HomeMy WebLinkAbout 5.4 A RESOLUTION APPROVING THE AMENDMENT OF A REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND PARK TERRACE MOUNT PROSPECT LLC.4/16/2020 BoardDocs® Pro
Agenda Item Details
Meeting Aug 07, 2019 - SPECIAL MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m.
Category 5. CONSENT AGENDA
Subject 5.4 A RESOLUTION APPROVING THE AMENDMENT OF A REDEVELOPMENT AGREEMENT
BETWEEN THE VILLAGE OF MOUNT PROSPECT AND PARK TERRACE MOUNT PROSPECT LLC.
Access Public
Type Action (Consent)
Preferred Date Aug 07, 2019
Absolute Date Aug 07, 2019
Fiscal Impact No
Recommended Action Approve the amendment of a Redevelopment Agreement between the Village of Mount
Prospect and Park Terrace Mount Prospect, LLC.
Public Content
Information
The development team for the Park Terrace development, Park Terrace Mount Prospect LLC, has requested a minor
amendment to the approved Redevelopment Agreement (RDA) for the project. Section 1.F and Exhibit D of the RDA
describe the residential units in the project as townhomes while they have been marketing and selling the units as
single-family attached units. Their attorney noticed the discrepancy while reviewing the closing documents for these
units and recommends that the RDA be amended to reflect how they are being marketed and sold.
Staff has no objections to the request.
Alternatives
1. Approve the amendment of a Redevelopment Agreement between the Village of Mount Prospect and Park Terrace
Mount Prospect, LLC.
2. Action at discretion of Village Board.
Staff Recommendation
Staff recommends that the Village Board authorize the Village Manager to execute the amendment of a
Redevelopment Agreement between the Village of Mount Prospect and Park Terrace Mount Prospect, LLC.
Village of Mt Prospect—Community Development—Resolution approving the amendment of RDA between
Villa.pdf (69 KB)
Administrative Content
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Executive Content
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All items under Consent Agenda are considered routine by the Village Board and will be enacted by one motion. There
will be no separate discussion of those items unless a Board member or member from the audience so requests, in
which the item will be removed from the Consent Agenda and considered in its sequence on the agenda.
Motion & Voting
Accept the monthly financial report for June 2019.
Motion by Paul Hoefert, second by Michael Zadel.
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