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HomeMy WebLinkAbout7.1 A RESOLUTION AUTHORIZING EXECUTION OF A SALES TAX SHARING AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND SPEED-GMX MOUNT PROSPECT, LLC TO COVER A PORTION OF THE COST OF INSTALLING A TRAFFIC SIGNAL ON RAND ROAD4/16/2020 BoardDocs® Pro Agenda Item Details Meeting Dec 10, 2019 - SPECIAL MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m. Category 7. NEW BUSINESS Subject 7.1 A RESOLUTION AUTHORIZING EXECUTION OF A SALES TAX SHARING AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND SPEED-GMX MOUNT PROSPECT, LLC TO COVER A PORTION OF THE COST OF INSTALLING A TRAFFIC SIGNAL ON RAND ROAD Access Public Type Action Preferred Date Dec 10, 2019 Absolute Date Dec 10, 2019 Fiscal Impact Yes Dollar Amount 400,000.00 Budgeted No Budget Source Sales and food and beverage taxes generated by subject property Recommended Action Approve the resolution granting a Sales Tax Sharing Agreement with Speed-GMX Mount Prospect, LLC Public Content Information The Village approved the Mount Prospect Pointe development located at 801 E. Rand Road in 2018 which includes four commercial buildings on the former Mitchell Buick property. The developer, Speed-GMX Mount Prospect, LLC, has completed the construction of three of the buildings and the site work and has successfully recruited Buona Beef, Texas Roadhouse and The Tile Shop to locate within the development. Buona Beef opened on December 4th and the other two retailers will be opening in early 2020, adding three national tenants to the Rand Road corridor. As part of the project approval, the Village required that Speed-GMX Mount Prospect, LLC pursue the installation of a traffic signal on Rand Road through the IDOT permitting process and pay all costs associated with the installation of the signal. The proposed signal would be located at the intersection with the northern access drive serving Walmart. They have been working with IDOT over the past year towards that goal and recently obtained their approval to install the traffic signal. Although it is good news that IDOT has approved the signal installation, the scope of that work has increased significantly from what was initially projected and is not financially feasible for Speed-GMX Mount Prospect, LLC. They had initially budgeted $400,000 for the signal installation, but the expanded scope of the project has increased the cost to over $900,000. The expanded scope includes roadway improvements, relocation of light poles, electrical work and more. While Speed-GMX Mount Prospect, LLC agrees that the traffic signal is an integral part of the project and would improve traffic flow in and around the project, they have indicated that they can't afford the increased costs of the expanded scope from IDOT. Speed-GMX has requested that the Village share in the cost of the installation through a sales tax sharing agreement that would be funded through sales taxes generated by the project. Staff requested that Speed-GMX Mount Prospect, LLC provide a detailed project budget that demonstrates the need for Village assistance. Village staff then had financial consultant SB Friedman Development Advisors review and analyze project https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 1/2 4/16/2020 BoardDocs® Pro pro -forma and budget information. SB Friedman opined that the project was unprofitable without the requested assistance and that their ask brought the project return within industry standards for similar projects. The Village views the traffic signal not only as an integral component of the Mount Prospect Pointe project, but also as a key component of the Village's efforts to improve the Rand/Central/Mount Prospect Road intersection. Those plans would modify that intersection to limit certain traffic movements from the Mount Prospect Plaza and install traffic signals on Rand Road (subject signal) and Central Road to move traffic away from the existing traffic signal serving the Plaza. The installation of the subject traffic signal would be the first step towards the area -wide improvements and are included in the completed Rand/Central/Mount Prospect Road Phase I intersection improvement study. The attached sales tax sharing agreement would obligate the Village to share 50% of all sales and food and beverage taxes generated from the property with Speed-GMX Mount Prospect, LLC up to a maximum reimbursement amount of $400,000 to cover a portion of the cost to install the traffic signal. The