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Home My WebLink About5. OLD BUSINESS 8/15/06 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ACQUISITION OF PROPERTY THROUGH CONDEMNATION OR OTHERWISE IN THE TAX INCREMENT REDEVELOPMENT PROJECT AREA WHEREAS, the Village of Mount Prospect, Cook County,. Illinois has heretofore adopted Ordinance Number 3554 adopting the District No. 1 Tax Increment Redevelopment Plan and Redevelopment Project, and Ordinance Number 3555 entitled "An Ordinance Designating District No. 1 Tax Increment Redevelopment Project Area in the Village of Mount Prospect, Illinois", and Ordinance Number 3556 entitled "An Ordinance Adopting Tax Increment Financing for the District No. 1 Tax Increment Redevelopment Project in the Village of Mount Prospect, Illinois all of which are incorporated herein in their entirety. WHEREAS, the Village of Mount Prospect has determined that the above-mentioned Tax Increment Redevelopment Plan and Redevelopment Project which were the subject matter of the public hearings is in the best interests of the residents of the Village of Mount Prospect and is a public purpose; and WHEREAS, the Village of Mount Prospect is empowered, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, PISI 79-1525, appearing as Section 11- 74.4-1 et. seq., of Chapter 65, Illinois Compiled Statutes 2003, (hereinafter the "Act") to acquire by purchase, donation, lease or eminent domain real property within the redevelopment project area; and WHEREAS, the implementation of the aforementioned Tax Increment Redevelopment Plan and Project would attract to the Village of Mount Prospect additional commercial ventures, increase business for commercial ventures currently established within the Village, strengthen the property and non-property tax and income bases, and would provide jobs for the Village residents. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COUNTY OF COOK, STATE OF ILLINOIS ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS, as follows: SECTION 1: That it is hereby determined that the Tax Increment Redevelopment Plan and Redevelopment Project previously adopted be established, maintained, controlled, managed and operated within the corporate limits of the Village of MountProspecL within.the District Number 1 Tax. Increment Redevelopment Project. Area as described in Ordinance Nos. 3554, 3555 and 3556 and that said Tax Increment Redevelopment Plan and Redevelopment Project be occupied, improved, used and developed in a manner necessary and convenient for public use. 3-D H:\CLKO\files\ WIN\ORDINANC\CondemnationOrdinance) 6 w. nwhighwayjuly2006.doc SECTION 2: That under the authority vested in the corporate authorities of the Village of Mount Prospect, through the statutes of the State of Illinois and the home rule power and ordinances of the Village, it is hereby determined that pursuant to the Tax Increment Redevelopment Plan and Redevelopment Project it is necessary and desirable that the Village shall acquire title to and possession of certain real property commonly known as 16 W. Northwest Highway, Mount Prospect, Illinois, Permanent Index 08-12- 107-006, and legally described in the Exhibit which is attached hereto and made a part hereof and hereinafter referred to as the "Subject Property", which property is within the foregoing Tax Increment Redevelopment Project Area and is necessary, required and needed to achieve the objectives of the foregoing Tax Increment Redevelopment Plan and Redevelopment Project, and which property lies wholly within the limits of the Village of Mount Prospect. SECTION 3: That the Village Attorney or such other persons as he may designate are hereby authorized, empowered and directed to negotiate personally or through its representatives for and on behalf of said Village with the owner or owners of the Subject Property for the purchase and acquisition thereof by said Village. SECTION 4: That in the event the said Village Attorney or his designee are unable to agree with the owner or owners of said real property as to the compensation thereof, then title to and possession of the Subject Property shall be acquired by the Village of Mount Prospect through condemnation, and authorization is hereby given to institute proceedings in any court of competent jurisdiction to acquire title to and possession of the Subject Property for the Village in accordance with the Act, the eminent domain laws of the State of Illinois and the ordinances of the Village of Mount Prospect. SECTION 5: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. Passed by the Board of Trustees of the Village of Mount Prospect, Illinois and approved by the President thereof this day of 2006. Ayes: Nays: Absent: Approved: Irvana K. Wilks, Mayor Attest: M. Lisa Angell,Village Clerk H:\CLKO\files\ WIN\ORDINANC\CondemnationOrdinance 16 w. nwhighwayjuly2006.doc Exhibit A Legal Description Subject Property: PIN Number: 16 West Northwest Highway, Mount Prospect. Illinois 08-12-107-006-0000 LOTS 6 AND, 7Xlf JOBN!iSBYN'$SDBPIVISION 0' PAR'!' OF:S~1.fi 'OPMOON'rPROSPICT IN THB WBST1/20FSBCI.'XON1.2 i '1'OWliSHtP 4I-Ndlt'lH"RAN'GB 1.1", lW'1'OP 'lmTlltRD' . PtUNcrPAL DRIO:wt, INeOOKC~i 'ILLINors.' ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ACQUISITION OF PROPERTY THROUGH CONDEMNATION OR OTHERWISE IN THE TAX INCREMENT REDEVELOPMENT PROJECT AREA WHEREAS, the Village of Mount Prospect, Cook County, Illinois has heretofore adopted Ordinance Number 3554 adopting the District No. 1 Tax Increment Redevelopment Plan and Redevelopment Project, and Ordinance Number 3555 entitled "An Ordinance Designating District No. 1 Tax Increment Redevelopment Project Area in the Village of Mount Prospect, Illinois", and Ordinance Number 3556 entitled "An Ordinance Adopting Tax Increment Financing for the District No. 1 Tax Increment Redevelopment Project in the Village of Mount Prospect, Illinois all of which are incorporated herein in their entirety. WHEREAS, the Village of Mount Prospect has determined that the above-mentioned Tax Increment Redevelopment Plan and Redevelopment Project which were the subject matter of the public hearings is in the best interests of the residents of the Village of Mount Prospect and is a public purpose; and WHEREAS, the Village of Mount Prospect is empowered, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, PISI 79-1525, appearing as Section 11- 74.4-1 et. seq., of Chapter 65, Illinois Compiled Statutes 2003, (hereinafter the "Act") to acquire by purchase, donation, lease or eminent domain real property within the redevelopment project area; and WHEREAS, the implementation of the aforementioned Tax Increment Redevelopment Plan and Project would attract to the Village of Mount Prospect additional commercial ventures, increase business for commercial ventures currently established within the Village, strengthen the property and non-property tax and income bases, and would provide jobs for the Village residents. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COUNTY OF COOK, STATE OF ILLINOIS ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS, as follows: SECTION 1: That it is hereby determined that the Tax Increment Redevelopment Plan and Redevelopment Project previously adopted be established, maintained, controlled, managed and operated within the corporate limits of the Village .of Mount Prospect within the District Number 1 Tax Increment RedevelopmentProject Area as described in Ordinance Nos. 3554, 3555 and 3556 and that said Tax Increment Redevelopment Plan and Redevelopment Project be occupied, improved, used and developed in a manner necessary and convenient for public use. H:\CLKO\files\ WlN\ORDINANC\CondemnationOrdinance30 w. Busseaugust2006.doc SECTION 2: That under the authority vested in the corporate authorities of the Village of Mount Prospect, through the statutes of the State of Illinois and the home rule power and ordinances of the Village, it is hereby determined that pursuant to the Tax Increment Redevelopment Plan and Redevelopment Project it is necessary and desirable that the Village shall acquire title to and possession of certain real property commonly known as 30 W. Busse Avenue, Mount Prospect, Illinois, Permanent Index 08-12-102- 059, and legally described in the Exhibit which is attached hereto and made a part hereof and hereinafter referred to as the "Subject Property", which property is within the foregoing Tax Increment Redevelopment Project Area and is necessary, required and needed to achieve the objectives of the foregoing Tax Increment Redevelopment Plan and Redevelopment Project, and which property lies wholly within the limits of the Village of Mount Prospect. SECTION 3: That the Village Attorney or such other persons as he may designate are hereby authorized, empowered and directed to negotiate personally or through its representatives for and on behalf of said Village with the owner or owners of the Subject Property for the purchase and acquisition thereof by said Village. SECTION 4: That in the event the said Village Attorney or his designee are unable to agree with the owner or owners of said real property as to the compensation thereof, then title to and possession of the Subject Property shall be acquired by the Village of Mount Prospect through condemnation, and