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OLD BUSINESS 7/18/06 DRAFT FIRST ORDINANCE AN ORDINANCE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AMENDING A TAX INCREMENT REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT FOR THE DOWNTOWN TIF NO.1 (AMENDMENT #3) REDEVELOPMENT PROJECT AREA WHEREAS, it is desirable and in the best interest of the citizens of the Village of Mount Prospect, Cook County, Illinois (the "Village"), for the Village to implement tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the "Act"), for proposed Amendments #3 to the Downtown TIF No. 1 redevelopment and redevelopment project (the "Plan and Project") within the municipal boundaries of the Village within the redevelopment project area (the "Area") described in Section I(a) of this Ordinance, which Area constitutes in the aggregate more than one and one-half acres; and WHEREAS, pursuant to Section 11-74.4-5 of the Act, the Village President and Board of Trustees of the Village (the "Corporate Authorities") called a public hearing relative to the Plan and Project and the designation of the Area as a redevelopment project area under the Act for ,2005; and WHEREAS, due notice with respect to such hearing was given pursuant to Section 11- 74.4-5 of the Act, said notice being given to taxing districts and to the Department of Commerce and Economic Opportunity of the State of Illinois by certified mail on , 2005, by publication on , 2006, and , 2006, and by certified mail to taxpayers and residents within the Area on and , 2006; and WHEREAS, the Village has heretofore convened a joint review board as required by and in all respects in compliance with the provisions ofthe Act; and It WHEREAS, the Corporate Authorities have reviewed the information concerning such factors presented at the public hearing and have reviewed other studies and are generally informed of the conditions in the proposed Area that could cause the Area to be a "conservation area" as defined in the Act; and WHEREAS, the Corporate Authorities have reviewed the conditions pertaining to lack of private investment in the proposed Area to determine whether private development would take place in the proposed Area as a whole without the amendment of the proposed Plan; and WHEREAS, the Corporate Authorities have reviewed the conditions pertaining to real property in the proposed Area to determine whether contiguous parcels of real property and improvements thereon in the proposed Area would be substantially benefited by the proposed Project improvements; and WHEREAS, the Corporate Authorities have reviewed the proposed amendments to the Plan and Project and also the existing comprehensive plan for development of the Village as a whole to determine whether the proposed amendments to the Plan and Project conform to the comprehensive plan of the Village. NOW, THEREFORE, BE IT ORDAINED by the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1. Findings. That the Corporate Authorities hereby make the following findings: a. The Area is legally described in Exhibit A attached hereto and incorporated herein as if set out in full by this reference. The general street location for the Area is described in Exhibit B attached hereto and incorporated herein as if set out in full by this reference. The map of the Area is depicted on Exhibit C attached hereto and incorporated herein as if set out in full by this reference. b. There exist conditions that cause the Area to be subject to designation as a redevelopment project area under the Act and to be classified as a conservation area as defined in Section 11-74.4-3(b) ofthe Act. c. The proposed Area on the whole has not been subject to growth and development through investment by private enterprise and would not be reasonably anticipated to be developed without the amendments to the Plan. d. The Plan and Project as amended, conform to the comprehensive plan for the development of the Village as a whole, as reflected in the Village's zoning map. e. As set forth in the Plan it is anticipated that all obligations incurred to finance redevelopment project costs, if any, as defined in the Plan shall be retired within twenty- three (23) years after the Area is designated, or thirty-five (35) years after the Area is designated, if the Act is so amended to allow for an additional twelve (12) year extension of the term. f. The parcels of real property in the proposed amended Area are contiguous, and only those contiguous parcels of real property and improvements thereon that will be substantially benefited by the proposed Project improvements are included in the proposed Area. Section 2. Plan and Proiect Approved. That the amended Plan and Project, which were the subject matter of the public hearing held on February 7, 2006, are hereby adopted and approved. A copy of the amended Plan and Project is set forth in Exhibit D attached hereto and incorporated herein as if set out in full by this reference. Section 3. Invalidity of Any Section. That if any section, paragraph, or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, or provision shall not affect any of the remaining provisions of this Ordinance. Section 4. Superseder and Effective Date. All ordinances, resolutions, motions, or orders in conflict herewith shall be, and the same hereby are, repealed to the extent of such conflict, and this Ordinance shall be in full force and effect immediately upon its passage by the Corporate Authorities and approval as provided by law. ATTACHMENTS: EXHIBIT A - Legal Description EXHIBIT B - General Street Location EXHIBIT C - Map of Redevelopment Project Area EXHIBIT D - Redevelopment Plan and Project PASSED this _ day of AYES NAYS , 2006. ABSENT APPROVED: VILLAGE PRESIDENT ATTEST: VILLAGE CLERK Co:/Mount Prospect/Ordinance/Ordinance Approving 11.15.05 LEGAL DESCRIPTION Legal Description of Downtown TIP No.1 Redevelopment Project Area, As Amended is as follows: Beginning at the intersection of the east right-of-way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road, thence easterly along said north right-of-way line to a point of intersection with the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect to the north right-of-way line of Busse Avenue, thence easterly along the north right-of-way line of Busse Avenue to a point of intersection with the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect to the southeast comer of Lot 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect; thence easterly along the south property line of Lot 17 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect extended to a point of intersection with the east right-of-way line of Elm Street, thence southerly along the east right-of-way line of Elm Street to the north right-of-way line of Evergreen Avenue; thence easterly along the north right of-way line of Evergreen Avenue to a point of intersection with the extension ofthe west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12-41-1 1, recorded September 2, 1874, thence southerly along the extension of the west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12- 41-1 1, recorded September 2, 1874 to the northwest comer of Lot 1 of Bruce's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Bruce's Resubdivision in Mount Prospect extended to a point of intersection with the east right-of-way line of Owen Street, thence southerly along the east right-of-way line of Owen Street extended to a point of intersection with the southerly right-of-way line of Northwest Highway, US Rode 14, thence northwesterly along the southerly right-of-way line of Northwest Highway, US Route 14 to a point of intersection with the north right-of-way line of Central Road; thence easterly along the north right-of-way line of Central Road to the southwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence northerly along the west property line of Trapani's Resubdivisionin Mount Prospect to the northwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Trapani's Resubdivision in Mount Prospect extended to a point of intersection with the east right of-way line of Main Street, State of Illinois Route 83; thence southerly along the east right-of-way line of Main Street, State of Illinois Route 83 to the point of beginning at the point of intersection of the east right-of- way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road, all located in part ofthe Northeast Quarter and the Northwest Quarter of Section 12, and the Northeast Quarter of Section 11 all in Township 41 North, Range 11 East of the Third Principal Meridian, and in part of the Southwest Quarter and the Southeast Quarter of Section 34, Township 42 North, Range 11 East ofthe Third Principal Meridian all in Cook County, Illinois. EXHIBIT B The existing Downtown TIF No.1 is generally bounded by Northwest Highway on the south and west, Central Road, Busse Avenue and Evergreen Avenue to the north, and Maple Street and Owen Street to the east. The proposed amendments (amendment #3) include property generally located at the southeast comer of Emerson Street and Busse Avenue, and property generally located at northwest comer of Main Street and Central Road. EXHIBIT C MAP OF AMENDED REDEVELOPMENT PROJECT AREA I '- I ./ I----' I W HE~RY ST > ~ ~ ffiRffi <( UJ Cl o - #1 ~ f Amendment WALNUT ST I Area 0 "v- ""Oli'll ~"v-~.s7" ~~ '1_ ~ ~~~ , ~L~l Area of Amendment ~ - - - W EVERGREEN AV t==j- o 150 300 450 600 750 I I I I I 'Feet rsJ ~i/ ~ t= ~ I- CI) a: ::> J: ::iE ....l UJ CI) Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map f-- ~ I I I I I I ri) L__ _ L I Z <( ::iE~ z I- CI) UJ ....l ....l ~ Z L__ I I I I I I I I I I I tn I-~ Z CI) I- o UJ CI) CI) ....l ::iE Eja: ~ ....l ! ~ ::iE ~ UJ z CI) i~ I-- ~ Area of Amendment #3 I-- I--- ~ ~ ~ 1985 TIF District l.-..J-- I . r \ ~ v /\\ll r I I - ~ I--- ._~I-~I- I- CI) CI) CI) z z UJ <( 0 ~ 1:2 jQ <( CI) UJ ::iE ::iE CI) UJ ---lCl) ----l I- ICI) UJ ....l ....l ~ CI) ~ l r I l c=J l r L ] r " r--~ t== I-- H C r-- I t--t= E HENRY ST E CENTRAL RD ----- ~ E BUSSEAV I--- E EVERGREEN AV I'--' ~~ ~ "'- EXHIBIT D AMENDED REDEVELOPMENT PLAN AND PROJECT (Amendment #3) DRAFT dated April 5" 2006 AMENDMENT #3 TO: VILLAGE OF MOUNT PROSPECT DOWNTOWN TIF NO.1 REDEVELOPMENT PROJECT AREA REDEVELOPMENT PLAN AND PROJECT Prepared Jointly By: Village of Mount Prospect and Kane, McKenna and Associates, Inc. Original Plan and Project: First Amendment to Plan and Project: Second Amendment to Plan and Project: Third Amendment to Plan and Project: April, 1985 December, 1988 January, 1993 , 2006 The Village of Mount Prospect (the "Village") Downtown TIF No. 1 Redevelopment Project and Plan, is amended as follows: 1. The "List of Tables and Exhibits" is amended to include: Exhibit 8 - Legal Description - Amendment #3. Exhibit 9 - Amendment #3 TIP Eligibility Report. 2. The "Introduction" section 3, second paragraph is amended to include the following last sentences at the end of the page. The Amendment #3 to the Redevelopment Area was prepared by the Village with the assistance of Kane, McKenna and Associates, Inc. The Amendment #3 area includes new parcels contiguous to the initial redevelopment project area, as amended, and includes properties located at the northwest section and at the north east section. (See Exhibit I Amended Boundary Map). 3. The "Conservation Area Conditions Existing in the Redevelopment Project Area" section, last paragraph of page 7 is amended to include the following language: The property included in the area of the Amendment #3 meets the eligibility requirements of the Act. The proposed amended boundaries are described in Exhibit 1 of the Redevelopment Plan and such eligibility findings are included in Exhibit 9, attached hereto. 4. The "Redevelopment Plan and Project Objectives" section, page 8 is amended to include the following paragraph: It is found, and certified by the Village, in connection to the process required for the amendment of this Plan and Project pursuant to 65 ILSC Section 5/ll-74.4.3(n)(5) of the Act, that this Plan and Project will not result in the displacement of 10 or more inhabited residential units. Therefore, this Plan and Project does not include a housing impact study. If at a later time the Village does decide to dislocate more than ten (10) inhabited residential units, this Plan would have to be amended and a housing impact study would be completed. 5. The "Redevelopment Activities" section, page 8 is amended to include an amended Exhibit 2, Development Program. 6. The "General Land Use Plan section" page 9 is amended to include the following changes in the first paragraph. This Redevelopment Plan and Amendments #1, #2, and #3 and the proposed projects described herein conform to the Comprehensive Plan for the municipality as a whole. 1 7. The "General Land-Use Plan" section, pages 9 to 11, is hereby deleted and replaced by the following section. Exhibit 3, "Land-Use Plan", is hereby amended and attached hereto. General Land-Use Plan The Redevelopment Plan and Amendments #1, #2, #3 and the proposed projects described herein conform to the Comprehensive Plan for the municipality as a whole. The amended Generalized Land-Use Plan, Exhibit 3, attached hereto and made a part hereof, identifies land-uses and public rights-of-way to be in effect upon adoption of this Plan. The major land-use categories included within the Redevelopment Project Area are office/governmental, central commercial, mixed-use, low-density residential, and moderate-density residential. All major thoroughfares and street right-of-way are shown on the Generalized Land-Use Plan map. Their locations are subject to minor modification. The following land-use provisions are established for the Redevelopment Project Area as designated in Exhibit 3, amended Generalized Land Uses Map. Office/Governmental The office/governmental area is intended to provide for high-quality office and related development within the heart of the downtown. Permitted uses include business and professional offices, governmental offices, financial institutions, parking and business services. Under certain conditions, multifamily residential may be permitted with other compatible and special uses as approved by the Village. Central Commercial The central commercial area is intended to accommodate small scale commercial and office development such as retail and specialty shops, and business, professional, and civic uses characteristic of a traditional downtown area. In contrast to the Office/ Governmental and the Mixed-Use development areas located in the center of the Redevelopment Project Area, these areas should be characterized by lower intensity development which is compatible with nearby residential areas. Other compatible and special uses as approved by the Village may also be permitted. Mixed-Use This land-use is intended to allow for a high-quality mixed use developments in the downtown. Mixed use refers to the combining of retail/commercial, and/or service uses, and/or residential uses in the same building or on the same site. 2 Low-Density Residential The low-density residential area is intended to serve as a high-quality residential area adjoining the downtown. Permitted uses include single-family attached or detached houses, townhouses or similar housing types, provided they are compatible with existing nearby resident development. Other compatible and special uses as approved by the Village may also be permitted. Moderate-Density Residential The moderate density residential area is intended to serve as an attractive residential area with limited concentrations of medium to higher density apartment and multi-family developments. This area is appropriate because a high level of transit service is present and employment and commercial centers are located nearby. Although intended primarily for residential uses, other compatible and special uses approved by the Village may also be permitted. OTHER AREA-SPECIFIC OBJECTIVES In addition to the objectives in the Plan, which apply to the overall Project Area, several other design and development objects which apply to specific land-use areas are listed below: Office/Governmental A. Vehicular access to the area along Northwest Highway could be provided from Northwest Highway and from Emerson Street; however, this area includes both office and residential development, separate access systems should be provided for the two land uses. B. High-quality design and construction is important because of this high-visibility location along Northwest Highway, near Main Street. C. The Northwest Highway edge should be attractively and generously landscaped. Mixed-Use Retail and Residential Area A. Below grade parking for residential units should be provided to the extent feasible, surface parking lots shall be consolidated between buildings. B. Setbacks and landscaping along Central Road and Northwest Highway shall be areas of design emphasis because of high-visibility locations. 