term of the agreement is for ten years, though it is estimated that the total amount would be paid back in approximately 4 years. Year 1 revenue estimates for the project are at $223,100. Staff is supportive of the agreement. Alternatives 1. Approve the resolution granting a Sales Tax Sharing Agreement with Speed-GMX Mount Prospect, LLC. 2. Action at discretion of Village Board. Staff Recommendation Staff recommends that the Village Board approve the resolution granting a Sales Tax Sharing Agreement with Speed- GMX Mount Prospect, LLC. This signal is critical to safe access to the Mount Prospect Pointe retail center and is required to make future downstream improvements at the intersection of Rand, Central and Mount Prospectc Roads. Administrative Content Executive Content Motion & Voting Approve the resolution granting a Sales Tax Sharing Agreement with Speed-GMX Mount Prospect, LLC Motion by Michael Zadel, second by Paul Hoefert. Final Resolution: Motion Carries Yea: William Grossi, Eleni Hatzis, Paul Hoefert, Richard Rogers, Colleen Saccotelli, Michael Zadel https://go.boarddocs.com/il/vomp/Board.nsf/Private?open&login 2/2 RESOLUTION NO. A RESOLUTION AUTHORIZING EXECUTION OF A SALES TAX SHARING AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND SPEED-GMX MOUNT PROSPECT, LLC WHEREAS, the Village of Mount Prospect is a home rule unit of government pursuant to the Illinois Constitution of 1970; and WHEREAS, 65 ILC S 5/8-1-2.5 (the "Economic Development Act") authorizes municipalities to expend funds for economic development purposes within their corporate limits; and WHEREAS, Speed-GMX Mount Prospect, LLC (the "Company") is the fee holder of the property commonly known as 801 to 841 East Rand Road, Mount Prospect, Illinois (the "North Parcel") which is improved with three buildings, parking and other ancillary improvements; and WHEREAS, the Company is formerly the fee title holder of the property commonly known as 861 East Rand Road, Mount Prospect, Illinois (the South Parcel") which is improved with a single building, parking and other ancillary improvements. The North Parcel and the South Parcel are referred herein as the "Property"; and WHEREAS, the Company intends to install a traffic signal and related improvements that will benefit the Village, its residents, the Company, businesses operating on the Property and customers of those businesses; and WHEREAS, the Company has requested that the Village rebate a portion of the Sales Taxes and Food and Beverage Taxes that are attributable to the property and received by the Village for a certain period of time to cover the costs associated with the Signal Improvements; and WHEREAS, the Village has agreed to reimburse the Company an amount not to exceed $400,000 for Signal Improvement cost on the terms set forth in the Tax Sharing Agreement: and WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect have deemed that the best interests of the Village will be served by entering into the Tax Sharing Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, PURSUANT TO ITS HOME RULE POWERS: SECTION ONE: The Board of Trustees of the Village of Mount Prospect do hereby authorize and direct the Mayor to execute the Tax Sharing Agreement between the Village of Mount Prospect and Speed-GMX Mount Prospect, LLC, attached hereto and made a part of this Resolution 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: NAYS: ABSENT: PASSED and APPROVED this 10th day of December, 2019 Arlene A. Juracek Mayor ATTEST: Karen M. Agoranos Village Clerk TAX SHARING AGREEMENT THIS TAX SHARING AGREEMENT (the "Agreement") is entered into on this of , 20 (the "Effective Date") by and between the Village of Mount Prospect, Illinois, an Illinois municipal corporation (hereinafter referred to as the "Village") and Speed-GMX Mount Prospect, LLC, a Delaware limited liability company (hereinafter referred to as the "Company"). WITNESSETH: WHEREAS, the Village is a home rule unit of government and pursuant to Section 10 of Article VII of the Constitution of the State of Illinois is authorized to contract or otherwise associate with individuals in any manner not prohibited by law or by ordinance. WHEREAS, 65 ILCS 5/8-1-2.5 (the "Economic Development Act") authorizes municipalities to expend funds for economic development purposes within their corporate limits. WHEREAS, the Company is the fee title holder of the property commonly known as 801 to 841 East Rand Road, Mount Prospect, Illinois (the "North Parcel") which is improved with