HomeMy WebLinkAbout6.2 A RESOLUTION AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND 20 WEST LLC FOR THE 20 WEST MIXED-USE DEVELOPMENT LOCATED AT 20 W. NORTHWEST HIGHWAY1/18/2021 BoardDocs® Pro
Agenda Item Details
Meeting Mar 20, 2018 - SPECIAL MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m.
Category 6. OLD BUSINESS
Subject 6.2 A RESOLUTION AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
BETWEEN THE VILLAGE OF MOUNT PROSPECT AND 20 WEST LLC FOR THE 20 WEST
MIXED-USE DEVELOPMENT LOCATED AT 20 W. NORTHWEST HIGHWAY
Access Public
Type Action
Preferred Date Mar 06,201,?v,
Absolute Date Mar 06, 201V_,
Fiscal Impact Yes
FIT1110197 "9_111 1111111111111111111 111 1!
Budgeted Yes
get Source Tax Increment Financing Fund and Water and Sewer Fund
Goals 11. Busse Triangle Property Development (including Municipal Parking Garage Elevator) -
TP
Public Content
Attached to this memorandum is a draft redevelopment agreement (RDA) for the proposed 20 West project located in
the Busse Triangle. The subject property is a vacant half -acre parcel that is located at the northeast corner of Wille
Street and NW Highway that would be developed with a mixed-use development consisting of 73 luxury apartment
units and approximately 5,000 of retail/restau rant space. This mixed-use, transit -oriented development received
zoning approval at the March 6,, 2018 Village Board Meeting.
The RDA obligates the Village to provide $2 million of incentives towards the $23.5 million project. These incentive
would include the following TIF -eligible expenses: i
1. A waiver of up to Nine Hundred Fifteen Thousand Dollars ($915,000) for soft costs including permit fees, legal,
survey,, civil engineering, architecture, MEP & structural engineers, landscape architect,
soils/geo/environmental, market study and TIF consultants.
2. Payment of up to Two Hundred Sixty Thousand Dollars ($260,000) by the Village for underground utilities
including water, sanitary, storm,, valves, hydrants, hauling, trench backfill, screening and street cuts.
3. Payment of up to Two Hundred Eighty Thousand Dollars ($280,000) by the Village for paving including grading,
compacting,, curb & gutter, stone, asphalt, pervious pavement, curb replacement and striping.
Payment of up to One Hundred Forty Five Thousand Dollars ($145,000) by the Village for streetscape including
public walk, parkway landscaping, streetlights and street signs.
5. An allowance of up to One Hundred Thousand Dollars ($100,000) by the Village for ComEd relocate of the
current overhead lines on the properties.
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allowance of up to Three Hundred Thousand Dollars ($300,000) by the Village for non contaminated soils
removal per True North, site soils may be classified as non -contaminated and require special disposal.
As part of this agreement, the developer will pay the Village $570,000 for the village -owned property that is part of
this project. This price is consistent with the value of land in the downtown district ($20 - $30 per square foot) that
was documented in our appraisal of the 34 W. Busse Avenue last year. The attached exhibit depicts the property that
is involved in this project. The Village -owned property includes three parcels on the north side of Busse Avenue and
the west end of the Busse Avenue right of way. The developer has the private parcel under contract subject to
approval of the 20 West project.
The developer submitted financial information for the project that included a cash flow analysis, debt service coverage
ratio review Ilisting of sources and uses and an EAV analysis. The Village hired S.B Friedman to review the RDA and
financials for the project to ensure that the requested incentives were warranted and within industry standards for
similar projects. S.B. Friedman found the developer's request for assistance are necessary to make the project
financially feasible. But for the TIF contribution the project will not move forward. The Village will also waive permit
and inspection fees (included in the soft costs above), except for any out of pocket structural engineering plan
reviews.
At the time that the Village established the Prospect and Main TIF District,, the TIF Joint Review Board requested that
we maintain a set of metrics to measure the positive impact that the TIF has on the downtown district. The table
below lists the metrics that the Village will continue to measure as we move forward with the numerous
redevelopment projects in the downtown. The projected figures are estimates that are based upon industry
standards for similar developments in the region.
