HomeMy WebLinkAboutRes 18-81 05/05/1981
RESOLUTION NO.
18-81
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'I. WHEREAS, St. Paul Financial Development Corporation has an inter s'
in thirty-four (34) lots within the Tree Farm Estates Subdivisio ,
,which said Corporation desires to sell for subsequent residentia
development; and
A RESOLUTION TO ACCEPT AND AUTHORIZE AN AGREEMENT
BETWEEN THE VILLAGE OF MOUNT PROSPECT AND ST. PAUL
FINANCIAL DEVELOPMENT CORPORATION FOR COMPLETION OF
PUBLIC IMPROVEMENTS WITHIN THE
TREE FARM ESTATES SUBDIVISION
'WHEREAS, the required public improvements to be constructed and
installed within this Subdivision have not been completed, and t e
Corporation desires to complete the street portion of such impro e.
ments if the Village will complete the remaining improv~ments us'nc
I funds deposited in escrow for this purpose, and if the Village w'l:
not withhold issuing building permits to purchasers of Subdivisi n
lots as a result of the non-completion of these public improveme t:
and
WHEREAS, an Agreement pertaining to the completion of said public
I improvements within the Tree Farm Estates Subdivision and settin
¡ forth the obligations to be placed upon the Corporation and upon
'the Village and upon purchasers of Subdivision lots with regard
! to these improvements has been submitted to this Village for con-
sideration (a copy of which Agreement is attached hereto and made
a part of this Resolution by reference); and
,WHEREAS, there are sufficient funds on deposit in an escrow with
the Village to enable the Village to accomplish those public im-
,provements which it agrees to undertake pursuant to said Agree-
I ment; 'arid
I ~EREAS, it is deemed to be in the best interests of the Village
I that the public improvements be completed within the Tree Farm
I Estates Subdivision as proposed in said Agreement, and that the
I sale of Subdivision lots and residential development within this
I Subdivision not be further delayed.
NOW, THEREFORE, BE IT RESOLVED J3y THE: MAyOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
I SECTION ONE: This Board does hereby accept an Agreement entitled
I "An Agreement Regarding Completion of Public Improvements in the
¡Tree Farm Estates Subdivision, Between the Village of Mount Prosp (
and St. Paul Financial Development Corporation", in the form as
. attached hereto.
¡SECTION TOO: The Mayor and the Village Clerk of this Vill~ge are
l,herebY authorized and directed to execute said AgreemeQt on behal
of this Village and the Clerk shall further affix the Village sea
thereto and the officials designated therein are hereby authorize
nd directed to take all necessary steps to implement the provisio s
f this Agreement.
ECTION THREE: This Resolution shall be in full force and effect
rom and after its passage and approval in the manner provided by
aw.
ASSED this 5th day of May, 1981.
AYS:
Arthur, Farley, Floros, Miller, Murauskis, Wattenberg
None
YES:
BSENT: None
PPROVED this
5th. day of May, 1981.
(l
Mayor
TTEST:
,J
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AN AGREEMENT REGARDING COMPLETION OF PUBLIC
IMPROVEMENTS IN THE TREE FARM ESTATES
SUBDIVISION, BETWEEN THE VILLAGE OF MOUNT PROSPECT
AND ST. P~UL FINANCIAL DEVELOPMENT CORPORATION
This Agreement dateq the
5th
day of
May
, 1981,
and entered into by and between the Corporate Authorities of the
Village of Mount Prospect, an Illinois Municipal Corporation
i
(hereafter referred to as the "Village") and St. Paul Financial
Development Corporation, an Illinois Corporation (hereinafter
referred to as "st. Paul"), witnesseth as follows:
WHEREAS, The Development Code of the Village requires a
cash escrow to be est~blished with the Village by applicants seeking
subdivision approval for the purpose of guaranteeing the installa~
tion of required public improvements within such subdivision; and
WHEREAS, ,in cOmpliance with said escrow requirements relating
to the Tree Farm Estates Subdivision, located within the Village,
St. Paul did, on June 5,1978, establish a,Guarantee Escrow and
did deposit therein the sum of $55,785.00 to cover the foLlowing
items in connection with the installation of public improvements
within said Subdivision, to-wit:
Nuisance Abatement
Maintenance
Trees'
T.V. Sewer Inspection
Public Improvement Inspection
TOTAL
$14,130.00
28,260.00
8,840.00
3,055.00
1,500.00
$55,785.00
which escrow deposit is still in existence; and
WHEREAS, on July 12, 1978, St. Paul further established an
Improvement Escrow in the amount of $310,860.00 to further guarantee
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construction and completion of public improvements within said
subdivision, of which amount all but $2,475.59 has been expended
with respect to the installation of such improvements; and
WHEREAS, the required public improvements to be installed
in the Tree Farm Estates Subdivision have not been completed and
there still remains certain street paving, parkway grading,
,-1.,a_1)ds,ç,gp..ing and tree~ planting" sidewÇl,lk im:;talLation, curb and"
storm sewer repair and other items to be completed as herein-
after' describeÇl in this 'Ågre~ment;' and
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- WHEREAS, St. Paul or i ts nomine~ currently holds title
to thirty-four (34) lots'in said Subdivision, legally described
in Exhibit A attached hereto and made apart of this Agreement~
which lots -st. Paul desires to selltoprospect;i..ve pu,rchasers;and
~mEREAS, St. Paul has agreed to complete the necessary
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street installation work and the Village has agreed to complete
other public i~provem~nts within the Tree Farm Est~tes Subdivision
as hereinafter set forth in this Agreement; and
WHEREAS, the Village has further, agreed to issue building
- -- permits dtopu.rchasers o:fthe described lots within said- sub-
division without regard to the 'status of completion 'of the
'~~provementsÜndertaken by St. Paul .and by the Vil-lage~ on condition-
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that sÙchlot owriers'willaccomplish the necessary sidewalk
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j.nstallation, parkway'landscaping" and such curb replacement.
