT ADVISORS 18 www.sbfriedman.com
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Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
Map 4E: Lack of Community Planning
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5B FRIEDMAN I DEVELOPMENT ADVISORS 19 www.sbfriedman.com
of Mount Prospect: Prospect and Main RPA
1. LACK OF GROWTH IN EAV
bility Study • Section 3
In order to qualify for this factor, the total EAV of the RPA must have either: a) declined; b) increased at
an annual rate that is less than the rest of the Village; or c) increased at a rate that is less than the
Consumer Price Index (CPI) for All Urban Consumers for at least three (3) of the last five (5) calendar year-
to-year periods prior to the year in which the RPA is designated. The total EAV is a measure of the property
value in the RPA. The EAV history of all the included tax parcels in the RPA was tabulated for the last six
(6) years (five (5) year-to-year periods) for which assessed values and EAV were available. The most recent
year for which final information is available is 2015.
Lack of growth in EAV is one of the strongest indicators that an area as a whole has been falling into a
state of decline. During the five (5) year-to-year periods from 2010 to 2015, the EAV of the RPA has
declined in all five (5) periods, had a rate of growth below the growth rate of the Consumer Price Rate for
all five (5) periods, and has grown slower than the EAV of the remaining parcels in the Village for four (4)
of the last five (5) periods (2010-2011, 2011-2012, 2013-2014, 2014-2015). The basis for this finding is
summarized in Table 1 below.
T
Decline in EAV
YES
YES
YES
YES
YES
Village EAV less RPA Parcels
-10.8%
-6.5%
-13.5%
2.0%
-2.5%
RPA Parcels Growth Less than Village
YES
YES
NO
YES
YES
Consumer Price Index (CPI) [1]
2.7%
1.5%
1.1%
1.7%
-0.3%
RPA Parcels Growth Less than CPI
YES
YES
YES
YES
YES
Sources: Cook County Assessor, Cook County Clerk, Bureau of Labor Statistics, SB Friedman.
[1] Consumer Price Index for all urban consumers and all items, in the Chicago -Gary -Kenosha area, not seasonally adjusted.
This eligibility factor was analyzed area -wide and is considered to be present to a meaningful extent for
the entire Prospect and Main RPA as shown in Map 4B.
2. DETERIORATION
Of the 235 total parcels in the RPA, physical deterioration was observed on 139 parcels (59.1%). The most
common form of deterioration was on surface improvements, including parking and alleyways;
catalogued deterioration includes, but is not limited to surface cracking, crumbling, potholes, depressions
and weeds protruding through paved surfaces. Building deterioration included brick spalling, missing tuck -
pointing, and damaged fascia, soffits and stairways. This factor was found to be meaningfully present and
reasonably distributed throughout the RPA as shown in Map 4C.
3. INADEQUATE UTILITIES
The Act defines inadequate utilities as underground and overhead utilities, such as storm sewers and
storm drainage, sanitary sewers, water lines, and gas, telephone and electrical services, which are:
SB FRIEDMAN I DEVELOPMENT ADVISORS 20 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
1) Of insufficient capacity to serve the uses in the RPA;
2) Deteriorated, antiquated, obsolete, or in disrepair; or
3) Lacking within the RPA.
Stormwater, water main and electrical line utility infrastructure is inadequate, antiquated and/or in need
of replacement to a meaningful extent throughout the RPA. The Public Works Department of the Village
identified a lack of adequate stormwater detention throughout the RPA due to the large number of
buildings constructed prior to the adoption of modern standards in the Village's building code. The
stormwater detention issues identified by the Public Works Department are also reflected in a 2011
comprehensive stormwater study conducted by Burns & McDonnell Engineering Company for the Village.
The study further concluded that private sector investment would be the most effective means of
resolving the Village's stormwater detention issues because costs would be too prohibitive for public
sector investment alone.
Additionally, significant upgrades are needed for several of the Village's water mains. The Village's 2016-
2020 Capital Improvement Plan identifies deteriorated water mains prone to leakage and in need of
replacement inside and outside the RPA. Water main repairs are estimated to cost $4.5 million in the RPA
alone.
Finally, low -hanging overhead utility infrastructure show signs of aging and disrepair. Several sections of
electrical utility poles lean or are supported by anchors that obstruct pedestrian right-of-ways within the
RPA.
Based upon these conditions, the inadequate utilities factor was found to be present to a meaningful
extent for 100% of the RPA's parcels as shown in Map 4D.
4. LACK OF COMMUNITY PLANNING
Lack of community planning within the RPA is an area -wide factor not necessarily attributable to any one
parcel. The Act provides that "Lack of Community Planning" can be found in areas that have been
developed without the benefit of a comprehensive plan, and as a result, have seen negative
consequences. Examples of negative consequences include: incompatible land use relationships,
inadequate street layout, improper subdivision, parcels of inadequate shape and size to meet
contemporary development standards, or other related conditions.
The Village was incorporated in 1917, but did not produce a comprehensive plan until 1965 by which time
67.2% (86 of 128) of the buildings in the RPA today had already been constructed. The lack of planning
involved in the development of such a significant portion of the RPA has resulted in the following adverse
outcomes:
• At grade railway crossings at Central Road, Main Street and Emerson Street that inhibit both
vehicular and pedestrian traffic.
• Limited pedestrian refuge areas, particularly at high -traffic locations.
• Street layout at railway intersections, which has resulted in congestion delays and prompted the
need for a traffic signal timing study.
• Industrial uses in downtown that are incompatible with the civic, retail and residential character
of the area.
• Presence of curb -cuts and parking lots ill-suited for the pedestrian character of the downtown.
5B FRIEDMAN I DEVELOPMENT ADVISORS 21 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3
Narrow parcels along the Central Road corridor with depths that do not meet contemporary
standards, resulting in poor access for loading and service.
As with "Lack of Growth in EAV," the Act provides for "Lack of Community Planning" to be evaluated as
an area -wide factor. This factor was found to be meaningfully present and reasonably distributed
throughout the RPA as shown in Map 4E.
SB FRIEDMAN I DEVELOPMENT ADVISORS 22 www.sbfriedman.com
4. Redevelopment Plan and Project
Redevelopment Needs of the RPA
The existing physical conditions in the RPA suggest the four (4) primary redevelopment needs for the area:
1. Redevelopment of vacant and underutilized parcels;
2. Property assembly, demolition and site preparation;
3. Rehabilitation of existing buildings; and
4. Utility and infrastructure improvements.
This Redevelopment Plan and Project identifies the tools for the Village to support the enhancement of
the RPA as a vibrant mixed-use area, and to provide necessary infrastructure improvements and other
investments. These investments both benefit property owners in the RPA and support public and private
improvements that serve the best interests of the RPA and the Village as a whole.
Currently, the RPA is characterized by lack of growth in EAV, deterioration, inadequate utilities, and a lack
of community planning. It is our understanding that the Village does not have the financial resources to
help fund the improvements necessary to reduce or eliminate these blighting conditions. This situation
limits the potential for growth and contributes to the lack of new investment within the RPA.
The goals, objectives and strategies discussed below have been developed to address these needs and to
facilitate the sustainable redevelopment of the RPA. Public improvements—including street, utility and
stormwater infrastructure—will help create an environment more conducive to private investment within
the RPA. To support specific projects and encourage future investment in the RPA, public resources,
including TIF, may be used for: site assembly, demolition, site preparation and/or rehabilitation, and
public infrastructure. In addition, TIF may be used to subsidize developer interest costs related to a specific
redevelopment project or projects.
Goal, Objectives and Strategies
The overall goal of this Redevelopment Plan and Project is to reduce or eliminate the conditions that
qualify the RPA as a "conservation area." Accordingly, this Redevelopment Plan and Project will provide
an integrated and comprehensive strategy for supporting public and private development to strengthen
the downtown area as a neighborhood -level commercial and residential district.
Objectives. Five (5) broad objectives support the overall goal of area -wide revitalization of the RPA. These
include:
1. Facilitate redevelopment of vacant or underutilized properties by providing resources for site
assembly and preparation—including demolition and environmental cleanup where necessary—
and marketing vacant and underutilized sites for development or redevelopment.
2. Facilitate the rehabilitation of existing properties within the RPA, and the preservation of
architecturally or historically significant buildings; and encourage the construction of new
5B FRIEDMAN I DEVELOPMENT ADVISORS 23 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA
Redevelopment Plan and Project • Section 4
commercial, residential, civic/cultural buildings and parks/open spaces compatible with the
existing character of the area. The Village may use TIF funds to encourage new private sector
development by reimbursing developers for eligible construction costs, which include but are not
limited to stormwater facilities, demolition, environmental remediation and site preparation.
3. Provide resources for streetscaping, landscaping and wayfinding signage to improve the image,
attractiveness and accessibility of the RPA; create a cohesive identity for the RPA and surrounding
area; strengthen connections between the areas north and south of railway in the RPA; and
provide buffering between different land uses and screening of unattractive service facilities such
as parking lots and loading areas, where appropriate.
4. Replace or repair public infrastructure to create an environment conducive to private investment
and flood mitigation. Public infrastructure includes, but is not limited to streets, sidewalks, bike
routes, curbs, gutters, alleys, underground water and sanitation systems, and stormwater
retention and detention infrastructure.
5. Support the goals and objectives of other overlapping plans, including but not limited to the
Village's Comprehensive Plan, Downtown Implementation Plan and Northwest Highway Corridor
Plan; and coordinate available Federal, State and local resources to further the goals of this
Redevelopment Plan and Project.