authorization is hereby given to institute proceedings in any court of competent jurisdiction to acquire title to and possession of the Subject Property for the Village in accordance with the Act, the eminent domain laws of the State of Illinois and the ordinances of the Village of Mount Prospect. SECTION 5: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. Passed by the Board of Trustees of the Village of Mount Prospect, Illinois and approved by the President thereof this day of 2006. Ayes: Nays: Absent: Approved: Irvana K. Wilks, Mayor Attest: M. Lisa Angell, Village Clerk H:\CLKO\files\ WIN\ORDINANC\CondemnationOrdinance30 W. Busseaugust2006.doc Exhibit A Legal Description Subject Property: 30 West Busse Avenue, Mount Prospect, Illinois PIN Number: 08-12-102-059-0000 PARCEL C OESCR fFit ION: LOT 2 IN MEERSMAN RESUBDIVlSION IN MOUNTPROSPECTBElNGA,RESUBlllVISJON . OF PART OF THE' WEST HALF OFSECTIONt~,. TOWNSHIP41NClRTHi, RANGE11EA.ST OF THE tHIRD PRINCIPAL MgRXO IAN, ACCORDING TO'THEPLATTHEREOF. REG1STERED IN .THERE"G:lst.AAA"S OF'F lCEOFCOOKCOUNry, ON 'ocrOBER27, 1.986 AS DOCUMENT lR35-~1"'889, . EXCEPT THAT PART tHE~EOFDESCRlaEll As FOl"LOWS: EXCEPT10N l:JEGINN IN.G AT THE .~ORTHEASTCORJil~R(jF, ~AIO lOT2t. THf;N.CE. $OijJHOO PEGREe;S 06MJNUTES .44 SE.C'ONDSWEsr, .. ALONG THEEA.sr LIN.t: .Of 'S:AlD lOT2,A 01S1 ANtE OF 21.,32FE.ETTO A. LINETH'AT I.S' .THE WESTERLYE)tTENS10N OF THE SOUTHERNMOST L lNEOFLOT2 IN MduNT PROSPEct CENTRAL DIstRIct .... SlJBolvTS:ION Clf'PA.RT OFJHE 'EST l+ALFor: SECTION t? TOWN$lfI P ,41.. NORTH, RANG'e 11E~ST.OF THETHlRO' PRtNC{PAlMERJ.fn ANACCOR.Pf~G' to. TIiE. Pi..:AT THEREOFRECORDEODECEMBER..23 ,.1949 ASOOCUt,iENT12159:02; THENCeSOUTH 89 DtGREES3$ M.tNUTE.S. 5'7 .SEcaNO$ WEST,ALONGSAlP WE:stERL)'EXT~NSJO~, ~23;, QO FEET TO THE WEST L INEOFSAIO LOT 2. . THENCE NOR"THOODeGaEE~'Q6 MINUTES44 SECONDS EAST. ALONO$AI~WEST '4'INE, 2:2..12.Fi::tr TO THE NORTH LrNEOF$~lD lOT 2~ ..' TH~N:CE.SOUTH 8$DEGREES?3...1NUT~S ,~9SECONOSEASr. ALONG .SAID 'NOFHH L rNE'..2~..OO FEET Ta THE POINT 'OF BEG:I.NNING.ALL IN COOK COUNTY, ILlIND'tS . ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ACQillSITION OF PROPERTY THROUGH CONDEMNATION OR OTHERWISE IN THE TAX INCREMENT REDEVELOPMENT PROJECT AREA WHEREAS, the Village of Mount Prospect, Cook County, Illinois has heretofore adopted Ordinance Number 3554 adopting the District No.1. Tax Increment Redevelopment Plan and Redevelopment Project, and Ordinance Number 3555 entitled "An Ordinance Designating District No.1 Tax Increment Redevelopment Project Area in the Village of Mount Prospect, Illinois", and Ordinance Number 3556 entitled "An Ordinance Adopting Tax Increment Financing for the District No: 1 Tax Increment Redevelopment Project in the Village of Mount Prospect, Illinois all of which are incorporated herein in their entirety. WHEREAS, the Village of Mount Prospect has determined that the above-mentioned Tax Increment Redevelopment Plan and Redevelopment Project which were the subject matter of the public hearings is in the best interests of the residents of the Village of Mount Prospect and is a public purpose; and WHEREAS, the Village of Mount Prospect is empowered, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, PIS I 79-1525, appearing as Section 11- 74.4-1 et. seq., of Chapter 65, Illinois Compiled Statutes 2003, (hereinafter the "Act") to acquire by purchase, donation, lease or eminent domain real property within the redevelopment project area; and WHEREAS, the implementation of the aforementioned Tax Increment Redevelopment Plan and Project would attract to the Village of Mount Prospect additional commercial ventures, increase business for commercial ventures currently established within the Village, strengthen the property and non-property tax and income bases, and would provide jobs for the Village residents. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COUNTY OF COOK, STATE OF ILLINOIS ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS, as follows: SECTION 1: That it is hereby determined that the Tax Increment Redevelopment Plan and Redevelopment Project previously adopted be established, maintained, controlled, managed and operated within the corporate limits of the Village of Mount Prospect within the District Number 1 Tax Increment Redevelopment Project Area as described in Ordinance Nos. 3554, 3555 and 3556 and that said Tax Increment Redevelopment Plan and Redevelopment Project be occupied, improved, used and developed in a manner necessary and convenient for public use. H:\CLKO\files\ WIN\ORDfNANC\CondemnationOrdinance34 W. Busseaugust2006.doc SECTION 2: That under the authority