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HomeMy WebLinkAbout01/10/2017 VB Special MeetingVILLAGE BOARD SPECIAL MEETING Meeting Location: 50 S. Emerson St. Mount Prospect, I L 60056 CALL TO ORDER II. ROLL CALL Meeting Date and Time: Tuesday, January 10, 2017 7:00 PM MayorArlene A. Juracek Trustee Paul Hoefert Trustee Richard Rogers Trustee John Matuszak Trustee Colleen Saccotelli Trustee Steven Polit Trustee Michael Zadel III. COMMUNICATIONS AND PETITIONS -CITIZENS TO BE HEARD IV. AGENDAITEMS A. 1st reading of AN ORDINANCE DESIGNATING THE VILLAGE OF MOUNT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PROJECT AREA B. 1 st reading of AN ORDINANCE APPROVING THE VILLAGE OF MOUNT PROSPECT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PROJECTAREA REDEVELOPMENT PLAN AND PROJECT C. 1 st reading of AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE VILLAGE OF MOUNT PROSPECT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT V. ADJOURNMENT Village Board Special Meeting - January 10, 2017 Pagel of 132 Item IV.: A. 1st reading of AN ORDINANCE DESIGNATING THE VILLAGE OF MOUNT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PROJECT AREA Department: Information: The Village held a public hearing on December 20, 2016 to discuss the creation of the Prospect and Main Tax Increment Financing (TIF) District and to hear public comment on this proposal. The Prospect and Main TIF District would include commercial properties along Prospect Avenue and NW Highway and some properties that have been located in the Downtown TIF #1 District but that have not benefitted from reinvestment. Per state statutes, the next steps necessary to create the Prospect and Main TIF District are to adopt three separate enabling ordinances. The first ordinance designates the physical boundary of the Prospect and Main TIF District, the second ordinance approves the Prospect and Main TIF District redevelopment plan and the third ordinance adopts the use of tax increment financing for the Prospect and Main TIF District. Each ordinance must be adopted separately and in the order listed above. The Prospect and Main TIF would provide the Village with an economic development tool to encourage development on several key parcels in the downtown district and to address many of the key recommendations in the Village's Downtown Plan. The key parcels include the Busse Triangle, the northwest corner of Central and Main, 105 S. Main, the southwest corner of Evergreen and Main, the Chase Bank parcel and the Parenti & Raffaelli block. In addition, the TIF would provide funds to stimulate private investment in existing storefronts through the Fagade Improvement Program and a funding source for infrastructure and streetscape enhancements in these areas. Downtown TIF District #1 was dissolved at the end of the 2016 calendar year resulting in the release of over $18 million of new tax base to support other taxing district's operations. These parcels have increased in value by over 6 times since Village Board Special Meeting - January 10, 2017 Page 2 of 132 the inception of the TIF back in 1985, while the EAV in the entire Village increased 2.6 times in value, clearly demonstrating the value of the TIF. Properties located in the TIF that did not benefit from redevelopment actually declined in value by .5%. The creation of the proposed Prospect and Main TIF will further the Village's efforts to create a vibrant downtown district. The Village is fully aware of the concerns raised by other taxing districts which will have their EAV frozen for a period of 23 years in the proposed Prospect and Main TIF area. Village staff has met with representatives from School Districts 57 and 214 and the Mount Prospect Park District to discuss the proposed TIF and to determine if there are ways that the TIF could benefit them above and beyond the long-term potential increased EAV growth rate in the District. The Village and TIF consultant SB Friedman presented to School District 57 at their board meeting on October 20, 2016. This presentation, as well as follow-up meetings and discussions with School District 57 and the Mount Prospect Park District, aided in understanding the potential impacts and benefits of the proposed TIF to these taxing districts. As a result, the Village has included school and park properties into the TIF boundary, so that TIF funds could potentially be used to enhance these properties. Residents and local stakeholders have indicated interest in the Prospect and Main TIF district over the past several months. To help ensure the public was provided accurate and easily accessible information, a TIF Portal was created for the Village website. Launched on October 21, 2016, these web pages include information on the history of Downtown TIF District #1, updated documents and data related to the proposed Prospect and Main TIF, as well as a list of frequently ask questions (FAA's). In addition, the Village hosted a TIF Open House on November 9, 2016, which gave residents and stakeholders an opportunity to learn more about the development opportunities identified in the Village's Downtown Implementation Plan of 2013. SB Friedman was also on hand to present on the TIF and answer questions on how tax increment financing works. The TIF Portal, Open House, and public meetings were promoted by the Village through E -newsletters and social media postings. A meeting of the TIF Joint Review Board was held on November 7 and continued to November 21, 2016 to discuss the proposed Prospect and Main TIF. Representatives from School Districts 57 and 214, the Mount Prospect Park District, Cook County, Harper Junior College, Elk Grove Township and a public member were represented in those meetings. After a thorough discussion, which included a presentation by SB Friedman at the November 7 meeting, the Joint Review Board voted 5-3 to support the Village's efforts to create the new TIF on November 21, 2016. To be certain that the proposed Prospect and Main Plan and Project (TIF) aligns with the goals of the Village's Strategic Plan and Downtown Implementation Plan, Village Board Special Meeting - January 10, 2017 Page 3 of 132 several performance measures have been identified. The measures are selected based upon the long-term vision for downtown and overall benefit to the Village as a whole. Although any project receiving TIF funds will be thoroughly reviewed by staff and Village Board, they will also be subject to these performance measures. The measures include: new residential units, resulting in population growth; growth in equalized assessed value (EAV); sales tax generation; reduction in commercial vacancy; additional retail and commercial space; projects benefiting the school and park districts; and overall infrastructure improvements such as streetscape, public parking, and pedestrian access. Please forward this memorandum and attachments to the Village Board for their review and consideration at their January 10th special meeting. Alternatives: 1. Adopt the subject ordinance. 