HomeMy WebLinkAbout7.1 A Resolution Authorizing a First Amendment to the Redevelopment Agreement for 20 West DevelopmentBoardDocs® Pro Page I of 2
Agenda Item Details
Meeting Aug 21, 2018 - REGULAR MEETING OF THEM UT PROSPECT VILLAGE BOARD - 7:00 p.m.
Category 7. NEW BUSINESS
Subject 7.1 A RESOLUTION AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT FOR THE 20 WEST DEVELOPMENT
Access Public
Type Action
Preferred Date Aug 21, 2018
Absolute Date Aug 21, 20141*
Fiscal Impact Ye.2
Dollar Amount if 170f 300. 00
Budgeted Ye*1
Budget Source Prospect and Main TIF fund
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Public
Content
WIT1191 I F -IFTIM
Attached to this memorandum is the first amendment to the Redevelopment Agreement (RDA) for the 20 Wesll
development located at the northeast corner of Northwest Highway and Wille Street in the downtown district. Thc
amendment provides the Village with the authority to acquire four parcels and a private alley located in the Bus&t
Triangle (see attached map). These properties are currently owned by HB Prospect II LLC (HB) and total
11,703 square feet in area. The RDA amendment also calls for the Village to transfer ownership of one of the parcels
to 20 West LLC and requires 20 West LLC to construct a surface parking lot for customer parking on that parcel
(Parcel "N" in attached map).
The subject properties were acquired by HB over a decade ago when they were pursuing the redevelopment of the
Busse Triangle with a mixed-use development. The Village approved their redevelopment plan in March of 2008 but
the project was never constructed due to the economic downturn that occurred at that time. HB has indicated that
they are no longer interested in pursuing the development of these properties and have agreed to sell the land to the
Village for $1,170,300 ($100 PSF).
The Village is pursuing the purchase of these properties to allow for future redevelopment in the Busse Triangle. The
properties are currently vacant grass lots situated in a highly visible location in the downtown district. By acquiring
the properties, the Village gains control over the future development of this land, particularly due to the location of
these parcels being immediately adjacent to properties owned by the Village.
Alternatives
1. Approve the first amendment to the 20 West Redevelopment Agreement.
2. Action at discretion of Village Board.
https://www.boarddocs.com/il/vomp/Board.nsf/Public 8/21/2018
BoardDocs® Pro
Staff Recommendation
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Administrative Content
I added (Parcel "N" in attached map) to the end of the first paragraph.
Does this require a resolution?
Also, did not change RDA doc to pdf because deputy clerk needs to change to village clerk.
KA:
Changed the RDA to reflect VC
Changed title of item and RESOLUTION added
Executive Content
Page 2 of 2
https://www.boarddocs.com/il/vomp/Board.nsf/Public 8/21/2018
Page 1 of 1
https://www.boarddocs.com/il/vompBoard.nsf/filesB3QPEP5FDE07/$file/TrianglePurchase%20... 8/21/2018
FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT
FOR THE 20WEST DEVELOPMENT COMPRISING A
PART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS
This FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE
20WEST DEVELOPMENT COMPRISING A PART OF THE PROSPECT AND MAIN TIF
DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS (the "First
Amendment") is made and entered into as of the day of August, 2018 (the "Effective
Date") by and between the VILLAGE OF MOUNT PROSPECT, ILLINOIS, an Illinois
municipal home rule corporation, located in Cook County, Illinois (the "Village") and
20WEST LLC, an Illinois limited liability company ("Developer") (the Village and the
Developer are sometimes referred to individually as a "Party" and collectively as the
"Parties")
WITNESSETH
WHEREAS, pursuant to Resolution 13-18, adopted March 20, 2018, the Village
approved the "Redevelopment Agreement for the 20WEST Development Comprising a
Part of the Prospect and Main TIF District of the Village of Mount Prospect, Illinois," with
the Developer (the "Redevelopment Agreement"); and
WHEREAS, the Village and Developer desire to amend certain provisions of the
Redevelopment Agreement relative to certain property transactions related to the
"Project," as defined in the Redevelopment Agreement; and
WHEREAS, in accordance with the Tax Increment Allocation Redevelopment Act,
65 ILCS 5/11-74.4-1, et seq., it is in the best interests of the Village and Developer to
enter into this First Amendment;
399710_2 1
NOW, THEREFORE, in consideration of the foregoing, other good and valuable
consideration, the receipt and sufficiency of which is acknowledged by the Parties hereto,
and the mutual covenants and agreements hereinafter contained, the Parties hereto
agree as follows:
That Section V.D. of the Redevelopment is hereby created and shall read
in its entirety as follows:
D. On or before the conveyance of "Parcel N" as set forth below, the
Developer shall (i) acquire HB Prospect II, LLC, an Illinois limited
liability company ("Intermediate Owner"), and (ii) the Developer shall
acquire and/or control ownership and direction over the real
properties defined in EXHIBIT I attached hereto and made a part
hereof ("Additional Parcels"). On a date and time mutually agreed
upon by the Developer and the Village, the Developer shall direct the
Intermediate Owner to convey the Additional Parcels to the Village,
and the Intermediate Owner shall convey the Additional parcels to
the Village, pursuant to terms approved by the Village President and
Board of Trustees and the Village Manager. The Village shall accept
title to the Additional parcels so long as Developer is in compliance
with all of its obligations under this Agreement.
At such time as the Village acquires the Additional Parcels, and so
long as the Developer is in compliance with all of its obligations under
this Agreement, the Village shall simultaneously convey a portion of
the Additional Parcels, as legally described on EXHIBIT J attached
hereto and made a part hereof ("Parcel N"), to the Developer in an
"as -is, where -is" condition with no environmental representations or
warranties of any kind whatsoever, pursuant to the Contract, with
such changes made to the Contract to make the Contract consistent
with this Agreement. The terms of the transfer of title of Parcel N from
the Village to the Developer shall include:
Purchase price: Ten and No/100 Dollars ($10.00);
2. Warranties: as -is, where -is, with no warranties or
representations of any kind, including environmental;
3. Deed: Special Warranty Deed; and
4. Closing costs: shared by the Village and the Developer as
customarily charged.
399710_2 2
After acquiring Parcel N, at the direction of the Village, the Developer
shall construct a surface parking lot to the Village's specifications
thereon. However, in no event shall the issuance of a Certificate of
Completion by the Village be delayed by the Developer's failure to
complete the parking lot on Parcel N.
2. That EXHIBIT I and EXHIBIT J to the Redevelopment Agreement are
attached as EXHIBIT I and EXHIBIT J to this First Amendment.
3. That all portions of the Redevelopment Agreement, not amended hereby,
shall remain in full force and effect.
4. This First Amendment shall be executed simultaneously in two (2)
counterparts, each of which shall be deemed an original, but both of which shall constitute
one and the same First Amendment.
5. The Parties agree to record this First Amendment against title to the
"Subject Property," as defined in the Redevelopment Agreement, with the Cook County
Recorder's Office, with Developer paying the recording charges.
6. This First Amendment shall be deemed dated and become effective on the
day on which this First Amendment is approved by the Village, with said date appearing
on page 1 hereof.
IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment
to be executed on or as of the day and year first above written.
VILLAGE OF MOUNT PROSPECT,
an Illinois home rule municipal corporation ATTEST:
Bv: Bv:
Arlene Juracek, Mayor
20 WEST, LLC
399710_2 3
Karen Agoranos, Village Clerk
an Illinois limited liability company
la
, Manager
ACKNOWLEDGMENT
State of Illinois )
)SS
County of Cook )
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY that Arlene Juracek and Karen Agoranos, personally known to me to
be the Mayor and Deputy Village Clerk of the Village of Mount Prospect, and personally
known to me to be the same persons whose names are subscribed to the foregoing
instrument, appeared before me this day in person and severally acknowledged that as
such Mayor and Deputy Village Clerk, they signed and delivered the said instrument and
caused the corporate seal of said municipal corporation to be affixed thereto, pursuant to
authority given by the Board of Trustees of said Illinois home rule municipal corporation,
as their free and voluntary act, and as the free and voluntary act and deed of said Illinois
home rule municipal corporation, for the uses and purposes therein set forth.
GIVEN under my hand and official seal, this day of
��iyE:31
Notary Public
399710_2 4
ACKNOWLEDGMENT
State of Illinois )
)SS
County of Cook )
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY that personally known to me to be the
Manager, of 20 West LLC, and personally known to me to be the same person whose
name is subscribed to the foregoing instrument, appeared before me this day in person
and severally acknowledged that as such Manager, he/she signed and delivered the said
pursuant to authority given by the limited liability company, as his/her free and voluntary
act, and as the free and voluntary acts and deeds of said limited liability company, for the
uses and purposes therein set forth.
GIVEN under my hand and official seal, this day of
2018.
Notary Public
399710_2 5
I*A:IW11191
LEGAL DESCRIPTION OF THE ADDITIONAL PARCELS
THAT PART OF LOT 1 LYING WEST OF A LINE DRAWN FROM THE NORTHWEST
CORNER OF SAID LOT TO A POINT IN THE SOUTH LINE OF SAID LOT 1 THAT IS 3'/4
INCHES EAST OF THE SOUTHWEST CORNER OF SAID LOT: AND LOT 2, IN JOHN
MEYN'S SUBDIVISION OF PART OF BLOCK 16 OF MOUNT PROSPECT, IN THE WEST
HALF OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 26,
1931 AS DOCUMENT NUMBER 10851688, IN COOK COUNTY, ILLINOIS.
ALSO
LOT 3, IN JOHN MEYN'S SUBDIVISION OF PART OF BLOCK 16 OF MOUNT PROSPECT, IN
THE WEST HALF OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED
FEBRUARY 26, 1931 AS DOCUMENT NUMBER 10851688, IN COOK COUNTY ILLINOIS.
ALSO
LOT 1 IN KELJIK'S RESUBDIVISION IN MOUNT PROSPECT, BEING A RESUBDIVISION OF
THE EAST 50 FEET OF BLOCK 16 (EXCEPT THE NORTH 59.29 FEET THEREOF) IN
MOUNT PROSPECT, A SUBDVISION IN THE NORTHWEST QUARTER OF SECTION 12,
TOWNSHIP 41 NORTH, RAGE 11 EAST, OF THE THIRD PRINCIPAL MERIDIAN,
ACCORDING TO THE PLAT THEREOF RECORDED SEPTEMBER 16, 1976 AS DOCUMENT
NUMBER 23639415, IN COOK COUNTY, ILLINOIS.
ALSO
THAT PART OF THE EAST 60 FEET (EXCEPT THE NORTH 100 FEET AND EXCEPT THAT
PART DEDICATED FOR BUSSE AVENUE) OF LOT 2 IN BLOCK 3 IN BUSSE AND WILLE'S
RESUBDIVISION OF MOUNT PROSPECT IN SECTION 12, TOWNSHIP 41 NORTH, RANGE
11 EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBES AS FOLLOWS:
COMMENCING AT THE INTERSECTION OF THE SOUTH LINE OF THE NORTH 100 FEET
OF SAID LOT 2 AND THE WEST LINE OF THE EAST 60 FEET OF SAID LOT 2; THENCE
SOUTH 00 DEGREES 06 MINUTES 44 SECONDS WEST, ALONG SAID WEST LINE, 21.32
FEET TO A LINE THAT IS THE WESTERLY EXTENSION OF THE SOUTHERNMOST LINE
OF LOT 2 IN MOUNT PROSPECT CENTRAL DISTRICT SUBDIVISION OF PART OF THE
WEST HALF OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 23,
1949 AS DOCUMENT 1275902, AND THE POINT OF BEGINNING; THENCE NORTH 89
DEGREES 35 MINUTES 57 SECONDS EAST, ALONG SAID WESTERLY EXTENSION, 35.00
FEET; THENCE SOUTH 00 DEGREES 06 MINUTES 44 SECONDS WEST, PARALLEL WITH
SAID WEST LINE, 100.46 FEET TO THE NORTH LINE OF BUSSE AVENUE, THENCE
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SOUTH 89 DEGREES 10 MINUTES 36 SECONDS WEST, ALONG SAID NORTH LINE OF
BUSSE, 35.01 FEET TO THE WEST LINE OF THE EAST 60 FEET OF SAID LOT 2; THENCE
NORTH 00 DEGREES 06 MINUTES 44 SECONDS EAST, ALONG SAID WEST LINE, 100.71
FEET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
08-12-107-003-0000
08-12-107-004-0000
08-12-107-020-0000
08-12-107-018-0000
399710_2 7
EXHIBIT J
LEGAL DESCRIPTION OF PARCEL N
THAT PART OF THE EAST 60 FEET (EXCEPT THE NORTH 100 FEET AND EXCEPT THAT
PART DEDICATED FOR BUSSE AVENUE) OF LOT 2 IN BLOCK 3 IN BUSSE AND WILLE'S
RESUBDIVISION OF MOUNT PROSPECT IN SECTION 12, TOWNSHIP 41 NORTH, RANGE
11 EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBES AS FOLLOWS:
COMMENCING AT THE INTERSECTION OF THE SOUTH LINE OF THE NORTH 100 FEET
OF SAID LOT 2 AND THE WEST LINE OF THE EAST 60 FEET OF SAID LOT 2; THENCE
SOUTH 00 DEGREES 06 MINUTES 44 SECONDS WEST, ALONG SAID WEST LINE, 21.32
FEET TO A LINE THAT IS THE WESTERLY EXTENSION OF THE SOUTHERNMOST LINE
OF LOT 2 IN MOUNT PROSPECT CENTRAL DISTRICT SUBDIVISION OF PART OF THE
WEST HALF OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 23,
1949 AS DOCUMENT 1275902, AND THE POINT OF BEGINNING; THENCE NORTH 89
DEGREES 35 MINUTES 57 SECONDS EAST, ALONG SAID WESTERLY EXTENSION, 35.00
FEET; THENCE SOUTH 00 DEGREES 06 MINUTES 44 SECONDS WEST, PARALLEL WITH
SAID WEST LINE, 100.46 FEET TO THE NORTH LINE OF BUSSE AVENUE, THENCE
SOUTH 89 DEGREES 10 MINUTES 36 SECONDS WEST, ALONG SAID NORTH LINE OF
BUSSE, 35.01 FEET TO THE WEST LINE OF THE EAST 60 FEET OF SAID LOT 2; THENCE
NORTH 00 DEGREES 06 MINUTES 44 SECONDS EAST, ALONG SAID WEST LINE, 100.71
FEET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
22 W. Busse Avenue
399710_2 8
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT FOR THE
20 WEST REDEVELOPMENT AGREEMENT FOR THE PROPERTY
LOCATED AT 20 W. NORTHWEST HIGHWAY
WHEREAS, the Village of Mount Prospect has established a Tax Increment Financing
District for the purpose of redeveloping the downtown district; and
WHEREAS, the Mount Prospect Village Board adopted Resolution No. 13-18 on March 20,
2018, which authorized the execution of a redevelopment agreement between the Village
of Mount Prospect and 20 West LLC for the property located at 20 West Northwest
Highway; and
WHEREAS, in order to prepare the best plan for the redevelopment area, the Village of
Mount Prospect has determined that it would be in the best interest of the Village to enter
into an amended redevelopment agreement with 20 WEST LLC.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Board of Trustees of the Village of Mount Prospect do hereby
authorize execution of a First Amendment to the 20 West Redevelopment Agreement
which authorizes the Village to acquire four parcels and a private alley and to transfer
ownership of one of the parcels to 20 West LLC and requires 20 West LLC to construct a
surface parking lot for customer parking, being subject of this Resolution, a copy of which
is attached hereto and hereby made a part hereof as Exhibit "A".
SECTION TWO: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES-
YES:
NAYS-
NAYS:
ABSENT-
ABSENT:
PASSED
PASSED and APPROVED this 21St day of August, 2018.
Arlene A. Juracek, Mayor
ATTEST:
Karen M. Agoranos, Village Clerk