vested in the corporate authorities of the Village of Mount Prospect, through the statutes of the State of Illinois and the home rule power and ordinances of the Village, it is hereby determined that pursuant to the Tax Increment Redevelopment Plan and Redevelopment Project it is necessary and desirable that the Village shall acquire title to and possession of certain real property commonly known as 34 W. Busse Avenue, Mount Prospect, Illinois, Permanent Index 08-12-102- 057, and legally described in the Exhibit which is attached hereto and made a part hereof and hereinafter referred to as the "Subject Property", which property is within the foregoing Tax Increment Redevelopment Project Area and is necessary, required and needed to achieve the objectives of the foregoing Tax Increment Redevelopment Plan and Redevelopment Project, and which property lies wholly within the limits of the Village of Mount Prospect. SECTION 3: That the Village Attorney or such other persons as he may designate are hereby authorized, empowered and directed to negotiate personally or through its representatives for and on behalf of said Village with the owner or owners of the Subject Property for the purchase and acquisition thereof by said Village. SECTION 4: That in the event the said Village Attorney or his designee are unable to agree with the owner or owners of said real property as to the compensation thereof, then title to and possession of the Subject Property shall be acquired by the Village of Mount Prospect through condemnation, and authorization is hereby given to institute proceedings in any court of competent jurisdiction to acquire title to and possession of the Subject Property for the Village in accordance with the Act, the eminent domain laws of the State of Illinois and the ordinances of the Village of Mount Prospect. SECTION 5: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. Passed by the Board of Trustees of the Village of Mount Prospect, Illinois and approved by the President thereof this day of 2006. Ayes: Nays: Absent: Approved: Irvana K. Wilks, Mayor Attest: M. Lisa Angell,Village Clerk H:\CLKO\files\ WIN\ORDIN ANC\CondemnationOrdinance34 W. Busseaugust2006.doc Exhibit A Legal Description Subject Property: PIN Number: 34 West Busse Avenue, Mount Prospect, Illinois 08-12-102-057-0000 PARCEL A DESCRIPTION: LOT 1 IN MEERSMAN RESUBOIVISION IN MOUNT PROSPECT BEING A RESUBDIVISION OF PART OF THE WEST HALF OF SECTION 12. TOWNSHIP 41 NORTH. RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN. ACCORDING TO THE PLAT THEREOF REGISTERED IN THE REGISTRAR'S OFFICE OF COOK COUNTY. ON OCTOBER"27. 1986 AS DOCUMENT LR 35-61-889. EXCEPT THAT PART THEREOF DESCRIBED AS FOLLOWS: EXCEPTION" BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 1; THENCE SOUTH 00 DEGREES 06 MINUTES 53 SECONDS WEST. ALONG THE EAST LINE OF SAID LOT 1. A DISTANCE OF 23.07 FEET TO A LINE THAT IS THE WESTERLY EXTENSION OF THE SOUTHERNMOST LINE OF LOT 2 IN MOUNT PROSPECT CENTRAL DISTRICT SUBDIVISION OF PART OF THE WEST HALF OF SECTION 12. TOWNSHIP 41 NORTH. RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN. ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 23. 1949 AS DOCUMENT 1275902; THENCE SOUTH 89 DEGREES 35 MINUTES 57 SECONDS WEST. ALONG SAID WESTERLY EXTENSION. 46.13 FEET TO THE WEST LINE OF SAID LOT 1; THENCE NORTH 00 DEGREES 08 MINUTES 52 SECONDS WEST. ALONG SAID WEST LINE. 24.11 FEET TO THE NORTH LINE OF SAID LOT 1; THENCE SOUTH 88 DEGREES 23 MINUTES 49 SECONDS EAST. ALONG SAID NORTH LINE. 46.86 FEET TO THE POINT OF BEGINNING. ALL IN COOK COUNTY. ILLINOIS. ALSO THAT VACATED WILLE STREET ACCORDING TO DOCUMENT RECORDED AS DOCUMENT NUMBER 00454455. 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 lllinois Municipal Code, as amended (the "Act"), for proposed Amendments #3 to the Downtown TIP 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 l(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 lllinois by certified mail on , 2005, by publication on , 2006, and , 2006, and by certified mail to taxpayers and , 2006; and residents within the Area on and WHEREAS, the Village has heretofore convened a joint review board as required by and in all respects in compliance with the provisions of the Act; and E: 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) of the 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, ifthe 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 Project 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 unenforceabilityof 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 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 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 