3 8. The "Estimated Redevelopment Project Costs" section, pages 11 to 12 is deleted and replaced by the following section. Estimated Redevelopment Proiect Costs Redevelopment project costs mean and include the sum total of all reasonable or necessary costs incurred or estimated to be incurred, as provided in the TIP statute, and any such costs incidental to this Redevelopment Plan and Project. Private investments, which supplement "Redevelopment Project Costs", are expected to substantially exceed such redevelopment project costs. Eligible costs permitted under the Act which may be pertinent to this Redevelopment Plan and Project include: 1. Costs of studies and survey, development of plans and specification, implementation and administration of the redevelopment plan including, but not limited to, staff and professional service costs for architectural, engineering, legal, marketing, financial, planning, other special services, provided, however, that no charges for professional services may be based on a percentage of the tax increment collected; no contracts for professional services, excluding architectural and engineering services, may be entered into if the terms of the contract extend beyond a period of three (3) years. In addition, "redevelopment project costs" shall not include lobbying expenses; 1.1 Annual administrative costs shall not include general overhead or administrative costs of the municipality that would still have been incurred by the municipality ifthe area or approved a redevelopment plan; 1.2 The cost of marketing sites within the redevelopment project area to prospective businesses, developers, and investors; 2. Property assembly costs, including, but not limited to, acquisition of land and other property, real or persona, or rights or interest therein, demolition of buildings, site preparation, site improvements that serve as an engineered barrier addressing ground level or below ground environmental contamination, including, but not limited to, parking lots and other concrete or asphalt barriers, and the clearing and grading of land; 3. Costs of rehabilitation, reconstruction or repair or remodeling of existing public or private buildings, fixtures and leasehold improvements; and the costs of replacing an existing public building if pursuant to the implementation of a redevelopment project the existing public building is to be demolished to use the site for private investment or devoted to a different use requiring private investment; 4. Costs of the construction of public works or improvements, and redevelopment project costs shall not include the cost of constructing a new municipal public building principally used to provide offices, storage space, or conference facilities or vehicle storage, maintenance, or repair for administrative, public safety, or 4 public works personnel and that is not intended to replace an existing public building as provided under paragraph (3) of subsection (q) of Section 11-74.4..:3 unless either (i) the construction of the new municipal building implements a redevelopment project that was included in a redevelopment plan that was adopted by the municipality prior to the effective date of this amendatory Act of the 91 st General Assembly or (ii) the municipality makes a reasonable determination the redevelopment plan, supported by information that provided that basis for that determination, that the new municipal building is required to meet an increase in the need for public safety purposes anticipated to result from the implementation of the redevelopment plan; 5. Costs of job training and retraining projects including the costs of 'welfare to work" programs implemented by businesses located within the redevelopment project area; 6. Financing costs, including but not limited to all necessary and incidental expenses related to the issuance of obligations and which may include paYment of interest on any obligations issued pursuant to the Act accruing during the estimated period of construction of any redevelopment project for which such obligations are issued and for not exceeding 36 months thereafter and including reasonable reserves related thereto; 7. To the extent the municipality by written agreement accepts and approves the same, all or a portion of a taxing district's capital (and additional student tuition) costs resulting from the redevelopment project necessarily incurred or to be incurred within a taxing district in furtherance of the objectives of the redevelopment plan and project; 8. Relocation costs to the extent that the Village determines that relocation costs shall be paid or is required to make paYment of relocation costs by federal or state law; 9. Costs of job training, advanced vocational education or career education, including but not limited to courses in occupational, semi-technical or technical fields leading directly to emplOYment, incurred by one or more taxing districts, provided that such costs (i) are related to the establishment and maintenance of additional job training, advanced vocational education or career education programs for persons employed or to be employed by employers located in the Redevelopment Project Area; and (ii) when incurred by a taxing district or taxing districts other than the Village, are set forth in a written agreement by or among the Village and the taxing district or taxing districts, which agreement describes the program to be undertaken, including but not limited to the number of employees to be trained, a description of the training and services to be provided, the number and type of positions available or to be available, itemized costs of the program and sources of funds to pay for the same, and the term of agreement. Such costs include, specifically, the paYment by community college districts of 5 costs pursuant to Section 3-37, 3-38, 3-40 and 3-40.1 of the Public Community College Act and by school districts of costs pursuant to Section 10-22.20a and 10- 23.3a of the School Code. 10. Interest costs incurred by a redeveloper related to the construction, renovation or rehabilitation of a redevelopment project provided that: a) such costs are to be paid directly from the Special Tax Allocation Fund established pursuant to the Act; b) such payments in anyone-year may not exceed 30% of the annual interest costs incurred by the developer with regard to the redevelopment project during that year; c) if there are not sufficient funds available in the Special Tax Allocation Fund to make the payment pursuant to this paragraph (11) then the amounts so due shall accrue and be payable when sufficient funds are available in the Special Tax Allocation Fund; and d) the total of such interest payments paid pursuant to the Act may not exceed 30% of the (i) cost paid or incurred by the redeveloper for the redevelopment project plus (ii) redevelopment project costs excluding any property assembly costs and any relocation costs incurred by a municipality pursuant to the Act. 11. Unless explicitly stated herein the costs of construction of new privately owned buildings shall not be an eligible redevelopment project cost. 12. None of the redevelopment project costs enumerated in this subsection shall be eligible redevelopment projects if those costs would provide direct financial support to a retail entity initiating operations in the redevelopment project area while terminating operations at another Illinois location within 10 miles of the redevelopment project area but outside the boundaries of the redevelopment project area municipality. For purposes of this paragraph, termination means a closing of a retail operation that is directly related to the opening of the same operation or like retail entity owned or operated by more than 50% of the original ownership in a redevelopment project area, but it does not mean closing an operation for reasons beyond the control of the retail entity, as documented by the retail entity, subject to a reasonable finding by the municipality that the current location contained inadequate space, has become economically obsolete, or was no longer a viable location for the retailer or serviceman. 13. The Village may, pursuant to the TIF Act, provide school tuition reimbursement costs. 6 Estimated costs are shown in the next section. Adjustments to these cost items may be made without amendment to the Redevelopment Plan. 7 9. The "Redevelopment Project Estimated Redevelopment Project Cost Schedule" page 13, Table 1 - is deleted and replaced with the amended Table 1 found below. VILLAGE OF MOUNT PROSPECT DOWNTOWN - TIF NO.1 REDEVELOPMENT PROJECT ESTIMATED PROJECT COSTS Program Actions/Improvements Estimated Costs (A) 1. Land Acquisition and Assembly Costs and Relocation Costs $15,000,000 2. Demolition, Site Preparation, Environmental Cleanup and Related Costs 3,500,000 3. Utility Improvements including, but not limited to, water, storm, sanitary sewer, the service of public facilities, and road improvements 10,500,000 4. Rehabilitation 1,000,000 5. Interest Costs Pursuant to the Act 500,000 6. Planning, Legal, Engineering, Administrative and Other Professional Service Costs 1,000,000 7. Job Training 250,000 8. Estimated School Tuition Costs 750.000 TOTAL ESTIMATED PROJECT COSTS $32,500,000 (A) All project cost estimates are in year 2005 dollars. In addition to the above stated costs, any bonds issued to finance a phase of the Project may include an amount sufficient to pay customary and reasonable charges associated with the issuance of such obligations as well as to provide for capitalized interest and reasonably required reserves. Adjustments to the estimated line item costs above are expected. Each individual project cost will be reevaluated in light of the projected private development and resulting tax revenues as it is considered for public financing under the provisions of the Act. The totals of line items set forth above are not intended to place a total limit on the described expenditures as the specific items listed above are not intended to preclude payment of other eligible redevelopment project costs in connection with the redevelopment of the Proposed RP A, provided the total amount of payment for Eligible Redevelopment Project Costs shall not exceed the overall budget amount outlined above. Adjustments may be made in line items within the total, either increasing or decreasing line item costs for redevelopment. 8 10. The section, "Sources of Funds to Pay Redevelopment Project Costs" page 14, the following paragraph is to be included as a new third paragraph. Any surplus Special Tax Allocation Funds, to the extent any surplus exists, will be proportionately shared, based on the appropriate tax rates for a given year, with the various taxing districts, including the Village, after all TIP eligible costs either expended or incurred as an obligation by the Village have been duly accounted for through administration of the Special Tax Allocation Fund established by the Village as provided by the Act. The exception to this provision will be to the extent that the Village utilizes TIF funding to assist in the redevelopment of residential units. In such cases, the Village will provide for the cost incurred by eligible school districts in the manner prescribed by 65 ILCS Section 5I1l-74.4.3(q)(7.5) of the Act. 11. The section "Issuance of Obligations" page 14, is amended in order to delete the first section with the following sentence. It is anticipated that the Village will obtain an extension to the term of this Redevelopment Plan and Project. Once the term is extended by the State of Illinois, all obligations issued by the Village pursuant to the Redevelopment Plan and Project shall be retired within thirty-five (35) years from the date of the initial adoption of the Redevelopment Plan and Project. The actual date for such completion and retirement of obligations shall not be later than December 31 of the year in which the payment to the municipal treasurer pursuant to the Act is to be made with respect to ad valorem taxes levied in the thirty-fifth calendar year in which the ordinance approving the Proposed RP A is adopted. (Note: this would occur to the extent that the Village is successful in obtaining the extension of the term of this Redevelopment Plan and Project. In the event that no such extension is obtained, the completion date would be twenty-three (23) calendar years after the adoption of the ordinance described above). 12. The section, "Most Recent Equalized Assessed Valuation of Properties in the Redevelopment Project Area", page 14 is amended to include the following language as a new paragraph. The total estimated equalized assessed valuation for the Amendment #3 to the Redevelopment Project Area is $6,152,577 (2004 EA V). 13. The section "Anticipated Assessed Valuation" page 15, is deleted and replaced by: Upon completion of the anticipated private development of the Redevelopment Project Area over a thirty-five (35) year period (subject to State of Illinois approval) it is estimated that the equalized assessed valuation (EA V) of the property within the Redevelopment Project Area will be approximately $65,000,000. 9 14. The section, "Phasing and Scheduling of Redevelopment Project" pages 18 to 20, is hereby deleted and replaced with the following section. PHASING AND SCHEDULING OF REDEVELOPMENT PROJECT Target Area la of the Redevelopment Project was the first phase of construction within Block 115. Private development in the area resulted in the construction of fifty-one townhome units. Target Area 1 b of the Redevelopment Project will include limited construction of single family homes within Block 110 as lots become available. It is possible that six units could be constructed on this block. Target Area lc of the Redevelopment Project will include redevelopment activity within Block 104. This redevelopment will consist of private development of high quality "rowhomes" with all garages/driveways to be located on the rear (east) side of the buildings. A small open space is also planned to compliment the open space that was incorporated into the new Village Hall/parking deck development across the street. Target Area Id of the Redevelopment Project will include initiation of redevelopment activity within Block 108. Private development in this area will provide a mixed use development which could include residential, office, and/or retail/commercial use. Target Area Ie of the Redevelopment Project included the construction of a parking garage, new Village Hall with incorporated open space, and the renovation of the Mount Prospect Library. The garage is used for parking for employees and customers of nearby businesses and the Village. Target Area If of the Redevelopment Project included the construction of the Residences at Village Centre, a 205 unit condominium. Further redevelopment activities within Block 102 could include residential, office, and/or retail/commercial use. Target Area Ig of the amended Redevelopment Project included the construction of the Shires of Clocktower, a 139 unit condominium. Further redevelopment activities within Block 101 included specialty retail and service shops that provided convenience items for residents in the area. Target Area Ih of the Redevelopment Project will include activity in Blocks 100 and 204. Private development in this area will provide mixed use development which could include residential, office, and/or retail/commercial use. Target Area Ii of the amended Redevelopment Project will include redevelopment activity within Block 109. Private development in this area will provide mixed use development which could include residential, office, and/or retail/commercial use. 10 Target Area 1j of the amended Redevelopment Project will include redevelopment activity within Block 331. Private development in this area will provide mixed use development which could include residential, office, and/or retaiVcommercial use. 15. A new section "Assessment of Fiscal Impact on Affected Taxing Districts" is included at the end of page 20, and is found below: Assessment of Fiscal Impact on Affected Taxing Districts It is anticipated that the implementation of this Redevelopment Plan and Project will have a minimal financial impact on most of the affected taxing districts. In fact, the action taken by the Village to stabilize and encourage growth of its tax base through the implementation of this Redevelopment Plan and Project will have a positive impact on the affected taxing districts by arresting inflation adjusted declines in assessed valuations. Given that there is the potential for new development, the Village may permit new residential development to occur within the RP A. As such, there could be an increased burden placed on the area's school districts. To the extent that such development does occur, and school age children result from new community arrivals, the elementary and high school taxing districts could potentially be affected. The Village has made allowances in this plan and project for revenue distributions to such taxing districts and will follow the guidelines provided by the Act to compensate the district at levels dictated by the precise increase in students. Additionally, should the Village achieve success in attracting private investment which does result in the demonstrated need for increased services from any other taxing district, the Village would consider declaring sufficient TIF related surpluses, which funds are neither expended or obligated for redevelopment activities, as provided by the Act, to assist such taxing districts in paying the costs for any increased services. Though strategies will be encouraged to promote growth via private investment within the area, specific objectives are geared to stabilize the RP A's existing strengths and revitalize the RP A's redevelopment potential. Should the Village achieve success in attracting private investment which does result in the need for documented increased services from any taxing districts, the Village will consider the declaration of sufficient surplus funds (as long as those funds are not already obligated to the TIF), to assist affected taxing districts in paying the costs for the increased services. 16. Exhibit 4 is amended and attached hereto. 17. A new Exhibit 8, Legal Description - Amendment #3, is attached hereto. 18. The TIF eligibility report for parcels included in Amendment #3 is attached hereto as a new Exhibit 9. 11 I---:.J I I I \. I .J W HENRY ST ~ ffiHIO!s r I Area of Amendment #1 I~~ ~ ~~ 3 ~~ - 0 I _ ' WBU~SEAV:. , , ~ Area of Amendment #2 ~ .- r- ~ I- (f) 0:: ::J I := ...J w (f) W EVERGREEN AV r t=1-- o 150 300 450 600 750 I I I I I 'Feet ~ Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map , '-- I J I I JI- (f) z <( := I--- z J I I J I I II I \~v/\'\Tl1 I II I II I I rT I- (f) W ...J ...J ~ Z I-~ (f) I- Z (f) I- o W (f) (f) ...J := 0:: 0.. ...J H~ ~~~ I--- ~ ~ I---t------'--'" 1985 TI F District I- (f) W ...J ...J ~ (f) 1--1-- ~ t€ - I----- ~ I I E HENRY ST I- (f) i~ t-- Area of Amendment #3 E CENTRAL RD r-- ~~ E ~I- l- I- (f) (f) (f) z ~ Zoo.. <( (f) <( := 0:: := (f) ~ (f) w (f) I-- r-- t--- t=F E BUSSE AV f--- r--t= r-- E EVERGREEN AV I ~ , I I I ~ w ~ ~5J ~ 1---1 r ~ I s= ,- r---r- ~ ~r-- (J) ll:: :J J: ::!! ..J ~.-- r r- - W EVERGREEN AV ,..- t==f-- r-- ~ ~ Exhibit 2: Tax Increment Finance District #1 As Amended Development Program o 150 300 450 600 750 I , I I I 'Feet , I ::::\ \ v -A\Tl I t::::::l I J I I J~ (J) ~~ z ~ (J) ~~ r-- ~ - Key ~ New Development With Or Without Acquisitoin D No Acquisition ~~ J L ~ I I L E HENRY ST ] I I I I J I I I ~~ (J) ~ z (J) ~ o w (J) (J) ..J ::!! ll:: ~ ..J ~! ~~~ ~ (J) i~ I-- ~I r-- f-- E CENTRAL RD r ,- r- i--- r----'l ~r- I-- ,..