2. Discretion of the Village Board. Budget Impact: NA Recommendation: Staff recommends that the Village Board adopt the subject ordinance. SUPPORTS THE FOLLOWING STRATEGIC PLAN GOALS: ATTACHMENTS: Description Type Upload Date Ordinance designating redevelopment area TIF Notice of D Technical change Ordinance 1/4/2017 File Name Ord inance_designating_redevelop ment_area.docx Backup 1/6/2017 TIF_public_notification.pdf Material Village Board Special Meeting - January 10, 2017 Page 4 of 132 ORDINANCE NO. AN ORDINANCE DESIGNATING THE VILLAGE OF MOUNT PROSPECT PROSPECT AND MAIN INCREMENT FINANCING DISTRICT REDEVELOPMENT PROJECT AREA WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. (the "TIF Act"), the Village of Mount Prospect (the "Village") authorized a study in regard to designating a redevelopment project area for the Village's Prospect and Main Tax Increment Financing District (the " TIF District"); and WHEREAS, on October 4, 2016, the Village announced the availability of the redevelopment plan and project for the TIF District (the "TIF Plan"), with said TIF Plan containing an eligibility report for the TIF District addressing the tax increment financing eligibility of the area proposed for designation as the redevelopment project area for said TIF District (the "Redevelopment Project Area"); and WHEREAS, a public hearing was held on December 20, 2016, in regard to the TIF Plan, at which the Village noted a certain 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 WHEREAS, the President and Board of Trustees of the Village have heretofore adopted and approved the Final TIF Plan, and it is now necessary and desirable to designate the area referred to therein as the Redevelopment Project Area; 372150_3 1 Village Board Special Meeting - January 10, 2017 Page 5 of 132 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 area described and depicted in EXHIBIT A-1 and EXHIBIT A-2 attached hereto, and made a part thereof, is hereby designated as the Redevelopment Project Area for the Village's Prospect and Main Tax Increment Financing District pursuant to Section 5/11-74.4-4 of the TIF Act (65 ILCS 5/11-74.4-4). SECTION 2: 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 3: 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 4: 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: NAYS: ABSENT: APPROVED by me this 17th day of January, 2017. ATTEST: Karen Agoranos, Deputy Village Clerk 372150_3 Arlene A. Juracek, Village President 2 Village Board Special Meeting - January 10, 2017 Page 6 of 132 Published by me in pamphlet form this 17th day of January, 2017. Karen Agoranos, Deputy Village Clerk 372150_3 Village Board Special Meeting - January 10, 2017 Page 7 of 132 EXHIBIT A-1 Redevelopment Project 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; THENCE WEST ALONG SAID SOUTH LINE OF SHA-BONEE TRAIL TO THE EAST LINE OF SCHOOL STREET; 372150_3 4 Village Board Special Meeting - January 10, 2017 Page 8 of 132 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; THENCE SOUTH ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN MILLER RESUBDIVISION TO A BEND THEREIN; 372150_3 5 Village Board Special Meeting - January 10, 2017 Page 9 of 132 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 METER'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; 372150_3 n. Village Board Special Meeting - January 10, 2017 Page 10 of 132 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; 372150_3 7 Village Board Special Meeting - January 10, 2017 Page 11 of 132 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; 372150_3 8 Village Board Special Meeting - January 10, 2017 Page 12 of 132 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; 372150_3 9 Village Board Special Meeting - January 10, 2017 Page 13 of 132 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; 372150_3 10 Village Board Special Meeting - January 10, 2017 Page 14 of 132 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; 372150_3 11 Village Board Special Meeting - January 10, 2017 Page 15 of 132 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; 372150_3 12 Village Board Special Meeting - January 10, 2017 Page 16 of 132 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 1-13 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. 372150_3 13 Village Board Special Meeting - January 10, 2017 Page 17 of 132 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 370631_2 14 Village Board Special Meeting - January 10, 2017 Page 18 of 132 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 372150_1 15 Village Board Special Meeting - January 10, 2017 Page 19 of 132 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 372150_1 16 Village Board Special Meeting - January 10, 2017 Page 20 of 132 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 Lincolne 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 Bussee Avenue, then west along Bussee 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 Bussee 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 17 Village Board Special Meeting - January 10, 2017 Page 21 of 132 372150_1 EXHIBIT A-2 Street Location Map (attached) m Village Board Special Meeting - January 10, 2017 Page 22 of 132 Map: Prospect & Main Proposed RPA Boundary 370631_2 19 Village Board Special Meeting - January 10, 2017 Page 23 of 132 cd Ad �„ worr CI:rultfa'4 Htaq°qtv Rood, Whea- f°adIX1.tG�in View Rer,°ret'Rf NorN r 7,it�,lrr� r„ � I r�%; ,a,,, , i t ��i I " ,a" ,,,e u,, apn„t rrrr�p v0veR Mtlt .Dec 22, 29, 2016 {4460153) r uu, rranclsco r• ssr' istrid i oltf J' a wf1 , rark 3rarfadry �, 2N1Nt, - _ _ I till-, resPondent, Cerlfakr of the Carol 4tr z7 4tiv4 ton" II'9i tasBSt oq" 4kNrtl Ntte'repa )f,0 t since DeceM,, 1, NtN,N)2bsPfN Auctiortr er case has been cor resersfofNve 0,r 1I orw alk" Nbew ter Il O, 2016. 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I L 60606-4650 9 A, t , b ' dt11a7.. or VIS www.dol h,e"t' ,comlclassified l 511 p�` av Nt2�f"Lsrra wyfrololt lnniC4des�Nh� efkarurrmen4Jisrow4d ' i 6'R �d� N �u of nra ffrr ftN � � . ]rPoration at-Pupf�bed 1n ail erxtdrtlefallaMtlet�or�aanps:nNs Nr„ro.at8t"e, arwd dere be iding sales,. pec Sit til 6✓ Jan t„ Jbt b trlowed oothe age of aunt Posfrmcts,wyetastNe (-046014df y�+lis@1d24aTg gfi fal tilt a�NNn,tf &?f 44tfVd¢tift"f7esgafUk _..