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- 41-11, 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 I 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 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 corner of Emerson Street and Busse Avenue, and property generally located at northwest corner of Main Street and Central Road. EXHIBIT C MAP OF AMENDED REDEVELOPMENT PROJECT AREA ii) :> ...I i: W BUSSE AV r.o;: V'~! l- I/) ~ ...I ~ Z en Z ;( == I--- Z E HENRY ST ti:i I-~ Z I/) I- OWl/) t==jl ! ~ I/) ~= l- I/) ~B= ~ z Area of Amendment #3 I-- I-- E CENTRAL RD - t:=::1-- f---..., ~ E BUSSE AV Area of Amendment #2 ~ ~ W EVERGREEN AV ~ =:jli; a: :> J: ::!! ...I W I/) t=i== E EVERGREEN AV t=j-- I 1985 TIF District " l- f/) W ...I lL ;( ::!! f/) I----l I L-J I ""-. ~ l- f/) W ...I -' ~ f/) ~ ~ Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map o 150 300 450 600 750 I I I I I 'Feet L-J-i~ -/ l___~_Jt \-1 V ~ ~ .~. ~ , D 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 1 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 5/11-74.4.3(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 Redevelooment 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 if the 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 ofland; 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 TIP 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/hnprovements 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 $32,500,000 TOTAL ESTIMATED PROJECT COSTS . (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 TIP 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 5/11-7 4.4.3 ( 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 I a 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 I 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 1 e 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 I g 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 lh 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 Ij 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 retail/commercial 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 RPA'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 I I 1 I I I 1 1 I I ~~ "'. 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Central Commercial .....-,.-,~.._."".'-,..'-"",.-'" _ Mixed Use ~ Low Density Residential ~ : : : ~ Moderate Density Residential Exhibit 4: Tax Increment Finance District #1 As Amended Redevelopment Target Areas . I I \ \ ~ V .........rn I I I I I I I , . ti ~ 0. i f/) H I- t=: ----- t-- ... f/) dB= ~~ I-- t=:t= ~ ,'-= ,,,,1-- -,:':::111--- ",,~ ",vli't> >!, ~,~~jl~4~;::; ~~3<, '"nO E HENRY 81 E CENTRAL RD - ~ E BUSSE AV t-- E EVERGREEN AV ;~ 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-of-way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road; t1ence 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 Resubdivislon in Mount Prospect to the north right-of-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 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 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 iltersection with the extension of the west property line of 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, 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 Prcspect 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 rigl1mf- way line of Northwest Highway, US Rolle 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 of Central Road; thence easterly along the north rightof-way line of Central Road to the southV\est 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 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 rlght-ot-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 41 North, Range 11 East of the Third Principal Meridian, and in part at 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 QUALIFICATIONIDESIGNATION 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 1. 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 EXHmIT 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 'J, 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 Increment 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 TIP No.1 and would be included as part of the 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 of the properties located within the Downtown TIP No.1, as well as the Proposed Amendments for several years. In 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 of the 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. In 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 TIP 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 retaiVcommercial 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 of the 