Strategies. These objectives will be implemented through four (4) specific and integrated strategies. These
include:
1. Redevelop Vacant and Underutilized Sites. The redevelopment of vacant and underutilized
properties within the RPA is expected to stimulate private investment and increase the overall
taxable value of properties within the RPA. Development of vacant and/or underutilized sites,
including parking lots, is anticipated to have a positive impact on other properties beyond the
individual project sites.
Facilitate Property Assembly, Demolition and Site Preparation. Sites may be acquired and
assembled for use by the Village to attract future private investment and development.
Consolidated ownership of multiple sites will streamline the redevelopment process and make it
easier to market to potential developers. In addition, financial assistance may be provided to
private developers seeking to acquire land and assemble sites to undertake projects supportive
of this Redevelopment Plan and Project.
To meet the goals of this Redevelopment Plan and Project, the Village may acquire and assemble
property throughout the RPA. Land assemblage by the Village may be by purchase, exchange,
donation, lease, eminent domain, or through other programs, 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. Site preparation may include such
preparatory work as demolition of existing improvements and environmental remediation, where
appropriate. Furthermore, the Village may require written redevelopment agreements with
developers before acquiring any properties. As appropriate, the Village may devote acquired
property to temporary uses until such property is scheduled for disposition and development.
SB FRIEDMAN I DEVELOPMENT ADVISORS 24 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA
Redevelopment Plan and Project • Section 4
3. Encourage Private Sector Activities. Through the creation and support of public-private
partnerships or through written agreements, the Village may provide financial and other
assistance to encourage the private sector, including local property owners and businesses, to
undertake redevelopment and new construction projects, and other improvements that are
consistent with the goals of this Redevelopment Plan and Project.
4. Implement Public Improvements. A series of public improvements throughout the RPA may be
designed and implemented to build upon and improve the character of the RPA, and to create a
more conducive environment for private development. Public improvements that are
implemented with TIF assistance are intended to complement, and not replace, existing funding
sources for public improvements in the RPA.
These improvements may include new streets, streetscaping, street and sidewalk lighting,
alleyways, underground water and sewer infrastructure, parks or open space, and other public
improvements consistent with this Redevelopment Plan and Project. These public improvements
may be completed pursuant to redevelopment agreements with private entities or
intergovernmental agreements with other public entities, and may include the construction,
rehabilitation, renovation or restoration of public improvements on one or more parcels.
Proposed Future Land Use
This Redevelopment Plan and Project supports the proposed future land use of the RPA in the Village's
Comprehensive Plan by providing mechanisms for investment in public improvements to foster a more
vibrant mixed-use district in the RPA and the downtown of the Village as a whole.
Permitted future land uses are shown on Map 5 of the following page and listed below:
• Commercial
• Residential
• Public/Institutional
• Office Research
• Park/Open Space
SB FRIEDMAN I DEVELOPMENT ADVISORS 25 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA
Map 5: Proposed Future Land Use
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Redevelopment Plan and Project • Section 4
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50 FRIEDMAN I DEVELOPMENT ADVISORS 26 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA Financial Plan • Section 5
able 2: Estimated Redevelopment Project Costs
Project/improvement
1. Costs of Studies, Surveys, Plans, etc.[1]1
Costs
$100,000
2. Site Marketing Costsz
$800,000
3. Property Assembly Costs3
$7,000,000
4. Costs of Building Rehabilitation, Repair or Remodeling4
$11,000,000
5. Costs of Construction of Public Works'
$9,800,000
6. Costs of Job Training (Businesses)'
$200,000
7. Financing Costs'
$450,000
8. Taxing District Capital Costs8
$50,000
9. School District Increased Costs'
$50,000
10. Library District Increased Costs10
$50,000
11. Relocation Costs11
$200,000
12. Payments in Lieu of Taxes 12
$50,000
13. Costs of Job Training (Community College)13
$50,000
14. Interest Costs (Developer or Property Owner)14
$50,000
15. Administration l'
$100,000
16. Transfer to contiguous TIF District(s)16
$50,000
TOTAL REDEVELOPMENT COSTS [2] [3] [4]
$30,000,000
[1] This category may include paying for or reimbursing: (i) an elementary, secondary or unit school district's increased per capita
tuition costs attributed to assisted housing units, (ii) a library district's increased per patron costs attributed to assisted housing
units, and (iii) capital costs of taxing districts impacted by the redevelopment of the RPA. As permitted by the Act, to the extent
the Village by written agreement accepts and approves the same, the Village may pay or reimburse all or a portion of a taxing
district's capital costs resulting from a redevelopment project necessarily incurred or to be incurred within a taxing district in
furtherance of the objectives of this Redevelopment Plan and Project.
[2] Total Redevelopment Costs exclude any additional financing costs, including any interest expense, capitalized interest, and
costs associated with optional redemptions. These costs are subject to prevailing market conditions and are in addition to Total
Redevelopment Costs.
[3] Increases in estimated Total Redevelopment Costs of more than 5%, after adjustment for inflation from the date of this
Redevelopment Plan adoption, are subject to this Redevelopment Plan and Project's amendment procedures, as provided under
the Act.
[4] The amount of the Total Redevelopment Costs that can be incurred in the RPA will be reduced by the amount of
redevelopment project costs incurred in contiguous redevelopment project areas, or those separated from the RPA only by a
public right-of-way, that are permitted under the Act to be paid, and are paid, from incremental property taxes generated in the
1 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(1), as amended from time to time.
2 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(1.6), as amended from time to time.
3 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(2), as amended from time to time.
4 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(3), as amended from time to time.
5 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(4), as amended from time to time.
6 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(5), as amended from time to time.
' Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(6), as amended from time to time.
8 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(7), as amended from time to time.
9 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(7.5), as amended from time to time.
10 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(7.7), as amended from time to time.
11 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(8), as amended from time to time.
12 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(9), as amended from time to time.
13 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(10), as amended from time to time.
14 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(11), as amended from time to time.
15 Including all categories of costs permitted under 65 ILCS 5/11-74.4-3(q)(1), as amended from time to time.
16 As permitted, and regulated, by 65 ILCS 5/11-74.4-4(q), or such other similar provision of the TIF Act, as may be
amended from time to time.
SB FRIEDMAN I DEVELOPMENT ADVISORS 31 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA Financial Plan • Section 5
RPA, but will not be reduced by the amount of redevelopment project costs incurred in the RPA that are paid from incremental
property taxes generated in contiguous redevelopment project areas, or those separated from the RPA by a public right-of-way.
Phasing and Scheduling of the Redevelopment
Certain projects within the RPA that receive TIF benefits shall be governed by the terms of written
redevelopment agreements entered into between a developer and the Village. Other projects will consist
of Village reimbursements of the specified eligible redevelopment costs of applicants who qualify under
various programs developed by the Village and approved by the Village Board.
Where tax increment funds are used to pay eligible redevelopment project costs, to the extent funds are
available for such purposes, expenditures by the Village shall be coordinated to coincide on a reasonable
basis with the actual redevelopment expenditures of the developer(s). As provided in the Act, this
Redevelopment Plan and Project shall be completed, and all obligations issued to finance redevelopment
costs shall be retired, no later than December 31 of the year in which the payment to the Village is to be
made with respect to ad valorem taxes levied in the twenty-third calendar year following the year in which
the ordinance approving this RPA is adopted (by December 31, 2040, if the ordinances establishing the
RPA are adopted in 2017) unless the life of the TIF District is extended in accordance with the Act.
Sources of Funds to Pay Costs
Funds necessary to pay for redevelopment project costs and/or Village obligations, which may be issued
or incurred to pay for such costs, are to be derived principally from tax increment revenues and/or
proceeds from Village obligations, which have as a repayment source tax increment revenue. To secure
the issuance of these obligations and the developer's performance of redevelopment agreement
obligations, the Village may require the utilization of guarantees, deposits, reserves and/or other forms
of security made available by private sector developers. The Village may incur redevelopment project
costs that are paid from Village funds other than incremental taxes, and the Village may then be
reimbursed for such costs from incremental taxes. In addition, the Village may utilize other funding
sources, as discussed above, to pay for costs within the district, in addition to those funded by incremental
property tax revenues.
The tax increment revenue, which will be used to fund tax increment obligations and eligible
redevelopment project costs, shall be the incremental real property tax revenues. Incremental real
property tax revenue is attributable to the increase of the current EAV of each taxable lot, block, tract, or
parcel of real property in the RPA over and above the certified initial EAV of each such property. Without
the use of such incremental revenues, the RPA is not likely to redevelop.
Other sources of funds, which may be used to pay for development costs and associated obligations issued
or incurred, include land disposition proceeds, State and Federal grants, sales taxes, investment income,
private investor and financial institution funds, and other sources of funds and revenues as the Village and
developer(s) from time to time may deem appropriate.
The RPA may be contiguous to, or be separated only by a public right-of-way from other redevelopment
areas created under the Act. The Village may utilize incremental property tax revenues received from the
RPA to pay eligible redevelopment project costs or obligations issued to pay such costs, in other
contiguous redevelopment project areas, or those separated only by a public right-of-way, and vice versa.
SB FRIEDMAN I DEVELOPMENT ADVISORS 32 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA Redevelopment Plan and Project • Section 4
Housing Impact and Related Matters
Asset forth in the Act, if the Redevelopment Plan and Project for the RPA would result in the displacement
of residents from ten (10) or more inhabited residential units, or if the redevelopment project area
contains seventy-five (75) or more inhabited residential units and the village is unable to certify that no
displacement will occur, the village must prepare a housing impact study and incorporate the study into
the Redevelopment Plan and Project.