„a NEED WNNfdefN6NN" EIIB° hrtlersahtNf„.abn%d'sneM" NINNnals fS�ft" detahen fibsdastts f ;ga kn ewtd did d.nk�� Mbtgkfa Arr AccouNTANT? f fir, rf i ,�rrue bxrr a , N , For �[Il1d1C C�aSSl�1C�S aS$1SC�tICC Look In the r „o ��wllld'awt mir, sler for lila Ntlfr e�gd PlofJfkN, rftsfa N i PROT'ESSIONALNf �irA,r GN P��b aractices Act,, - SERVICE DIRECTORY, Karen Agoranos, Deputy VII(age Clerk � Kevin Thomson "(847) 427-4780 'erred to be a, ofthe i �. any inform- DAIr}'HERALD Published it, flWr Heald December 29 2016 ird�Rdd° by t 459657) CLASSIFIED mus, ➢ ,,, e :Sp �d f"� ff,6a paTjTSSej'- 91O� "6� Village Board Special Meeting - January 10, 2017 Page 25 of 132 Item IV.: B. 1st reading of AN ORDINANCE APPROVING THE VILLAGE OF MOUNT PROSPECT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PROJECT AREA REDEVELOPMENT PLAN AND PROJECT Department: Information: The Village held a public hearing on December 20, 2016 to discuss the creation of the Prospect and Main Tax Increment Financing (TIF) District and to hear public comment on this proposal. The Prospect and Main TIF District would include commercial properties along Prospect Avenue and NW Highway and some properties that have been located in the Downtown TIF #1 District but that have not benefitted from reinvestment. Per state statutes, the next steps necessary to create the Prospect and Main TIF District are to adopt three separate enabling ordinances. The first ordinance designates the physical boundary of the Prospect and Main TIF District, the second ordinance approves the Prospect and Main TIF District redevelopment plan and the third ordinance adopts the use of tax increment financing for the Prospect and Main TIF District. Each ordinance must be adopted separately and in the order listed above. The Prospect and Main TIF would provide the Village with an economic development tool to encourage development on several key parcels in the downtown district and to address many of the key recommendations in the Village's Downtown Plan. The key parcels include the Busse Triangle, the northwest corner of Central and Main, 105 S. Main, the southwest corner of Evergreen and Main, the Chase Bank parcel and the Parenti & Raffaelli block. In addition, the TIF would provide funds to stimulate private investment in existing storefronts through the Fagade Improvement Program and a funding source for infrastructure and streetscape enhancements in these areas. Downtown TIF District #1 was dissolved at the end of the 2016 calendar year resulting in the release of over $18 million of new tax base to support other taxing Village Board Special Meeting - January 10, 2017 Page 26 of 132 district's operations. These parcels have increased in value by over 6 times since the inception of the TIF back in 1985, while the EAV in the entire Village increased 2.6 times in value, clearly demonstrating the value of the TIF. Properties located in the TIF that did not benefit from redevelopment actually declined in value by .5%. The creation of the proposed Prospect and Main TIF will further the Village's efforts to create a vibrant downtown district. The Village is fully aware of the concerns raised by other taxing districts which will have their EAV frozen for a period of 23 years in the proposed Prospect and Main TIF area. Village staff has met with representatives from School Districts 57 and 214 and the Mount Prospect Park District to discuss the proposed TIF and to determine if there are ways that the TIF could benefit them above and beyond the long-term potential increased EAV growth rate in the District. The Village and TIF consultant SB Friedman presented to School District 57 at their board meeting on October 20, 2016. This presentation, as well as follow-up meetings and discussions with School District 57 and the Mount Prospect Park District, aided in understanding the potential impacts and benefits of the proposed TIF to these taxing districts. As a result, the Village has included school and park properties into the TIF boundary, so that TIF funds could potentially be used to enhance these properties. Residents and local stakeholders have indicated interest in the Prospect and Main TIF district over the past several months. To help ensure the public was provided accurate and easily accessible information, a TIF Portal was created for the Village website. Launched on October 21, 2016, these web pages include information on the history of Downtown TIF District #1, updated documents and data related to the proposed Prospect and Main TIF, as well as a list of frequently ask questions (FAA's). In addition, the Village hosted a TIF Open House on November 9, 2016, which gave residents and stakeholders an opportunity to learn more about the development opportunities identified in the Village's Downtown Implementation Plan of 2013. SB Friedman was also on hand to present on the TIF and answer questions on how tax increment financing works. The TIF Portal, Open House, and public meetings were promoted by the Village through E -newsletters and social media postings. A meeting of the TIF Joint Review Board was held on November 7 and continued to November 21, 2016 to discuss the proposed Prospect and Main TIF. Representatives from School Districts 57 and 214, the Mount Prospect Park District, Cook County, Harper Junior College, Elk Grove Township and a public member were represented in those meetings. After a thorough discussion, which included a presentation by SB Friedman at the November 7 meeting, the Joint Review Board voted 5-3 to support the Village's efforts to create the new TIF on November 21, 2016. To be certain that the proposed Prospect and Main Plan and Project (TIF) aligns Village Board Special Meeting - January 10, 2017 Page 27 of 132 with the goals of the Village's Strategic Plan and Downtown Implementation Plan, several performance measures have been identified. The measures are selected based upon the long-term vision for downtown and overall benefit to the Village as a whole. Although any project receiving TIF funds will be thoroughly reviewed by staff and Village Board, they will also be subject to these performance measures. The measures include: new residential units, resulting in population growth; growth in equalized assessed value (EAV); sales tax generation; reduction in commercial vacancy; additional retail and commercial space; projects benefiting the school and park districts; and overall infrastructure improvements such as streetscape, public parking, and pedestrian access. Please forward this memorandum and attachments to the Village Board for their review and consideration at their January 10th special meeting. Alternatives: 1. Approve the subject ordinance. 