20 West
Metric
Base
Projected
New residential units
73
Population growth
100
Growth in EAV
$ 71,r907
$ 11300,r000
Sales tax generation
$
$ 30f000
Retail and commercial base
4,617 SF
Number of building permits
1
Projects benefiting impacted local governments
1
Retail and commercial vacancy
NA
NA
Infrastructure improvements
$
$ 685f000
Metra ridership
Yes - TOD
Alternatives
1. Approve the resolution authorizing the execution of the Redevelopment Agreement.
2. Action at discretion of Village Board.
Staff Recommendation
Staff recommends that the Village Board approve the resolution authorizing the execution of the Redevelopment
Agreement for 20 Westf LLC.
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20 West ownership.pdf (1,460 KB) RDA- 20 west llc.pdf (12 KB)
20 west rda-7 (002).pdf (1,,835 KB)
Administrative Content
Executive Content
Motion & Voting
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I•I iiJ I•I • I , III
Motion by Paul Hoefert, second by Colleen Saccotelli.
Final Resolution: Motion Carries
Yea: William Grossi, Eleni Hatzis, Paul Hoefert, Richard Rogers,, Colleen Saccotelli, Michael Zadel
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VILLAGE DRAFT — 3-16-18
REDEVELOPMENT AGREEMENT
FOR THE 20 WEST DEVELOPMENT
COMPRISING A PART OF THE
PROSPECT AND MAIN TIF DISTRICT
OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS
This Redevelopment Agreement For The 20 WEST Development Comprising A Part Of
The Prospect And Main TIF District Of The Village Of Mount Prospect, Illinois (the
"Agreement") is made and entered into as of the day of 12018
(the "Effective Date") by and between the Village of Mount Prospect, Illinois, an Illinois
home rule municipal corporation (the "Village") and , an Illinois limited
liability company (the "Developer") (the Village and the Developer are sometimes referred
to herein individually as a "Party," and collectively as the "Parties").
WITNESSETH:
IN CONSIDERATION of the Preliminary Statements, the mutual covenants herein
contained, and other good and valuable consideration, the sufficiency and receipt of
which is hereby acknowledged, the Parties hereto agree as follows:
I. PRELIMINARY STATEMENTS
Among the matters of mutual inducement which have resulted in this Agreement
are the following:
A. The Village is a home rule unit of government in accordance with Article VII,
Section 6 of the Constitution of the State of Illinois, 1970.
B. The Village has the authority, pursuant to the laws of the State of Illinois, to
promote the health, safety and welfare of the Village and its inhabitants, to
prevent the presence of blight, to encourage private development in order
to enhance the local tax base and increase additional tax revenues realized
by the Village, to foster increased economic activity within the Village, to
increase employment opportunities within the Village, and to enter into
contractual agreements with third parties for the purpose of achieving the
aforesaid purposes, and otherwise take action in the best interests of the
Village.
C. The Village is authorized under the provisions of the Tax Increment
Allocation Redevelopment Act, 65 I LCS 5/11-74.4-1, et seq., as amended
(the "Act"), to finance redevelopment in accordance with the conditions and
requirements set forth in the Act.
D. Pursuant to Ordinance Numbers 6293, 6294 and 6295, adopted January
17, 2017, the Village designated the tax increment redevelopment project
area (the "Redevelopment Project Area"), approved a tax increment
391766_7
VILLAGE DRAFT — 3-16-18
redevelopment plan and project (the "TIF Plan"), and adopted tax increment
financing relative to the Village's Prospect and Main Tax Increment
Financing District (the "TIF District"); said TIF District being legally
described and depicted as set forth in EXHIBIT A-1 and EXHIBIT A-2,
respectively, attached hereto and made part hereof.
E. The Village is the fee owner of certain real property, consisting of 3 parcels
and a portion of Busse Avenue right of way, located within the
Redevelopment Project Area, said property being legally described on
EXHIBIT B-1, attached hereto and made a part hereof (the "Village
Property").
F. A third party is the owner of certain real property, consisting of
approximately eight thousand square feet (8,000) located immediately east
of the Property owned by the Village. The Developer has an agreement to
purchase that property. This property is legally described on EXHIBIT B-2,
attached hereto and made a part hereof (the "Adjacent Property").
G. The Village Property and the Adjacent Property together are hereinafter
referred to together as the "Property".