58 Friedman's field survey identified that there are thirty-five (35) housing units in the RPA, of which all
are believed to be occupied. The Village hereby certifies that no residential displacement will occur as a
result of this Redevelopment Plan and Project. Therefore, a housing impact study has not been prepared
for this Redevelopment Plan and Project.
SB FRIEDMAN I DEVELOPMENT ADVISORS 27 www.sbfriedman.com
S. Financial Plan
Eligible Costs
The Act outlines several categories of expenditures that may be funded using TIF increment revenues.
These expenditures, referred to as eligible redevelopment project costs, include all reasonable or
necessary costs incurred or estimated to be incurred, and any such costs incidental to this Redevelopment
Plan and Project pursuant to the Act. The Village proposes to realize its goals and objectives of
redevelopment through public finance techniques, including but not limited to Tax Increment Financing,
and by undertaking certain activities and incurring certain costs. Some of the costs listed below are eligible
costs under the Act pursuant to an amendment that became effective November 1, 1999. Such eligible
costs may include, without limitation, the following:
1. Costs of studies, surveys, development of plans and specifications, implementation and
administration of the Redevelopment Plan and Project, including but not limited to staff and
professional service costs for architectural, engineering, legal, financial, planning or other
services, related hard and soft costs, and other related expenses; provided however, that no such
charges for professional services may be based on a percentage of the tax increment collected;
Costs of marketing sites within the RPA to prospective businesses, developers and investors,
provided however, that no such charges for professional services may be based on a percentage
of the tax increment collected;
Property assembly costs, including but not limited to acquisition of land and other property, real
or personal, or rights or interest therein, demolition of buildings, clearing and grading of land, site
preparation, and site improvements that serve as an engineered barrier addressing ground -level
or below -ground environmental contamination, including but not limited to parking lots and other
concrete or asphalt barriers;
4. Costs of rehabilitation, reconstruction, repair or remodeling of existing public or private buildings,
fixtures and leasehold improvements;
5. Costs of the construction of public works or improvements consistent with the Act, including the
costs of replacing an existing public building if pursuant to the implementation of a
redevelopment project, the existing public building is to be demolished to use the site for private
investment or devoted to a different use requiring private investment;
6. Costs of job training and retraining projects, including the costs of "welfare to work" programs
implemented by businesses located within the RPA;
7. Financing costs, including but not limited to all necessary and incidental expenses related to the
issuance of obligations and which may include payment of interest on any obligations issued
thereunder, including interest accruing during the estimated period of construction of any
redevelopment project for which such obligations are issued and for a period not exceeding 36
months thereafter, and including reasonable reserves related thereto and interest accruing during
a construction period;
5B FRIEDMAN I DEVELOPMENT ADVISORS 28 www.sbfriedman.com
Village of Mount Prospect: Prospect and Main RPA Financial Plan - Section 5
8. All or a portion of a taxing district's capital costs resulting from the redevelopment project
necessarily incurred or to be incurred in furtherance of the objectives of this Redevelopment Plan
and Project, to the extent the Village by written agreement accepts and approves such costs;
9. An elementary, secondary or unit school district's increased costs attributable to assisted housing
units will be reimbursed, as provided in the Act;
10. A library district's increased per patron costs attributable to net new persons eligible to obtain a
library card living in assisted housing units, as further defined in the Act;
11. Relocation costs to the extent that the Village determines that relocation costs shall be paid or is
required to make payment of relocation costs by Federal or State law, or under the Act;
12. Payment in lieu of taxes, as defined in the Act;
13. Costs of job training, retraining, advanced vocational education or career education, including but
not limited to courses in occupational, semi -technical or technical fields leading directly to
employment, incurred by one or more taxing districts, provided that such costs: (i) are related to
the establishment and maintenance of additional job training, advanced vocational education or
career education programs for persons employed or to be employed by employers located in the
RPA; and (ii) when incurred by a taxing district or taxing districts other than the municipality, are
set forth in a written agreement by or among the Village and taxing district(s), which agreement
describes the program to be undertaken, including but not limited to, the number of employees
to be trained, a description of the training and services to be provided, the number and type of
positions available or to be available, itemized costs of the program and sources of funds to pay
for the same, and the term of the agreement. Such costs include, specifically, the payment by the
community college district of costs pursuant to Sections 3-37, 3-38, 3-40 and 3-40.1 of the Public
and Community College Act, as cited in the Act, and by the school districts of cost pursuant to
Section 10-22.20a and 10-23.3a of the School Code, as cited in the Act; and
14. Interest costs incurred by a developer related to the construction, renovation or rehabilitation of
a redevelopment project provided that:
a. Such costs are to be paid directly from the special tax allocation fund for the TIF District
established pursuant to the Act;
b. Such payments in any one (1) year may not exceed thirty percent (30%) of the annual
interest costs incurred by the developer with regard to the development project during
that year;
c. If there are not sufficient funds available in the special tax allocation fund to make the
payment pursuant to this paragraph (14), then the amount so due shall accrue and be
payable when sufficient funds are available in the special tax allocation fund;
d. The total of such interest payments paid pursuant to the Act may not exceed thirty
percent (30%) of the total of: (i) cost paid or incurred by the developer for the
redevelopment project, and (ii) redevelopment project costs excluding any property
assembly costs and any relocation costs incurred by a municipality pursuant to the Act;
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Village of Mount Prospect: Prospect and Main RPA
Financial Plan • Section 5
e. The percentage increases from thirty percent (30%) to seventy-five percent (75%) for the
interest cost incurred by a developer for the financing of rehabilitated or new housing
units for low-income households and very low-income households, as defined in Section
3 of the Illinois Affordable Housing Act; and
Instead of the interest costs described above in paragraphs 14b. and 14d., a municipality
may pay from tax incremental revenues up to fifty percent (50%) of the cost of
construction, renovation and rehabilitation of new housing units (for ownership or rental)
to be occupied by low-income households and very low-income households, as defined
in Section 3 of the Illinois Affordable Housing Act, as more fully described in the Act. If the
units are part of a residential redevelopment project that includes units not affordable to
low- and very low-income households, only the low- and very low-income units shall be
eligible for this benefit under the Act.
Unless explicitly stated in the Act, and as provided for in relation to low and very low-income housing
units, the cost of construction of new privately owned buildings shall not be an eligible redevelopment
project cost.
If a Special Service Area is established pursuant to the Special Service Area Tax Act, 35 ILCS 235/0.01 et
seq., then any tax increment revenues derived from the tax imposed pursuant to the Special Service Area
Tax Act may be used within the redevelopment project area for the purposes permitted by the Special
Service Area Tax Act, as well as the purposes permitted by the Act.
Estimated Redevelopment Project Costs
The estimated eligible costs of this Redevelopment Plan and Project are shown in Table 2 on the following
page. The total eligible redevelopment costs provides an upper limit on expenditures that may be funded
using incremental property tax revenues, exclusive of capitalized interest, issuance costs, interest, and
other financing costs. Other sources of funds may also be used to defray costs within the district.
Additional funding, including but not limited to State and Federal grants, private developers'
contributions, land sales, sales taxes, and other outside sources, may be pursued and used by the Village
as a means of financing improvements and facilities within the RPA. These expenditures may be in addition
to those funded from tax increment revenues, and may be in addition to the budget shown in Table 2,
which limits expenditure of incremental property tax only.
Adjustments to the estimated line item costs in Table 2 are expected and may be made by the Village
without amendment to this Redevelopment Plan and Project.
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Village of Mount Prospect: Prospect and Main RPA Financial Plan • Section 5
The amount of revenue from the RPA made available to support such contiguous redevelopment project
areas, or those separated only by a public right-of-way, when added to all amounts used to pay eligible
redevelopment project costs within the RPA, shall not exceed the Total Redevelopment Costs described
in Table 2 of this Redevelopment Plan.
If necessary, the redevelopment plans for other contiguous redevelopment project areas that may be or
already have been created under the Act may be drafted or amended, as applicable, to add appropriate
and parallel language to allow for sharing of revenues between such districts.
Issuance of Obligations
To finance eligible redevelopment project costs, the Village may issue bonds or obligations secured by the
anticipated tax increment revenue generated within the RPA, or such other bonds or obligations as the
Village may deem appropriate. The Village may require the utilization of guarantees, deposits, or other
forms of security made available by developers to secure such obligations. In addition, the Village may
provide other legally permissible credit enhancements to any obligations issued pursuant to the Act.
All obligations issued by the Village pursuant to this Redevelopment Plan and Project and the Act shall be
retired within the timeframe described under "Phasing and Scheduling of the Redevelopment" sub-
section above. Also, the final maturity date of any such obligations that are issued may not be later than
twenty (20) years from their respective dates of issue. One (1) or more of a series of obligations may be
sold at one (1) or more times in order to implement this Redevelopment Plan and Project. The amounts
payable in any year as principal and interest on all obligations issued by the Village shall not exceed the
amounts available from tax increment revenues, or other sources of funds, if any, as may be provided by
ordinance. Obligations may be of parity or senior/junior lien nature. Obligations issued may be serial or
term maturities, and may or may not be subject to mandatory, sinking fund or optional redemptions.
In addition to paying redevelopment project costs, tax increment revenues may be used for the scheduled
and/or early retirement of obligations, and for reserves and bond sinking funds. To the extent that real
property tax increment is not required for such purposes or otherwise required, pledged, earmarked or
designated for anticipated redevelopment costs, revenues shall be declared surplus and become available
for distribution annually to area taxing districts in the manner provided by the Act.