-- - ,-- I--- t=F E BUSSE AV .--- E r- i=== I, ,..-- R= \ E EVERGREEN AV r-- I \.. I ./ I I I----J W HENRY ST ~.; WALNUT ST I .. . .. H I l- ll) W ...J %: :::!; CI) ~ .W z ii: z ~ r-----r- ~ 'f} Exhibit 3: Tax Increment Finance District #1 As Amended Generalized Land Uses e- ~, 450 600 750 , 150 300 I- t::J' I I I , I Feet I-- 1 I r J~ V/\\1lf ~ W ...J ...J ~ Z ~ z <( :;;1--- z r l I I I ~~ z ~ ~ ~ ~ ~! !~~ It= f--- r-+- ~I I- ---... ...... ...... . . .1 - 1---1----' r-- Key ~ Governmental/Office "',",""M'~"""'<_""",,':':,_,_" Central Commercial ."~~,,..~ ,,,,,~,..._..... '.,,,",a _ Mixed Use ~ Low Density Residential ~ : : : ~ Moderate Density Residential r- I I I I-----f I I l I I I E HENRY ST r- I- CI) i~ r--- E CENTRAL RD r---- L-J I- B= E BUSSE AV I-- ~f-- - E EVERGREEN AV ~ I'..~ ~~-T -r I II I I I I I I I I I ----1 I I I \. I / m/ \....J J I I I I ~ I I I E HENRY 8T WHENRY8T / / I- Z . . ..-- r- ITllIffi > r- I- r rn <( I- I- I-- I- I- <("- rn w ::EI--- rn rn ~rn rn w ::ll- Z Z wr---::E ...J wI-- Z - O...J...J 0- 81-- -0: s: rn ~t--- w ~- ?; iE - Z ZI--- Q: _ ---,- ::E c--- Z U ~ - - - ~ ->--zl-- rn- - ~ w- f..- z- ~ WALNUT 8T - == I--- -- rn r-- -f..- _ _ *~ ~w~ - - I--- J I- - OJ?~ 1'- - I--- f--- I-- _ I ~~.s 1/ - I-- ~ -.:.1 - >-- >-- . ~ - E CENTRALRD ~ ' . . . . . . ~ - -- 'I -~ H G: : : : : : ;:= I--f-- ...... ~ --- ...... E C f-- - ~ ...... J--- ...... ,. - :3 ;2~ " I4.R~ _ i ~~ ~ F ~ EBUSSEAV ~ ~~- m ~I", ~I- I- ~ "h I _- > 'h ~ l I -- <( ~ w ~ ~ ~ ~ ~ _ ~ \ EEVERGREENAV I ~ I f--f-- ~ - [):::If ~ '\" I-- I I _ ~ I ~ ~~r-- ~ Key ~ e- V;; Exhibit 4: r---;:: v ~ ~ Tax Increment Finance District #1 ~ Governmental/Office t; ~ ~ = ~. ~ As Amended Central Commercial ~ ~ >- Redevelopment Target Areas ~ ~ ~ _ Mixed Use ~ ;.- ~ ~ ::= 0 150 300 450 600 750 , ~ Low Density Residential lIe ~ ~*,()J?Q I-- n_ ~ :s',o$) :=' I I I I 'Feet ~ : : : ~ Moderate Density Residential u m= ~ c7'.~v I II I \~ V~I I II I IL-J II I II r--. Exhibit 8 - as amended LEGAL DESCRIPTION The legal description of the Redevelopment Area as hereby amended is as follows: Beginning at the intersection of the east right-ot-way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road; 1hence easterly along said north right-of-way line to a point of intersection with the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect; thence southerly along the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect to the north right-ot-way line of Busse Avenue; thence easterly along the north rightof-way line of Busse Avenue to a point of intersection with the extenSon of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect; thence southerly along the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount R'ospect to the southeast corner of Lot 8 of Block 1'1 of Busse and Wille's Resubdivision in Mount Prospect; thence easterly along the south property line at Lot 17 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect extended to a point of intesection with the east right- of-way line of Elm Street; thence southerly along the east rightof-way line of Elm Street to the north right-of-way line of Evergreen Avenue; thence easterly along the north right of-way line of Evergreen Avenue to a point of ntersection with the extension of the west property line ot Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12-41-11, recorded September 2, 1874; thence southerly along the extension of the west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12-41-'11 f recorded September 2, 1874 to the northwest corner of Lot 1 of Bruce's Resubdivision in Mount Prospect; thence easterly along the north property line of Lot 1 of Bruce's Resubdivision in Mount PrCBpect extended to a point of intersection with the east right-of-way line of Owen Street; thence southerly along the east rightof- way line of Owen Street extended to a point of intersection with the southerly rightof- way line of Northwest Highway, US Roue 14, thence northwesterly along the southerly right-of-way line of Northwest Highway, US Route 14 to a point of intersection with the north right-ot-way line ot Central Road; thence easterly along the north rightof-way line of Central Road to the southVlest corner of Lot 1 of Trapani's Resubdivision in Mount Prospect; thence northerly along the west property line of Trapani's Resubdivision in Mount Prospect to the northwest corner of Lot 1 of Trapani's Resubdivision in Mount Prospect; thence easterly alorg the north property line of Lot 1 of Trapani's Resubdivision in Mount Prospect extended to a point of intersection with the east right of-way line of Main Street, State of Illinois Route 83; thence southerly along the east right-of-way line of Main Stree~ State of Illinois Route 83 to the point of beginning at the point of intersection of the east right-of-way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road; all located in part of the Northeast Quarter and the Northwest Quarter of Section '12, and the Northeast Quarter of Section 11 all in Township 4-1 North, Range 11 East of the Third Principal Meridian, and in part of the Southwest Quarter and the Southeast Quarter of Section 34, Township 42 North, Range 11 East of the Third Principal Meridian all in Cook County, Illinois" DRAFT Dated 10/18/05 Exhibit 9 VILLAGE OF MOUNT PROSPECT TIF QUALIFICA TION/DESIGNA TION REPORT AMENDMENT #3 TO DOWNTOWN TIF NO.1 A study to determine whether all or a portion of an area located in the Village of Mount Prospect qualifies as a conservation area as set forth in the definition in the Tax Increment Allocation redevelopment Act of 65 ILCS Section 5/11-74.4-3, et seq. of the Illinois Compiled Statutes, as amended. Prepared For: Village of Mount Prospect, Illinois Prepared By: Kane, McKenna and Associates, Inc. OCTOBER, 2005 VILLAGE OF MOUNT PROSPECT TIF QUALIFICATION REPORT AMENDMENT #3 TO DOWNTOWN TIF NO.1 TABLE OF CONTENTS SECTION TITLE PAGE I. Introduction and Background 1 II. Qualification Criteria Used 3 III. The Study Area 6 IV. Methodology of Evaluation 7 V. Qualification of Proposed RP A Findings of Eligibility 8 VI. Summary of Findings and Overall Assessment of Qualification 10 MAP Proposed Third Amendment to the Downtown TIF EXHIBIT 1 Parcel Descriptions I. INTRODUCTION AND BACKGROUND In the context of considering the amendment ("Amendment #3") of the Downtown Redevelopment Project Area ("TIP No.1"), the Village of Mount Prospect (the "Village") has authorized the study of the amended areas to determine whether it qualifies for consideration as an amendment to the existing Tax illcrement Financing (the "TIP") District. Kane, McKenna and Associates, Inc. ("KMA"), has agreed to undertake the study of the amended area. The properties (the "Proposed Amendments") are located adjacent to the Downtown TIF No.1 and would be included as part ofthe Amendment #3 to TIP No.1. The Proposed Amendments include two parcels as described above, a commercial retail center on Main Street and a six story office building (the Bank One building) on Busse Avenue. The Village has undertaken ongoing review ofthe properties located within the Downtown TIP No.1, as well as the Proposed Amendments for several years. ill conjunction with past and current redevelopment activities, the Village has also undertaken efforts to allow for the extension of the existing TIP term by an additional twelve (12) years, in order to continue the viable redevelopment of the downtown area on a comprehensive basis. The 12-year extension request is currently under review by the Illinois State legislature, and is expected to be considered in late 2005 or the first part of 2006. The Proposed Amendments will serve to continue redevelopment activities and to include several key properties as part ofthe Downtown TIF No. 1. Due in part to their age, the structures and site improvements within the Proposed Amendments were found to have varying degrees of deterioration due to the age of the structures. Ongoing vacancies and functional obsolescence have also contributed to underutilization. The Proposed Amendments also suffers from a lack of community planning. That is, the area did not have the benefit of developing under the modem construction and land use guidelines under either a comprehensive plan or an economic development plan. The limited parking within the area, the minimal buffering between buildings and the limited loading/unloading provisions are indications of this factor. The majority of the Downtown TIP No.1 buildings are over thirty-five (35) years in age including the Proposed Amendments. ill conjunction with the qualification factors discussed above, and within other sections of this report, these qualify the area as a "conservation" area, as that term is hereinafter defined pursuant to Illinois State statute as amended. Tax Incremental Financing Qualification/ Designation Report - Third Amendment to Downtown TIF No. 1 Mount Prospect, Illinois Page 1 OBJECTIVES The Village's redevelopment objectives propose to enhance commercial, retail and mixed use residential opportunities. To achieve this objective the Village proposes the following guidelines: · To redevelop the area in relation to transportation facilities (including coordination with the existing Metra station) and infrastructure network for improved accessibility use to the wider market area. · To attract market driven residential and retail/commercial redevelopment. · To assemble properties in a traditional manner in order to assist area redevelopment objectives. · To assist site preparation in order to provide for the reuse of properties. · To assist and provide services to businesses and enterprises that seek locations within the Village. Given Village goals under its comprehensive planning process and the conditions briefly summarized above, the Village has made a determination that it is highly desirable to promote the redevelopment ofthe Proposed Amendments. The Village intends to create and implement such a plan in order to increase tax revenues associated with the Proposed Amendments and to increase the community's tax base. Given the conditions into which the Proposed Amendments has required coordination for a variety of uses, the Village is favorably disposed toward supporting redevelopment efforts. However, the Village is determined that redevelopment takes place through the benefit and guidance of comprehensive economic planning by the Village. Through this coordinated effort, the area is expected to improve. Development barriers, inherent with current conditions within the Village's Downtown area, which impede economic growth under existing market standards, are expected to be eliminated. The Village has determined that redevelopment currently planned for the Proposed Amendments may only be feasible with public finance assistance. The creation and utilization of a TIF redevelopment plan is intended by the Village to help provide the assistance required to eliminate conditions detrimental to successful redevelopment of the Village central core area. The use of TIF relies upon induced private redevelopment in the Proposed Amendments creating higher real estate value that would otherwise decline or stagnate without such investment, leading to increased property taxes compared to the previous land-use (or lack of use). In this way the existing tax base for all tax districts is protected and a portion of future increased taxes are pledged to attract the needed private investment. Tax Incremental Financing Qualification! Designation Report - Third Amendment to Downtown TIE No. 1 Mount Prospect, Illinois Page 2 II. QUALIFICATION CRITERIA USED With the assistance of Village staff, Kane, McKenna and Associates, Inc. examined the Proposed RPA in July to August of2005, and reviewed information collected for the area to determine the presence or absence of appropriate qualifying factors listed in the Illinois "Real Property Tax Increment Allocation Act" (hereinafter referred to as "the Act") Ch. 65 ILCS Section 5/11-74.4-1 et. seq. of the Illinois Compiled Statutes, as amended. The relevant sections of the Act are found below. The Act sets out specific procedures, which must be adhered to in designating a redevelopment project area. By definition, a "Redevelopment Project Area" is: "an area designated by the municipality, which is not less in the aggregate than 1 ~ acres and in respect to which the municipality has made a finding that there exist conditions which cause the area to be classified as a blighted area or a conservation area, or a combination of both blighted area and conservation area." CONSERVATION AREA The Act defines a "conservation area" as follows: "Conservation area" means any improved area within the boundaries of a redevelopment project area located within the territorial limits of the municipality in which 50% or more ofthe structures in the area have an age of 35 years or more. Such an area is not yet a blighted area, but because of a combination of 3 or more of the following factors may be considered as a "conservation area". (1) If improved, industrial, commercial and residential buildings or improvements are detrimental to the public safety, health or welfare because of a combination of five (5) or more ofthe following factors, each of which is (i) present, with that presence documented, to a meaningful extent so that a municipality may reasonably find that the factor is clearly present within the intent of the Act and (ii) reasonably distributed throughout the improved part of the redevelopment project area: (A) Dilapidation: An advanced state of disrepair or neglect of necessary repairs to the primary structural components of building or improvements in such a combination that a documented building condition analysis determines that major repair is required or the defects are so serious and so extensive that the buildings must be removed. (B) Obsolescence: The condition or process of falling into disuse. Structures become ill-suited for the original use. Tax Incremental Financing Qualification/ Designation Report - Third Amendment to Downtown TIP No. 1 Mount Prospect, Illinois Page 3 (C) Deterioration: With respect to buildings, defects including, but not limited to major defects in the secondary building components such as doors, windows, porches, gutters and downspouts and fascia. With respect to surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking and surface storage areas evidence deterioration, including, but limited to, surface cracking, crumbling, potholes, depressions, loose paving material and weeds protruding through paved surfaces. (D) Presence of Structures Below Minimum Code Standards: All structures that do not meet the standards of zoning, subdivision, building, fire and other governmental codes applicable to property, but not including housing and property maintenance codes. (E) Illegal Use of Individual Structures: The use of structures in violation of applicable federal, State, or local laws, exclusive of those applicable to the presence of structures below minimum code standards. (F) Excessive Vacancies: The presence of buildings that are unoccupied or under-utilized and that represent an adverse influence on the area because of the frequency, extent or duration of the vacancies. (G) Lack of Ventilation. Light. or Sanitary Facilities: The absence of adequate ventilation for light or air circulation in spaces or rooms without windows, or that require the removal of dust, odor, gas, smoke or other noxious airborne materials. Inadequate natural light and ventilation means the absence of skylights or windows for interior spaces or rooms and improper window sizes and amounts by room area to window area ratios. Inadequate sanitary facilities refer to the absence or inadequacy of garbage storage and enclosure, bathroom facilities, hot water and kitchens and structural inadequacies preventing ingress and egress to and from all rooms and units within a building. (H) Inadequate Utilities: Underground and overhead utilities such as storm sewers and storm drainage, sanitary sewers, water lines and gas, telephone and electrical services that are shown to be inadequate. Inadequate utilities are those that are: (i) of insufficient capacity to serve the uses in the redevelopment project area; (ii) deteriorated, antiquated, obsolete or in disrepair; or (iii) lacking within the redevelopment project area. Tax Incremental Financing Qualification! Designation Report - Third Amendment to Downtown TIF No. 1 Mount Prospect, Illinois Page 4 (1) Excessive Land Coverage and Overcrowding of Structures and Community Facilities: The over-intensive use of property and the crowding of buildings and accessory facilities onto a site. Examples of problem conditions warranting the designation of an area as one exhibiting excessive land coverage are: (i) the presence of buildings either improperly situated on parcels or located on parcels of inadequate size and shape in relation to present-day standards of development for health and safety and (ii) the presence of multiple buildings on a single parcel. For there to be a finding of excessive land coverage, these parcels must exhibit one or more ofthe following conditions: insufficient provision for light and air within or around buildings, increased threat of spread of fire due to the close proximity of buildings, lack of adequate or proper access to a public right-of-way, lack of reasonably required off-street parking or inadequate provision for loading servIce. (J) Deleterious Land-Use or Layout: The existence of incompatible land-use relationships, buildings occupied by inappropriate mixed-uses or uses considered to be noxious, offensive or unsuitable for the surrounding area. (K) Environmental Clean-Up: The Proposed redevelopment project area has incurred Illinois Environmental Protection Agency or United States Environmental Protection Agency remediation costs for, or a study conducted by an independent consultant recognized as having expertise in environmental remediation has determined a need for the clean-up of hazardous waste, hazardous substances or underground storage tanks required by State or federal law , provided that the remediation costs constitute a material