three buildings, parking, and other ancillary improvements. The North Parcel is legally described on Exhibit "A" attached hereto and made a part of hereof. WHEREAS, the Company is the formerly the fee title holder of the property commonly known as 861 East Rand Road, Mount Prospect, Illinois (the "South Parcel") which is improved with a single building, parking and other ancillary improvements. The South Parcel is legally described on Exhibit "6" attached hereto and made a part hereof. The North Parcel and the South Parcel are collectively referred to herein as the "Property." WHEREAS, it is intended that a variety of retail, restaurant and service uses will operate on the Property. 1 WHEREAS, the Company intends to install a traffic signal and related improvements at the main point of ingress/egress to the Property (the "Signal Improvements") that will benefit the Village, its residents, the Company, businesses operating on the Property and customers of those businesses. WHEREAS, the budget for the Signal Improvements is approximately $900,000. WHEREAS, because of the extraordinary costs associated with the Signal Improvements, the Company has requested that the Village rebate a portion of the Sales Taxes and Food and Beverage Taxes, as those terms are defined below, that are attributable to the Property and received by the Village for a certain period of time in order to cover certain of those extraordinary costs. WHEREAS, without the Village assistance, the Company would not undertake the Signal Improvements. WHEREAS, pursuant to the Economic Development Act, the Village has determined that the Signal Improvements will promote economic development and strengthening the tax base within the Village by providing (a) more orderly and efficient movement of traffic on East Rand Road; (b) better opportunities for customers to patronize businesses on the Property; and (c) better opportunities to patronize businesses in the Rand Road corridor. WHEREAS, based on these findings, the Village has agreed to reimburse the Company up to a maximum of $400,000 for Signal Improvements costs on the terms and conditions set forth in this Agreement. N NOW THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter contained, the adequacy and sufficiency of which the parties hereto stipulate, the Village and the Company agree as follows: Section 1. Incorporation of Recitals. The recitals set forth hereinabove are incorporated herein by reference as substantive provisions of this Agreement. Section 2. Definitions. For purposes of this Agreement, terms not otherwise defined herein shall have the following meanings: "Business Commencement Date" — mean the date upon which the first business on the Property opens to the general public. "Department" — means the Illinois Department of Revenue. "Distribution" — means a distribution of an amount equal to a portion of Sales Taxes and Food and Beverage Taxes generated by businesses on the Property and made pursuant to the terms of this Agreement. "Food and Beverage Taxes" — means the Food and Beverage Tax imposed by the Village pursuant to Chapter 8 of the Village Municipal Code, all as may be supplemental and amended from time to time or substitute taxes therefore as provided by the Village in the future. "Maximum Reimbursement Amount" — means the sum total of Taxes that the Company may receive from the Village pursuant to this Agreement which amount shall not exceed Four Hundred Thousand Dollars and No Cents ($400,000.00). "Sales Tax(es)" —means (a) the local distributive share of any and all of those taxes imposed by the State of Illinois pursuant to the Use Tax Act, the Service Use Tax Act, the Service 3 Occupation Tax Act and the Retailer's Occupation Tax Act, each as supplemented and amended from time to time, or substitute taxes therefore as provided by the State of Illinois in the future and (b) the Home Rule Municipal Service Occupation Tax and the Home Rule Municipal Retailer's Occupation Tax, imposed by the Village pursuant to Chapter 8 of the Municipal Code, or any other home rule municipal use, retail or service occupation tax imposed by the Village, all as may be supplemented and amended from time to time, or substitute taxes therefore as provided by the Village in the future. "Tax Participation Period" —means the earlier to occur of (a) a period of ten (10) years from the Business Commencement Date, and (b) the total amount of Distributions paid to the Company by the Village equals the Maximum Reimbursement Amount. "Tax