Most Recent EAV of Properties in the Redevelopment Project Area
The purpose of identifying the most recent "EAV" of the RPA is to provide an estimate of the initial EAV,
which the Cook County Clerk will certify for the purpose of annually calculating the incremental EAV and
incremental property taxes of the RPA. The 2015 EAV of all taxable parcels in the RPA is approximately
$36,897,894. The total EAV is subject to verification by the Cook County Clerk. After verification, the final
EAV figure shall become the "Certified Initial EAV" from which all incremental property taxes in the
Redevelopment Project Area will be calculated by Cook County. It is anticipated that the TIF District will
be adopted in early 2017, in which case the Certified Initial EAV will likely be defined based on 2015
equalized assessed values. The total EAV amounts by PIN for the RPA are summarized in Appendix 2.
Anticipated Equalized Assessed Value
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Village of Mount Prospect: Prospect and Main RPA Financial Plan • Section 5
By 2040 (collection year 2041), the EAV for the Prospect and Main RPA is anticipated to be approximately
$59.8 million. This estimate is based on two key assumptions: (1) an inflation factor of 2.0% per year on
the EAV of all properties within the RPA; and (2) an equalization factor of 1.0. While this projection does
not assume there will be redevelopment within the TIF District, it is likely that such development could
occur. Depending upon the actual redevelopment that occurs, EAV may be a higher or lower amount than
indicated above.
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6. Required Findings and Tests
Lack of Growth and Private Investment
The Village is required to evaluate whether or not the RPA has been subject to growth and private
investment and must substantiate a finding of lack of such investment prior to establishing the TIF District.
The "EAV" of the RPA has declined over all five (5) of the last five year-to-year periods, and has not kept
pace with growth in the Consumer Price Index or the balance of the Village. A review of building permits
over the past five (5) years indicated that the majority of building activity represents only minor
maintenance and repairs to existing structures. The impact of this activity has not been significant enough
to reverse the trend of declining property values.
Finding: The RPA on the whole has not been subject to growth and development through investment by
private enterprise and would not reasonably be anticipated to be developed without the adoption of this
Redevelopment Plan and Project.
But For...
The Village is required to find that, but for the designation of the TIF District and the use of Tax Increment
Financing, it is unlikely that significant investment will occur in the RPA.
Without the support of public resources, the redevelopment objectives for the RPA would most likely not
be realized. The area -wide improvements and development assistance resources needed to redevelop
and revitalize the RPA are extensive and costly, and the private market, on its own, has shown little ability
to absorb these costs. Public resources to assist with site preparation and public infrastructure
improvements are needed to leverage private investment and facilitate area -wide redevelopment. TIF
funds can be used to support building rehabilitation, utility and infrastructure improvements, site
assembly and preparation, and environmental remediation. Accordingly, but for the designation of a TIF
District, these projects, which would contribute substantially to area -wide redevelopment, are unlikely to
occu r.
Finding: But for the adoption of this Redevelopment Plan and Project critical resources will be lacking that
would otherwise support the redevelopment of the RPA, and the RPA would not reasonably be anticipated
to be developed.
Conformance to the Plans of the Village
The Act specifies that the Redevelopment Plan and Project must "conform to the comprehensive plan for
the development of the municipality as a whole." The Future Land Use maps included in the Village's
Comprehensive Plan indicate a mix of uses for the RPA, including central commercial, neighborhood
commercial, public/institutional and light industrial and office research uses. The future land uses outlined
in this Redevelopment Plan and Project include commercial, residential/mixed-use, public/institutional
uses, office research and park/open space. Thus, the Redevelopment Plan and Project conform to the
Village's Comprehensive Plan.
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Village of Mount Prospect: Prospect and Main RPA Required Findings and Tests • Section 6
Dates of Completion
The dates of completion of each project and retirement of obligations are described under "Phasing and
Scheduling of the Redevelopment" in Section 5 above.
Financial Impact of the Redevelopment Project
As explained above, without the adoption of this Redevelopment Plan and Project and Tax Increment
Financing, the RPA is not expected to be redeveloped by private enterprise. Additionally, there is a
genuine threat that conditions found to qualify the RPA as a "conservation area" under the Act will
continue to exist and spread, and that the entire area will become a less attractive place to maintain and
improve existing buildings and sites. The relative decline of property values within the RPA may continue
and lead to a decline of property values in surrounding areas, thus reducing real estate tax revenue to all
taxing districts.
This document describes the comprehensive redevelopment program proposed to be undertaken by the
Village to create an environment in which private investment can reasonably occur. The redevelopment
program will be staged gradually over the twenty-three (23) -year life of the RPA. If the redevelopment of
the RPA is successful, various new projects will be undertaken that will assist in alleviating the conditions
found to qualify the RPA as a "conservation area" under the Act, creating new jobs and promoting
rehabilitation and development in the RPA.
This Redevelopment Plan and Project is expected to have short and long-term financial impacts on the
affected taxing districts. During the period when Tax Increment Financing is utilized, real estate tax
increment revenues from the increases in EAV over and above the Certified Initial EAV (established at the
time of adoption of this document by the Village) may be used to pay eligible redevelopment project costs
for the RPA. At the time when the RPA is no longer in place under the Act, the real estate tax revenues
resulting from the redevelopment of the RPA will be distributed to all taxing districts levying taxes against
property located in the RPA. These revenues will then be available for use by the affected taxing districts.
Demand on Taxing District Services and Program to Address Financial
and Service Impact
Redevelopment within the RPA may result in additional demands on services and facilities provided by
taxing districts. At this time, no special programs are proposed for these taxing districts. The nature of the
redevelopment that is likely to occur as a result of the implementation of the Redevelopment Plan and
Project consists of a mix of commercial, residential and public/institutional use.
The Village intends to monitor development in the area and, with the cooperation of the affected taxing
districts, will attempt to ensure that any increased needs are addressed in connection with any particular
development.
Therefore, while redevelopment activities in the RPA may have an impact on the school districts or other
taxing districts, no significant impacts are currently anticipated. Should service demands increase, the
Village will work with the affected taxing districts to determine which, if any, programs are necessary to
provide adequate services.
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Village of Mount Prospect: Prospect and Main RPA
Required Findings and Tests • Section 6
The following taxing districts presently levy taxes on properties within the RPA:
• Cook County
• Village of Mount Prospect Special
• Cook County - Consolidated Elections
Service Area 5
• Forest Preserve District of Cook County
• Elementary School District 57
• Elk Grove Township
• Arlington Heights Township High School
• Elk Grove Township General Assistance
District 214
• Elk Grove Township Road and Bridge
• Harper Community College District 512
• Wheeling Township
• Mount Prospect Park District
• Wheeling Township General Assistance
• Metro Water Reclamation District of
• Wheeling Township Road and Bridge
Greater Chicago
• Village of Mount Prospect
• Northwest Mosquito Abatement
• Village of Mount Prospect Library Fund
District
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7. Provisions for Amending Plan and Project
This Redevelopment Plan and Project document may be amended pursuant to the provisions of the Act.
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8. Commitment to Fair Employment Practices and
Affirmative Action Plan
The Village of Mount Prospect is an equal opportunity employer. As part of this Redevelopment Plan and
Project, the Village will work with any developers who assist in the redevelopment of the RPA to
implement an effective affirmative action program that conforms to Village policies and practices.
This program will ensure equal opportunity for all personnel regardless of race, color, religion, sex, age,
marital status, handicapped status, nation of origin, sexual preference, creed, or ancestry. This program
will also meet Village standards for any applicable prevailing wage rate as ascertained by the Illinois
Department of Labor. All entities involved are responsible for conformance to the policy that is put in
place.
