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Home My WebLink About6.3 Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE AUTHORIZING A FIRST AMENDMENT OF THE REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND 1ST EQUITY ACQUISITIONS, LLC FOR THE 10 N. MAIN APARTMENT PR4/15/2020 BoardDocs® Pro Agenda Item Details Meeting Apr 07, 2020 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m. Category 6. CONSENT AGENDA Subject 6.3 Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE AUTHORIZING A FIRST AMENDMENT OF THE REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND 1ST EQUITY ACQUISITIONS, LLC FOR THE 10 N. MAIN APARTMENT PROJECT LOCATED AT 10 N. MAIN STREET Access Public Type Action Preferred Date Apr 07, 2020 Absolute Date Apr 07, 2020 Fiscal Impact Yes Dollar Amount 205,808.00 Budgeted Yes Budget Source General Fund Recommended Action Enact an ordinance amending the redevelopment agreement for the 10 N. Main Street development to facilitate payment to 10 N. Main, LLC from the General Fund in an amount not to exceed $205,808 for design and construction of specified streetscape improvements in public rights-of-way adjacent to the project site. Public Content Information 10 N. Main, LLC is presently constructing a new residential development on the northwest corner of Central Road and Main Street. The project features a five (5) -story, 97 -unit apartment building with related amenities. Although, the property is located within the Prospect and Main TIF, the increment generated by the proposed project will be returned to all benefiting taxing districts annually as prescribed by a settlement agreement between the Village and Township High School District 214. Consequently, the project did not benefit directly from increment -derived TIF financial support. However, the Village did agree to write down the sale price of the property. It also waived permit and impact fees. These efforts were made in lieu of pledging tax increment to make the project financially feasible. This arrangement was memorialized in a redevelopment agreement approved by the Village Board on March 5, 2019. As a separate, distinct project, staff proposes to design and install streetscape improvements in the Central Road and Main Street rights-of-way immediately adjacent to the 10 N. Main project site. Proposed improvements include requisite earth excavation, poured concrete paver edging, brick paver sidewalk installation, and planter bed construction. Additional detail can be viewed in the attached engineering drawing depicting site improvements and proposed streetscape amenities. This work is tentatively slated to occur this summer after the developer completes exterior construction. https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 1/3 4/15/2020 BoardDocs® Pro While developing this project, staff met with 10 N. Main, LLC to coordinate work sequencing and permitting. 10 N. Main, LLC is responsible for securing a permit and then constructing the Main Street drop-off lane and both of the driveway entrances. These work elements are called out in the attached engineering drawing. The Village is responsible for the brick paver, concrete edging, and planter beds installed in the sidewalk space. Arguably, the most difficult work elements to receive an IDOT permit for construction are the drop-off lanes and driveway entrances. It is likely that the IDOT permit process will be protracted and involve several submittal and review iterations before a permit is issued. Comparatively, the permit process for brick pavers and planting beds is unremarkable and limpid. Clearly, the critical path for this project includes securing an IDOT permit for drop-off lanes and driveways as well as installing same. The layout for brick pavers, concrete edging, and planter beds will likely be adjusted based on IDOT approvals for site ingress/egress geometrics. 10 N. Main, LLC owns the critical path for this project. After considering this reality, staff and the developer agreed that the most efficient way to construct this project is with 10 N. Main, LLC as the lead agency. Consequently, staff asked the firm to provide a not -to -exceed fee for incorporating the Village's streetscape elements into their scope of work. The firm proposes to perform the work for $205,808. A copy of their detailed cost proposal is attached. In 2015, the Village constructed streetscape (brick pavers, concrete edging, and planter beds) improvements similar in concept to the proposed 10 North Main design along east Northwest Highway. Although a larger project in total area, and utilizing a less expensive concrete paver brick (instead of a clay -fired brick), the average cost to construct a similar streetscape improvement was $394 per linear foot. Adjusted for inflation, this cost equates to $430 per linear foot in 2020 dollars. In addition, staff's cost estimate for this particular project (excluding drop-off lane and driveway openings) was $277,300 or $468 per linear foot. 10 N. Main, LLC's cost proposal ($205,808) equates to $348 per linear foot. These costs are summarized in Table 1 below: Table 1 Northwest Highway 10 N. Main 10 N. Main Streetscape 2015 Engineer's Estimate 10 N. Main, LLC Proposal $430/LF $468/LF $348/LF It is the opinion of staff that the cost proposal submitted by 10 N. Main, LLC to construct the Village portion of streetscape improvements in the public rights-of-way near the northwest corner of Central Road and Main Street (IL Route 83) is competitive and cost-effective. In addition, staff has also concluded that assigning all right-of-way work to 10 N. Main, LLC is the most effective way to proceed with this project. It avoids multiple IDOT permit applications, limits permit revisions, mitigates permitting and scheduling delays, and generally lessens the potential for multiple contractors to be working in the same space, at the same time, working for different owners, under a tight timeline. Alternatives 1. Pass an ordinance amending the redevelopment agreement for the 10 N. Main development project. 2. Action at discretion of Village Board. Staff Recommendation Staff recommends that the Village Board enact an ordinance amending the redevelopment agreement for the 10 N. Main Street development to facilitate payment to 10 N. Main, LLC from the General Fund in an amount not to exceed $205,808 for design and construction of specified streetscape improvements in public rights-of-way adjacent to the project site. https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 2/3 4/15/2020 BoardDocs® Pro 10 N Main Layout Plan with LLC Callouts.pdf (978 KB) ROW COST OF WORK ANALYSIS REV 2.pdf (132 KB) Central and Main RDA - 3-1-19 (002) (002).pdf (523 KB) Ordinance re Approving First Amendment to RDA.pdf (148 KB) 20-03-09_MP Central and Main First Amendment-.pdf (47 KB) Administrative Content Executive Content Motion & Voting Enact an ordinance amending the redevelopment agreement for the 10 N. Main Street development to facilitate payment to 10 N. Main, LLC from the General Fund in an amount not to exceed $205,808 for design and construction of specified streetscape improvements in public rights-of-way adjacent to the project site. Motion by Michael Zadel, second by William Grossi. Final Resolution: Motion Carries Yea: Paul Hoefert, William Grossi, Eleni Hatzis, Colleen Saccotelli, Michael Zadel, Richard Rogers https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 3/3