HomeMy WebLinkAboutOrd 6517 5/05/2020 Second Amendment to the redevelopment agreement for the Maple Street LoftORDINANCE NO. 6517
AN ORDINANCE AUTHORIZING THE SECOND AMENDMENT TO THE
REDEVELOPMENT AGREEMENT FOR THE MAPLE STREET LOFTS
DEVELOPMENT AND APPROVING AIA DOCUMENT A133-2009 EXHIBIT A
GUARANTEED MAXIMUM PRICE AMENDMENT
NOW, THEREFORE, BE IT ORDAINED, by the Mayor and Board of Trustees of
the Village of Mount Prospect, Cook County, Illinois, as follows:
SECTION 1: The Mayor and Board of Trustees of the Village find as follows:
A. The Village of Mount Prospect ("Village") is a home rule municipality
pursuant to Section 7 of Article VII of the Constitution of the State of Illinois.
B. The State of Illinois has adopted tax increment financing pursuant to the
Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq.,
as amended from time to time ("TIF Act").
C. Pursuant to its powers and in accordance with the TIF Act, and pursuant to
Ordinance Nos. 6293, 6294 and 6295, adopted January 17, 2017, the
Prospect and Main Tax Increment Financing District ("TIF District") Was
formed as a TIF district, for a twenty-three (23) year period.
D. In furtherance of the objectives of the abovementioned Ordinances, thea,
Village entered into a "Redevelopment Agreement for the Maple Street Lofts '`
Development Comprising a part of the Prospect and Main TIF District of the
Village of Mount Prospect, Illinois," between the Developer and the Village,
dated June 9, 2019, which sets forth the terms and conditions pursuant to
which the Developer will proceed with, redevelop, and operate, the Project
on the Property ("Redevelopment Agreement"), which terms and conditions
include the construction of a public parking garage to be owned by the
Village with approximately two hundred sixty-eight (268) spaces.
E. The Parties previously amended the Redevelopment Agreement and
approved a Guaranteed Maximum Price Amendment pursuant to
Ordinance No. 6484, adopted November 5, 2019
F. The Parties desire to amend the Redevelopment Agreement as it pertains
to construction of the public parking garage for a second time, allocating an
additional $245,000.00 of TIF Funds to the project.
G. The Village further desires to approve an AIA Document A133-2009,
Standard Form Agreement between Owner and Construction Manager as
Constructor, AIA Document A133-2009 Exhibit A Guaranteed Maximum
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Price Amendment with respect to the construction of the public parking
garage.
SECTION 2: Based upon the foregoing, the Village Mayor, Village Clerk and
Village Manager, or their designees, be and are hereby authorized and directed to
execute the attached Amendment to the Redevelopment Agreement and perform the
Village's obligations thereunder.
SECTION 3: Based upon the foregoing, Mayor and Board of Trustees hereby
waive competitive bidding and approve AIA Document A133-2009 Exhibit A Guaranteed
Maximum Price Amendment with respect to the construction of the public parking garage
and the Village Mayor, Village Clerk and Village Manager, or their designees, be and are
hereby authorized and directed to execute the attached AIA Document A133-2009 Exhibit
A Guaranteed Maximum Price Amendment and perform the Village's obligations
thereunder.
SECTION 4: This Ordinance shall be in full force and effect from and after its
passage, approval and publication in pamphlet form as provided by law.
ADOPTED this 5th day of May, 2020, pursuant to a roll call vote as follows:
AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
APPROVED this 5th day of May, 2020, by the Village Mayor of the Village of Mount
Prospect, and attested by the Village Clerk, on the same day.
Village Ma^yQ,
APPROVED and FILED in my office this 6th day of May, 2020 and published in
pamphlet form in the Village of Mount Prospect, Cook County, Illinois.
ATTEST:
-a. 04 41"
Village erk
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SECOND AMENDMENT TO REDEVELOMENT AGREEMENT FOR THE MAPLE STREET
LOFTS DEVELOPMENT COMPRISING A PART OF THE PROSPECT AND MAIN TIF
DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS
This Second Amendment dated this 'I day of May, 2020, amends that certain Redevelopment
Agreement for the Maple Street Lofts Development Comprising a Part of the Prospect and Main
TIF District of the Village of Mount Prospect, Illinois, dated June 9, 2019, and previously amended
by a First Amendment dated November 5, 2019, between the Village of Mount Prospect, Illinois,
an Illinois home rule municipal corporation (Village") and Maple Street Lofts, LLC, an Illinois
limited liability company (Developer).
WITNESSETH:
In consideration of the mutual covenants herein contained, and other good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, the Village and the
Developer agree as follows:
1. The aforesaid Redevelopment Agreement, Section VI., Development of the Property,
Subsection E., Parking Garage Project is hereby amended as follows:
E. Parking Garage Project. The Village and Developer agree that the Developer, through
its agent, Nicholas & Associates, Inc., shall construct the Parking Garage Project.
1. Developer, through its agent, Nicholas & Associates, Inc., shall construct the
Parking Garage Project in accordance with the plans, schedule and parameters
set forth in a separate written agreement between the Village and Nicholas &
Associates, Inc. for the construction of the Parking Garage Project.
2. The Funding Cap, as defined in Section VI.C.1. above, shall be increased by an
additional $245,000.00, not to exceed a total amount of seven million, two hundred
fifteen, and sixty nine ($7,215,069.00) dollars to pay for the costs of the Parking
Garage Project.
3. Developer's agent, Nicholas & Associates, Inc., shall be entitled to be reimbursed
for its costs of construction of the Parking Garage Project from the Incentive Fund
of the Village in the not to exceed amount of seven million, two hundred fifteen,
and sixty nine ($7,215,069.00) dollars (Garage Funding Cap), in accordance with
the terms and conditions of the written agreement between the Village and Nicolas
& Associates, Inc.
4. Developer's agent, Nicholas & Associates, Inc. shall be paid for its costs of the
Parking garage for work completed and approved by the Village, as defined and
set forth in the separate written agreement referred to in Section VI.E.1. above.
Further, Nicholas & Associates, Inc. shall be paid the costs of construction of the
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Parking Garage from funds available to the Village fromany source„ not limited to
Incremental 'Property Taxes per the terms of the separate written agreement,
2• Those provisions of the Redevelopment Agreement not modified by this Amendment shall
remain in full force and effect.
VILLAGE OF MOUNT PROSPECT
By: °
Name:
Name: f
Village Manager
Dater , a 2020
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Name:. Its
Authorized Officer
Date: 7 T
—9k 2020