5B FRIEDMAN I DEVELOPMENT ADVISORS 39 www.sbfriedman.com
Appendix 1: Boundary Legal Description
PROPOSED PROSPECT AND MAIN TIF DISTRICT - MT. PROSPECT, IL
1. THAT PART OF SECTIONS 11 & 12 IN TOWNSHIP 41 NORTH, RANGE I 1 EAST
AND SECTIONS 33 & 34 IN TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, BOUNDED AND
DESCRIBED AS FOLLOWS:
2. BEGINNING AT THE INTERSECTION OF THE EAST LINE OF THE SOUTHEAST
QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF
MT. PROSPECT ROAD, AND THE SOUTHWESTERLY LINE OF NORTHWEST
HIGHWAY, BEING ALSO THE NORTHEASTERLY LINE OF THE CHICAGO &
NORTHWESTERN RAILWAY RIGHT OF WAY;
3. THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF
SECTION 12 AND THE CENTER LINE OF MT. PROSPECT ROAD TO THE
SOUTHWESTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY
RIGHT OF WAY, BEING ALSO THE NORTHEASTERLY LINE OF PROSPECT
AVENUE;
4. THENCE SOUTHWESTERLY TO THE INTERSECTION OF THE WEST LINE OF
MT. PROSPECT ROAD WITH THE SOUTHWESTERLY LINE OF PROSPECT
AVENUE;
5. THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF
PROSPECT AVENUE TO THE WEST LINE OF THE EAST 205 FEET OF LOT 1 IN
GLEICH'S INDUSTRIAL PARK, A SUBDIVISION OF PART OF THE WEST HALF
OF THE NORTHEAST QUARTER AND PART OF THE WEST HALF OF THE
SOUTHEAST QUARTER OF SECTION 12 AFORESAID;
6. THENCE SOUTH ALONG SAID WEST LINE OF THE EAST 205 FEET OF LOT 1 IN
GLEICH'S INDUSTRIAL PARK TO THE SOUTHERLY LINE OF LOT 1
AFORESAID;
7. THENCE NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF LOT 1 IN
GLEICH'S INDUSTRIAL PARK TO THE EAST LINE OF SCHOOL STREET;
8. THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE
NORTHEASTERLY LINE OF LINCOLN STREET;
9. THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF
LINCOLN STREET AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE
EAST LINE OF WILLIAM STREET;
10. THENCE SOUTH ALONG SAID EAST LINE OF WILLIAM STREET TO THE
SOUTH LINE OF SHA-BONEE TRAIL;
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Village of Mount Prospect, Prospect and Main RPA
Appendix
11. THENCE WEST ALONG SAID SOUTH LINE OF SHA-BONEE TRAIL TO THE
EAST LINE OF SCHOOL STREET;
I2. THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE
SOUTH LINE OF COUNCIL TRAIL;
I3. THENCE WEST ALONG SAID SOUTH LINE OF COUNCIL TRAIL TO THE
SOUTHERLY EXTENSION OF THE EAST LINE OF LOT 12 IN ELLENDALE, A
SUBDIVISION IN THE SOUTHWEST QUARTER OF SECTION 12 AFORESAID;
14. THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE EAST LINE
OF LOT 12 IN ELLENDALE TO THE NORTH LINE THEREOF;
15. THENCE WEST ALONG SAID NORTH LINE OF LOT 12 IN ELLENDALE TO THE
EAST LINE OF LOT 3 IN ELLENDALE AFORESAID;
16. THENCE NORTH ALONG SAID EAST LINE OF LOT 3 IN ELLENDALE AND THE
NORTHERLY EXTENSION THEREOF TO THE NORTH LINE OF MOEHLING
DRIVE;
17. THENCE WEST ALONG SAID NORTH LINE OF MOEHLING DRIVE AND THE
WESTERLY EXTENSION THEREOF TO THE WEST LINE OF MAPLE STREET;
18. THENCE NORTH ALONG SAID WEST LINE OF MAPLE STREET TO THE
NORTH LINE OF THE SOUTH 270 FEET OF LOT 2 IN ETHEL BUSSE'S
SUBDIVISION OF PART OF THE EAST HALF OF THE NORTHWEST QUARTER
OF SECTION 12 AFORESAID;
19. THENCE WEST ALONG SAID NORTH LINE OF THE SOUTH 270 FEET OF LOT 2
IN ETHEL BUSSE'S SUBDIVISION TO THE EAST LINE OF LOTS 35 THRU 42 IN
BUSSE'S RESUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT AFORESAID;
20. THENCE NORTH ALONG SAID EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S
RESUBDIVISION TO THE EAST LINE OF LOT 2 IN MILLER RESUBDIVISION OF
LOTS 1 TO 3 & 43 IN BUSSE'S SUBDIVISION OF LOT "A" IN BLOCK 1 I IN
BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AFORESAID;
21. THENCE NORTH ALONG SAID EAST LINE OF LOT 2 IN MILLER
RESUBDIVISION TO THE SOUTHWESTERLY LINE OF PROSPECT AVENUE;
22. THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF
PROSPECT AVENUE TO THE WESTERLY LINE OF LOT 2 IN MILLER
RESUBDIVISION AFORESAID;
23. THENCE SOUTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 2 IN
MILLER RESUBDIVISION TO A BEND THEREIN;
24. THENCE SOUTH ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER
RESUBDIVISION TO THE NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION
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Village of Mount Prospect, Prospect and Main RPA Appendix
AFORESAID;
25. THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN MILLER
RESUBDIVISION TO THE MOST EASTERLY WEST LINE OF LOT 2 IN MILLER
RESUBDIVISION AFORESAID;
26. THENCE SOUTH ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN
MILLER RESUBDIVISION TO A BEND THEREIN;
27. THENCE SOUTHEASTERLY ALONG SAID MOST EASTERLY WEST LINE OF
LOT 2 IN MILLER RESUBDIVISION TO THE EAST LINE THEREOF, AND THE
NORTH LINE OF LOT 42 IN BUSSE'S RESUBDIVISION AFORESAID;
28. THENCE WEST ALONG SAID NORTH LINE OF LOT 42 IN BUSSE'S
RESUBDIVISION AND THE WESTERLY EXTENSION THEREOF TO THE WEST
LINE OF EMERSON STREET;
29. THENCE NORTH ALONG SAID WEST LINE OF EMERSON STREET TO THE
SOUTH LINE OF LOT 11 IN BUSSE'S RESUBDIVISION AFORESAID;
30. THENCE WEST ALONG SAID SOUTH LINE OF LOT 1 1 IN BUSSE'S
RESUBDIVISION TO THE EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN
MEIER'S ADDITION TO MT. PROSPECT IN THE NORTHWEST QUARTER OF
SECTION AFORESAID, LYING SOUTH OF THE RIGHT OF WAY OF THE
CHICAGO & NORTHWESTERN RAILWAY;
31. THENCE NORTH ALONG SAID EAST LINE OF LOTS 5 THRU 9 IN BLOCK I IN
MEIER'S ADDITION TO MT. PROSPECT TO THE NORTH LINE OF LOT 5
AFORESAID;
32. THENCE WEST ALONG SAID NORTH LINE OF LOT 5 IN BLOCK 1 IN MEIER'S
ADDITION TO MT. PROSPECT AND THE WESTERLY EXTENSION THEREOF
TO THE WEST LINE OF MAIN STREET;
33. THENCE NORTH ALONG SAID WEST LINE OF MAIN STREET TO THE NORTH
LINE OF LOT 24 IN BLOCK 4 IN METER'S ADDITION TO MT. PROSPECT
AFORESAID;
34. THENCE WEST ALONG SAID NORTH LINE OF LOT 24 IN BLOCK 4 IN MEIER'S
ADDITION TO MT. PROSPECT TO THE WEST LINE OF THE 20 FOOT WIDE
ALLEY EAST OF WILLE STREET;
35. THENCE NORTH ALONG SAID WEST LINE OF THE 20 FOOT WIDE ALLEY
EAST OF WILLE STREET TO THE SOUTH LINE OF EVERGREEN AVENUE;
36. THENCE WEST ALONG SAID SOUTH LINE OF EVERGREEN AVENUE TO THE
WEST LINE OF WILLE STREET;
37. THENCE NORTH ALONG SAID WEST LINE OF WILLE STREET TO THE SOUTH
LINE OF LOT 13 IN BUSSE'S RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, OF
RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, IN BLOCK 4, ALOS OF LOTS 2 &
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Appendix
3 IN BLOCK 5, ALL OF BLOCK 6, LOT 13 TO 24, INCLUSIVE, IN BLOCK 7, LOTS
17 TO 20 IN BLOCK 8 ALL IN MEIER'S ADDITION TO MT. PROSPECT IN THE
NORTHWEST QUARTER OF SECTION 12 AFORESAID;
38. THENCE WEST ALONG SAID SOUTH LINE OF LOT 13 IN BUSSE'S
RESUBDIVISION TO THE WEST LINE OF LOTS 13 AND 14 IN BUSSE'S
RESUBDIVISION;
39. THENCE NORTH ALONG SAID WEST LINE OF LOTS 13 AND 14 IN BUSSE'S
RESUBDIVISION TO THE SOUTHWESTERLY LINE OF THE 16 FOOT WIDE
ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
40. THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16
FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF PINE
STREET;
41. THENCE NORTH ALONG SAID WEST LINE OF PINE STREET TO THE
SOUTHERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF
PROSPECT AVENUE;
42. THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF
THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND
THE NORTHWESTERLY EXTENSION THEREOF TO ITS INTERSECTION WITH
THE SOUTH LINE OF BUSSE AVENUE;
43. THENCE WEST ALONG SAID SOUTH LINE OF BUSSE AVENUE TO THE
SOUTHERLY EXTENSION OF THE WEST LINE OF THE 20 FOOT WIDE ALLEY
WEST OF ELMHURST AVENUE;
44. THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST
LINE OF THE 20 FOOT WIDE ALLEY WEST OF ELMHURST AVENUE TO THE
SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF
PROSPECT AVENUE;
45. THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16
FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE
NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF I-OKA
AVENUE;
46. THENCE NORTH ALONG SAID WEST LINE OF I-OKA AVENUE TO THE
SOUTHERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF
PROSPECT AVENUE;
47. THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF
THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND
THE NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF HI-
LUSI AVENUE;
48. THENCE NORTH ALONG SAID WEST LINE OF HI-LUSI AVENUE TO THE
SOUTHWESTERLY LINE OF PROSPECT AVENUE;
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49. THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF
PROSPECT AVENUE TO THE SOUTH LINE OF CENTRAL ROAD;
50. THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE EAST
LINE OF LOT 8 IN H.ROY BERRY CO.S' COLONIAL MANOR, A SUBDIVISION
OF PART OF THE NORTHEAST QUARTER OF SECTION 11 AND PART OF THE
NORTHWEST QUARTER OF SECTION 12 AFORESAID;
51. THENCE SOUTH ALONG SAID EAST LINE OF LOT 8 IN H.ROY BERRY CO.S'
COLONIAL MANOR AND THE SOUTHERLY EXTENSION THEREOF TO THE
SOUTH LINE OF THE 16 FOOT WIDE ALLEY SOUTH OF CENTRAL ROAD;
52. THENCE WEST ALONG SAID SOUTH LINE OF THE 16 FOOT WIDE ALLEY
SOUTH OF CENTRAL ROAD TO THE WEST LINE OF THE EAST HALF OF THE
NORTHEAST QUARTER OF SECTION 11 AFORESAID;
53. THENCE NORTH ALONG SAID WEST LINE OF THE EAST HALF OF THE
NORTHEAST QUARTER OF SECTION 11 TO THE SOUTH LINE OF CENTRAL
ROAD;
54. THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE
SOUTHERLY EXTENSION OF THE WEST LINE OF MILLERS LANE;
55. THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST
LINE OF MILLERS LANE TO THE WESTERLY EXTENSION OF THE SOUTH
LINE OF LOT 11 IN MILLERS STATION SUBDIVISION, A RESUBDIVISION OF
LOT 1 IN TRADE SERVICE PUBLICATIONS SUBDIVISION AND PART OF THE
SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 33
AFORESAID;
56. THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE SOUTH LINE
OF LOT 1 I IN MILLERS STATION SUBDIVISION AND THE EASTERLY
EXTENSION THEREOF TO THE EAST LINE OF CATHY LANE;
57. THENCE NORTH ALONG SAID EAST LINE OF CATHY LANE TO THE EAST
LINE OF LOT 12 IN MILLERS STATION SUBDIVISION AFORESAID;
58. THENCE NORTH ALONG SAID EAST LINE OF LOT 12 IN MILLERS STATION
SUBDIVISION AND THE NORTHERLY EXTENSION THEREOF TO THE
SOUTHWESTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY
RIGHT OF WAY;
59. THENCE SOUTHEASTERLY ALONG SAID SOUTHWESTERLY LINE OF THE
CHICAGO & NORTHWESTER RAILWAY RIGHT OF WAY TO THE EAST LINE
OF THE SOUTHEAST QUARTER OF SECTION 33 AFORESAID;
60. THENCE NORTH ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF
SECTION 33 AFORESAID TO THE WESTERLY EXTENSION OF THE NORTH
LINE OF HENRY STREET;
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61. THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE
OF HENRY STREET TO THE EAST LINE OF FAIRVIEW AVENUE;
62. THENCE SOUTH ALONG SAID EAST LINE OF FAIRVIEW AVENUE TO THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
63. THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16
FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE
WEST LINE OF PROSPECT MANOR AVENUE;
64. THENCE EAST PERPENDICULAR TO THE WEST LINE OF FAIRVIEW AVENUE
TO THE EAST LINE OF PROSPECT MANOR AVENUE;
65. THENCE SOUTH ALONG SAID EAST LINE OF PROSPECT MANOR AVENUE
TO THE NORTH LINE OF WALNUT STREET;
66. THENCE EAST ALONG SAID NORTH LINE OF WALNUT STREET AND THE
EASTERLY EXTENSION THEREOF TO THE EAST LINE OF RIDGE AVENUE;
67. THENCE SOUTH ALONG SAID EAST LINE OF RIDGE AVENUE TO THE NORTH
LINE OF LOT 1 IN FRIEDRICH'S SUBDIVISION OF LOTS 4 & 5 IN BLOCK 25 IN
PROSPECT MANOR, A SUBDIVISION OF THE SOUTH 3/4 OF THE WEST HALF
OF THE WEST HALF OF SECTION 34 AFORESAID;
68. THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN FRIEDRICH'S
SUBDIVISION TO THE WEST LINE OF ELMHURST AVENUE;
69. THENCE NORTH ALONG SAID WEST LINE OF ELMHURST AVENUE TO THE
WESTERLY EXTENSION OF THE NORTH LINE OF THE PLAT OF
CONSOLIDATION OF THE WEST 70 FEET OF LOTS 1 THRU 10 IN BLOCK 3
AND PART OF BLOCK 4 IN THE ERNST BUSSE ADDITION TO MT. PROSPECT
IN THE EAST HALF OF THE SOUTHWEST QUARTER OF SECTION 34
AFORESAID;
70. THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE
OF THE PLAT OF CONSOLIDATION TO THE EAST LINE OF LOT I IN THE PLAT
OF CONSOLIDATION AFORESAID;
71. THENCE SOUTH ALONG SAID EAST LINE LOT I IN THE PLAT OF
CONSOLIDATION TO THE NORTH LINE OF CENTRAL ROAD;
72. THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST
LINE OF PINE STREET;
73. THENCE SOUTH ALONG SAID EAST LINE OF PINE STREET TO THE
NORTHEASTERLY LINE OF NORTHWEST HIGHWAY;
74. THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF
NORTHWEST HIGHWAY TO THE WESTERLY LINE OF LOT 3 IN CLOCK
TOWER PLACE RESUBDIVISION OF LOTS 18 & 19 AND THE NORTH 22 FEET
SB FRIEDMAN ( DEVELOPMENT ADVISORS 45 www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA Appendix
OF LOT 17 IN BLOCK 2 OF BUSSE & WILDE'S RESUBDIVISION IN MT.
PROSPECT TOGETHER WITH LOT "A" IN CORPORATE SUBDIVISION NO. 8
VILLAGE OF MT. PROSPECT AND LOT 1 IN WILLE'S RECONSOLIDATION IN
THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
75. THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN
CLOCK TOWER PLACE RESUBDIVISION 38.06 FEET TO A BEND THEREIN;
76. THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 28.07 FEET TO A BEND THEREIN;
77. THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN
CLOCK TOWER PLACE RESUBDIVISION 18.61 FEET TO A BEND THEREIN;
78. THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 30.63 FEET TO A BEND THEREIN;
79. THENCE NORTH ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 65.92 FEET TO THE NORTH LINE THEREOF;
80. THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION TO THE WEST LINE OF WILLE STREET;
81. THENCE EAST TO THE EAST LINE OF WILLE STREET AT THE SOUTHWEST
CORNER OF LOT 1 IN PROSPECT PLACE PLAT OF RESUBDIVISION OF
SUNDRY LOTS AND VACATED ALLEYS OF VARIOUS SUBDIVISIONS IN THE
WEST HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
82. THENCE EAST ALONG THE SOUTH LINE OF LOT 1 IN PROSPECT PLACE PLAT
OF RESUBDIVISION TO THE EAST LINE THEREOF;
83. THENCE NORTH ALONG SAID EAST LINE OF LOT 1 IN PROSPECT PLACE
PLAT OF RESUBDIVISION TO THE SOUTH LINE OF CENTRAL ROAD;
84. THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE
SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 1 IN TRAPANI'S
RESUBDIVISION OF LOT "A" IN BLOCK 1 IN THE ERNST BUSSE ADDITION TO
MT. PROSPECT AND LOT "A" IN HILLCREST SUBDIVISION IN THE
SOUTHWEST QUARTER OF SECTION 34 AFORESAID;
85. THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST
LINE OF LOT 1, AND THE WEST LINE OF LOT 2 IN TRAPANI'S
RESUBDIVISION AND THE NORTHERLY EXTENSION THEREOF TO THE
NORTH LINE OF HENRY STREET;
86. THENCE EAST ALONG SAID NORTH LINE OF HENRY STREET TO THE EAST
LINE OF MAIN STREET;
87. THENCE SOUTH ALONG SAID EAST LINE OF MAIN STREET TO THE NORTH
LINE OF CENTRAL ROAD;
5B FRIEDMAN I DEVELOPMENT ADVISORS 46 www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA
Appendix
88. THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST
LINE OF EMERSON STREET;
89. THENCE SOUTH ALONG SAID EAST LINE OF EMERSON STREET TO THE
NORTH LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S RESUBDIVISION IN
MT. PROSPECT IN THE EAST HALF OF THE NORTHWEST QUARTER OF
SECTION 12 AFORESAID;
90. THENCE EAST ALONG SAID NORTH LINE OF LOT 13 IN BLOCK 5 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
91. THENCE SOUTH ALONG SAID EAST LINE OF LOT 13 IN BLOCK 5 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE NORTH LINE OF BUSSE
AVENUE;
92. THENCE EAST ALONG SAID NORTH LINE OF BUSSE AVENUE TO THE EAST
LINE OF MAPLE STREET;
93. THENCE SOUTH ALONG SAID EAST LINE OF MAPLE STREET TO THE NORTH
LINE OF LOT 9 IN BLOCK 1 i IN BUSSE & WILLE'S RESUBDIVISION IN MT.
PROSPECT AFORESAID;
94. THENCE EAST ALONG SAID NORTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
95. THENCE SOUTH ALONG SAID EAST LINE OF LOT 9 IN BLOCK 11 IN BUSSE &
WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE SOUTH LINE THEREOF;
96. THENCE SOUTHWESTERLY ALONG SAID SOUTH LINE OF LOT 9 IN BLOCK 11
IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE
OF LOT 12 IN BLOCK i 1 IN BUSSE & WILLE'S RESUBDIVISION IN MT.