Year(s)" —means the twelve (12) consecutive month period starting on the first day of the first month following the Business Commencement Date and ending on the last day of the month that is twelve (12) months later, and each consecutive succeeding twelve (12) month period thereafter. "Taxes" — means, collectively, Food and Beverage Taxes and Sales Taxes. Section 3. Installation of Signal Improvements. The Company shall secure all necessary permits and approvals in order to install the Signal Improvements within thirty (30) days of the Effective Date. After the Company has secured the necessary permits and approvals, it shall commence installation of the Signal Improvements within thirty (30) days of receipt of the last permit or approval necessary for the Signal Improvements and shall diligently pursue completion thereof in accordance with all applicable permits and approvals. Upon completion of the Signal Improvements, the Company shall notify the Village (such notice, the "Completion Notice"). C! Within ten (10) days of receipt of the Completion Notice, the Village shall inspect the Signal Improvements to confirm that they are in a suitable condition for the Village to take title to such improvements. If the Signal Improvements are not in such a condition, then the Village shall provide a reasonably detailed notice to the Company regarding the actions the Company must take to complete the Signal Improvements and for the Village to take title to such improvements. Upon the Village determination that the Signal Improvements are complete and in a satisfactory condition, the Company shall quit claim via a bill of sale in a form mutually agreed upon by the parties, and the Village shall accept, all right, title and interest on and to the Signal Improvements. The Village's acceptance of the Signal Improvements shall evidence that the Company has performed its obligations pursuant to this Section 3. Section 4. Tax Distributions. (a) The Company shall provide notice to the Village of the Business Commencement Date. On and after the Business Commencement Date, the Village shall distribute an amount equal to fifty percent (50%) of the Taxes generated by businesses on the Property for each Tax Year during the Tax Participation Period, to the extent such Taxes are received by the Village until such time as the Company has received the Maximum Reimbursement Amount. Such Distributions shall be made to the Company at the address set forth in Section 9 unless the Company requests that Distributions be made via wire pursuant to instructions provided by the Company. (b) For each Tax Year during the Tax Participation Period, the Village shall make two (2) Distributions. The Village shall compute the Taxes for each six (6) month period constituting a Tax Year and make Distributions as provided in Section 4(a). The 5 Village will issue the payment biannually within 60 days from the date when the payment is received from the State for the last month of the biannual period for which the tax is shared, provided the Village shall have first actually received from the Department the distribution of Taxes applicable to the semi-annual period in question, and each Distribution shall be accompanied by correspondence from the Village setting forth in reasonable detail the determination of such Distribution. If the payment due date does not fall on a business day, payment shall be made on the next following business day. If the Department fails to distribute the Taxes due to the Village that are generated by businesses on the Property on or before thirty (30) days of the close of any semi-annual period of a Tax Year, then the Village shall make the required semi-annual Distribution within a reasonable period of time after it shall have received from the Department the Taxes due to the Village for such semi-annual period. (c) By way of example only, if the Business Commencement Date is March 15, 2020, the first Tax Year would be April 1, 2020 to March 31, 2021. The Village would be obligated to calculate Taxes generated on the Property and received by the Village during the periods April 1, 2020 to September 30, 2020 and October 1, 2020 to March 311 2021. The Village would then be obligated to make a Distribution within sixty (60) days of the end each six (6) month period of the Tax Year. (d) The Village agrees that the Company shall have priority over any private party's right to receive Taxes generated by businesses on the Property and received by the Village during the term of this