HomeMy WebLinkAbout6.2 A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT PUBLIC LIBRARY UNDER THE TERMS OF A GROUND LEASE AGREEMENT�f
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wubject A RESOLUTION AUTHORIZING PAYMENT TO TH1
MOUNT PROSPECT PUBLIC LIBRARY UNDER THE
TERMS OF A GROUND LEASE AGREEMENT
Meeting December 15, 2020 - REGULAR MEETING OF THE MOUNT
PROSPECT BOARD
Fiscal Impact true
lb•llar Amount 1.00
g• ry CONSENT AGENDA
Type Resolution
In December 2002, the Village entered into a ground lease with the Mount
Prospect PublicLibrary to facilitate the constructionof parking
structure. The parking structure was built partially on Library property and
partially on Village property. The structure benefits both the Library and Village as
well as the downtown business district. This resolution authorizes the payment to
the Mount Prospect Public Library the annual lease amount pursuant to the
agreement and reports on compliance for both the Village and Library with all
material
. of
e a annual lease payment
, $1.00.
resolutionAlternatives
1. Pass a i i
Prospect Public iParking
Staff2. Action at discretion of Village Board.
Recommendation
The Village Board pass the accompanying Resolution authorizing the annual lease payment
to the Mount Prospect
1
2020 Lease Payment to Mount Prospect Public Library
RESOLUTION NO.
A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT PUBLIC LIBRARY
UNDER THE TERMS OF A GROUND LEASE AGREEMENT
WHEREAS, on November 6, 2002, the Village of Mount Prospect ("the Village") and the Mount
Prospect Public Library ("the Library") entered into a Ground Lease Agreement (the "Lease")
providing, among other things, for the Village to lease certain property ("Property") from the Library;
and
WHEREAS, the Village has caused its attorney and staff to review the terms of the Lease and the
current status of the Property and its usage; and
WHEREAS, the attorney and staff have reported that both the Village and the Library are in
substantial compliance with all material terms of the Lease; and
WHEREAS, the Mayor and Board of Trustees have determined that it is in the best interests of the
Village and its residents to assure that there is continued compliance with the Lease.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the parties are in substantial compliance with all material terms of the Lease.
SECTION TWO: That the Mayor and Board of Trustees authorize the Village Director of Finance to
pay the Library such sums as are due pursuant to the Lease.
SECTION THREE: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this 15th day of December, 2020.
Arlene A. Juracek
Mayor
ATTEST:
Karen M. Agoranos
Village Clerk
KI