'and-repairw~rk within the- public 'right-of--way area adjacent -
andc.ontigl.loustoéach,lot in question as maybe occasioned by
construction activities thereon; and
WHEREAS, St. Paul and the Village both agree that their
completion Of the public improvements'within said Subdivision
as hereinafter set forth in this Agreement, and the sale and
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-development of lots owned by St. Paul is in their mutual best
interest and in the best interest of the residents and owners of
dwellings \vlthin the Subdivision;
NOvJ, THEREFORE upon the considerations hereinabove set forth
and in consideration of Ten Dollars ($10.00) and other good and
val uable considéra'tions contained herein, st. Paul and the Villagè - -
agree as follows:
1.
St ~Paul shall proceed to enter into a con'tractfor
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completlon of rèquir~(r street. pavement- installation in accordance'
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- with~ViIlage' specificélt.:ions and ,~Úbject to' insPèètionsuperv~7ion
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and approyal of the Village's Engineer.
Said contract shall
further condition payment to the contractor for work done on the
written direction of the Village Engineer accepting the work as
installed, and shall further provide that st. Paul shall withhold
ten percent (10%) of the contract amount ,.¡hich shall be retained
for a. period of oI;le yeq.r followi.ngqorri'pl~tíon of the work and,
acceptance thereof by the Village Engineer; said amount to be
ãpplied - by St.- Paul' upon the subsequent written reqUest of the'
Village Engineer to repair or replace defective materials and
workmqnship.
2.
The Village agrees to apply the escrow amounts on
hand iri the Guarantee Escrow and the Improvement Escrow, Corn--
prising the sum of $58,260.59 to accomplish installation of
~dditional pub1.ic improvement items including removal of debris
and grading of vacant sites within the Subdivision, purchase and
.installation-ofparkwaytrees, replacement of curbing,. and storm
sewer. and manhole repairs ,and qdjustments,and other items as
more specifically set forth and describe9- in Exhibit B attached
herétoand made a part of this Agreement.
3.
In addi tionthe Villagesh,,:ÜI complete all other work
covered by the (',uarantee Escr'IW,. including :r1',ainteriënce, repair
and replacement during a period of one year following completion
of said public improvement items, and shall refund to st. Paul
any unexpended escrow funds following the completion of the
maintenance period for said improvements.
4.
st. Pual .shall complete the, street improvements required
òf it- by no later than 90 days following completion, by the Village,
'of the curb r,eplacement ahdmanhole' repairs required of' it.
Upon
commencement of such street work st. Paul shall deposit in escrO\-l
with the Villàge the sum of $ 30,000 '. 00 to guarantee its performance
hereunder.
5.' Upon proper application by thèpurchaser of a lot_or-lots
described herein, the Village shall 'issue a building permit
which shall'b-e coriditionè(l' upon the accompl:Lshment, by the lot
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oWner at his own expense, of grading and sodding òf the parkway
area adjacent and contiguous to the lot, the installation of any
sidewalk that maybe provided for the parkway area adjacent
and çontiguoús to such lot, and the repair°:J::' replacement of
damage to the curbs adjacent to said lot as the result of con-
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struction of improvements thereon, all in accordance with the
specifications of the Village.
Building permits will be issued
by the Village to lot owners regardless of the status of completion
of other public improvements within the Subdivision on the part,
of st. Paul or of the Village.
6.
St. Paul shall forward a copy of this Agreement to its
contract purchasers of the lots described herein informing them
of their responsibilities ¥TÌth respect to 'parkway grading and
sodding, sidewalk installation, and curb replacement and repair.
In addition, with respect to Lots 45 and 72, purchasers of such
lots shall be responsible, at their expense, for decking or
filling the open foundations on such lots and the contracts for
the sale of these lots shall so specify.
7.
The Village agrees that except for the street improve-
ments undertaken by st. Paul herein, that st. Paul, Cragin Service
Corporation and the First National Bank of Des Plaines as Trustee
under Trust No. 76412026 and each of them, shall be released from
any and all further obligations to complete, repair, replace or
pay for the completion, repair or replacement of any of the
public improvements within the Tree Farm Estates Subdivision.