Agreement. The Village further agrees that it X shall not pledge, encumber or allocate such portion of the Taxes for any other purpose other than performance of the Village's obligations pursuant to the Agreement without the Company's consent. Section 5. Changes in Sales Tax Law. The parties acknowledge that the agreement to distribute Taxes herein provided is predicated on existing law in the State of Illinois providing for the payment by the Department to Illinois municipalities of one percent (1%) of the taxable sales generated within each municipality and the Home Rule Municipal Service Occupation Tax and the Home Rule Municipal Retailer's Occupation Tax, imposed by the Village pursuant to Chapter 8 of the Municipal Code. The General Assembly of the State of Illinois, from time to time, has considered modifying or eliminating the distribution of sales tax revenues to Illinois municipalities. In the event that the Illinois General Assembly and the Governor by law hereafter eliminate the distribution of sales tax revenues to Illinois municipalities, or otherwise alter the distribution of sales tax revenues to Illinois municipalities in a manner that reduces the sales tax revenues received by the Village, or otherwise alter the distribution formula in a manner which prevents the Village from being able to ascertain with specificity the amount of Sales Taxes being received by the Village that are generated by the businesses on the Property, the Village and the Company shall cooperate to identify an alternate source of revenue generated by the Property and received by the Village, but expressly excluding real property taxes, in order to place the Company in the same economic position had the change in law not occurred and undertake good faith efforts to amend this Agreement to reflect the change in law and the alternate source of revenue. 7 Section 6. Amended Returns and Audits. If, as a result of an amended tax return filed with either the Department or the Village, the Village owes an additional Distribution to the Company, such Distribution shall be made promptly upon receipt by the Village of such additional Taxes. If, as a result of an amended return, the Village is entitled to receive a portion of a Distribution back, the Company shall repay such amount to the Village within thirty (30) days of written notice from the Village. If an audit by the Department results in adjustment to tax returns previously submitted upon which Distributions were made, upon final disposition of any changes made asa result of such audit, any amount due and owing toa party shall be made in the manner described in the preceding paragraph. The obligations set forth in this Section 6 shall survive for a period of twenty-four (24) months from the date of the last Distribution hereunder. Section 7. Limitations on Distributions. The Distributions set forth herein shall be subject to the following additional terms and conditions: (a) The amount of Distributions, if any, shall be based solely from Taxes, as appropriate, actually received by the Village and generated by businesses on the Property, and the Village shall not be obligated to make any Distributions identified herein from any other fund or source except as described in Section 4. However, the Village reserves the right to make Distributions from any funding source it deems appropriate. The obligation of the Village created by or arising under this Agreement shall not be a general debt of the Village or a charge against its general credit or taxing powers (unless the Village fails to perform its obligations under this Agreement after notice and an opportunity to cure), and no recourse shall be had for any payment required to be made under this Agreement an against any officer, employee, attorney, elected or appointed official, past, present or future, of the Village. (b) The Village shall not be required to effect any Distribution(s) from any Taxes generated after expiration of the Tax Participation Period except in the event (i) of an audit or amended return as described in Section 6 and (ii) the Company has not received the Maximum Reimbursement Amount as of the expiration of the Tax Participation Period in which case the Village shall be obligated to effect a Distribution based on Taxes receive during the last six (6) month period of the last Tax Year. The Village's obligation set forth in this Section 7(b) shall survive the term of this Agreement. Section 8. Appropriation. The Village shall provide for payments