2. Discretion of the Village Board. Budget Impact: NA Recommendation: Staff recommends that the Village Board approve the subject ordinance. SUPPORTS THE FOLLOWING STRATEGIC PLAN GOALS: ATTACHMENTS: Description Type Upload File Name Date Ordinance D approving Ordinance 1/5/2017 Ord inance_approving_TI F_project_area and_plan.docx TIF Project and Plan D Exhibit B Cover Memo 1/6/2017 Prospect Main _TIF Plan 12-20- 16 pR wMaevisions_NO_DRAFT.pdf Village Board Special Meeting - January 10, 2017 Page 28 of 132 ORDINANCE NO. 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 372151_3 1 Village Board Special Meeting - January 10, 2017 Page 29 of 132 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: 372151_3 2 Village Board Special Meeting - January 10, 2017 Page 30 of 132 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 372151_3 2 Village Board Special Meeting - January 10, 2017 Page 30 of 132 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 (by 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 372151_3 Village Board Special Meeting - January 10, 2017 Page 31 of 132 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 372151_3 E Village Board Special Meeting - January 10, 2017 Page 32 of 132 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 372151_3 Village Board Special Meeting - January 10, 2017 Page 33 of 132 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: NAYS: ABSENT: APPROVED by me this 17th day of January, 2017. ATTEST: Karen Agoranos, Deputy Village Clerk Arlene A. Juracek, Village President 372151_3 6 Village Board Special Meeting - January 10, 2017 Page 34 of 132 Published by me in pamphlet form this 17th day of January, 2017. 372151_3 7 Karen Agoranos, Deputy Village Clerk Village Board Special Meeting - January 10, 2017 Page 35 of 132 EXHIBIT A-1 Redevelopment Project 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; 372151_3 8 Village Board Special Meeting - January 10, 2017 Page 36 of 132 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 Village Board Special Meeting - January 10, 2017 Page 37 of 132 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 METER'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 Village Board Special Meeting - January 10, 2017 Page 38 of 132 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 -LUST 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; 372151_3 11 Village Board Special Meeting - January 10, 2017 Page 39 of 132 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; 3721513 12 Village Board Special Meeting - January 10, 2017 Page 40 of 132 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; 3721513 13 Village Board Special Meeting - January 10, 2017 Page 41 of 132 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; 3721513 14 Village Board Special Meeting - January 10, 2017 Page 42 of 132 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; 3721513 15 Village Board Special Meeting - January 10, 2017 Page 43 of 132 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; 3721513 16 Village Board Special Meeting - January 10, 2017 Page 44 of 132 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 1-13 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 Village Board Special Meeting - January 10, 2017 Page 45 of 132 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 370631_2 im Village Board Special Meeting - January 10, 2017 Page 46 of 132 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 Village Board Special Meeting - January 10, 2017 Page 47 of 132 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 370631_3 20 Village Board Special Meeting - January 10, 2017 Page 48 of 132 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 Bussee Avenue, then west along Bussee 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 Bussee 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 Village Board Special Meeting - January 10, 2017 Page 49 of 132 370631_3 EXHIBIT A-2 Street Location Map (attached) 22 Village Board Special Meeting - January 10, 2017 Page 50 of 132 Map: Prospect & Main Proposed RPA Boundary 370631_2 23 Village Board Special Meeting - January 10, 2017 Page 51 of 132 EXHIBIT B Redevelopment Plan and Project for the Village of Mount Prospect Prospect and Main Tax Increment Financing District (attached) 363031_2 Village Board Special Meeting - January 10, 2017 Page 52 of 132 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) VISION I (ECONOMICS I STRATEGY I FINANCE I IMPLEMENTATION Village Board Special Meeting - January 10, 2017 Page 53 of 132 Table „ ntent 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 Map4D: 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.sL)fi,-iedrrnan.corrn SB FRIEDMAN I DEVELOPMENT ADVISORS i www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 54 of 132 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 lledevelopment 1IlPlan 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: SB FRIEDMAN I DEVELOPMENT ADVISORS 1 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 55 of 132 Village of Mount Prospect: Prospect and Main RPA Executive Summary • Section 1 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 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 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. 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 SB FRIEDMAN I DEVELOPMENT ADVISORS 2 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 56 of 132 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. 1f1eqit ' 1,,lrid irigs 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 3 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 57 of 132 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 4 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 58 of 132 2. Introduction The fledevelopment IRroject 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 5 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 59 of 132 Village of Mount Prospect: Prospect and Main RPA Introduction • Section 2 Map 1: Community Context SB FRIEDMAN I DEVELOPMENT ADVISORS 6 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 60 of 132 Map 2: Proposed RPA Boundary SB FRIEDMAN I DEVELOPMENT ADVISORS Village Board Special Meeting - January 10, 2017 Page 61 of 132 www.sbfriedman.com 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 0 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 62 of 132 Village of Mount Prospect: Prospect and Main RPA Map 3: Existing Land Use W W 4 W a a a a r J W O a j A ❑ a Cr til 7 o Vf � Q © W u"IW, z of W LINCOLN ST E HENRY ST CENTRAL RD Introduction • Section 2 E MILIBURN AVE TRL Proposed RPR Boundary Residential Mixed 'Use ` Railroad/Right-of-Way 0 10.1, 0.2 commercial Publicllnstitutionali Industrial _° ° ° ° ° :D IM illes 0 SB FRIEDMAN I DEVELOPMENT ADVISORS 9 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 63 of 132 ❑ J z 0 C1 W o w VI �. a,, 1! til 7 o Vf � Q © W W W a (W} W O m aCL N L N Z E MILIBURN AVE TRL Proposed RPR Boundary Residential Mixed 'Use ` Railroad/Right-of-Way 0 10.1, 0.2 commercial Publicllnstitutionali Industrial _° ° ° ° ° :D IM illes 0 SB FRIEDMAN I DEVELOPMENT ADVISORS 9 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 63 of 132 3. Eligibility study IIRrovisions of the Illinois Tax Increment Allocation Iledevelopment Act Based upon the conditions found within the RPA at the completion of SB 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 impactingthe 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." 