8.
This Agreement shall constitute the final, and com-
plete Agreement between the parties herein for the resolution and
disposition of all outstanding, incomplete and/or defective items
, ,
of public improvements within the Tree Farm Estates Subdivision,
and this Agreement specifically supersedes the provisions of a
certain letter dated March 23, 1981, issued by Clifford C.
Scherer, a former Village Engineer, to Charles Romeo, Vice
President of St. Paul.
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9.
Thís Agreement has been duly authorized by action of
the Board'of Directors of St. Paul and by action of the Corporate
Authorities of the Village of Mount Prospect.
ST. PAUL FINANCIAL DEVELOPMENT
CORPORATION
By.2£¡ð~~~
~ presiâent' ",'
,VILLAGE OF MOUNT PROSPECT
BY
4,'.,", /,,"Æ.,', '~
-
ATTEST:
, ~ypj~
. Vi llage Clerk
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CORPORATE RESOLUTION
At a regular meeting of the Board of Directors of St. Paul
Financial Development Corporation held on the 27th day of
April 1981 at 6700 West North Avenue in Chicago, Illinois
where a quorum of the directors were present and Faustin
A. Pipal, Chairman of the Board presided, the following
resolution was presented, seconded and unanimously carried:
Whereas, it is desirable that St. ,Paul Financial
Development Corporation enter into an Agreement
with the Village of Mt. Prospect regarding the
Completion of Public Improvements in the Tree
Farm Estates subdivision in Mt. Prospect, Illinois, and
Whereas, the officers of the corporation have and
sha 11 negoti ate the terms of sai d agreement,
Be it resolved that the officers of the corporation
are autho~zed to execute said agreement and ~omply
with the terms therein.
I, Leo P. Dignan, as President and Acting
Secretary of St. Paul Financial Development
Corporation, an Illinois corporation, hereby
certify that the preceding is a true and correct
copy of the Resolution of the Board of Directors
of St. Paul Financial Development Corporation,
adopted at a regular meeting of the Board on
Apri 1 27, 1981.
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EXHIBIT A
RIDER TO AN AGREEMENT REGARDING COMPLETION OF P(JBLIC
IMPROVEMENTS IN THE TREE FARM ESTATES 'SUJ3DIVISION BE-
TWEEN THE VILLAGE OF MOUNT PROSPECT AND ST. PAUL
FINANCIAL DEVELOP~~NT CORÞORATfO&
The real estate referred to in this Agreement is legally
described as follows:
Lots Ie 2, 3, 4, 5, 6, 7, 8, 9, 10, ll, 12, 17, 20,
24, 26, 38, 45, 50, 5l, 61, 62, 64, 67, 68, 69, 70,
71, 72, 73, 74, 75, 76 and 78 in Tree Farm Estates,
being a subdivision of part of the South 1/2 of the
North East l/4of Section 25, Township 42 North,
Range l1, East of the Third Principal Meridian,
according to the plat thereof recorded as document
24113330, and registered in the office of the
Registrar of Titles of Cook County, Illinois as
Document LR2968l57 in Cook County, Illinois.
EXHIBIT "B"
Tree Farm Estates - Public Improvements
The following remain to be complete in connection with the public improve-
ments on the Tree Farm Estates Subdivision:
l.
Removal Df debris and grading of vacant sites with-
in the Subdivision - This work is still under way,
approximately 40~_complete.
2.
Purchase and plant 104 parkway trees throughout the
entire Tree Farm Estates Subdivision maintaining the
proper 50 foot Vilra~e required spacing.
3.
Install and/or replace 54l0 sq. ft. of parkway side-
walks at the locations shown on the attached map.
4.
Replace lOOO lineal feet or curbing at the locations
shown on the attached map.
5.
Make the necessary storm sewer and manhole repairs
and adjustments as shown on the attached punch list.
6.
Sewer TV inspections and other public improvement
inspection - inspections not complete until all public
improvements have been installed and/or repaired to
Village standards.
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April l.,
9al
TREE FARM ESTATES
,PUNCH LIST - ROADWAY UTILITIES
l.
2.
3.
4.
5.
!
6~
7.
8.
9.
10.
11.
l2.
13.
14.
l5.
l6.
catrh Basin - off center - adjustment rings cracked
) needs replacing and remortaring.
Inlet - Replace adjustment ring - mortar & center.
Catc~ Basin - Recenter frame and mortar.
Catch Basin - Mortar between frame & rings provide open
grate-lid.
Catch Basin - Recenter frame & mortar.
Manhole - replace adjustment ring, recenter & mortar.
Inlet - Recenter frame & mortar.
Catch Basin - Recenter frame & mortar.
Manhole
Manhole
- Needs mortar between frame & rings.
- Recenter & mortar between frame & rings.
- Rebuild
Inlet
Catch Basin - Redo bench
Catch Basin - Rebuild
Catch Basin - Needs mortar betwe~n frame & rings.
Manhole - Buried - raise and repair to standard..
Catch Basin - Replace ring & mortar between frame & rings.
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