required under this Agreement in its annual budget ordinance for the fiscal year in which such payment may be due. Section 9. Notices. All notices and requests required pursuant to this Agreement shall be sent by certified mail as follows: To the Company: Speed-GMX Mount Prospect, LLC 400 North Street Suite 805 Chicago, Illinois 60654 Attn: Jonathon Feld with copies to: Horwood Marcus & Berk 500 West Madison Suite 3700 Chicago, Illinois 60661 Attn: Kristin L. Dunlap To the Village: Village of Mount Prospect 50 South Emerson Street 01 Mount Prospect, Illinois 60056 Attn: Village Manager with copies to: Klein, Thorpe & Jenkins, Ltd. 20 North Wacker Drive Chicago, Illinois 60606 Attn: Lance Malina or at such other addresses as the parties may indicate in writing to the other either by personal delivery or by certified or registered mail, return receipt requested, with proof of delivery thereof. Section 10. Law Governing/Venue. This Agreement shall be construed and enforced in accordance with the laws of the State of Illinois. Any dispute arising under or in connection with this Agreement or related to any matter which is the subject of this Agreement shall be subject to the exclusive jurisdiction of the Illinois state courts. Section 11. Assignments. The Company shall be permitted to assign this Agreement to a successor in title or ground lessee of the North Parcel provided the Company notifies the Village of such assignment at least thirty (30) days prior to such assignment. All other assignments of this Agreement shall require Village consent which shall not be unreasonably withheld or conditioned; provided, however, nothing contained herein shall be construed as limiting the Company's rights to assign this Agreement to an entity controlling or controlled by the Company, a joint venture of which the Company is a general partner, or a lender so long as the Company notifies the Village of such assignment. The parties acknowledge that this Agreement imposes obligations and confers rights upon the Company and is not a covenant running with the land. 10 Section 12. Third Party Beneficiaries. The Village and the Company agree that this Agreement is for the benefit of the parties hereto and not for the benefit of any third party beneficiary. No third party shall have any rights or claims against the Village arising from this Agreement. Section 13. Time. Time is of the essence under this Agreement and all time limits set forth are mandatory and cannot be waived except by a lawfully authorized and executed written waiver by the party excusing such timely performance. Section 14. Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the Village, the Company and the Company's permitted assigns. Section 15. No Waiver or Relinquishment of Right to Enforce Agreement. Failure of any party to this Agreement to insist upon the strict and prompt performance of the terms, covenants, agreements and conditions herein contained, or any of them, upon any other party imposed, shall not constitute or be construed as a waiver or relinquishment of any party's right thereafter to enforce any such terms, covenant, agreement or conditions, but the same shall continue in full force and effect. Section 16. Section Headings and Subheadings. All section headings or other headings in this Agreement are for general aid of the reader and shall not limit the plain meaning or application of any of the provisions thereunder whether covered or relevant to such heading or not. Section 17. Amendment. This Agreement sets forth all the promises, inducements, agreements, conditions and understandings between the Company and the Village relative to the subject matter thereof, and there are no promises, agreements, conditions or understandings, 11 either oral or written, express or implied, between them, other than as herein set forth. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the parties hereto unless authorized in accordance with law and reduced in writing and signed by them. However, whenever under the provisions of this Agreement any notice or consent of the Village or the Company is required, or the Village or Company is required to agree to or take some action at the request of the other, such approval or such consent or such request shall be given for the Village, unless otherwise provided for herein, by the Village Manager or his designee and for the Company by any officer or employee the Company so authorizes. Section 18. Counterparts. This Agreement may be executed in two (2) or more