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 TIP 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 ofTIF 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 D01llflto1llfl TIP 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 RP A in July to August of 2005, 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- 7 4.4-1 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 defmes 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 of the 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) Ifimproved, 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 of the 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 IncrementalFinancingQualijicationlDesignation Report- ThirdAmendment 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 (I) 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 of the 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 ofthe redevelopment project area. (L) Lack of Communitv 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 of the 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) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated. Tax Incremental Financing Qualification/ Designation &port - Third Amendment to D01ll1lto1ll1l TIF No. 1 Mount Prospect, Illinois Page 5 III. THE STUDY AREA The Study Area which is located adjacent to the Village's Downtown TIP 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%)ofthe 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 TIP 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 of three (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 TIP 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 aDDlv onlv to ProDosed Amendments 2. Lack of Communitv 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 modern, 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 Incremental FinancingQualification/ Designation Report - Third Amendment 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 stmcture(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 pwpose design and characteristics. As a whole, the area suffers from poor design and layout which is manifested in several iilstances, 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 of these 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 IncrementaIPinancingQualifir:ation/Designation Report- ThirdAmendment to Downtown TIP No.1 Mount Prosper:!, 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 TIP District: 1. The area is contiguous and is greater than 1 ~ acres in size, including the adjacent Downtown TIP No. 1 area. 2. The area qualifies as a "conservation area". A more detailed analysis of the 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 of taxing 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 ofKMA, provide ,the Village with sufficient justification to consider designation of the Proposed Amendments as a TIP 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 modern 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 PROPOSED AMENDMENT #3 TIF BOUNDARY MAP ~I 11\.1./ W HENRY ST reo .i~ I Area of Amendment #1 W BUSSE AV ~iL-1 0;; Area of Amendment #2 r- r- r- W EVERGREEN AV r- ~ ~ !-- o 150 300 450 600 750 I I I I I I Feet ~ ~ t- en a: :> J:r- ::!! ...J W en ~ J I I II-- en z <( ::!!1-- z I I I I I I-- en w ...J ...J ~ Z Z I-~ o __en I-- V) W en ~~~~ ~ ~~Z Z ~ ~~~ ~~ t((t) !L .J nO ~ Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map - i-- 1985 TIF District r--- r-- t- en w ..J ...J ~ V) 1---1--- ~ J r J \" ~ V./(ITI I T I I ~ 1 1---1 l- V) I-- J I I I E HENRY ST I-- en ...Js= 8 J: () V) z Area of Amendment #3 ..IlL K= ~ I--- I-- 1 I L J I I--~t- V) en z z - 0 <( en ::!! a: en w ::!! w V) E I r-- l-- t=t== E BUSSE AV r- r;;; r--t= E EVERGREEN AV r-- IVllurLUW,", PRalMlNARY Village of Mount Prospect Proposed Downtown T1F Amendment Note : new parcel in 2000, -018 divided par 03-34-331-012.-018.-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 Pel Change to past year 19.65% -32.81% 16.49% 18.99% -17.50% 1.91% Total Village EAV Balance of Village EAV Pet. Change to past year Source: Cook County Clerk 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 1,485,024,568 1,316,740,498 1,347,641,912 1.248,785,616 1.083,578,497 1,086,919.545 1,051,452.013 12.78% -2.29% 7.92% 15.25% -0.31% 3.37% 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: 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 Project 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 am~nded, 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 ofthe 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: presented and the Village Manager explained an Trustee ordinance, which was laid in words and figures before the Village President and Trustee as follows: 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, 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"), 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, lllinois, as follows: Section 1. Area Designated. That the Area, as legally described In 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 F 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: EXHffiIT A - Legal Description EXHffiIT B - General Street Location EXHffiIT C - Map of Redevelopment Project Area PASSED this _ day of . 