H. The Developer desires to acquire ownership of the Property and redevelop
the Property with a building containing seventy-three (73) residential
apartment units, a commercial space of approximately five thousand
(5,000) square foot restaurant and seventy-eight (78) parking spaces,
consisting of a total of forty-three (43) below ground garaged parking
spaces and thirty-five (35) grade level garaged parking spaces, as depicted
on the site plan attached hereto as EXHIBIT C, and made part hereof, and
as described in further detail in EXHIBIT D, attached hereto and made part
hereof (the "Project").
I. It is necessary for the successful completion of the Project that the Village
enter into this Agreement with the Developer to provide for the
redevelopment of the Property, thereby implementing the TIF Plan.
J. The Developer has been and continues to be unable and unwilling to
undertake the redevelopment of the Property with the Project, but for certain
tax increment financing ("TIF") incentives, with regard to the purchase price
of the Property and reimbursement of TIF eligible redevelopment project
costs not to exceed Two Million and No/100 Dollars ($2,000,000.00), being
up to Five Hundred Thousand and No/100 Dollars ($500,000) for public
improvements relative to the Project and up to One Million Five Hundred
Thousand and No/100 Dollars ($1,500,000.00) for other TIF eligible
redevelopment project costs relative to the Project, to be provided by the
Village in accordance with the Act and the home rule powers of the Village,
which the Village is willing to provide under the terms and conditions
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VILLAGE DRAFT — 3-16-18
contained herein. The Parties acknowledge and agree that but for the
aforementioned TIF incentives, to be provided by the Village, Developer
cannot successfully and economically develop the Property with the Project
in a manner satisfactory to the Village. The Village has determined that it is
desirable and in the Village's best interest to assist Developer in the manner
set forth herein, and as this Agreement may be supplemented and amended
from time to time pursuant to the mutual agreement of the Parties and in the
manner as herein provided.
K. The Village, in order to stimulate and induce development of the Property
with the Project, has agreed to convey the Village Property to the Developer
in accordance with the terms and provisions of the Act and this Agreement,
and the Developer has agreed to acquire the Adjacent Property in
furtherance of the Project.
L. This Agreement has been submitted to the Corporate Authorities of the
Village (as defined below) for consideration and review, the Corporate
Authorities have taken all actions required to be taken prior to the execution
of this Agreement in order to make the same, and any and all actions taken
by the Village in furtherance hereof, binding upon the Village according to
the terms hereof, and any and all actions of the Corporate Authorities of the
Village precedent to the execution of this Agreement have been undertaken
and performed in the manner required by law.
M. This Agreement has been submitted to the Manager of the Developer for
consideration and review, the Developer's Manager has taken all actions
required to be taken prior to the execution of this Agreement in order to
make the same binding upon the Developer according to the terms hereof,
and any and all action of the Developer's members precedent to the
execution of this Agreement have been undertaken and performed in the
manner required by law.
N. The Village is desirous of having the Redevelopment Project Area
rehabilitated, developed and redeveloped in accordance with the TIF Plan,
and particularly the Project as a part thereof, in order to serve the needs of
the Village, arrest physical decay and decline in the Redevelopment Project
Area, increase employment opportunities, stimulate commercial growth and
stabilize the tax base of the Village and, in furtherance thereof, the Village
is willing to offer Developer the TIF incentives referenced in subsection H.
above, under the terms and conditions hereinafter set forth, to assist such
development.
II. DEFINITIONS
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VILLAGE DRAFT — 3-16-18
For the purposes of this Agreement, unless the context clearly requires otherwise,
words and terms used in this Agreement shall have the meanings provided from
place to place herein, and as follows:
A. "Change in Law" means the occurrence, after the Effective Date, of an
event described below in this definition, provided such event materially
changes the costs or ability of the Party relying thereon to carry out its
obligations under this Agreement and such event is not caused by the Party
relying thereon:
Change in Law means any of the following: (1) the enactment, adoption,
promulgation or modification of any federal, State or local law, ordinance,
code, rule or regulation (other than by the Village, or, with respect to those
made by the Village, only if they violate the terms of this Agreement); (2)
the order or judgment of any federal or State court, administrative agency
or other governmental body (other than the Village); or (3) the adoption,
promulgation, modification or interpretation in writing of a written guideline
or policy statement by a governmental agency (other than the Village, or,
with respect to those made by the Village, only if they violate the terms of
this Agreement). Change in Law, for purposes of this Agreement, shall also
include the imposition of any conditions on, or delays in, the issuance or
renewal of any governmental license, approval or permit (or the suspension,
termination, interruption, revocation, modification, denial or failure of
issuance or renewal thereof) necessary for the undertaking of the actions
to be performed under this Agreement (except any imposition of any
conditions on, or delays in, any such issuance or renewal by the Village,
except as provided herein).