counterparts each of which taken together, shall constitute one and the same instrument. Section 19. Default. In the event of any default under of violation of this Agreement, the party not in default or violation shall serve written notice upon the party or parties in default or violation, which notices shall be in writing and shall specific the particular violation or default. All parties hereto reserve the right to cure any violation of this Agreement or default by any of them hereunder within thirty (30) days from written notice of such default or such additional period as may reasonably be required to cure such default. In the event that such default is not cured, the non -defaulting party shall have all rights, in law and in equity, to enforce its rights under this Agreement. Should it become necessary to bring legal action or proceedings to enforce this Agreement, or any portion thereof, or to declare the effect of the provisions of this Agreement, the prevailing party shall be entitled to recover or offset against sums due, its costs, including reasonable attorneys' and consultant fees, in addition to whatever other relief the prevailing party may be entitled. RIP) Section 20. Severability. If any provision of this Agreement is held invalid by a court of competent jurisdiction, such provision shall be deemed to excised herefrom and the invalidity thereof shall not affect any of the other provision contained herein. Section 21. Term. This Agreement shall be effective upon the Effective Date and shall continue in effect, subject to the survival provisions in Sections 6 and 7, until the earlier of (a) the date that is ten (10) years from the Business Commencement Date and (b) the date the Company receives the Maximum Reimbursement Amount. 13 IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the date and year first written above. ATTEST: Village Clerk ATTEST: VILLAGE OF MOUNT PROSPECT, an Illinois municipal corporation, in Mayor SPEED-GMX MOUNT PROSPECT, LLC, a Delaware limited liability company, By: Speed Wagon Property Management, LLC, a Delaware limited liability company, its Manager kEA1 Jason Schiffman, Manager STATE OF ILLINOIS ) SS. COUNTY OF COOK ) I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that , Mayor of the VILLAGE OF MOUNT PROSPECT, and , Village Clerk of said Village, personally known to me to be the same persons whose names are subscribed to the foregoing instrument as such Mayor and Village Clerk, respectively appeared before me this day in person and acknowledged that they signed and delivered the said instrument, as their own free and voluntary act and as the free and voluntary act of said Village, for the uses and purposes therein set forth; and the said Village Clerk then and there acknowledged that she, as custodian of the corporate seal of said Village, did affix the corporate seal of said Village to said instrument, as her own free and voluntary act and as the free and voluntary act of said Village, for the uses and purposes therein set forth. GIVEN under my hand and Notarial Seal this I day of , 20 Notary Public 15 STATE OF ILLINOIS SS COUNTY OF COOK I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that Jason Shiffman, manager of Speed Wagon Property Management, LLC, a Delaware limited liability company, manager of Speed-GMX Mount Prospect, LLC, personally known to me to be the same person whose name is subscribed to the foregoing instrument as such manager, appeared before me this day in person and acknowledged that he signed and delivered the said instrument, as his own free and voluntary act and as the free and voluntary act of said Company, for the uses and purposes therein set forth. Given under my hand and Notarial Seal this I day of , 20_. Notary Public 16 EXHIBIT "A" LEGAL DESCRIPTION OF THE NORTH PARCEL LOT 1 IN MOUNT PROSPECT POINTE, BEING A SUBDIVISION OF PART OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED MAY 3114 2019 AS DOCUMENT NUMBER 1915116042, LESS AND EXCEPTING: COMMENCING AT THE SOUTHWEST CORNER OF SAID LOT 1; THENCE SOUTH 89 DEGREES 53 MINUTES 42 SECONDS EAST ALONG THE SOUTH LINE OF SAID LOT 111 A DISTANCE OF 268.85 FEET; THENCE NORTH 00 DEGREES 06 MINUTES 18 SECONDS EAST, PERPENDICULAR TO THE LAST DESCRIBED COURSE, 28.95 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00 DEGREES 10 MINUTES 07 SECONDS WEST, 5.00 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES 53 SECONDS WEST, 2.67 FEET; THENCE NORTH 00 DEGREES 10 MINUTES 06 SECONDS WEST, 52.67 