PROSPECT, BEING ALSO THE WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT OF LOTS 2, 3, 4 & OUT LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1, A RESUBDIVISION OF LOTS A &
B IN THE RESUBDIVISION OF LOTS 2 TO 6, PART OF LOT I IN THE
SUBDIVISION OF BLOCK 10, LOT 16 IN BUSSE'S SUBDIVISION, LOTS 13 TO 15
IN BLOCK 11 & PART OF BLOCK 9 IN BUSSE & WILLE'S RESUBDIVISION IN
MT. PROSPECT IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
97. THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT 172.45 FEET TO A BEND THEREIN;
98. THENCE WEST ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT 4.63 FEET TO A BEND THEREIN;
99. THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT 147.65 FEET TO A BEND THEREIN;
100. THENCE SOUTHWESTERLY ALONG SAID WESTERLY LINE OF VILLAGE
COMMONS A PLANNED UNIT DEVELOPMENT TO THE NORTHEASTERLY
LINE OF NORTHWEST HIGHWAY;
SB FRIEDMAN I DEVELOPMENT ADVISORS 47 www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA
Appendix
101. THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF
NORTHWEST HIGHWAY TO THE NORTHWESTERLY LINE OF LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1, A RESUBDIVISION OF PARTS OF
BLOCKS 9, 10 & 1 I IN BUSSE & WILLE'S RESUBDIVISION IN THE
NORTHWEST QUARTER OF SECTION 12 AFORESAID;
102. THENCE NORTHEASTERLY ALONG SAID NORTHWESTERLY LINE OF LOT 1
IN TAX INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTHEASTERLY
LINE THEREOF;
103. THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LOT 1
IN TAX INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTH LINE OF
LOT A IN GEORGE R. BUSSE'S RESUBDIVISION OF PART OF BLOCK 9 IN
BUSSE & WILLE'S RESUBDIVISION IN THE NORTHWEST QUARTER OF
SECTION 12 AFORESAID;
104. THENCE EAST ALONG SAID NORTH LINE OF LOT A IN GEORGE R. BUSSE'S
RESUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST
LINE OF SCHOOL STREET;
105. THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE
NORTH LINE OF THE SOUTH HALF OF LOT 33 IN MT. PROSPECT
SUBDIVISION IN SECTION 12 AFORESAID;
106. THENCE EAST ALONG SAID NORTH LINE OF THE SOUTH HALF OF LOT 33 IN
MT. PROSPECT SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO
THE EAST LINE OF THE 16 FOOT WIDE ALLEY EAST OF SCHOOL STREET;
107. THENCE SOUTH ALONG SAID EAST LINE OF THE 16 FOOT ALLEY EAST OF
SCHOOL STREET TO THE NORTH LINE OF LOT l IN BRUCE'S
RESUBDIVISION IN MT. PROSPECT OF LOTS 22 TO 27 IN BLOCK 20 IN MT.
PROSPECT SUBDIVISION IN SECTION 12 AFORESAID;
108. THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN BRUCE'S
RESUBDIVISION IN MT. PROSPECT AND THE EASTERLY EXTENSION
THEREOF TO THE EAST LINE OF OWEN STREET;
109. THENCE SOUTH ALONG SAID EAST LINE OF OWEN STREET TO THE
NORTHWESTERLY EXTENSION OF THE NORTHEASTERLY LINE OF THE 16
FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
110. THENCE SOUTHEASTERLY ALONG SAID NORTHWESTERLY EXTENSION
AND THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY
NORTHEASTERLY OF NORTHWEST HIGHWAY AND THE SOUTHEASTERLY
EXTENSION THEREOF TO THE EAST LINE OF LOUIS STREET;
111. THENCE SOUTH ALONG SAID EAST LINE OF LOUIS STREET TO THE
NORTHERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
SB FRIEDMAN I DEVELOPMENT ADVISORS 48 www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA Appendix
112. THENCE EAST AND SOUTHEASTERLY ALONG SAID NORTHERLY LINE OF
THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY
AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE OF
EDWARDS STREET;
113. THENCE SOUTH ALONG SAID EAST LINE OF EDWARDS STREET TO THE
NORTH LINE OF LINCOLN STREET;
114. THENCE EAST ALONG SAID NORTH LINE OF LINCOLN STREET TO THE
NORTHERLY EXTENSION OF THE EAST LINE OF LOT 1 IN OLIVER'S
RESUBDIVISION OF LOTS 12 & 13 IN H. ROY BERRY COMPANY'S
MAPLEWOOD HEIGHTS (EXCEPT THE SOUTHERLY 66 FEET FOR ROAD)
ALSO BLOCK 26 IN BUSSE'S EASTERN ADDITION TO MT. PROSPECT IN THE
EAST HALF OF SECTION 12 AFORESAID;
115. THENCE SOUTH ALONG SAID NORTHERLY EXTENSION AND THE EAST LINE
OF LOT 1 IN OLIVER'S RESUBDIVISION TO THE NORTHEASTERLY LINE OF
THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
116. THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16
FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE
EAST LINE OF GEORGE STREET;
117. THENCE NORTH ALONG SAID EAST LINE OF GEORGE STREET TO THE
NORTH LINE OF LOT 17 IN MAPLEWOOD HEIGHTS, A SUBDIVISION NORTH
OF THE RAILROAD IN THE DIVISION OF THE SOUTHEAST QUARTER OF
SECTION 12 AFORESAID;
118. THENCE EAST ALONG SAID NORTH LINE OF LOT 17 IN MAPLEWOOD
HEIGHTS TO THE EAST LINE THEREOF;
119. THENCE SOUTH ALONG SAID EAST LINE OF LOT 17 IN MAPLEWOOD
HEIGHTS TO THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY
NORTHEASTERLY OF NORTHWEST HIGHWAY;
120. THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16
FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE
WEST LINE OF LOT 65 IN MAPLEWOOD HEIGHTS AFORESAID;
121. THENCE NORTH ALONG SAID WEST LINE OF LOT 65 IN MAPLEWOOD
HEIGHTS TO THE NORTH LINE THEREOF;
122. THENCE EAST ALONG SAID NORTH LINE OF LOT 65 IN MAPLEWOOD
HEIGHTS AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF
THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE
CENTER LINE OF MT. PROSPECT ROAD;
123. THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF
SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT
ROAD, TO THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING
ALSO THE NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN
SB FRIEDMAN I DEVELOPMENT ADVISORS 49 www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA Appendix
RAILWAY RIGHT OF WAY, AND THE POINT OF BEGINNING;
124. EXCEPTING THEREFROM
125. THAT PART OF LOT 1 IN DESIDERATA SUBDIVISION OF BLOCK 1 IN BUSSE
& WILLE'S RESUBDIVISION IN MT. PROSPECT IN SECTION 12 AFORESAID,
LYING NORTH OF A LINE DESCRIBED AS FOLLOWS:
126. BEGINNING ON THE WEST LINE OF SAID LOT 1 AT POINT 246.07 FEET SOUTH
OF THE NORTHWEST CORNER THEREOF;
127. THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A
DISTANCE OF 67.34 FEET;
128. THENCE NORTHEASTERLY ALONG A LINE DRAWN PERPENDICULAR TO
THE SOUTHWESTERLY LINE OF LOT 1, A DISTANCE OF 65.76 FEET;
129. THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A
DISTANCE OF 55.38 FEET TO THE MOST WESTERLY EAST LINE OF SAID LOT
1, AND THE POINT OF TERMINUS OF SAID LINE;
130. ALSO EXCEPTING THEREFROM
131. ALL OF VILLAGE CENTRE PHASE 1-B PLAT OF RESUBDIVISION OF LOTS 6,71
8,9 IN BLOCK 13 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT
AND PARTS OF LOTS 8, 9, 10 IN BLOCK 15 IN MT. PROSPECT SUBDIVISION IN
SECTION 12 AFORESAID;
132. IN COOK COUNTY, ILLINOIS.
56 FRIEDMAN I DEVELOPMENT ADVISORS 50 www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA Appendix
Appendix 2: Summary of EAV (by PIN)
Parcel Identification
2015 Equalized
Parcel Identification
2015 Equalized
Record
Number
Assessed Value
Record
Number
Assessed Value
1
03-33-419-002-0000
$533,425
38
08-11-203-001-0000
$146,984
2
03-33-419-005-0000
$1,608,951
39
08-11-203-008-0000
$71,716
3
03-33-419-007-0000
$208,960
40
08-11-203-009-0000
$71,716
4
03-33-419-011-0000
$16,878
41
08-11-203-024-0000
$252,619
5
03-33-419-012-1001
$663,592
42
08-11-203-025-0000
$127,066
6
03-33-419-012-1002
$69,317
43
08-11-203-026-0000
$154,103
7
03-33-419-012-1003
$76,973
44
08-11-204-015-0000
$305,151
8
03-33-419-012-1004
$46,445
45
08-11-204-016-0000
$170,709
9
03-33-419-012-1005
$45,421
46
08-11-204-017-0000
$199,537
10
03-33-419-012-1006
$51,361
47
08-11-205-007-0000
$107,348
it
03-33-419-012-1007
$63,684
48
08-11-205-014-0000
$86,185
12
03-33-419-013-0000
$0
49
08-11-205-015-0000
$201,445
13
03-34-320-053-0000
$32,465
50
08-11-205-016-0000
$226,823
14
03-34-320-054-0000
$37,167
51
08-11-205-017-0000
$2,330
15
03-34-320-057-0000
$0
52
08-11-205-018-0000
$1,969
16
03-34-324-008-0000
$523,186
53
08-11-205-019-0000
$2,340
17
03-34-325-013-0000
$80,055
54
08-11-205-020-0000
$5,905
18
03-34-325-014-0000
$69,045
55
08-11-500-001-0000
$0
19
03-34-325-015-0000
$201,234
56
08-12-100-007-0000
$230,139
20
03-34-325-016-0000
$81,600
57
08-12-100-008-0000
$100,245
21
03-34-325-017-0000
$211,938
58
08-12-100-013-0000
$141,225
22
03-34-325-018-0000
$553,711
59
08-12-100-015-0000
$4,008
23
03-34-326-008-0000
$416,953
60
08-12-100-016-8001
$0
24
03-34-326-009-0000
$472,477
61
08-12-100-016-8002
$72,202
25
03-34-328-001-0000
$335,094
62
08-12-101-023-0000
$333,792
26
03-34-328-009-0000
$169,583
63
08-12-102-029-0000
$327,705
27
03-34-328-010-0000
$23,267
64
08-12-102-030-0000
$126,740
28
03-34-328-011-0000
$103,914
65
08-12-102-056-0000
$0
29
03-34-328-016-0000
$172,105
66
08-12-102-057-0000
$0
30
03-34-328-017-0000
$0
67
08-12-102-058-0000
$8,347
31
03-34-328-019-0000
$25,172
68
08-12-102-059-0000
$0
32
03-34-328-020-0000
$133,425
69
08-12-102-060-0000
$4,363
33
03-34-328-021-0000
$173,453
70
08-12-102-061-0000
$0
34
03-34-328-022-0000
$259,376
71
08-12-102-062-0000
$461,154
35
03-34-331-015-0000
$0
72
08-12-103-014-0000
$0
36
03-34-331-018-0000
$1,787,890
73
08-12-103-017-0000
$0
37
03-34-500-001-0000
$0
74
08-12-103-019-0000
$0
SB FRIEDMAN I DEVELOPMENT ADVISORS
51
www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA Appendix
Parcel Identification
2015 Equalized
Parcel Identification
2015 Equalized
Record
Number
Assessed Value
Record
Number
Assessed Value
75
08-12-103-020-0000
$0
116
08-12-113-002-0000
$105,987
76
08-12-103-021-0000
$0
117
08-12-113-003-0000
$100,757
77
08-12-103-025-0000
$0
118
08-12-113-004-0000
$105,987
78
08-12-103-026-0000
$0
119
08-12-113-005-0000
$115,845
79
08-12-103-027-0000
$0
120
08-12-113-006-0000
$133,014
80
08-12-103-028-0000
$0
121
08-12-113-007-0000
$97,016
81
08-12-103-031-0000
$0
122
08-12-113-010-0000
$133,425
82
08-12-103-032-0000
$0
123
08-12-113-011-0000
$168,252
83
08-12-104-009-0000
$78,264
124
08-12-113-012-0000
$259,664
84
08-12-104-010-0000
$75,444
125
08-12-113-018-0000
$0
85
08-12-107-003-0000
$2,989
126
08-12-113-019-0000
$0
86
08-12-107-004-0000
$3,285
127
08-12-113-021-0000
$210,144
87
08-12-107-006-0000
$0
128
08-12-114-001-0000
$239,023
88
08-12-107-007-0000
$0
129
08-12-114-002-0000
$55,561
89
08-12-107-008-0000
$0
130
08-12-114-003-0000
$133,945
90
08-12-107-018-0000
$333,563
131
08-12-114-004-0000
$43,729
91
08-12-107-019-0000
$129,590
132
08-12-114-005-0000
$408,948
92
08-12-107-020-0000
$686
133
08-12-115-001-0000
$0
93
08-12-107-021-0000
$0
134
08-12-115-005-0000
$35
94
08-12-107-022-0000
$26,770
135
08-12-119-016-0000
$125,086
95
08-12-108-015-0000
$56,025
136
08-12-119-029-0000
$161,300
96
08-12-108-031-0000
$296,678
137
08-12-120-003-0000
$157,548
97
08-12-108-032-0000
$21,660
138
08-12-120-018-0000
$104,600
98
08-12-109-025-0000
$188,265
139
08-12-120-027-0000
$76,949
99
08-12-109-026-0000
$129,937
140
08-12-120-028-0000
$207,404
100
08-12-109-028-0000
$1,893,007
141
08-12-120-029-0000
$315,145
101
08-12-109-029-0000
$0
142
08-12-120-031-0000
$0
102
08-12-109-030-0000
$188,970
143
08-12-120-036-0000
$644,285
103
08-12-110-031-0000
$737,032
144
08-12-121-057-0000
$259,845
104
08-12-112-001-0000
$128,939
145
08-12-121-061-0000
$137,222
105
08-12-112-002-0000
$219,687
146
08-12-121-063-0000
$83,657
106
08-12-112-003-0000
$117,646
147
08-12-122-003-0000
$154,357
107
08-12-112-004-0000
$0
148
08-12-122-015-0000
$463,188
108
08-12-112-005-0000
$0
149
08-12-122-016-0000
$300,673
109
08-12-112-006-0000
$0
150
08-12-122-017-0000
$453,642
110
08-12-112-007-0000
$0
151
08-12-122-019-0000
$226,462
111
08-12-112-008-0000
$0
152
08-12-122-030-0000
$82,048
112
08-12-112-011-0000
$155,008
153
08-12-122-031-0000
$564,388
113
08-12-112-012-0000
$167,507
154
08-12-122-034-0000
$0
114
08-12-112-031-0000
$97,526
155
08-12-122-036-1007
$460,095
115
08-12-113-001-0000
$253,505
156
08-12-122-036-1008
$172,414
SS FRIEDMAN I DEVELOPMENT ADVISORS 52
www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA
Appendix
SB FRIEDMAN I DEVELOPMENT ADVISORS 53 www.sbfriedman.com
Parcel Identification
2015 Equalized
Parcel Identification
2015 Equalized
Record
Number
Assessed Value
Record
Number
Assessed Value
157
08-12-122-036-1009
$103,994
198
08-12-403-006-0000
$25,201
158
08-12-122-037-1001
$143,944
199
08-12-403-007-0000
$25,428
159
08-12-122-037-1002
$181,690
200
08-12-403-008-0000
$73,464
160
08-12-122-037-1003
$74,643
201
08-12-403-009-0000
$51,892
161
08-12-214-061-0000
$30,330
202
08-12-403-010-0000
$107,741
162
08-12-214-062-0000
$164,636
203
08-12-403-011-0000
$236,581
163
08-12-214-063-0000
$49,180
204
08-12-403-014-0000
$55,945
164
08-12-214-065-0000
$247,840
205
08-12-403-016-0000
$412,035
165
08-12-214-066-0000
$319,417
206
08-12-404-004-0000
$14,100
166
08-12-221-002-0000
$95,655
207
08-12-404-011-0000
$50,616
167
08-12-221-003-0000
$45,570
208
08-12-404-012-0000
$50,616
168
08-12-221-004-0000
$45,570
209
08-12-404-013-0000
$25,519
169
08-12-221-005-0000
$41,797
210
08-12-404-014-0000
$25,519
170
08-12-221-006-0000
$51,219
211
08-12-404-015-0000
$101,694
171
08-12-221-007-0000
$51,219
212
08-12-404-019-0000
$79,636
172
08-12-221-008-0000
$25,209
213
08-12-404-020-0000
$79,636
173
08-12-221-009-0000
$150,100
214
08-12-404-021-0000
$53,194
174
08-12-221-010-0000
$121,681
215
08-12-404-022-0000
$93,566
175
08-12-221-011-0000
$105,070
216
08-12-404-023-0000
$106,569
176
08-12-221-012-0000
$197,885
217
08-12-404-024-0000
$122,348
177
08-12-222-017-0000
$221,664
218
08-12-404-025-0000
$112,720
178
08-12-222-020-0000
$74,320
219
08-12-404-026-0000
$114,102
179
08-12-222-021-0000
$74,705
220
08-12-404-027-0000
$102,027
180
08-12-222-022-0000
$4,395
221
08-12-404-029-0000
$246,097
181
08-12-222-023-0000
$4,395
222
08-12-405-018-0000
$40,777
182
08-12-222-024-0000
$56,948
223
08-12-405-019-0000
$32,670
183
08-12-222-025-0000
$119,970
224
08-12-405-020-0000
$191,225
184
08-12-222-026-0000
$60,041
225
08-12-405-021-0000
$35,157
185
08-12-222-027-0000
$203,185
226
08-12-405-022-0000
$28,790
186
08-12-223-021-0000
$28,246
227
08-12-405-023-0000
$4,608
187
08-12-223-022-0000
$36,809
228
08-12-405-024-0000
$64,770
188
08-12-223-023-0000
$70,459
229
08-12-405-025-0000
$72,186
189
08-12-223-024-0000
$69,178
230
08-12-405-026-0000
$72,186
190
08-12-223-025-0000
$51,686
231
08-12-405-027-0000
$72,186
191
08-12-223-026-0000
$109,707
232
08-12-405-028-0000
$72,186
192
08-12-223-027-0000
$99,447
233
08-12-405-029-0000
$72,186
193
08-12-223-028-0000
$86,796
234
08-12-405-038-0000
$259,274
194
08-12-223-034-0000
$211,505
235
08-12-405-039-0000
$371,199
195
08-12-223-035-0000
$265,644
236
08-12-500-001-0000
$0
196
08-12-227-017-0000
$313,503
237
08-11-201-030-0000
$648,019
197
08-12-403-005-0000
$25,153
238
08-11-202-001-0000
$77,432
SB FRIEDMAN I DEVELOPMENT ADVISORS 53 www.sbfriedman.com
Village of Mount Prospect, Prospect and Main RPA
Appendix
2015 Equalized
Assessed Value
$1,169,521
$259,947
$37,157,840
56 FRIEDMAN I DEVELOPMENT ADVISORS 54 www.sbfriedman.com
Parcel Identification
2015 Equalized
Parcel Identification
Record
Number
Assessed Value
Record
Number
239
08-11-202-002-0000
$75,030
245
03-34-331-019-0000
240
08-12-115-006-0000
$542,063
246
03-34-329-016-0000
241
08-12-116-006-0000
$240,168
TOTAL
242
08-12-305-002-0000
$0
243
08-12-305-003-0000
$0
244
08-12-400-003-0000
$0
Appendix
2015 Equalized
Assessed Value
$1,169,521
$259,947
$37,157,840
56 FRIEDMAN I DEVELOPMENT ADVISORS 54 www.sbfriedman.com