B. "Corporate Authorities" means the Mayor and Board of Trustees of the
Village of Mount Prospect, Illinois.
C. "Da " means a calendar day.
D. "Effective Date" means the day on which this Agreement is executed by
the Village, with said date appearing on page 1 hereof.
E. "Incremental Property Taxes" means that portion of the ad valorem real
estate taxes, if any, arising from the taxes levied upon the Property, which
taxes are actually collected and paid to the Village, and which are
attributable to the increase in the equalized assessed valuation ("EAV") of
the Property over and above the EAV of the Property at the time of the
formation of the TIF District, all as determined by the County Clerk of the
County of Cook, Illinois, pursuant to and in accordance with the TIF Act, the
TIF Ordinances and this Agreement, and which have been received by the
Village on and after the Commencement Date (as defined in Section XI.A.
below).
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VILLAGE DRAFT — 3-16-18
F. "Incentive Fund" means the special fund set up by the Village into which
the Village will deposit Incremental Property Taxes generated by the
Project.
G. "Party" or "Parties" means the Village and/or the Developer,
individually/collectively, and their respective successors and/or assigns as
permitted herein, as the context requires.
H. "Person" means any individual, corporation, partnership, limited liability
company, joint venture, association, trust, or government or any agency or
political subdivision thereof, or any agency or entity created or existing
under the compact clause of the United States Constitution.
I. "State" means the State of Illinois.
J. "TIF Eligible Redevelopment Costs" means the costs of the Project, to
be reimbursed, in part, from Incremental Property Taxes pursuant to the TIF
Act, and permitted to be reimbursed as a "redevelopment project cost" in
Section 3(q) of the TIF Act, 65 ILCS 5/11-74.4-3(q), by the Village, as
provided in this Agreement.
K. "TIF Ordinances" means those Ordinances referenced in subsection I.D.
L.
above.
"Uncontrollable Circumstance" means any event which:
1. is beyond the reasonable control of and without the fault of the Party
relying thereon; and
2. is one or more of the following events:
a. a Change in Law;
b. insurrection, riot, civil disturbance, sabotage, act of the public
enemy, explosion, fire, nuclear incident, war or naval
blockade;
C. epidemic, hurricane, tornado, landslide, earthquake, lightning,
fire, windstorm, other extraordinary or ordinary weather
conditions or other similar act of God;
d. governmental condemnation or taking other than by the
Village;
e. strikes or labor disputes, or work stoppages not initiated by
the Developer or the Village;
f. unreasonable delay in the issuance of building or other
permits or approvals by the Village or other governmental
authorities having jurisdiction other than the Village including
391766_7 5
VILLAGE DRAFT — 3-16-18
but not limited to the Illinois Department of Transportation
("ID07), the Metropolitan Water Reclamation District of
Greater Chicago ("MWRD") and/or the Illinois Environmental
Protection Agency ("TEPA");
g. shortage or unavailability of essential materials, which
materially change the ability of the Party relying thereon to
carry out its obligations under this Agreement;
h. unknown or unforeseeable geo-technical or environmental
conditions;
i. major environmental disturbances, which delay construction
by more than thirty (30) days;
j. vandalism; or
k. terrorist acts.
Uncontrollable Circumstance shall not include: economic hardship;
unavailability of materials (except as described in subsection 2.g. above);
or a failure of performance by a contractor (except as caused by events
which are Uncontrollable Circumstances as to any applicable contractor).
For each day that the Village or the Developer is delayed in its performance
under this Agreement by an Uncontrollable Circumstance, the dates set
forth in this Agreement shall be extended by one (1) day without penalty or
damages to either Party.
M. "Village Code" means the Village of Mount Prospect Village Code, as
amended.