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES 53 SECONDS WEST, 15.00 FEET TO A POINT OF CURVATURE; THENCE WESTERLY, NORTHWESTERLY AND NORTHERLY ALONG A CURVE CONCAVE NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 3.00 FEET, A CHORD BEARING OF NORTH 45 DEGREES 10 MINUTES 07 SECONDS WEST, A CHORD LENGTH OF 4.24 FEET, AN ARC LENGTH OF 4.71 FEET TO A POINT OF TANGENCY; THENCE NORTH 00 DEGREES 10 MINUTES 07 SECONDS WEST TANGENT TO THE LAST DESCRIBED COURSE, 0.17 FEET TO A POINT OF CURVATURE; THENCE NORTHERLY, NORTHEASTERLY AND EASTERLY ALONG A CURVE CONCAVE SOUTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 6.00 FEET, A CHORD BEARING OF NORTH 44 DEGREES 49 MINUTES 50 SECONDS EAST, A CHORD LENGTH OF 8.49 FEET, AN ARC LENGTH OF 9.42 FEET TO A POINT OF TANGENCY; THENCE NORTH 89 DEGREES 49 MINUTES 48 SECONDS EAST, TANGENT TO THE LAST DESCRIBED COURSE, 197.17 FEET; THENCE SOUTH 00 DEGREES 10 MINUTES 07 SECONDS EAST, 73.61 FEET TO A POINT OF CURVATURE; THENCE SOUTHERLY, SOUTHWESTERLY AND WESTERLY ALONG A CURVE CONCAVE NORTHWESTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 12.50 FEET, A CHORD BEARING OF SOUTH 44 DEGREES 50 MINUTES 02 SECONDS WEST, A CHORD LENGTH OF 17.68 FEET, AN ARC LENGTH OF 19.64 FEET TO A POINT OF TANGENCY; THENCE SOUTH 89 DEGREES 50 MINUTES 11 SECONDS WEST, TANGENT TO THE LAST DESCRIBED COURSE, 104.08 FEET TO A POINT OF CURVATURE; THENCE WESTERLY AND NORTHWESTERLY ALONG A CURVE CONCAVE NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 48.70 FEET, A CHORD BEARING OF NORTH 66 DEGREES 32 MINUTES 19 SECONDS WEST, A CHORD LENGTH OF 39.03 FEET, AN ARC LENGTH OF 40.16 FEET; THENCE NORTH 42 DEGREES 54 MINUTES 50 SECONDS WEST, TANGENTTO THE LAST DESCRIBED COURSE, 5.15 FEET; THENCE SOUTH 89 DEGREES 28 MINUTES 23 SECONDS WEST, 26.66 FEET TO THE POINT OF BEGINNING, IN COOK COUNTY, ILLINOIS. EXHIBIT "B" LEGAL DESCRIPTION OF THE SOUTH PARCEL THAT PART OF LOT 1 IN MOUNT PROSPECT POINTE, BEING A SUBDIVISION OF PART OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 351 TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED MAY 311 2019 AS DOCUMENT NUMBER 1915116042, DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID LOT 1; THENCE SOUTH 89 DEGREES 53 MINUTES 42 SECONDS EAST ALONG THE SOUTH LINE OF SAID LOT 11 A DISTANCE OF 268.85 FEET; THENCE NORTH 00 DEGREES 06 MINUTES 18 SECONDS EAST, PERPENDICULAR TO THE LAST DESCRIBED COURSE, 28.95 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00 DEGREES 10 MINUTES 07 SECONDS WEST, 5.00 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES 53 SECONDS WEST, 2.67 FEET; THENCE NORTH 00 DEGREES 10 MINUTES 06 SECONDS WEST, 52.67 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES 53 SECONDS WEST, 15.00 FEET TO A POINT OF CURVATURE; THENCE WESTERLY, NORTHWESTERLY AND NORTHERLY ALONG A CURVE CONCAVE NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 3.00 FEET, A CHORD BEARING OF NORTH 45 DEGREES 10 MINUTES 07 SECONDS WEST, A CHORD LENGTH OF 4.24 FEET, AN ARC LENGTH OF 4.71 FEET TO A POINT OF TANGENCY; THENCE NORTH 00 DEGREES 10 MINUTES 07 SECONDS WEST TANGENT TO THE LAST DESCRIBED COURSE, 0.17 FEET TO A POINT OF CURVATURE; THENCE NORTHERLY, NORTHEASTERLY AND EASTERLY ALONG A CURVE CONCAVE SOUTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 6.00 FEET, A CHORD BEARING OF NORTH 44 DEGREES 49 MINUTES 50 SECONDS EAST, A CHORD LENGTH OF 8.49 FEET, AN ARC LENGTH OF 9.42 FEET TO A POINT OF TANGENCY; THENCE NORTH 89 DEGREES 49 MINUTES 48 SECONDS EAST, TANGENT TO THE LAST DESCRIBED COURSE, 197.17 FEET; THENCE SOUTH 00 DEGREES 10 MINUTES 07 SECONDS EAST, 73.61 FEET TO A POINT OF CURVATURE; THENCE SOUTHERLY, SOUTHWESTERLY AND WESTERLY ALONG A CURVE CONCAVE NORTHWESTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 12.50 FEET, A CHORD BEARING OF SOUTH 44 DEGREES 50 MINUTES 02 SECONDS WEST, A CHORD LENGTH OF 17.68 FEET, AN ARC LENGTH OF 19.64 FEET TO A POINT OF TANGENCY; THENCE SOUTH 89 DEGREES 50 MINUTES 11 SECONDS WEST, TANGENT TO THE LAST DESCRIBED COURSE, 104.08 FEET TO A POINT OF CURVATURE; THENCE WESTERLY AND NORTHWESTERLY ALONG A CURVE CONCAVE NORTHEASTERLY, TANGENT TO THE LAST DESCRIBED COURSE, HAVING A RADIUS OF 48.70 FEET, A CHORD BEARING OF NORTH 66 DEGREES 32 MINUTES 19 SECONDS WEST, A CHORD LENGTH OF 39.03 FEET, AN ARC LENGTH OF 40.16 FEET; THENCE NORTH 42 DEGREES 54 MINUTES 50 SECONDS WEST, TANGENTTO THE LAST DESCRIBED COURSE, 5.15 FEET; THENCE SOUTH 89 DEGREES 28 MINUTES 23 SECONDS WEST, 26.66 FEET TO THE POINT OF BEGINNING, IN COOK COUNTY, ILLINOIS. 112875.000001 4847-3438-6860.2