The URL can be used to link to this page

Home My WebLink About5. OLD BUSINESS 8/16/05 mla 07/27/05 RESOLUTION NO. A RESOLUTION AUTHORIZING THE EXECUTION OF A RESTRICTIVE COVENANT FOR SIDEWALK IMPROVEMENTS 815 AND 901 SOUTH EDGEWOOD LANE WHEREAS, applicant, Larry McKone, has received approval from appropriate Village of Mount Prospect departments, to construct new single-family homes on the Subject Property, located at 815 and 901 South Edgewood Lane; and WHEREAS, Chapter 16 (Development Code) of the Village Code of Mount Prospect requires installation of sidewalks in conjunction with the development of property; and WHEREAS, in certain instances the installation of public improvements, including but not limited to sidewalks, is not feasible at the time of development, however the developer is required to provide those improvements as such time as the Village, Cook County, or Illinois Department of Transportation deems appropriate; and WHEREAS, the Mayor and Board of Trustees have determined that the best interests of the Village would be served by having the developer enter into a Restrictive Covenant, a copy of which is attached hereto and hereby made a part hereof as Exhibit "A", guaranteeing the installation of specified improvements at such a time as deemed reasonable and proper. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE' The Mayor and Board of Trustees do hereby authorize execution of a Restrictive Covenant, a copy of which Restrictive Covenant is attached hereto and hereby made a part hereof as Exhibit "A", for property commonly known as 815 and 901 South Edgewood Lane, which Restrictive Covenant guarantees the installation of public improvements in the form of sidewalks at such time as deemed necessary. fl 815 and 901 South Edgewood Lane Page 2/2 SECTION TWO' The Village Clerk is hereby directed to record with the Recorder of Deeds, a fully executed copy of the Agreement being the subject of this Resolution. SECTION THREE' This Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of ,2005 Jrvana K. Wilks Mayor ATTEST: M. Lisa Angell Village Clerk H:\ClKO\files\WIN\RES\Restrictive Cov,815and901 edgewoodaugust2005.doc RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND THE OWNER-DEVELOPER OF CERTAIN PROPERTY WITHIN SAID VILLAGE REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY 815 S. Edgewood and 901 S. E~gewobd, Mt. Prospect,IL WHEREAS, pursuant to the provisions of Chapter 15 entitled "Development" of the Village Code of Mount Prospect, Illinois certain public improvements are required to be constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, the schedule for accomplishing the construction and installation of such public improvements by the owner-developer of the property under development is often in conflict with other public improvement projects adjacent to or in the vicinity of the property so as to render the accomplishment of such public improvements by the owner-developer to be practically or economically unfeasible until the project can be combined with or scheduled so as to confonn with other public improvements affecting the subject property under development; and WHEREAS, such other public improvement projects are administered by the Village, County or State, officials over which the owner-developer has no control, and in some instances those improvements to be accomplished by the owner-developer with respect to the property under development cannot be completed until the other improvements under Village, County or State control have been accomplished; and WHEREAS, under such circumstances, it is deemed to be inequitable to delay de....elopment of the property under de....elopment or to require the o\vner-developer to establish a cash escrow, letter of credit or improvement bond for the purpose of guaranteeing the completion of required public improvements due to the delay caused by the intervening or subsequent accomplishment of other public improvement projects under administration and control of the Village. County or State: and WHEREAS, Chapter 15 of the Village Code of Mount Prospect, Illinois provides that in lieu of a cash escrow. letter of credit or development bond, the owner-developer may execute a restrictive covenant to be recorded and to run with the land as a guarantee that the required public improvements shall be completed with respect to the property under development. WH EREAS, the Village finds that it be in the best interests of the Village to accept a covenant to construct streetlights cur b s , gut t e r s sid e w' a 1 k.m the future. NOW, THEREFORE, in accordance with the provisions of the said Chapter 15 of the Village Code of Mount Prospect, Illinois, the Undersigned Owner does hereby covenant with the Village of Mount Prospect, an Illinois municipal corporation, as follows: I. The Undersigned is the Owner of the following described property within the Village of Mount Prospect, Illinois, to wit: (~ETTYSRURG ON EDGEWOOD . Bein~ a resubdivision of lot 25 in Busse Country Estates be1ng a su~division of the west 25 acres of that part of the west 1/2 of the northwest 1/4'of section 14, township 41 north, range 11 east of the third principal meridian lying north of Seegers Rd in Cook 2. A plan of development of the described property by the Undersigned has been approved Cou n t y , IL. by the Village of Mount Prospect. which approval includes the completion of the following public improvements contained in and provided as a part of the plans, to wit: The payment for the installation of streetlights cur b s., gut t e r s , sid e ,W a 1 k ~Iong 815 S.Edgewood & 901 S. Edgew6od', installed and constructed to Village Code. ;_':"f. . ",':'h. . '.;,....t.. 3. For a period of twenty (20) years commencing from the date of this Restrictive Covenant, the Undersigned shall undertake the above-stated improvements within sixty (60) days after being advised by the Village of Mount Prospect to commence such construction and installation work. The work shall continue without interruption or delay, until the improvements are completed in a satisfactory manner and in accordance with Village, County, and State plans and specifications. 4. This Covenant to complete public improvements shall run with the subject property for twenty (20) years. Nothing in the Covenant shall in any way prevent the alienation or sale of all or a portion of the subject property, except that the sale shall be subject to the provisions of this Restrictive Covenant and to the plan of development pertaining to the property. The new owner shall be both benefited and bound by the conditions and restrictions herein expressed of this Restrictive Covenant. 5. This Covenant shall be binding upon and shall inure to the benefit of the parties and their successors and assigns in title and interest. The provisions shall be enforceable in a proceeding at law or in equity against the person or persons seeking to violate it including an action for injunctive relief, specific perfonnance or to recover damages or other fines and penalties as may be establ ished in such violation. In the event that the o.....l1er-developer of the subject property fails to complete the required improvements or pay a proportionate share of the required improvements by other contractors within the specified time periods, the value of such improvements shall be entered as a lien against the property due and payable within sixty (60) days after notification to proceed with the improvements. tN WITNESS WHEREOF, the parties hereto have set their hands and seals this of .20 day ~~~- o R -:- j?1?~j 1/1f.-i..A OWNER ILLINOIS VILLAGE OF MOUNT PROSPECT, VILLAGE PRESIDENT ATTEST: VILLAGE CLERK