2006. AYES NAYS ABSENT APPROVED: VILLAGE PRESIDENT ATTEST: VILLAGE CLERK Co:lMount Prospect/Ordinance/Ordinance Designating 11.15.05 EXHIBIT A LEGAL DESCRIPTION LEGAL DESCRIPTION Legal Description of Downtown TIF 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 oflllinois 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 ofintersection 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 ofthe 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 GENERAL STREET LOCATION EXHIBIT B The existing Downtown TIF No.1 is generally bounded by Northwest Highway on the south and west, Central Road, Busse A venue 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 REDEVELOPMENT PROJECT AREA - I- en w z lL Z B W BUSSE AV rn; en z ;;;: :E~ z E HENRY 5T I- en w ...J ...J ~ Z lii~lii~lii Z W :E o ...J ...J en lL W ffi ~ Z a1 Z en lii ~B= I--- ~. I-- Area of Amendment #3 I-- L-- E CENTRAL RD I ~ t--- I-- t==1-- ~ E BUSSE AV E Area of Amendment #2 --- I--- I t=1-- > _---------1 <( lii 0:: ~ I~ ...J W rn E EVERGREEN AV W Z a: I en I--- W EVERGREEN AV ~ 1985 TIF District t=j- ~ .,....-- - ~ -~ t= ~ Exhibit 1: Tax Increment Finance District #1 As Amended Boundary Map I-~I- I- en en en Z Z w :;;: g ~ ~ 0:: <( en W :!! :E rn W en ~ ~,,~ ;s,()~ c)' ~v I- en w ::l ~ en ~ o 150 300 450 600 750 I I I I I 'Feet ~t3V . EV.Ll 1 c=r=J \ r-l V /\\ll 1=+=1 r==+==l ~ II L-JI "'- =r 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 COUNTY OF COOK ) )SS ) STATE OF ILLINOIS 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 Amending the Downtown TIP 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 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: presented and the Village Manager explained an Trustee 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 TlF 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, 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"); 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 project costs as defmed 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 r~ference. The map of the Area is depicted in Exhibit C attached hereto and incorporated herein as if set out in full by this reference. c; 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" of the 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: EXHmIT A - Legal Description EXHmIT B - General Street Location EXHmIT C - Map of Redevelopment Project Area PASSED this _ day of , 2006. AYES NAYS ABSENT APPROVED: VILLAGE PRESIDENT ATTEST: VILLAGE CLERK EXHIBIT A LEGAL DESCRIPTION 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 ofTIlinois 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 ofintersection 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- 41-11, 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 ofintersection 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 ofTIlinois 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 ofTIlinois 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 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 of the Third Principal Meridian all in Cook County, Illinois. EXHmIT B GENERAL STREET LOCATION 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 ~Di~ ~"-~ II Area of Amendment #1 I I I I > ----1 -c 1-. o a: ;:) 311 u:l I ~"w. - 1985 nF Di:Strict ----,. - - I- I- I- 0,===- 0 0 Z Z W - 0 ..J ~ 0 ~ ::!i _ a: -c o w ::E ~ 0 1----1----..... 0 J I I I I L. . . L......-J I J'.... Vt@r -. Z < ~~ ~ Hl:NKY Ii; W ....J ..J ~ Z "]:~ :g!t= r I- o ~ I~ ~ I- o ~B= Area of Amendment #3 l=J L-L E CENTRAL I --r= I- o 3 w z I- I- ~ ~: - FE ~ E=t I- I-- I--- Ef E BUSSE, t= ~ ( I I- t ..j I- I-- - - ~ t= t= I-- Jt==t=3E W EVERGREEN AV I I F::E E3 I Et:jE~ I I t::t I- - E:E I ~ ~ Exhibit 1: Tax Increment Finance District #1 /1s Amended Boundary Map -I- o w ..J ....J i o lli I o 150 300 450 600 750 I I I I I I Feet b-t~~ - I- . ~~~ E - 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 NA Y: 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, 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 WIlNESS 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 _ 0' 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: