HomeMy WebLinkAboutRes 35-99 07/20/1999 /20/99
RESOLUTION NO. 35-99
A RESOLUTION MAKING AMENDMENTS TO RESOLUTION NO. 26-99 FOR A
REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT
AND NORWOOD CONSTRUCTION. INC.
WHEREAS, the Village of Mount Prospect has adopted a Tax Increment Financing Program to upgrade
the quality and image of a portion of the Northwest Highway Corridor designated Downtown
Redevelopment District Phase 1 B; and
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect passed and
approved Resolution No. 26-99 on June 1, 1999, authorizing the Village to enter into negotiations for
a Redevelopment Agreement with Norwood Construction, Inc. for the development of Downtown
Redevelopment District Phase lB; and
WHEREAS, the closing date for the Redevelopment Agreement, as set forth in Resolution No. 26-99
is July 23, 1999, and it has been determined that the interest of the Village would be best served by
extending the closing date to August 6, 1999.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect hereby
authorized entering into negotiations for a Redevelopment Agreement for the development of
Downtown Redevelopment District Phase lB with Norwood Construction, Inc., subject to the terms and
conditions of the referenced Request For Proposal, through the passage of Resolution No. 26-99.
SECTION TWO: That SECTION TWO of Resolution No. 26-99 is hereby amended by deleting
"July 23, '1999" and substituting therefor the date "August 6, 1999."
SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and
approval in the manner provided by law.
AYES: Hoefert, Lohrstorfer, Skowron, Wilks
NAYS: None ABSTAIN: Nocchi
ABSENT: Farley
PASSED and APPROVED this 20 t~h day of July ,1999.