impediment to the development or redevelopment of the redevelopment project area. (L) Lack of Community Planning: The Proposed redevelopment project area was developed prior to or without the benefit or guidance of a community plan. This means that the development occurred prior to the adoption by the municipality of a comprehensive or other community plan or that the plan was not followed at the time of the area's development. This factor must be documented by evidence of adverse or incompatible land-use relationships, inadequate street layout, improper subdivision, parcels of inadequate shape and size to meet contemporary development standards or other evidence demonstrating an absence of effective community planning. (M) The total equalized assessed value ofthe proposed redevelopment project area has declined for three (3) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated, or is increasing at an annual rate that is less than the balance of the municipality for three (3) of the last five (5) calendar years, for which information is available or increasing at an annual rate that is less than the Consumer Price Index for All Urban Consumers published by the United States Department of Labor or successor agency for three (3) ofthe last five (5) calendar years prior to the year in which the redevelopment proj ect area is designated. Tax Incremental PinancingQualification/Designation Report- ThirdAmendment to Downtown TIP No.1 Mount Prospect, Illinois Page 5 III. THE STUDY AREA The Study Area which is located adjacent to the Village's Downtown TIF No.1 and includes two parcels located at the northwest portion and the northeast portion of the existing TIF district. The northwest parcel includes a single story retail center (Central Plaza) and the northeast parcel includes a six story office building (Bank One Building). In evaluating the properties within the area, KMA completed its analysis based on the "conservation area" criteria cited in 65 ILCS 5/11-74-3(a)(1) (the "Conservation Area Definition"). The Conservation Area Definition states that at least fifty percent (50%) of the area's buildings must be thirty-five (35) years of age or older and there must be three (3) or more qualification factors present. Fifty-eight percent (58%) of the Downtown TIF No.1 buildings are over thirty-five (35) years in age including the two parcels described above, and the Proposed Amendments contains five (5) additional qualification factors (a minimum ofthree (3) is required). Tax Incremental Financing Qualification/ Designation Report - Third Amendment to Downtown TIF No. 1 Mount Prospect, Illinois Page 6 IV. METHODOLOGY OF EVALUATION In evaluating the Proposed Amendments potential qualification as a TIP District, the following methodology was utilized: 1) Site surveys of the Proposed Amendment were undertaken by representatives from KMA. site surveys were completed from each tract of land (based upon Sidwell blocks), within the area. 2) Exterior evaluation of structures, noting such conditions as deterioration, obsolescence and deleterious layout and land-use was completed. Additionally, 1998 through 2004 tax information from the Cook County Clerk's Office, Sidwell parcel tax maps, site data, local history (discussions with Village staff), and an evaluation of area-wide factors that have affected the area's development (e.g., lack of community planning). KMA reviewed the area in its entirety. Village redevelopment goals and objectives for the area were also reviewed with Village officials. A photograph analysis of the area was conducted and was used to aid this evaluation. 3) Existing structures and site conditions were initially surveyed only in the context of checking, to the best and most reasonable extent available, criteria factors of specific structures and site conditions on the parcels. 4) The Proposed Amendment was examined to assess the applicability of the different factors, required for qualification for TIP designation under the Act. Evaluation was made by reviewing the information and-determining how each measured when evaluated against the relevant factors. The Study Area was examined to determine the applicability of the thirteen (13) different conservation area factors for qualification for TIP designation under the TIF Act. Tax Incremental Financing Qualification! Designation Report - Third Amendment to Downtown TIF No. 1 Mount Prospect, Illinois Page 7 V. QUALIFICATION OF PROPOSED RPAlFINDINGS OF ELIGIBILITY As a result ofKMA's evaluation of each parcel in the Proposed Amendments, and analysis of each of the eligibility factors summarized in Section II, the following factors are presented to support qualification of the Proposed Amendments as a "conservation area". THRESHOLD FACTORS 1. Age (Downtown TIF No.1 and Proposed Amendments parcels) Based upon site surveys and County assessor data fifty-eight percent (58%) (or thirty- nine (39) out of sixty-seven (67) structures) were found to be thirty-five (35) years of age or greater. OTHER CONSERVATION AREA FACTORS (MUST INCLUDE THREE OR MORE ADDITIONAL FACTORS) Note: Conservation factors applv onlv to Proposed Amendments 2. Lack of Community Planning According to the Act, an area suffers from a lack of community planning if the area was developed prior to or within the benefit of a community plan. The absence of coordinated parking for sites, the lack of buffering between uses, and the coordinated loading/unloading provisions as well as access and circulation issues residential housing to commercial and retail sites all reinforce the fact that the area was developed without benefit of modem, comprehensive community planning. Also lacking until recent years has been effective and sustained economic development plans and strategies intended to address the coordinated redevelopment of the Proposed Amendments. This is not to necessarily say that improvements did not take place over the years, but that they were implemented without the inclusion within the Downtown TIF No.1 District. Amendment to the existing TIF will serve to improve overall coordination redevelopment for these parcels. Tax IncrementalFinancingQualijication/Designation Report- ThirdAmendment to Downtown TIP No.1 Mount Prospect, Illinois Page 8 3. Obsolescence Obsolescence is defined as the condition or process of falling into disuse. This can also be defined as a structure(s) that has become ill-suited for its original use. Functional obsolescence is present at the retail center due to poor layout and building orientation as well as its age and physical condition. Front parking is limited and internal circulation is also limited at the frontage to a north bound direction. The office building also exhibits characteristics of functional obsolescence due to its age and special purpose design and characteristics. As a whole, the area suffers from poor design and layout which is manifested in several instances, one of which being a lack of (or positioning of parking in relation to street traffic). The parking buildings lack adequate loading and buffering provisions. Because ofthese factors, the area's overall usefulness and desirability for redevelopment is significantly limited for modem day redevelopment. Economic obsolescence is illustrated by the decline in EA V for the Proposed Amendments in relation to the high point of 2002 (refer to Exhibit 1). 4. Deterioration of Site Improvements and Structures Deterioration can be evidenced in major or secondary building defects. For example, such defects include but are not limited to, defects in building components such as windows, porches, gutters, doors, brick, mortar and stucco. Many of the structures and site improvements within the Proposed RP A exhibited various degrees of deterioration which require repairs, upgrades and replacement. Many of the parcels displayed deteriorated conditions. The conditions were characterized by occurrences that included the following: · Rotten wood and eaves · Deterioration of brick and mortar · Buckled asphalt and concrete 5. Excessive Vacancies The retail center has exhibited vacancy factors over 60% since 2000, and the office building has exhibited a 25% to 30% vacancy factor since 2000. Both factors are excessive for commercial properties. Tax IncrementalPinancingQualification/Designation R.eporl- ThirdAmendment to Downtown TIP No.1 Mount Prospect, Illinois Page 9 VI. SUMMARY OF FINDINGS AND OVERALL ASSESSMENT OF QUALIFICATION The following is a summary of relevant qualification findings as it relates to potential designation of the Proposed Amendment by the Village as a TIF District: 1. The area is contiguous and is greater than 112 acres in size, including the adjacent Downtown TIF No. 1 area. 2. The area qualifies as a "conservation area". A more detailed analysis ofthe qualification findings is outlined in this report. 3. All property in the area would substantially benefit by the proposed redevelopment project improvements. 4. The sound growth oftaxing districts applicable to the area, including the Village, has been impaired by the factors found present in the area. 5. The area would not be subject to redevelopment without the investment of public funds, including property tax increments. These findings, in the judgment of KMA, provide the Village with sufficient justification to consider designation ofthe Proposed Amendments as a TIF District. The area has not benefited from coordinated planning efforts by either the public or private sectors. There is a need to focus redevelopment efforts relating to business attraction as well as the coordination of redevelopment efforts for modem uses. There efforts will be important to the area's continued improvement and preservation of tax base. Tax Incremental Financing Qualification/ Designation Report - Third Amendment to Downtown TIP No. 1 Mount Prospect, Illinois Page 10 I I I t- oo mWHENRY ST > ~ ~ rTl <{ ~:s: w ~ z o z ~ Area of Amendment #1 ~~ IW W BUSSE AV Area of Amendment #2 ~ ~ ~ r--- . ~A~I~oo :c:J I I I ~ ~ rn 1985 TIF District ~ "' "'- ~t- t; t- 00 z 00 Z 0 W - 00 ~ <{ ~ ~ ~ w :s: 00 ~ --loo w 00 ~ r- r-- r- r- t=I E ~ I--- - ~t-I I II I I I I I L 00 ~~~ t- t-mt-r ~ 00 00 00 Z Z W ~ g it uJr- ffi ~ Z ~ Z W 00 Area of Amendment #3 J=j E CENTRAL RD ~~II I ~ ~ - J I ~ FF r::: Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map ~ o 150 300 450 600 750 I I I I I I Feet I \ I ~ \ rl V/\t I ~ &LJ +==1 I I I c=r I r t=---r I =:rl E HENRY ST ~ ~ t- oo ~ o o I t) 00 Z r - - - - J t=U E BUSSE AV III - - ~ - t=i=J E EVERGREEN AV :J - j - - 1"-... '-.. 10/1 8/2005 PRELIMINARY Village of Mount Prospect "roposed Downtown TIF Amendment Note: new parcel in 2000, -018 divided par 03-34-331-012.-016.-017 PIN TAX CLASS 2004 EAV 2003 EAV 2002 EAV 2001 EAV 2000 EAV 1999 EAV 1998 EAV CODE ESTIMATED 03-34-331-018 38020 5-17 978,681 1,139,569 1,427,041 744,386 767,383 1,881,410 1.226,194 08-12-109-028 16016 5-91 5,173,896 4,006,876 6,232.165 5,830,554 4,758,103 4,815,881 5,345.483 Total Parcels 6.152,577 5,146.445 7,659.206 6,574,940 5,525.486 6,697,291 6,571.677 Pct. Change to past year 19.55% -32,81% 16.49% 18.99% -17.50% 1.91% Total Village EAV 1,491.177,145 1,321,886,943 1,355,301,118 1,255,360,556 1,089,103.983 1,093,616,836 1,058,023,690 1,316,740,498 1,347,641,912 1,248,785,616 1,083,578,497 1,086,919,545 1,051,452,013 -2.29% 7.92% 15.25% -0.31% 3.37% Balance of Village EAV Pet. Change to past year Source: Cook County Clerk 1,485,024,568 12.78% Mount Prospect TIF amend 08 05 Trustee moved and Trustee seconded the motion that said ordinance as presented and read by the Village Clerk be adopted. After a full discussion thereof including a public recital of the nature of the matter being considered ahd such other information as would inform the public of the nature of the business being conducted, the Village President directed that the roll be called for a vote upon the motion to adopt said ordinance as read. Upon the roll being called, the following Trustee voted AYE: The following Trustee voted NAY: Whereupon the Village President declared the motion carried and said ordinance adopted, approved and signed the same in open meeting and directed the Village Clerk to record the same in full in the records of the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at the meeting. Upon motion duly made, seconded and carried, the meeting was adjourned. Village Clerk STATE OF ILLINOIS ) ) SS ) COUNTY OF COOK CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk of the Village of Mount Prospect, Cook County, Illinois (the "Village "), and that as such official I am the keeper of the records and files of the Village President and Board of Trustees of the Village (the "Corporate Authorities "). I do further certify that the foregoing is a full, true and complete transcript of that portion of the minutes of the meeting of the Corporate Authorities held on the _ day of , 2006, insofar as same relates to the adoption of an ordinance entitled: AN ORDINANCE of the Village of Mount Prospect, Cook County, Illinois, Approving a Amendment to the Tax Increment Redevelopment Plan and Redevelopment Proj ect for the Downtown TIF No.1. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Corporate Authorities on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice; that an agenda for said meeting was posted at the location where said meeting was held and at the principal office of the Corporate Authorities at least 48 hours in advance of the holding of said meeting; that said agenda described or made specific reference to said ordinance; that said meeting was called and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Corporate Authorities have complied with all of the provisions of said Act and said Code and with all of the procedural rules of the Corporate Authorities. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village, this _ day of , 2006. Village Clerk (SEAL) MINUTES of a public meeting of the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, held at the Village Hall, Mount Prospect, Illinois, in said Village at 7:00 o'clock P.M., on the _ day of ,2006. * * * The Village President called the meeting to order and directed the Village Clerk to call the roll. Upon roll call, the following answered present: , the Village President, and Trustee: The following Trustees were absent: Trustee presented and the Village Manager explained an ordinance, which was laid in words and figures before the Village President and Trustee as follows: _ il_ DRAFT SECOND ORDINANCE AN ORDINANCE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, DESIGNATING THE AMENDMENT #3 TO THE DOWNTOWN TIF NO.1 REDEVELOPMENT PROJECT AREA OF SAID VILLAGE A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT WHEREAS, it is desirable and in the best interest of the citizens of the Village of Mount Prospect, Cook County, Illinois (the "Village"), for the Village to implement tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the "Act"), for proposed amendment #3 to the redevelopment plan and redevelopment project (the "Plan and Project") within the municipal boundaries of the Village and within a proposed redevelopment project area (the "Area") described in Section 1 of this Ordinance; and WHEREAS, the Corporate Authorities have heretofore by ordinance amended the Plan and Project, which Plan and Project were identified in such ordinance and were the subject, along with the Area designation hereinafter made, of a public hearing held on February 7, 2006, and it is now necessary and desirable to designate the Area as a redevelopment project area pursuant to the Act. NOW, THEREFORE, BE IT ORDAINED by the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1. Area Designated. That the Area, as legally described III Exhibit A attached hereto and incorporated herein as if set out in full by this reference, is hereby designated as a redevelopment project area pursuant to Section 11-74.4-4 of the Act. The general street location for the Area is described in Exhibit B attached hereto and incorporated herein as if set B out in full by this reference. The map of the Area is depicted on Exhibit C attached hereto and incorporated herein as if set out in full by this reference. Section 2. Invalidity of Any Section. That if any section, paragraph, or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, or provision shall not affect any of the remaining provisions of this Ordinance. Section 3. Superseder and Effective Date. That all ordinances, resolutions, motions, or orders in conflict herewith shall be, and the same hereby are, repealed to the extent of such conflict, and this Ordinance shall be in full force and effect immediately upon its passage by the Corporate Authorities and approval as provided by law. ATTACHMENTS: EXHIBIT A - Legal Description EXHIBIT B - General Street Location EXHIBIT C - Map of Redevelopment Project Area PASSED this _ day of , 2006. AYES NAYS ~SmT APPROVED: VILLAGE PRESIDENT ATTEST: VILLAGE CLERK Co:/Mount Prospect/Ordinance/Ordinance Designating 11.15.05 LEGAL DESCRIPTION Legal Description of Downtown TIP No.1 Redevelopment Project Area, As Amended is as follows: Beginning at the intersection ofthe east right-of-way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road, thence easterly along said north right-of-way line to a point of intersection with the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect to the north right-of-way line of Busse Avenue, thence easterly along the north right-of-way line of Busse Avenue to a point of intersection with the extension ofthe east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect to the southeast comer of Lot 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect; thence easterly along the south property line of Lot 17 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect extended to a point of intersection with the east right-of-way line of Elm Street, thence southerly along the east right-of-way line of Elm Street to the north right-of-way line of Evergreen Avenue; thence easterly along the north right of-way line of Evergreen Avenue to a point of intersection with the extension ofthe west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12-41-1 1, recorded September 2, 1874, thence southerly along the extension of the west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12- 41-1 1, recorded September 2, 1874 to the northwest comer of Lot 1 of Bruce's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Bruce's Resubdivision in Mount Prospect extended to a point of intersection with the east right-of-way line of Owen Street, thence southerly along the east right-of-way line of Owen Street extended to a point of intersection with the southerly right-of-way line of Northwest Highway, US Rode 14, thence northwesterly along the southerly right-of-way line of Northwest Highway, US Route 14 to a point of intersection with the north right-of-way line of Central Road; thence easterly along the north right-of-way line of Central Road to the southwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence northerly along the west property line of Trapani's Resubdivision in Mount Prospect to the northwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Trapani's Resubdivision in Mount Prospect extended to a point of intersection with the east right of-way line of Main Street, State of Illinois Route 83; thence southerly along the east right-of-way line of Main Street, State of Illinois Route 83 to the point of beginning at the point of intersection of the east right-of- way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road, all located in part ofthe Northeast Quarter and the Northwest Quarter of Section 12, and the Northeast Quarter of Section 11 all in Township 41 North, Range 11 East ofthe Third Principal Meridian, and in part of the Southwest Quarter and the Southeast Quarter of Section 34, Township 42 North, Range 11 East of the Third Principal Meridian all in Cook County, Illinois. EXHIBIT B The existing Downtown TIF No.1 is generally bounded by Northwest Highway on the south and west, Central Road, Busse Avenue and Evergreen Avenue to the north, and Maple Street and Owen Street to the east. The proposed amendments (amendment #3) include property generally located at the southeast comer of Emerson Street and Busse Avenue, and property generally located at northwest comer of Main Street and Central Road. I-----J I 1 '- 1 / \-1 I .1 I W BUSSE AV r/7:rr I I I t- I I I I I I I _ ____~._ I I I I I I I (f) Z <( :2 l--- z ......J E HENRY ST ~~ t- (f) ..