1::::�actors 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. 2. 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 10 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 64 of 132 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. 7. 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 SB FRIEDMAN I DEVELOPMENT ADVISORS 11 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 65 of 132 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. 1:::�actors 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 12 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 66 of 132 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. 5. 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 13 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 67 of 132 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 r Of,,Inding 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 4113 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 14 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 68 of 132 Village of Mount Prospect: Prospect and Main RPA Map 4A: Structures Aged 35 Years or Older Eligibility Study • Section 3 SB FRIEDMAN I DEVELOPMENT ADVISORS 15 Village Board Special Meeting - January 10, 2017 Page 69 of 132 www.sbfriedman.com Village of Mount Prospect: Prospect and Main RPA Map 4113: Lack of Growth in EAV Eligibility Study • Section 3 SB FRIEDMAN I DEVELOPMENT ADVISORS 16 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 70 of 132 Village of Mount Prospect: Prospect and Main RPA Map 4C: Deterioration Eligibility Study • Section 3 SB FRIEDMAN I DEVELOPMENT ADVISORS 17 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 71 of 132 Village of Mount Prospect: Prospect and Main RPA Map 411): Inadequate Utilities Eligibility Study • Section 3 SB FRIEDMAN I DEVELOPMENT ADVISORS 18 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 72 of 132 Village of Mount Prospect: Prospect and Main RPA Map 4E: Lack of Community Planning Eligibility Study • Section 3 SB FRIEDMAN I DEVELOPMENT ADVISORS 19 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 73 of 132 Village of Mount Prospect: Prospect and Main RPA Eligibility Study • Section 3 1. LACK OF GROWTH IN EAV 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. Table 1: Percent Change in Annual Equalized Assessed Value (EAV) [1] RPA Parcels Growth Less than CPI I YES I YES I YES I 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 Board Special Meeting - January 10, 2017 Page 74 of 132 a a a a a a a a a a s a Prospect and Main RPA -Uri%„ -8k% -&5% -0,5% 4.9 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) [11 2.7% 1.5% 1.1% 1.7% -0.3% RPA Parcels Growth Less than CPI I YES I YES I YES I 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 Board Special Meeting - January 10, 2017 Page 74 of 132 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 21 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 75 of 132 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 Village Board Special Meeting - January 10, 2017 Page 76 of 132 4. Redevelopment Plan and Project lledevelopment Needs the 1:11RA 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 SB FRIEDMAN I DEVELOPMENT ADVISORS 23 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 77 of 132 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. 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. 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 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 Board Special Meeting - January 10, 2017 Page 78 of 132 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. II sed 1:::,uture 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 Board Special Meeting - January 10, 2017 Page 79 of 132 Village of Mount Prospect: Prospect and Main RPA Redevelopment Plan and Project • Section 4 Map 5: Proposed Future Land Use SB FRIEDMAN I DEVELOPMENT ADVISORS 26 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 80 of 132 Village of Mount Prospect: Prospect and Main RPA I,,,,,lousing Impact and Ilelated Matters Redevelopment Plan and Project • Section 4 As set 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. SB 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 Village Board Special Meeting - January 10, 2017 Page 81 of 132 5. 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; 2. 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; 3. 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; SB FRIEDMAN I DEVELOPMENT ADVISORS 28 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 82 of 132 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: Such costs are to be paid directly from the special tax allocation fund for the TIF District established pursuant to the Act; 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; SB FRIEDMAN I DEVELOPMENT ADVISORS 29 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 83 of 132 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 f. 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 fledevelopment IRroject 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 30 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 84 of 132 Village of Mount Prospect: Prospect and Main RPA Financial Plan • Section 5 Table 2: Estimated Redevelopment Project Costs 1. Costs of Studies, Surveys, Plans, etc.[1]1 m m $100,000 2. Site Marketing Costs' $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 Costs" $50,000 9. School District Increased Costs9 $50,000 10. Library District Increased Costs10 $50,000 11. Relocation Costs" $200,000 12. Payments in Lieu of Taxes" $50,000 13. Costs of Job Training (Community College)13 $50,000 14. Interest Costs (Developer or Property Owner)14 $50,000 15. Administration15 $100,000 16. Transfer to contiguous TIF District(s)16 $50,000 TOTAL REDEVELOPMENT COSTS [2] [3] [4] 1 $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 Board Special Meeting - January 10, 2017 Page 85 of 132 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. IIlPhasing and Scheduling the fledevelopment 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 1::::�unds to lRay 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 Board Special Meeting - January 10, 2017 Page 86 of 132 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 lflecent EAV of I peruse in the lledevelopment IRroject 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 sassed Value SB FRIEDMAN I DEVELOPMENT ADVISORS 33 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 87 of 132 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 34 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 88 of 132 6. Required Findings and Tests Lack of Growthand IIRri ate 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. 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 IlPlans 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 35 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 89 of 132 Village of Mount Prospect: Prospect and Main RPA Required Findings and Tests • Section 6 Dates „ m lti n The dates of completion of each project and retirement of obligations are described under "Phasing and Scheduling of the Redevelopment" in Section 5 above. Of,,,, nand l Impact the Iledevelopment IRroJect 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 Ilf rgram to Address1,,1ri ni l 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 36 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 90 of 132 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 SB FRIEDMAN I DEVELOPMENT ADVISORS 37 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 91 of 132 7. Provisions for Amending Plan and Project This Redevelopment Plan and Project document may be amended pursuant to the provisions of the Act. SB FRIEDMAN I DEVELOPMENT ADVISORS 38 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 92 of 132 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 39 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 93 of 132 Appendix 1: Boundary Legal Description PROPOSED PROSPECT AND MAIN TIF DISTRICT - MT. PROSPECT, IL 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: 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; 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; 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; 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; SB FRIEDMAN I DEVELOPMENT ADVISORS 40 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 94 of 132 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; 12. THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE SOUTH LINE OF COUNCIL TRAIL; 13. 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 & WIL,LE' 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 BUS SE'S SUBDIVISION OF LOT "A" IN BLOCK 11 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 SB FRIEDMAN I DEVELOPMENT ADVISORS 41 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 95 of 132 Village of Mount Prospect, Prospect and Main RPA AFORESAID; Appendix 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 11 IN BUS SE'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 1 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 MEIER' 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 & SB FRIEDMAN I DEVELOPMENT ADVISORS 42 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 96 of 132 Village of Mount Prospect, Prospect and Main RPA 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; SB FRIEDMAN I DEVELOPMENT ADVISORS 43 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 97 of 132 Village of Mount Prospect, Prospect and Main RPA 49. THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT AVENUE TO THE SOUTH LINE OF CENTRAL ROAD; Appendix 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 11 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; SB FRIEDMAN I DEVELOPMENT ADVISORS 44 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 98 of 132 Village of Mount Prospect, Prospect and Main RPA Appendix 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 1 IN THE PLAT OF CONSOLIDATION AFORESAID; 71. THENCE SOUTH ALONG SAID EAST LINE LOT 1 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 I DEVELOPMENT ADVISORS 45 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 99 of 132 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 WIL,LE' 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 WIL,LE STREET; 81. THENCE EAST TO THE EAST LINE OF WIL,LE 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; SB FRIEDMAN I DEVELOPMENT ADVISORS 46 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 100 of 132 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 11 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 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; 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 Board Special Meeting - January 10, 2017 Page 101 of 132 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 & 11 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 1 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 Board Special Meeting - January 10, 2017 Page 102 of 132 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 Board Special Meeting - January 10, 2017 Page 103 of 132 Village of Mount Prospect, Prospect and Main RPA RAILWAY RIGHT OF WAY, AND THE POINT OF BEGINNING; Appendix 124. ll :� ➢,�� ��a (M 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: 131. ALL OF VILLAGE CENTRE PHASE 1—B PLAT OF RESUBDIVISION OF LOTS 6,77 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. SB FRIEDMAN I DEVELOPMENT ADVISORS 50 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 104 of 132 Village of Mount Prospect, Prospect and Main RPA Appendix Appendix 2: Summary of EAV (by PIN) Village Board Special Meeting - January 10, 2017 Page 105 of 132 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 11 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 Board Special Meeting - January 10, 2017 Page 105 of 132 Village of Mount Prospect, Prospect and Main RPA Appendix Village Board Special Meeting - January 10, 2017 Page 106 of 132 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 SB FRIEDMAN I DEVELOPMENT ADVISORS 52 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 106 of 132 Village of Mount Prospect, Prospect and Main RPA Appendix Village Board Special Meeting - January 10, 2017 Page 107 of 132 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 Board Special Meeting - January 10, 2017 Page 107 of 132 Village of Mount Prospect, Prospect and Main RPA SB FRIEDMAN I DEVELOPMENT ADVISORS 54 Appendix 2015 Equalized Assessed Value $1,169,521 $259,947 $37,157,840 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 108 of 132 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 SB FRIEDMAN I DEVELOPMENT ADVISORS 54 Appendix 2015 Equalized Assessed Value $1,169,521 $259,947 $37,157,840 www.sbfriedman.com Village Board Special Meeting - January 10, 2017 Page 108 of 132 Item IV.: C. 1st reading of AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE VILLAGE OF MOUNT PROSPECT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT Department: Information: The Village held a public hearing on December 20, 2016 to discuss the creation of the Prospect and Main Tax Increment Financing (TIF) District and to hear public comment on this proposal. The Prospect and Main TIF District would include commercial properties along Prospect Avenue and NW Highway and some properties that have been located in the Downtown TIF #1 District but that have not benefitted from reinvestment. Per state statutes, the next steps necessary to create the Prospect and Main TIF District are to adopt three separate enabling ordinances. The first ordinance designates the physical boundary of the Prospect and Main TIF District, the second ordinance approves the Prospect and Main TIF District redevelopment plan and the third ordinance adopts the use of tax increment financing for the Prospect and Main TIF District. Each ordinance must be adopted separately and in the order listed above. The Prospect and Main TIF would provide the Village with an economic development tool to encourage development on several key parcels in the downtown district and to address many of the key recommendations in the Village's Downtown Plan. The key parcels include the Busse Triangle, the northwest corner of Central and Main, 105 S. Main, the southwest corner of Evergreen and Main, the Chase Bank parcel and the Parenti & Raffaelli block. In addition, the TIF would provide funds to stimulate private investment in existing storefronts through the Fagade Improvement Program and a funding source for infrastructure and streetscape enhancements in these areas. Downtown TIF District #1 was dissolved at the end of the 2016 calendar year resulting in the release of over $18 million of new tax base to support other taxing district's operations. These parcels have increased in value by over 6 times since Village Board Special Meeting - January 10, 2017 Page 109 of 132 the inception of the TIF back in 1985, while the EAV in the entire Village increased 2.6 times in value, clearly demonstrating the value of the TIF. Properties located in the TIF that did not benefit from redevelopment actually declined in value by .5%. The creation of the proposed Prospect and Main TIF will further the Village's efforts to create a vibrant downtown district. The Village is fully aware of the concerns raised by other taxing districts which will have their EAV frozen for a period of 23 years in the proposed Prospect and Main TIF area. Village staff has met with representatives from School Districts 57 and 214 and the Mount Prospect Park District to discuss the proposed TIF and to determine if there are ways that the TIF could benefit them above and beyond the long-term potential increased EAV growth rate in the District. The Village and TIF consultant SB Friedman presented to School District 57 at their board meeting on October 20, 2016. This presentation, as well as follow-up meetings and discussions with School District 57 and the Mount Prospect Park District, aided in understanding the potential impacts and benefits of the proposed TIF to these taxing districts. As a result, the Village has included school and park properties into the TIF boundary, so that TIF funds could potentially be used to enhance these properties. Residents and local stakeholders have indicated interest in the Prospect and Main TIF district over the past several months. To help ensure the public was provided accurate and easily accessible information, a TIF Portal was created for the Village website. Launched on October 21, 2016, these web pages include information on the history of Downtown TIF District #1, updated documents and data related to the proposed Prospect and Main TIF, as well as a list of frequently ask questions (FAA's). In addition, the Village hosted a TIF Open House on November 9, 2016, which gave residents and stakeholders an opportunity to learn more about the development opportunities identified in the Village's Downtown Implementation Plan of 2013. SB Friedman was also on hand to present on the TIF and answer questions on how tax increment financing works. The TIF Portal, Open House, and public meetings were promoted by the Village through E -newsletters and social media postings. A meeting of the TIF Joint Review Board was held on November 7 and continued to November 21, 2016 to discuss the proposed Prospect and Main TIF. Representatives from School Districts 57 and 214, the Mount Prospect Park District, Cook County, Harper Junior College, Elk Grove Township and a public member were represented in those meetings. After a thorough discussion, which included a presentation by SB Friedman at the November 7 meeting, the Joint Review Board voted 5-3 to support the Village's efforts to create the new TIF on November 21, 2016. To be certain that the proposed Prospect and Main Plan and Project (TIF) aligns with the goals of the Village's Strategic Plan and Downtown Implementation Plan, Village Board Special Meeting - January 10, 2017 Page 110 of 132 several performance measures have been identified. The measures are selected based upon the long-term vision for downtown and overall benefit to the Village as a whole. Although any project receiving TIF funds will be thoroughly reviewed by staff and Village Board, they will also be subject to these performance measures. The measures include: new residential units, resulting in population growth; growth in equalized assessed value (EAV); sales tax generation; reduction in commercial vacancy; additional retail and commercial space; projects benefiting the school and park districts; and overall infrastructure improvements such as streetscape, public parking, and pedestrian access. Please forward this memorandum and attachments to the Village Board for their review and consideration at their January 10th special meeting. Alternatives: 1. Approve the subject ordinance. 2. Discretion of the Village Board. Budget Impact: NA Recommendation: Staff recommends that the Village Board approve the subject ordinance. SUPPORTS THE FOLLOWING STRATEGIC PLAN GOALS: ATTACHMENTS: Description Type Upload File Name Date Ordinance a adopting tax Ordinance 1/5/2017 Ordinance adopting_tax_increment financing for MP.docx increment — — financing Village Board Special Meeting - January 10, 2017 Page 111 of 132 ORDINANCE NO. AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE VILLAGE OF MOUNT PROSPECT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. (the "TIF Act"), the Village of Mount Prospect (the "Village") authorized a study in regard to designating a redevelopment project area for the Village's Prospect and Main Tax Increment Financing District (the " TIF District"); and WHEREAS, on October 4, 2016, the Village announced the availability of the redevelopment plan and project for the TIF District (the "TIF Plan"), with said TIF Plan containing an eligibility report for the TIF District, addressing the tax increment financing eligibility of the area proposed for designation as the redevelopment project area for said TIF District (the "Redevelopment Project Area"); 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 WHEREAS, the President and Board of Trustees of the Village desire to adopt tax increment financing pursuant to the TIF Act; and WHEREAS, the President and Board of Trustees of the Village have approved the Final TIF Plan and designated the Redevelopment Project Area pursuant to the 372156_3 1 Village Board Special Meeting - January 10, 2017 Page 112 of 132 provisions of the TIF Act, and have otherwise complied with all other conditions precedent required by the TIF Act; 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 tax increment financing is hereby adopted with respect to the TIF District, the Final TIF Plan in relation thereto, approved and adopted pursuant to an Ordinance adopted by the President and Board of Trustees of the Village on January 17, 2017, and the Redevelopment Project Area in relation thereto, described and depicted in EXHIBIT A-1 and EXHIBIT A-2 attached hereto and made a part hereof, approved, adopted and so designated pursuant to an Ordinance adopted by the President and Board of Trustees on January 17, 2017, with the initial equalized assessed valuation for said TIF District being the 2015 equalized assessed valuation of the Redevelopment Project Area. SECTION 2: That the ad valorem taxes arising from the levies upon taxable real property in the Redevelopment Project Area by taxing districts, and tax rates determined in the manner provided in Section 5/11-74.4-9 of the TIF Act (65 ILCS 5/11- 74.4-9), each year after the effective date of this Ordinance until redevelopment project costs and all municipal obligations financing redevelopment project costs have been paid, shall be divided as follows: A. That portion of taxes levied upon each taxable lot, block, tract or parcel of 372156_3 real property which is attributable to the lower of the current equalized assessed value or the initial equalized assessed value (the 2015 equalized assessed valuation) of each such taxable lot, block, tract or 2 Village Board Special Meeting - January 10, 2017 Page 113 of 132 parcel of real property in the Redevelopment Project Area shall be allocated to, and when collected shall be paid by the Cook County Collector to, the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing; and B. That portion, if any, of such taxes which is attributable to the increase in the current equalized assessed valuation of each lot, block, tract or parcel of real property in the Redevelopment Project Area over and above the initial equalized assessed valuation (the 2015 equalized assessed valuation) of each lot, block, tract or parcel of real property in the Redevelopment Project Area shall be allocated to, and when collected shall be paid by the Cook County Collector to, the Village Treasurer who shall deposit said funds in a special fund called "The Special Prospect and Main Tax Increment Allocation Fund" of the Village for the development and implementation of the Final TIF Plan. SECTION 3: That the Village shall obtain and utilize incremental taxes from the Redevelopment Project Area for the payment of redevelopment project costs and all Village obligations financing redevelopment project costs in accordance with the provisions of the TIF Act and the Final TIF Plan. SECTION 4: 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. 372156_3 Village Board Special Meeting - January 10, 2017 Page 114 of 132 SECTION 5: 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 6: 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: NAYS: ABSENT: APPROVED by me this 17th day of January, 2017. ATTEST: Karen Agoranos, Deputy Village Clerk Arlene A. Juracek, Village President Published by me in pamphlet form this day of , 2017. 372156_3 E Karen Agoranos, Deputy Village Clerk Village Board Special Meeting - January 10, 2017 Page 115 of 132 EXHIBIT A-1 Redevelopment Project 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; 372156_3 5 Village Board Special Meeting - January 10, 2017 Page 116 of 132 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; 372156_3 6 Village Board Special Meeting - January 10, 2017 Page 117 of 132 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 METER'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; 372156_3 7 Village Board Special Meeting - January 10, 2017 Page 118 of 132 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 -LUST 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; 372156_3 Village Board Special Meeting - January 10, 2017 Page 119 of 132 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; 372156_3 9 Village Board Special Meeting - January 10, 2017 Page 120 of 132 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; 372156_3 10 Village Board Special Meeting - January 10, 2017 Page 121 of 132 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; 372156_3 11 Village Board Special Meeting - January 10, 2017 Page 122 of 132 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; 372156_3 12 Village Board Special Meeting - January 10, 2017 Page 123 of 132 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; 372156_3 13 Village Board Special Meeting - January 10, 2017 Page 124 of 132 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 1-13 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. 372156_3 14 Village Board Special Meeting - January 10, 2017 Page 125 of 132 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 370631_2 15 Village Board Special Meeting - January 10, 2017 Page 126 of 132 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_2 16 Village Board Special Meeting - January 10, 2017 Page 127 of 132 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 370631_2 17 Village Board Special Meeting - January 10, 2017 Page 128 of 132 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 Bussee Avenue, then west along Bussee 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 Bussee 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 18 Village Board Special Meeting - January 10, 2017 Page 129 of 132 370631_2 EXHIBIT A-2 Street Location Map (attached) 19 Village Board Special Meeting - January 10, 2017 Page 130 of 132 Map: Prospect & Main Proposed RPA Boundary 370631_2 20 Village Board Special Meeting - January 10, 2017 Page 131 of 132