~~Fl= t-~ (f) t- Z U) t- O W U) U) ...J ::i; t:=j; !~~ ~n t- Ii> t- U) W U) Z ...J ZOo- <( U) <( :2 !r ::!; U) ~ (f) W ---iU) ==l I--- t-iiiIi Area of Amendment #2 ~~~~ W EVERGREEN AV > <( t- (f) !r ::> J: :2 ...J W (f) w Z a: U) I----- t=f---- 1985 TIF District I--- o S= -\-- ~ Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map I- (f) W ...J ...J ~ (f) , 450 600 750 300 150 )--1--- ~ I- ~ I I I I I I Feet - I, - r 1:=:=1 v-~ I c==J J \ I I I Area of Amendment #3 I-- I-- E CENTRAL RD - - ~f-- f-- t=i= - I--- E BUSSE AV E I--- t==1= - E EVERGREEN AV ~ , ~ !-- I-- - l r I 1 Trustee moved and Trustee seconded the motion that said ordinance as presented and read by the Village Clerk be adopted. After a full discussion thereof including a public recital of the nature of the matter being considered and such other information as would inform the public of the nature of the business being conducted, the Village President directed that the roll be called for a vote upon the motion to adopt said ordinance as read. Upon the roll being called, the following Trustee voted AYE: The following Trustee voted NAY: Whereupon the Village President declared the motion carried and said ordinance adopted, approved and signed the same in open meeting and directed the Village Clerk to record the same in full in the records of the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at the meeting. Upon motion duly made, seconded and carried, the meeting was adjourned. Village Clerk STA TE OF ILLINOIS ) ) SS ) COUNTY OF COOK CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk of the Village of Mount Prospect, Cook County, Illinois (the "Village"), and that as such official I am the keeper of the records and files of the Village President and Board of Trustees of the Village (the "Corporate Authorities "). I do further certify that the foregoing is a full, true and complete transcript of that portion of the minutes of the meeting of the Corporate Authorities held on the _ day of , 2006, insofar as same relates to the adoption of an ordinance entitled: AN ORDINANCE of the Village of Mount Prospect, Cook County, Illinois Amending the Downtown TIF No. 1 Redevelopment Project Area of said Village a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript ofthe minutes of said meeting. I do further certify that the deliberations of the Corporate Authorities on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice; that an agenda for said meeting was posted at the location where said meeting was held and at the principal office of the Corporate Authorities at least 48 hours in advance of the holding of said meeting; that said agenda described or made specific reference to said ordinance; that said meeting was called and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Corporate Authorities have complied with all of the provisions of said Act and said Code and with all of the procedural rules of the Corporate Authorities. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village, this _ day of , 2006. Village Clerk (Seal) MINUTES of a public meeting of the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, held at the Village Hall, Mount Prospect, Illinois, in said Village at _ o'clock P.M., on the _ day of ,2006. * * * The Village President called the meeting to order and directed the Village Clerk to call the roll. Upon roll call, the following answered present: , the Village President, and Trustee: The following Trustees were absent: Trustee presented and the Village Manager explained an ordinance, which was laid in words and figures before the Village President and Trustee as follows: DRAFT THIRD ORDINANCE AN ORDINANCE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, CONFIRMING TAX INCREMENT ALLOCATION FINANCING FOR THE DOWNTOWN TIF NO.1 REDEVELOPMENT PROJECT AREA WHEREAS, it is desirable and in the best interest of the citizens of the Village of Mount Prospect, Cook County, lllinois (the "Village"), for the Village to implement tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the "Act"); and WHEREAS, the Village has heretofore amended a redevelopment plan and project (the "Plan and Project") as required by the Act by passage of an ordinance and has heretofore amended a redevelopment project area (the "Area") as required by the Act by the passage of an ordinance and has otherwise complied with all other conditions precedent required by the Act. NOW, THEREFORE, BE IT ORDAINED by the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1. Tax Increment Financing Confirmed. That tax increment allocation financing is hereby confirmed to pay redevelopment proj ect costs as defined in the Act and as set forth in the Plan and Project within the Area as legally described in Exhibit A attached hereto and incorporated herein as if set out in full by this reference. The general street location for the Area is described in Exhibit B attached hereto and incorporated herein as if set out in full by this reference. The map of the Area is depicted in Exhibit C attached hereto and incorporated herein as if set out in full by this reference. ~ Section 2. Allocation of Ad Valorem Taxes. That pursuant to the Act, the ad valorem taxes, if any, arising from the levies upon taxable real property in the Area by taxing districts and tax rates determined in the manner provided in Section 11-7 4.4-9( c) of the Act each year after the effective date of this Ordinance until the Project costs and obligations issued in respect thereto have been paid shall be divided as follows: a. That portion of taxes levied upon each taxable lot, block, tract, or parcel of real property that is attributable to the lower of the current equalized assessed value or the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in the Area shall be allocated to and when collected shall be paid by the county collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing. b. That portion, if any, of such taxes that is attributable to the increase in the current equalized assessed valuation of each lot, block, tract, or parcel of real property in the Area shall be allocated to and when collected shall be paid to the municipal treasurer, who shall deposit said taxes into a special fund, hereby created, and designated the "Downtown TIF No.1" Redevelopment Project Area Special Tax Allocation Fund" ofthe Village and such taxes shall be used for the purpose of paying Project costs and obligations incurred in the payment thereof. Section 3. Invalidity of Any Section. That if any section, paragraph, or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, or provision shall not affect any of the remaining provisions of this Ordinance. Section 4. Superseder and Effective Date. That all ordinances, resolutions, motions, or orders in conflict herewith shall be, and the same hereby are, repealed to the extent of such conflict, and this Ordinance shall be in full force and effective immediately upon its passage by the Corporate Authorities and approval as provided by law. ATTACHMENTS: EXHIBIT A - Legal Description EXHIBIT B - General Street Location EXHIBIT C - Map of Redevelopment Project Area PASSED this _ day of , 2006. AYES NAYS ABSENT APPROVED: VILLAGE PRESIDENT ATTEST: VILLAGE CLERK LEGAL DESCRIPTION Legal Description of Downtown TIP No.1 Redevelopment Project Area, As Amended is as follows: Beginning at the intersection of the east right-of-way line of Main Street, State ofIllinois Route 83, with the north right-of-way line of Central Road, thence easterly along said north right-of-way line to a point of intersection with the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect to the north right-of-way line of Busse Avenue, thence easterly along the north right-of-way line of Busse Avenue to a point of intersection with the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect to the southeast comer of Lot 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect; thence easterly along the south property line of Lot 17 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect extended to a point ofintersection with the east right-of-way line of Elm Street, thence southerly along the east right-of-way line of Elm Street to the north right-of-way line of Evergreen Avenue; thence easterly along the north right of-way line of Evergreen Avenue to a point of intersection with the extension of the west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12-41-1 1, recorded September 2, 1874, thence southerly along the extension of the west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12- 41-1 1, recorded September 2, 1874 to the northwest comer of Lot 1 of Bruce's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Bruce's Resubdivision in Mount Prospect extended to a point of intersection with the east right-of-way line of Owen Street, thence southerly along the east right-of-way line of Owen Street extended to a point of intersection with the southerly right-of-way line of Northwest Highway, US Rode 14, thence northwesterly along the southerly right-of-way line of Northwest Highway, US Route 14 to a point of intersection with the north right-of-way line of Central Road; thence easterly along the north right-of-way line of Central Road to the southwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence northerly along the west property line of Trapani's Resubdivision in Mount Prospect to the northwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Trapani's Resubdivision in Mount Prospect extended to a point of intersection with the east right of-way line of Main Street, State of Illinois Route 83; thence southerly along the east right-of-way line of Main Street, State of Illinois Route 83 to the point of beginning at the point of intersection of the east right-of- way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road, all located in part ofthe Northeast Quarter and the Northwest Quarter of Section 12, and the Northeast Quarter of Section 11 all in Township 41 North, Range 11 East of the Third Principal Meridian, and in part of the Southwest Quarter and the Southeast Quarter of Section 34, Township 42 North, Range 11 East ofthe Third Principal Meridian all in Cook County, Illinois. EXHIBIT B The existing Downtown TIF No.1 is generally bounded by Northwest Highway on the south and west, Central Road, Busse Avenue and Evergreen A venue to the north, and Maple Street and Owen Street to the east. The proposed amendments (amendment #3) include property generally located at the southeast comer of Emerson Street and Busse Avenue, and property generally located at northwest comer of Main Street and Central Road. EXHIBIT C MAP OF AMENDED REDEVELOPMENT PROJECT AREA I I I '- I / ~ fffiffiJi~ W:] WALNUT ST . Area of Amendment #1 "'0.)> l'1y*, ~.sl' Iyt-t-,.. ~ ~ i:=J:=:j ~ ' WBUSSEAV ~ Area of Amendment ~ ~ W EVERGREEN AV ~ t==f--- ~i t= f-- ~ I- CJ) a:: ::J J: ~ -I W CJ) Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map o 150 300 450 600 750 I I I I I 'Feet I-- ,I-- I . r ~ I I I 1----1--- I \ \"" I-==lV /\\ll I I I I II- 11 I I I 1 I _I I 1 I 1 Il~ CJ) z 4:: ~~ z I- CJ) W -I -I ~ Z I- CJ) W -I -I ~ CJ) ~ I r I-~ CJ) I- Z CJ) I- o W CJ) CJ) -I :; WI ! ~~ ~ E HENRY ST I- CJ) -18= 8 J: () CJ) Z t Area of Amendment #3 E CENTRAL RD ~ l----[ 1 r I 1 I 1985 TIF District I ~ ' I-~~ ~ ~ CJ) Z W ~ 0 ii <( CJ) <( ~ . a:: :; CJ) ~ CJ) w CJ) ----i ~f-- ~ ~ t=i= E BUSSE AV f--- - f--I--- - ~ - E EVERGREEN AV r----- ~~ f'-.~ Trustee moved and Trustee seconded the motion that said ordinance as presented and read by the Village Clerk be adopted. After a full discussion thereof including a public recital of the nature of the matter being considered and such other information as would inform the public of the nature of the business being conducted, the Village President directed that the roll be called for a vote upon the motion to adopt said ordinance as read. Upon the roll being called, the following Trustee voted AYE: The following Trustee voted NAY: Whereupon the Village President declared the motion carried and said ordinance adopted, approved and signed the same in open meeting and directed the Village Clerk to record the same in full in the records of the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at the meeting. Upon motion duly made, seconded and carried, the meeting was adjourned. Village Clerk STATE OF ILLINOIS ) ) SS ) COUNTY OF COOK CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk ofthe Village of Mount Prospect, Cook County, Illinois (the "Village"), and that as such official I am the keeper of the records and files of the Village President and Board of Trustees of the Village (the "Corporate Authorities "). I do further certify that the foregoing is a full, true and complete transcript of that portion of the minutes of the meeting of the Corporate Authorities held on the _ day of 2006, insofar as same relates to the adoption of an ordinance entitled: AN ORDINANCE of the Village of Mount Prospect, Cook County, Illinois, Confirming Tax Increment Allocation Financing for the Downtown TIP No.1. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Corporate Authorities on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice; that an agenda for said meeting was posted at the location where said meeting was held and at the principal office of the Corporate Authorities at least 48 hours in advance of the holding of said meeting; that said agenda described or made specific reference to said ordinance; that said meeting was called and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Corporate Authorities have complied with all of the provisions of said Act and said Code and with all of the procedural rules of the Corporate Authorities. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village, this _ day of , 2006. Village Clerk (SEAL) MINUTES of a public meeting of the Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, held at the Village Hall, Mount Prospect, Illinois, in said Village at _ o'clock P.M., on the _ day of ,2006. * * * The Village President called the meeting to order and directed the Village Clerk to call the roll. Upon roll call, the following answered present: , the Village President, and Trustee: The following Trustees were absent: Trustee presented and the Village Manager explained an ordinance, which was laid in words and figures before the Village President and Trustee as follows: ORDINANCE #4509 DOWNTOWN NO.1 TAX INCREMENT REDEVELOPMENT PROJECf AND PLAN VILLAGE OF MOUNT PROSPECT, ILLINOIS APRIL, 1985 AMENDMENT #1 . DECEMBER, 1988 AMENDMENl' #1. . DECEMB~R, mz PREPARED BY: PlANNING DEPARTMENT, VILLAGE OF MOUNT PROSPECI' AND TRKLA, PETnGREW, ALLEN & PAYNE, INC. ( (.....' TABLE OF CONTENTS PAGE NO. Introduction . . .. .. .. .. .. .. ..... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .... 1 Redevelopment Project Area Goals and Objectives . . . . . . . . . . . . . . . . . . . . .. 4 General Goals ........................ III .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .... 4 Affirm.ative Action PIau. ........................................................................... 4 Redevelopment Objectives ........................................................................ 5 I.a.nd Use .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. '. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .... 5 Development Character ............................................................................ 6 Design Guidelines ............ ~ .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .... 6 P.a:r-mg .................................................................................................... 6 Pedestrian. Movement .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. It .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .... 6 Conservation Area Conditions Existing In The Redevelopment Project Area ................................ 7 Downtown No. 1 Redevelopment Project ............................. 8 Redevelopment Plan and Project Objectives ........................ 8 Redevelopment Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 8 General Un.d-Use Plan. ...................................... 9 Other Area-5pecific Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 10 Estimated Redevelopment Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Sources of Funds To Pay Redevelopment Project Costs . . . . . . . . . . . . . . . 14 Issuan.ce of Obligations" . . . . . . . . . . " . " . . . . . . . . . . . . " . . . " . . . " . " . . 14 Most Recent Equalized Assessed Valuation of Properties In The Redevelopment Project Area .................... 14 Anticipated Assessed Valuation ................................ 15 Phasing and Scheduling of Redevelopment Project ...................... 18 Provisions For Amending the Redevelopment Plan and Project . . . . . . . . . . . . . 20 TABLES Table 1, Table 2, EXHTRITS Exhibit 1, Exhibit 2, Exhibit 3, Exhibit 4, Exhibit 5, Exhibit 6, Exhibit 7, ( ("~'"'''' .. LIST OF TABLES AND EXHIBITS PAGE NO. Redevelopment Project - Estimated Redevelopment Project Cost Schedule . . . . . . . . . . . . . . . . . . . . 13 Block Snmmary Of Equalized Assessed Valuations ............ w . . . .. . .. . .. . .. ... . . . " .. . * . " .. " .. . .. . . 16 Bounda.xy. Map ......................................."..................... 21 Development Program. ............................'......................... 22 I..a.n.d-Use Plan ......:............................................................ 23 Redevelopment Target Areas .......................... 24 Legal Description - TIP District #1 . . . . . . . . . . . . . . . . . . . . . . 2S Legal Description - Amendment #1 ..................... 27 Legal Description . Amendment #2 ..................... 29 (' INTRODUCI10N The Downtown of Mount Prospect, located in a triangular area generally between the Chicago and Northwestern Railroad, Northwest Highway and Central Road was the original commercial and civic center of the Village. The importance of this area to the economic wellwbeing of the community and as a symbol of the quality of the Village has long been recognized by elected officials, business persons and residents. Declining physical and economic conditions evident during the 1960's and 1970's led to the establishment in 1974 of Business District Development and Redevelopment Commission (BDDRC). This action was' followed by the preparation of a Downtown Development Plan in 1976. This plan contained two primary components: a planning framework which established basic standards and requirements for key parts of the downtown environment, including land-use, movement systems, parking areas, and pedestrian and open space facilities; and a listing of planning projects which should be undertaken to revitalize the downtown area. In 1981, the Village completed and adopted an updated Comprehensive Plan for tbe growth and development of the community as a whole. This plan incorporated the basic planning framework recommendation of the 1976 Downtown Plan with only minor refinement and modification. During the period since completion of the 1976 Downtown Plan, the Village bas continued to work with representatives of the business community to identify and implement projects designed to arrest declining physical and economic conditions, and to improve the appearance and image of the Downtown. The Busse-Wille Area improvement project together with financial incentives for the rehabilitation of existing commercial bulldings have resulted in only limited new private investnient, almost all of which has occurred outside of the boundaries of the Downtown No. 1 Redevelopment Project Area. Tbe portion of the downtown area east of Main Street and north of Northwest Highway along with the areas of Amendment 1 and Amendment 2 have not been subject to growth and development through investment by private enterprise, and would not reasonably be anticipated to be developed without adoption of the redevelopment project and plan described herein. An analysis of conditions within this area indicated that it would be appropriate for designation as a redevelopment project, utilizing the. State of Dlinois tax increment financing legislation. This analysis disclosed that the area was originally developed without the benefit or guidance of overall community planning, the area bas developed in a pattern which is not consistent with the Comprehensive Plan for the Village, and the area does not meet basic standards and guidelines for contemporary development As a result of the lack of community planning, adequate development controls and other factors, the area is cbaracterized by conditions which warrant the designation of the entire area as a "conservation areall within the definitions set forth in the Real Pro-perty Tax Increment Allocation Redevelo.pment Act of the State of Dlinois (hereinafter referred to as the "Act".) It was concluded that development through investment by private enterprise cannot be anticipated to occur without the investment of public funds in accordance with a Village redevelopment plan. - 1 - ( The Act, which became effective in 1978, provides the Village with a tool making it possible to raise public funds to utilize in its redevelopment efforts. It provides a means for~. municipalities, after the approval of a "Redevelopment Plan and Project," to. improve and redevelop conservation areas by tax revenues derived from the increase in equalized assessed values of redeveloped properties in the Redevelopment Project Area. This method of raising funds is called tax increment financing. After a conservation area is designated as a Redevelopment Project Area, and the tax increment financing mechanism is adopted, all taxing districts continue to levy taxes against valuations to the Equalized Assessed Valuation that existed in the area prior to redevelopment. The increase in tax revenue generated by the application of tax rates to the area after redevelopment is described as tax increment revenue. As soon as more tax increment revenue is received tban is necessaty to pay for redevelopment project costs and principal and interest on obligations issued to pay for such costs, the excess revenue may be distributed to taxing districts which have real property in the redevelopment project area. Thus, all taxing districts are the beneficiaries of the redevelopment. The Downtown No. 1 Tax Increment Area Redevelopment Project and Plan (hereinafter referred to as the "Redevelopment Plan") and the Plan Amendments have been formulated in accordance with the provisions of the Act. It is a guide to all proposed public and private actions in the Redevelopment Project Area. In addition to describing the objectives of redevelopment, the Redevelopment Plan sets' forth the overall program to be undertaken to accomplish these objectives. This program is the ''Redevelopment Project". This Redevelopment Plan also specifically describes the Downtown No. 1 Tax Increment Redevelopment Project Area (hereinafter referred to as the "Redevelopment Project Area"). This area meets the eligibility requirements of the Act. The Redevelopment Project Area boundaries are shown on the amended Boundaty Map. Exhibit I. After approval of the Redevelopment Plan, the Village Board then formally designates the Redevelopment Project Area. The purpose of this Redevelopment Plan is to ensure that new development occurs: 1. On a coordinated rather than a piecemeal basis to ensure that the land-use, pedestrian access, vehicular circulation, parking, service and urban design systems will functionally come together, meeting modem-day principles and standards. 2. On a reasonable, comprehensive and integrated basis to ensure that blighting factors are eliminated. 3. Within a reasonable and defined time period so that the area may contribute productively to the economic vitality of the Village. Revitalization of the Redevelopment Project Area is a large and complex undertaking. and it presents challenges and opportunities commensurable to its scale. The success of this effort will depend to a large extent on the cooperation between the private sector and agencies - 2- ( ( of local government. Planning and development efforts to date have not been capable of stimulating this comprehensive and coordinated public and private effort. In addition, the Redevelopment Project Area as a whole has not been subject to growth and development by private enterprise. The adoption of this Redevelopment Plan will make posSlole the implementation of a logical program to stimulate redevelopment in the Redevelopment Project Area-an area which is not anticipated to develop without the adoption of the Redevelopment Plan. Through public investment, the area will become a stable environment to attract properly scaled new private investment to set the stage for the rebuilding of the area with ~rivate capital. On December 1988, the Boards approved Amendment #1 to this Redevelopment Plan and Project. The area one block west of Main Street, south of Central Road exhibits the same age, obsolescence, and other factors that qualified District #1 for tax increment financing. This area has not been subject to growth and development by private enterprise. The Village Board believes that this area should be eHglole for redevelopment with tax: increment financing. within the development scbedule establisbed with District #1. In September of 1992, the Village Board determined that it would be appropriate to initiate Amendment #2 to this Redevelopment Plan and Project. This area is contiguous to the area of Amendment #1 and the initial redevelopment area, and extends from Wille Street west to the intersection of Northwest Highway and Central Road, and includes the properties on both sides of Busse Avenue, and the small Main/Busse/Northwest Highway triangle. (See amended Boundary Map - Exhibit 1.) 'Ibis is a significant redevelopment area because of its IS-acre size and its key location between three regional arterial streets. Additionally, the Village of Mount Prospect owns several major parcels in this area, including the former Public Works buildings at. 10 and 11 South Pine Street. This building is being used as a temporary facility for Police and Fife operations while a new headquarters building is being constructed. It is the goal of the Village Board to initiate redevelopment in this area as soon as possible after Police and Fire operations move out of the former Public Works garage. At the same timet the Village acquired the property at 100 West Northwest Highway, adjacent to the Public Work garage, in order t~ assemble a more attractive redevelopment site in the Pine/Wille block. This building was acquired pursuant to the home-rule Triangle Redevelopment Are~ a home-rule redevelopment designation that did not include the use of tax increment financing. Concurrent with these activities, the Village Board selected a preferred developer to begin project planning in this area. A redevelopment concept plan determined that necessaty land acquisition, public improvements, landscaping and parking facilities could not be undertaken solely by the private sector. Due to the economy and the requirements by lenders for higher amounts of equity in real estate loans, the level of public investment that is necessary is only available with tax increment financing. Analysis of the financing requirements of the concept plan determined that the Redevelopment Project Area would not reasonably be developed without the use of tax incremental revenues. Also, due to the financing needs of the concept plan, the Village Board determined that the tax: incremental revenues would be exclusively utilized for the development of the Redevelopment Project Area to the extent necessary so that the redevelopment project is financially self-supporting by its own incremental revenues. -3- ( REDEVELOPMENT PROJECT AREA GOALS AND OBJECItVES Managed growth in the form of investment in new development and facilities is essential in the Redevelopment Project Area, as it is in the entire Village. Redevelopment efforts in the Redevelopment Project Area willstrengtben the entire Village through environmental improvements, increased tax base and additional employment opportunities. The Act encourages the public and private sectors to work together to address and solve the problems of urban growth and development. The joint effort between the Village and the private sector to redevelop parts of the Redevelopment Project Area will receive significant support from the financing methods made available by the Act. This section of the Redevelopment Plan identifies the goals and objectives of the Redevelopment Project Area. A latter section of this Redevelopment Plan identifies the more specific programs (the Redevelopment Project) wbich the Village plans to undertake in achieving the redevelopment goals and objectives which have been identified. GENERAL GOALS -Improve the quality of life in Mount Prospect by eliminating the influences as well as the manifestatioDS of, physical and economic deterioration and obsolescencewitbin the Redevelopment Project Area. '::Provide sound economic development in the Redevelopment Project Area. -Revitalize the Redevelopment Project Area to make it an important activity center contributing to the regional focus of the Mount Prospect area. -Create an environment within the Redevelopment Project Area which will contribute to the health, safety, and general welfare of the Village, and preserve or enhance the value of properties to reinforce a commitment to fair employment practices and an affirmative action plan adjacent to the Area. AFFIRMATIVE ACDON PLAN The Village is committed to and will affirmatively implement the following principles with respect to the Village of Mount Prospect Tax Increment Redevelopment Plan and Project: -The assurance of equal opportunity in all personnel and employment actioDS with respect to the Plan and Project including, but not limited to: hiring, training, transfer, promotion, discipline, fringe benefits, salary, employment working condition, termination, etc., without regard to race, color, religion, sex, age, handicapped status, national origin, creed or ancestry. -This commitment to affirmative action will ensure that all members of the protected groups are sought out to compete for all job openings and promotional opportunities. -4- (" '.. In order to implement these principles for this Plan and Project, the Village shall require and promote equal employment practices and affirmative action on the part of itself and its contractors and vendors. In particular, parties contracting for work on the Project shall be required to agree to the principles set forth in this section. REDEVElDPMENT OBJEcrtVES -Reduce'or eHminate those conditions which qualify the Redevelopment Project Area as a conservation area. Conservation Area Conditions Existini in the RedevelQpment project Area, are described on Page 7. -Strengthen the economic well-being of the Redevelopment Project Area and the Village by increasing business activity, taxable values, and job opportunities. -To create an environment which stimulates private investment in new construction, expansion, and rehabilitation. -To encourage the assembly of land into parcels functionally adaptable with respect to shape and size for redevelopment in accordance with contemporary development needs and standards. -Achieve development which is integrated both functionally and aesthetica1lywith nearby existing development. -Emphasize design features which can help distinguish the Redevelopment Project Area from other areas and other villages. . -Provide sites for needed public improvements or facilities in proper relationship to the projected demand for such facilities and in accordance with accepted design criteria for such facilities. LAND USE 1. Land Uses in the redevelopment area shall comply with the Comprehensive ~an. . 2. A full range of retail and service commercial uses together with select professional office space and residential should be encouraged The concept of mixed commercial and residential and/or office space should be examined. 3. Residential development may be multi-family units with a building height not to exceed six (6) stories. 4. Commercial development should focus on retail and service businesses. Specialty shops and convenience commercial are to be encouraged. An anchor user should be encouraged to attract a broad customer base to the redevelop- ment area. -5- ( (0 5. Office space should be designed for professional office users. 6. A portion of the site should be dedicated to a centrally located public open space, sufficient for tlatherings and community activities. This should serve as a major focal point in the Downtown Area. 7. A cultural arts facility should be encouraged. DEVELOPMENT CHARAcrBR 1. New construction should be compatible with the existing character in the downtown area. 2. Taller buildings should be located in such fashion as to lessen the impact to surrounding residential. uses. DESIGN GUIDELINES 1. Provide attractive, well landscaped frontages along all public streets, and adequate screening and buffering around parking and loading areas. 2. An integrated site plan should reflect no physical barriers between land uses. 3. Brick construction is preferred for all buildings. No exposed block walls should be allowed on any building elevation. 4. The redevelopment area should include unified streetscape elements, including lighting, benches, graphics and brick paver sidewalks. Signage should blend with the development and complement its architectural character. PARKING 1. Sufficient off-street parking should be provided to meet the demand of the proposed land uses. 2. Parking should be located in areas easily accessible from adjoining streets. 3. Parking should be assembled into unified lots or structures, with adequate provisions for short-te~ customer parking and long-term employee parking. 4. Underground parking for residential units is encouraged. S. The use of shared parking utilizing off-peak operating hours should be encouraged. PEDESTRIAN MOVEMENT 1. . Pedestrian access and movement through the site should be an important part - 6- ( of the plan. Public and private pedestrian sidewalks should be provided, and conflicts with automobile traffic should be minimized on-site. 2. The redevelopments should provide direct pedestrian connections from the redevelopment area to adjoining areas to encourage pedestrian movement to or from other adjacent commercial areas. CONSERVATION AREA CONDITIONS EXISTING IN THE REDEVELOPMENT PROJECl' AREA Based upon surveys, inspections and analyses of the area, the Redevelopment Project Area qualifies as a conservation area" as defined by the Act. The area meets the "age" criteria and is also characterized by the presence of a combination of three or more of the cdnservation factors as listed in tbe Act, rendering the area detrimental to the public safety, health and welfare of the citizens of the Village. Specifically: -More than 50 percent of the buildings in the area are over 35 years of age. -Of the fourteen other factors set forth in the Act, 8 are present in the area. -The factors present are reasonably distnDuted throughout the area. -All blocks within the study area show the presence of conservation factors. The following factors are found to be present: age, obsolescence, deterioration, dilapidation, structures below minimum code, excessive vacancies, inadequate utilities, deleterious land-use or fay-out, depreciation of physical maintenance, and lack of community planning. Eligibility for the area of Amendment #1 was based upon surveys, inspections and analyses of the area, Block 102, one block west of Main Street to Wille Street, south of Central Road. The survey work determined that the area of Amendment #1 qualifies as a "conservation area." More than fifty (50) percent of the structures (67%) are thirty-five years of age or older. In addition, of the fourteen conservation factors listed in the Act, nine are present in the block-six to a major extent and three to a limited extent A complete analyses of the qualifying factors is found in the memorandum "Downtown Redevelopment Project EJiga"bility SummBIy" prepared by TrkIa, Pettigrew, Allen and Payne, dated October 19, 1988. Eligibility for the area of Amendment #2 was determined in December 1991 by Trlda, Pettigrew, Allen and Payne. The eligibility report found that of the twenty-three buildings in the area, seventeen (73.9%) are thirty-five years or older. In addition, of the fourteen other factors set forth in the law, nine are found to be present throughout the area. A complete summary of the eligIbility factors is found in the consultant's report in the Amendment #2 project file. The consultant team concluded that the number, degree and distribution of conservation factors as documented in the report, warrant designation of all or parts of the study area as a "coDServatio~ area." - 7- ( DOWNTOWN NO.1 REDEVELOPMENT PROJECf REDEVELDPMENT PLAN AND PRomCf OBJEC'J'I"lES The Village proposes to achieve its redevelopment goals and objectiyes through public financing techniques, including but not limited to tax increment financing, and by undertaking some or all of the following actions: 1. AssembUngsites for redevelopment through appropriate land assemblage techniques,including: (a) acquiring and removing deteriorated and/orobsolete buildings and buildings to situated as to interfere with replatting of the land into parcels suitable for redevelopment in accordance with this Redevelopment Plan; and (b) vacating, where necessaIy, existing public rights-of-way and making them a part of one or more development sites. 2. Providing for the conservation and preservation of basically sound buildings. 3. Providing public improvements and facilities which may include: (a) parking facilities, (b) new utilities and utility adjustments, (c) surface right-of-way improvements, and (d) pedestrian walkways. 4. Entering into redevelopment agreements for the rehabilitation or construction of private improvements in accordance with this Redevelopment Plan. REDEVElDPMENT ACrIVITIES 1. Assemblase of Sites To acbieve the renewal of the Redevelopment Project Area, property identified in amended Exbtbit 2 Develo,pment PrQsram. attached hereto and made a part hereof. may be acquired by the Village of Mount Prospect and deared of all improvements and either (a) sold or leased for private redevelopment, or (b) sold, leased or dedicated for construction of public improvements or facilities. The Village may determine that to meet the objectives of this Redevelopment Plan, properties in the Redevelopment Project Area Dot scheduled for acquisition may be acquired, and properties shown as scheduled for acquisition may be exempted from acquisition, without amendment to this plan. 2. Conservation and Preservation ConseJVatioD an~ preservation are important concepts to be considered in downtown redevelopment. Plans should strive to combine the best of the past with compatible new structures to create a sense of vitality and continuity. The Redevelopment Plan presently contemplates the preservation of existing buildings that are basically sound and are located so as not to impede overall economic development. 3. Provision of Public Improvements and Facilities Adequate public improvements and facilities will be provided to service the .8- ( entire Redevelopment Project Area. Public improvements and facilities may include, but are not limited to: a. Adjustments and modificatioDS to sewer and water lines as may be necessary to facilitate and serve redevelopment in accordance with the objectives and provisions of the Redevelopment Plan. b. The vacation, removal, resurfacing, widening, reconstruction and other improvements of streets, and. other public rights-of-way. c. Construction of pedestrian walkway improvements and beautification improvements. In the event the Village determines that construction of certain improvements is not financially feasible, the Village may reduce the scope of the proposed improvements. 4. Redevelopment Agreements Land assemblage shall be conducted for (a) sale, lease or conveyance to private developers, or (b) sale, lease, conveyance or dedication for the construction of public improvements or facilities. Terms of conveyance shall be incorporated in appropriate disposition agreements which may contain more specific controls than those stated in.this Redevelopment Plan. GENERAL LAND~USE PLAN This Redevelopment Plan and Amendments #1 and #2 and the proposed projects described herein conform to the Comprehensive Plan for the municipality as a whole. The amended Land-Use Plan. Exhibit 3, attached hereto and made a part hereo~ identifies land-uses and public rights-of-way to be in effect upon adoption of this Plan. The major land-use categories included within the Redevelopment Project Area are office- /governmental, mixed-use retail and residential, commercial service, and low-density residential. . All major thoroughfares and street rights-of-way are shown on the Land-Use Plan map. Their locations are subject to minor modification. The following land-use provisions are established for the Redevelopment Project Area as designated in Exhibit 3, amended T ,SInd-Use Plan. -Office/Governmental The office/governmental area is intended to provide for high-quality office and related development within the heart of downtown. Permitted uses include business and professional offices, governmental offices, financial institutions, parking and business services. Under certain conditions, multi-family residential may be permitted in selected subareas, as is indicated below. Other compatible and special uses as approved by the Village may also be permitted. -9- (" . -Mixed-Use RetaillResidential . This land-use is intended to allow for a high-quality mixed-use development in the area of Amendment #2. Based on a comprehensive marketing study, it is envisioned that this area would primarily be developed with new market-rate apartments, built so as to allow a conversion to condominiums in the future, pending market conditions. This area is also identified as an appropriate location to building apartments for the elderly, in order to implement objectives of the Comprehensive Housing Affordability Strategy. -C..nmmercial Service This area is intended to provide sites for small;.scale commercial and office develop- ment. In contrast to the Office/Governmental and the Mixed-use development areas to the west, this area should be characterized by lower intensity development which is compatible with nearby residential areas. Permitted uses include: business and prof~ssional offices; business services; personal services; convenience retail uses; and secondary commercial uses. Other compatt1>le and special uses as approved by the VnIage may also be permitted. -Low-Density Residential The low-density residential area is intended to serve as a high-quality residential area adjoining the downtown. Permitted uses include single-family attached or detached houses, townhouses or similar housing types, provided they are companale with existing nearby residential development. Other compatible and special uses as approved by the Village may also be permitted. O'IHER AREA-SPEClFIC OBJECTIVES In addition to the objectives in this Plan, which apply to the overall Project Area, several other design and development objectives which apply to specific land-use areas are listed below: -Office/Govemmental Area a. Any new office development on the east side of Emerson Street should be low- rise, one or two-story construction. b. New office buildings on the east side of Emerson Street should be sited in a well-landscaped setting, perhaps clustered around a common parking area. Vehicular access to this area should only be from Emerson Street. Co A well-landscaped buffer should be provided along the eastern edge, to screen new office development from the existing single-family neighborhood. d. New construction along Northwest Highway should be mid-rise, with a maximum building height of four (4) stories. - 10- ( e. Vehicular access to the area along Nortbwest Highway could be provided from Northwest Highway and from Emerson Street; however, if this area includes both office and multi-family development, separate access systems should be provided for the two land-uses. f. High-quality design and construction is important because of this high~visibility location along Northwest Highway, near Main Street. g. The Northwest Highway edge should be attractively and generously landscaped. -Mixed-Use Retail/Residential Area a. New residential development shall be no more than six (6) stories in height, consistent with Land-Use objectives stated in the Plan. b. Taller buildings within the area shall be located near the center of the Pine/Wille block, or designed to lessen their impact on residential properties north of Central Road. c. Below grade parking for residential units should be provided to the extent feasible, surface parking lots shall be consolidated between buildings. d. Vehicular access to the area shall be from Pine Street or Wille Street, mid- block access from Central Road and Northwest Highway are discouraged. e. Special consideration shall be given to development in this area that provides for coordinated phasing and land-planning with activities in Target Area F, east of Wille Street f. Setbacks and landscaping along Central Road and Northwest Highway shall be areas of design emphasis because of these high-visibility locations. ES11MA1ED REDEVElDPMENT FROmer COSTS Redevelopment project costs mean and include the sum total of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to this Redevelopment Plan and Redevelopment Project Such costs may include, without limitation, the following: 1. Costs of studies and surveys, plans and specifications, and professional service costs including but not limited to architectural, engineering, legal, marketing, financial, planning and special services; 2. Property assembly costs, including but not limited to acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, and the clearing and grading of land; 3. Relocation costs to the extent that the Village determines that relocation costs sball be paid or that the Village is required to make payment of relocation costs by Federal or State law; - 11 - ( ('..-', 4. Costs of rehabilitation, construction, repair or remodeling of existing buildings and fixtures. 5. Costs of the construction of public works or improvements: 6. Financing costs, including but not limited to all necessaxy and incidental expenses related to the issuance of obligations and which may include payment of interest on any obligation issued under the Act accruing during the estimated period of construction of any redevelopment project for which such obligations are issued and for not exceeding 18 months thereafter and including reasonable reserves related thereto; and 7. All or a portion of Ii taxing district's capital costs resulting from the Redevelop- ment Project necessarily incurred or to be incurred in furtherance of the Redevelopment Plan and Project, to the extent the municipality, by written agreement, accepts and approves such costs. Estimated costs are shown in amended Table 1. To the extent that municipal obligations have been issued or costs incurred to pay for such redevelopment project costs included prior to, but in anticipation of, the adoption of tax increment financing, the Village shall be reimbursed for such redevelopment project costs. - 12- (" REDEVELOPMENT PROmCf (r~.."~ ES"uMATED REDEVELOPMENT PROmCf COST ScBr..ullLE TABLE 1 DISTRlCf #1 - 1985 Property Acquisition Demolition $3,585,000 243,000 Public Improvements Planning, legal, studies, fee, etc. Contingencies Gross Project Costs Land Sale Proceeds 576,000 266,000 233.000 $4,903,000 -1.660.000 $3.24~ Net Project Costs AMENDMENT AREA #1 - 1988 Property Acquisition Demolition $ 862,500 65,000 Public Improvements Planning, legal, studies, fee, etc. Contingencies Gross Project Costs Land Sale Proceeds 108,000 43,000 Net Project Costs AMENDMENT AREA #2 . 1992 86.000 $I,I64,SOO -431.250 S 733.250 Property Acquisition Demolition $1,337,500 415,000 960,000 67,000 Public Improvements Planning, legal, studies, fee, etc. Contingencies Gross Project Costs land Sale Proceeds 134.000 $2,913,500 -668.750 $2244.750 Net Project Costs - 13 - RANGE to $4,660,000 to 390,000 to 705,000 to 345,000 to 305.000 to $6,405,000 to -2.485.000 to $).920-,QQQ to $1,078,000 to 81,000 to 135,000 to 54,000 to 108.000 to $1,456,000 to -539.000 to ~ 917JlQQ to $1,672,000 to 518,750 to 1,200,000 to 83,750 to 167.500 to $3,642,000 to -837.500 to ~~04.500 ( SOURCES OF FUNDS TO PAY REDBVELOPMENT PROJECT COSTS Funds necessary to pay for redevelopment project costs and municipal. obligations which have been issued to pay for such costs are to be derived principally from tax increment revenues and proceeds from municipal obligations which have as their revenue source tax increment revenue. To secure the issuance of these obligations, the Village may permit the utilization of guarantees, deposits and otberforms of security made available by private sector developers. . The tax increment revenue whicb will be used to fund tax increment obligations and redevelopment project costs shall be the incremental taxes attributable to the increase in the Q1lTent equalized assessed value of each taxable lot, block, tract or parcel of real prope~ in the Redevelopment Project Area over and above the initial equalized assessed value of each such property in the Redevelopment Project Area. Other sources of funds which may be used to pay for redevelopment costs and obligations issued, the proceeds of which are used to pay for such costs, are land disposition proceeds, state and federal grants, investment income, and such other sources of funds and revenues as the municipality may from time to time deem appropriate. ISSUANCE OF OBliGATIONS The Village may issue obligations secured by the tax increment special tax allocation fund pursuant to Section 11-74.4-7 of the Act. All obligations issued by the Village pursuant to this Redevelopment Plan and the Act shall be retired within twenty-three (23) years from the adoption of the ordinance approving the Redevelopment Project Area, such ultimate retirement date occurring in the year 2008. Also, the final maturity date of any such obligations which are issued may not be later than twenty (20) years from their respective dates of issue. One or more series of obligations may be sold at one or more times in order to implement this Redevelopment Plan. The amounts payable in any year as principal of and interest on all obligations issued by the Village pursuant to the Redevelopment Plan and the Act shall not exceed the amounts available, or projected to be available, from tax increment revenues and from such bond sinking other sources of funds as may be provided by ordinance. Revenues shall be used for the scheduled and/or early retirement of obligations, and for reserves, sinking funds and redevelopment project costs, and, to the extent not used for such purposes, may be declared surplus and sball then become available for distn"bution annually to taxing districts in the Redevelopment Project Area in the manner provided by the Act. MOST RECENT EOUAlJZBD ASSESSED VALUATION OF PROPERTIBS IN THE REDEVELOPMENT PROJECf AREA Amended Table 2 lists the equalized assessed valuation of District #1 and Amendment #1, and an estimate for the area of Amendment #2. The total estimated equalized assessed valuation for tbe Redevelopment Project Area is 57,541,608. - 14. (' (~... AN11CIPATED ASSESSED VALUATION By the year 1996, when it is estimated that all the anticipated private development wID be completed and fully assessed, the equalized assessed valuation of real property within the Redevelopment Project Area is estimated at $16,299,000. By the year 2005, the equalized assessed value of real property within the Redevelopment Project Area is estimated at $22,899,000. - 15 .: ( TABLE 2 BLOCK SUMMARY OF EQUALIZED ASSESSED VALUATIONS AND PROPER1Y TAX REVENUES EQUALIZED BLOCK NO. ASSESSED VALUE REAL ESTATE (1983) TAXES 103 $ 140,315 $ 11,877.69 104 242,182 20,500.71 108 508,728 43,063.82 109 263,910 22,339.98 110 602,458 50,998.07 115 250,463 21,201.69 116 435,853 36,894.96 214 411,687 34,849.30 TOTAL: $2,855,5961 $241,726.20 Initial equalized assessed valuation for Tax Increment Finance District #1 was estimated at $2,855,596. The final equalized assessed valuation for Tax Increment Finance District #1 is $2,763,428, certified by the County Oerk of Cook County, Dlinois on December 5, 1986. AMENDMENT AREA #1 102 (partial) EQUALIZED ASSESSED VALUE (1987) $ 716,13gz REAL ESTATE TAXES BLOCK NO. $ 63,020.23 % Initial equalized assessed valuation for Tax Increment Finance District #1, Amendment Area #1 was estimated at $716,139. The final amount is $707,138, certified by the County Oerk of Cook County, Dlinois on December 20, 1988. - 16. (0 TABLE 2 (Continued) AMENDMENT AREA #2 EQUALIZED BLOCK NO. ASSESSED VALUE REAL ESTATE (19'1) TAXES 100 $1,222,895 5116,664.18 101 1,220,012 116,389.14 102 (partial) 687,874 65,623.18 107 498,913 47,596.30 204- 441,348 42,104.60 TOTAL: $4,071,042' $388,377.40 3 These figures are subject to final verification. Initial equalized assessed valuation is estimated to be $4,071,042. After verification, the correct figures shall be certified by the County Clerk of Cook County, Dlinois. The 1991 tax rate is $9540 per $100 equalized assessed valuation. PRO.JECI'TOTALS Certified EA V Real Estate Taxes District #1 $2,763,428 :pistrict # 1 $241,726.20 Certified EA V Real Estate Taxes AmendJnent #1 707,138 Amendment #1 $ 63,020.23 Estimated EA V Estimated Taxes Amendment #2 $4,071,042 Amendment #2 $388,377.40 TOTALS $7,541,608 $693,123.83 - 17- ( ( PHASING AND SCHEDULING OF REDEVELOPMENT PROJEct A phased implementation strategy will be utilized to achieve a timely and orderly redevelopment of the project area. This plan of action is described below. See also Exhibit 4, amended Redevelo.pment Target Areas. Scheduled projects and redevelopment actions may be shifted as deemed appropriate or necessary. It is anticipated that redevelopment of designated target areas within the Redevelop- ment Project will be carefully staged to coincide with the securing of firm commitments from private developers who demonstrate their willingness and ability to complete the proposed development in accordance with the Village's Plan and guidelines. Staging of the proposed project in this manner will serve to achieve several important objectives, including: 1. The Village will not be required to incur cost until a private developer is selected and committed to complete the development. 2. Existing property will remain on the tax rolls until the new development is committed to start. 3. Any increase in real estate tax revenue that may be realized from increases in the equalized assessed value of existing property will be available to the Village to be used toward financing of the project. 4. Property will be taken off the tax rolls for the shortest period possible. Target Area la of the Redevelopment Project was the first phase of construction. Private development in this area resulted in the construction offifty-one (51) townhome units. Target Area la expenditures, exclusive of financing costs, are estimated at $2,089,000 to $2,400,000. Proceeds from the sale of the land was $800,000, leaving a net project cost of $1,289,000 to $1,600,000. Target Area Ib of the Redevelopment Project will include limited construction of single-family homes as lots become available. It is possible that six units could be constructed in this block. Target Area Ib expenditures, exclusive of financing cost, are estimated at $450,000 to $600,000. Proceeds from the sale of land for development are estimated at $225,000 to $300,000, leaving a net project cost for this target area of $225,000 to 300,000. Target Area 1c of the Redevelopment Project will include initiation of redevelopment activity within Block 104. Private development within this block will provide for between 10,000 square feet and 20,000 square feet of office and off-street parking. Target Area Ie expenditures exclusive of financing cost, are estimated at $1,182,000. Proceeds from the sale of land for development are estimated at $484,000, leaving a net project cost for this target area of $698,000. - 18- (" Target Area Id of the Redevelopment Project will include initiation of redevelopment activity within Block 108. Private development within this area will provide for between. 15 and 40 dwelling units and between 10,000 square feet and 20,000 square feet of office. Target Area Id expenditures exclusive of financing cost, are estimated at $752,000. Proceeds from the sale of land for development are estimated at $382,000, leaving a net project cost for this target area of $370,000. Target Area Ie of the Redevelopment Project included land assembly and parking lot construction in Block 103. The lot is used for parking for nearby stores, and overflow parking from the nearby Senior Center. Target Area Ie expenditures, exclusive of flnanclng costs, is estimated at $441,675. Target Area If of the Redevelopment Project will include redevelopment activity within Block 102. It is anticipated that Northwest Electric Company will undertake an approximate 15,000 square foot addition to their property ~ this block. Other redevelopment in this block would include a new multi-stoty retail/office building with adequate off-street parking, of approximately 35,000 square feet at the southwest comer of Central Road and Main Street. Target Area If expenditures exclusive of financing costs, are ~stimated at $1,456,000. Proceeds from the sale of land for redevelopment are estimated at $539,000 leaving a net project cost for the Target Area of $917,000 (from Table 1, upper range of Redevelopment Project Costs). Target Area Ig of the amended Redevelopment Project will include activity in Block 101. Private development in this block will provide the construction of app~oximately one hundred sixty apartment units, including the possibility of new apartments for the elderly. Specialty retail or service shops are also encouraged to help provide convenience items to residents of the area. Target Area Ig expenditures, exclusive of financing costs, are estimated at $1,002,500 to $1,2S3,000. Target Area Ih of the amended Redevelopment Project will include activity in Blocks 100 and 204. Private development in this area will provide 5,000 square feet of office and retaill commercial use. Public activity in this block may include the vacation of Elmhurst Avenue, and the consolidation of several parking Jots. Target Area 1b expenditures, exclusive of financing. costs, are estimated at $795,000 to $994,000. Target Area Ii of the Amended Redevelopment Project will include activity in Block 107. Private development in this block will provide approximately 3,000 square feet of retaill commercial or office use. - 19- (~ ('~'- Target Area 1i expenditures, exclusive offinancing costs, are estimated at $1,116,(){v to 1,395,000. PROVISION FOR AMENDING 1HE REDEVELOPMENT PLAN AND PROmer This Downtown No. 1 Tax Increment Redevelopment Project and Plan may be amended pursuant to the provisions of the Act. . -20. ~ I 1985 TAX INCREMENT'FINANCE DISTRICT. i ':-"--~- 2"" , . ,. ..., f . .., , . #I ..". . ." .". . , t;: ,.. .6 ~ .." I ..,._u_ .. 1& ... 1....- I ..,..... .. ,. , t "=1~ '~m L ~. I _I' ..., I . ".. .- -,- .......... ,I II 1 . AREA UF AMENDMENT #2 AREA OF AMENDMENT #1 TAX I~CREMENT FIHANCE DISTRICT #1 AS A~1ENDED N BOUNDARY HAP (WITH BLOCK NUMBERS) t EXHIBIT 1 NlW DeVll.OPMINT WITH 011 WITHOUT ACQUllnON ~ m m~~t;~ ~ t8 D 1:'--- ---1'--- '" ---, . 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I... ---f--- ___.L___ I .~ I PROJECT 'OUHDAI' T AX INCREMENT FINANCE DISTRICT :11:1 AS AMENDED DEVELOPMENT PROGRAM EXHIBIT 2 ~ ~ ~. ~--- "m--~--- tim--~ &;~_-:.--- :~--~--- to--L-- 8--L-- 1---- rn ---~--- ----'I 1----1---..- ----I I L .L J ---t.___ ___J ___J.--- ___.1.___ r--- ---.--- ---1 1___ ___ f ___ ___ I I ,..... 0 1'"--- ; ---T--- ~ ---1 ~ ---I" T 1 ___.1___ ~ r---~--- ~ ---...--- Iii ___-I ::II /"--- ---1 ---oj I CENTRAL RD D OffiCII' .~i!1 -"'0 l\) w I --_.&_-- ---~--- ----t--- ___.1.___ I ---1--- ---i'--- ___.1.___ I ---, ----1 ___J ---f--- ---of ___J ._n~ .1 1 l~.." ---, . ---.... 0 ---i 0 ---,.--- ---of c:;,;;J ---1-~ 0 ---, C:5 TAX INCREMENT FINANCE DISTRICT 1:1 AS AMENDED GENERALIZED LAND USES EXHIBIT a ---'t--- ---...--- ___J.___ I ---T--- ---T--- ---+--- ___.1.___ ___.1.___ Iii Dn[bu ~ -'""" 'I . ~.. a.~ BJ~--- m--~--- I;)~--~ t;~ -J--. - :llitj--~ --- gu--.t.__._ rn---L-- 1---- ti ___-1---- __-.{ 1---- 0 ___.t" ___4 I ~___ (oJ ___~___ r.q ___J ii!!! ---}--- 8! ---1 ---t--- ---f--- ""'l 0 . t--- i!i ---t--- :3 ---~ :< --~--- !l: ---...--- ---,. ___.1.___ ~ r---~--- ~ ___.j.___ ~ ---~ ~ t--- W ---1~ ---1 I CENTRAL RD G1 I n I --- --- ---t--- c:r I --- --- ---~--- ___ ___ ___.1.___ --- ---t--- It' --- ti ---1"--- ~ --- eJ ----1---- --- ---f--- , I ___ ~ ---~--- ~__ ___ ___J.___ ---f--- ---1'--- ---4---- ___.1.___ ---t--- ---~--- ---+--- ___.1.___ ___l.....__ .___4 In N ~ I ___.1___ ---f--- ---1'--- ___.1.--- I -..-T--.... ----t:..-- ___,1.__- I .~ \ ; , T AX INCREMENT FINANCE DISTRICT :11 AS AMENDED REDEVELOPMENT TARGET AREAS EXHIBIT 4 EXHIBIT S ( ORIGINAL DISTRlCf NUMBER 1 LEGAL DESCRIP'I10N Bou~daries of the Redeve~op.ment Project Area are shown on the miill<< Boundaty M~. Exhibit 1. The legaJ descnptlon of the Redevelopment Project Area is as follows: Beginning at the intersection of the centerline of Main Street, State of Illinois Route 83, with the centerline of Central Road, extended; thence Easterly along said centerline of Central Road, a distance of approximately 570.32 feet to the Northeast corner of Lot 22 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect; thence Southerly along the Eastern property line of Lots 12,13,20,21, and 22 of said Block 5 in Busse and Willets Resubdivlsion in Hount Prospect, and the Eastern property line of Lot 1 of Hount Prospect State Bank Resubdivision No.3, a distance of approximately 608.74 feet, to the centerline of Busse Avenue; thence Westerly along the centerline of Busse Avenue, a distance of approximately 157.11 feet, to the point of inter- section of the centerline of Busse Avenue with the Eastern right-of-way of Emerson Street; tbence Southerly along said Eastern right-of-way of Emerson Street, a distance of approxi- mately 277.00 feet, to a point at the Northwest corner of Lot 18 in Block 12 of Busse and Wille's Resubdivision in Mount Prospect; thence Easterly along the Northern property line of said Lot 18, a distance of approximately 157.09 feet, to the Northeast corner of said Lot 18; thence Southerly, a distance of approximately 50.00 feet, along the Eastern property line of said Lot 18, to a point at the Northwest corner of Lot A of Corporate Subdivision Number 1, Village of Hount Prospect; thence Easterly along the Northern property line of said Lot A, a distance of approximately 157.10 feet, to a point of intersection of said Lot A with the Western right-of-way of Maple Street; thence Northerly along tbe Western right-of-way of Maple Street, a distance of-apprOXimately 321.88 feet, to a point at the intersection of the Western right-of-way of Maple Street and tbe Southern right-of-way of Busse Avenue; thence Easterly along tbe Southern right-of-way of Busse Avenue, a distance of approximately 223.12 feet, to a point of intersection with the Eastern property line of Lot I in Block 11 of Busse and Wille's.Resubdivision in Haunt P~ospect; thence SoutbeTly along the Eastern property lines of Lots 1 through 8 of Block 11 of Busse and Wille s Resubdivision in Hount Prospect, a distance of approximately 401.36 feet, to a point at the inter- section of the Southeast corner of said Lot 8 with the Northwest corner of Lot 16 of Busse's Subdivision of Lot A of Block 11 in Busse and Wi lIe · s Resubd i vis ion; thence Eas ter ly along the Northern property line of said Lot 16, a distance of approxi- mately 190.10 feet, to a point on tbe centerline of Elm Street; thence Southerly along said centerline of Elm Street, a distance of approximately 190.00 feet, to the point of intersection of the centerline of Elm Street, ext.ended, _With t?e N~rther~ right.-of- - 25 - ( (~.. way of Evergreen Avenue; thence Easterly along the Northern right-of-way of Evergreen Avenue, a distance of approximately 567.20 feet, to a point of intersection with the Southwest corner of Lot 5 of the Subdivision of Block 8 of Busse's Eastern Addition to Hount Prospect, recorded February 11, 1922; thence Southerly, a distance of approximately 591.00 feet, along the Western property lines of Lots 1 through 21 of Block 20 of Hount . Prospect Subdivision in Section 12-41-11, aecorded September 2, 1874, to a point at the intersection of the Southwestern corner of said Lot 21 with the Northern property line or Lot 1 of Bruce's Resubdivision in Mount Prospect; thence Easterly along The Northern property line of said Lot 1, a distance of approxi- mately 171.00 feet, to the centerline of Owen Street; thence Southerly along said centerline of Owen Street, a distance of approximately 255.48 feet, to the point of the intersection of the centerline of Northwest Highway, State of Illinois Route 14, with the centerline of Owen Street, extended; thence North- westerly along said centerline of Northwest Highway a distance of approximately 2,250 feet to the point of intersection of the centerline of Northwest Highway with the centerline of Main Street, State of Illinois Route 83, extended; thence Northerly along the centerline of Main Street a distance of approximately 940 feet to the point of beginning, at the intersection of the centerlines of Main Street and Central Road, extended; all located in the Northwest Quarter (1/4), and the Northeast Quarter (1/4) of Section 12, Township 41 North, Range 11 East of the Third Principal Meridian, located in the Village of Mount Prospect, Elk GYove Township, County of Cook, in ~he State of Illinois. , - 26 - ( EXH:IBI'r , AMBNDMEN'l' '1 LEGAL DESCRIP'rION That part of the West Half of the Northwest fractional Quarter of section 12, Township 41 North, Range 11, East of the Third Principal Meridian, described as follows: The East 44 feet of the West 64 feet of Lot:s 1 and 2 and all of Lots 16, 17, 18 and 19 in Block 7 in "Mount Prospect", a subdivision in part of the West Half of said section 12, per plat thereof recorded September 2, 1874, as Document 188460 in Book 8 of Plats, page 901 also Lots E and F in Laudermilk's Subdivision of Lots 3, 4, 5, 6 and 7 in Block 7 in the aforesaid "Mount Prospect.. subdivision, per plat thereof filed for record in the Office of the Regi.strar of Titles June 6, 1927, as L.R. 357250 together with the 16 foot wide public alley lying South of and adj oining said Lot F, said alley being the North 16 feet of Lot G in said Laudermilk's Subdivision, and also the 20 foot wide public alley lying West of and adjoining Lots A, B, C, D, E, F and the North 16 feet of Lot G in said subdivision, except the North 50 feet of said 20 foot wide alley now vacated; also The North 100 feet of lDt 2 in Block 3 in Busse and Wille's Resubdivision in Mount Prospect in part of said Northwest fractional Quarter of Section 12, per plat thereof recorded March 31, 1906, as Document 3839591; also Lots 1 and 2 in Mount Prospect Central District Resubdivision in part of the West Balf of said Section 12, per plat thereof filed for record in the Office of the Registrar of Titles, December 23, 1949, as L.R. 1275902; also Lot 1, except the West 20 feet thereof, in Raymond R. Chmelik's Subdivision, a resubdivision of part of aforesaid Laudermilk's Subdivision, per plat thereof also filed for record in the Office of the Registrar of Titles, February 25, 1969, as L.R. 2437155; also Lot 1 in Huecker's Resubdivision of Lots 1 and 2 (except the West 64 feet thereof) in aforesaid Block 7 in "Mount Prospect", per plat thereof recorded September 9, 1969, as Document 20953597; also Lots 1 and 2 in the McLean Resubdivision in Mount Prospect, being a resubdivision in part of the West Half of said Section 12 also filed for record in the Office of the Reqistrar of Titles, October 20, 1975, as L.R. 2835833; also That part of Wille Street in said West Half of Section 12 lyinq North of an extension West of the south line of the North 100 feet - 27 - ( ('-.... , of Lot 2 in Block 3 in the aforesaid Busse and Wille's Resubdivision, and lying South of the South line of Central Road; also That part of Main street in said West Half of Sect~on 12 lying North of an extension East of the most South line of Lot 2 in the aforesaid Mount Prospect Central District Resubdivision, and lying South of the South line of Central Road; also That part of Central Road in said West Half of section 12 and in part of the Sou'th Half of section 34, Township 42 North, Range 11, East of the Third prIncipal Meridian, lying East of an extension North of the west line of the aforesaid wille Street, and lying West of an extension North of the East line of the aforesaid Main Street, all of the above in Cook County, .Illinois. - 28 - ( EXHIBIT 7 AMENDMENJ' NUMBER 2 LEGAL DESCRIPTION lbat part of the East half of the Northeast quarter of Section 11 and that part of the West half of tbe Northwest quarter of Section 12, all in Township 41 North. Range 11 East of the Third Principal Meridian, taken as a tract of land, bounded and described as follows: ~nning at the intersection of the center line of Central Road with the center line of Northwest Highway; thence East on the center line of Central Road to center line of Wille Street; thence South on center line of Wille' Street to West exteDSion of the South line of the North 100 feet of l.ot 2 in Block 3 in Busse and Wille's Resubdivision in Mount Prospect in the Northwest quarter of Section i2 aforesaid; thence East on the West extension of the South line of the North 100 feet of l.ot 2 and on said South line of the North 100 feet of Lot 2 aforesaid, to the East line of said Lot 2 aforesaid; thence North on the East line of Lot 2 aforesaid to the most Westerly Southwest corner of Lot 2 in Mount Prospect Central District Resubdivision in part of the West half of Section 12 aforesaid; thence East, South and East on the South line of Lot 2 aforesaid and on said South line extended East to the center line of Main Street; thence South on center . line of Main Street to center line of Northwest Highway; thence Northwesterly on center . line of Northwest Highway to the center line of Central Road and the place of beginnfug, all in Cook County, JDinois. (Containing 14.4 acres, more or less) - 29 -