III. CONSTRUCTION OF TERMS
This Agreement, except where the context by clear implication shall otherwise
require, shall be construed and applied as follows:
A. Definitions include both singular and plural.
B. Pronouns include both singular and plural and cover all genders.
C. The words "include," "includes," and "including" shall be deemed to be
followed by the phrase "without limitation".
D. Headings of Sections herein are solely for convenience of reference and do
not constitute a part hereof and shall not affect the meaning, construction
or effect hereof.
E. All exhibits attached to this Agreement shall be and are operative provisions
of this Agreement and shall be and are incorporated by reference in the
context of use where mentioned and referenced in this Agreement. In the
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VILLAGE DRAFT — 3-16-18
event of a conflict between any exhibit and the terms of this Agreement, the
Agreement shall control.
F. Any certificate, letter or opinion required to be given pursuant to this
Agreement means a signed document attesting to or acknowledging the
circumstances, representations, opinions of law or other matters therein
stated or set forth. Reference herein to supplemental agreements,
certificates, demands, requests, approvals, consents, notices and the like
means that such shall be in writing whether or not a writing is specifically
mentioned in the context of use.
G. The Village Manager, unless applicable law requires action by the
Corporate Authorities, shall have the power and authority to make or grant
or do those things, certificates, requests, demands, notices and other
actions required that are ministerial in nature or described in this Agreement
for and on behalf of the Village and with the effect of binding the Village as
limited by and provided for in this Agreement. The Developer is entitled to
rely on the full power and authority of the Persons executing this Agreement
on behalf of the Village as having been properly and legally given by the
Village.
H. In connection with the foregoing and other actions to be taken under this
Agreement, and unless applicable documents require action by Developer
in a different manner Developer hereby designates Nicholas Papanicholas,
Jr. as its authorized representative who shall individually have the power
and authority to make or grant or do all things, supplemental agreements,
certificates, requests, demands, approvals, consents, notices and other
actions required or described in this Agreement for and on behalf of the
Developer and with the effect of binding the Developer in that connection
(such individual being designated as an "Authorized Developer
Representative"). The Developer shall have the right to change its
Authorized Developer Representative by providing the Village with written
notice of such change from both authorized representatives which notice
shall be sent in accordance with Section XVIII.6. of this Agreement.
IV. COOPERATION OF THE PARTIES
The Village and the Developer agree to cooperate in implementing the Project in
accordance with the Parties' respective obligations set forth in this Agreement, and
specific approvals by the Village in the future, relative to the development of the
Property and the Project, including zoning applications relative thereto, and
Village -issued permits and approvals relative thereto.
391766_7 7
VILLAGE DRAFT — 3-16-18
V. CONVEYANCE OF THE VILLAGE PROPERTY
A. The Village shall transfer title to the Village Property to the Developer in an
"as -is, where -is" condition with no environmental representations or
warranties of any kind whatsoever, pursuant to the Real Estate Sale
Contract attached hereto as EXHIBIT E, and made part hereof (the
"Contract"), with such changes made to the Contract to make the Contract
consistent with this Agreement. The terms of the transfer of title shall
include:
1. Purchase price: Five Hundred Seventy Thousand and No/100
Dollars ($570,000.00);
2. Warranties: as -is, where -is, with no warranties or representations of
any kind, including environmental;
3. Deed: Special Warranty Deed; and
4. Closing costs: shared by the Village and the Developer as
customarily charged.
B. The transfer of title to the Village Property shall occur so long as the
following conditions, subject to Uncontrollable Circumstances, have been
satisfied on or before , 201_ (the "Conveyance
Deadline"), with the transfer of title to the Village Property to the Developer
occurring within twenty eight (28) days of the Conveyance Deadline:
1. The Developer has submitted site geometry and proposed building
plans to the Village, which are materially consistent with the
proposed Project and satisfactory to the Village;
2. The Developer has submitted detailed elevations for the Project,
including fagade details and drawings to the Village, which have
been approved by the Village's Mayor and Board of Trustees, with
said approval being in the sole and absolute discretion of the
Village's Mayor and Board of Trustees;
3. The Developer has obtained firm construction financing for the
Project and provided the Village with adequate proof of said
financing;
4. The Developer has acquired the Adjacent Property; and
5. The Developer has met the deadlines in Sections VI.A.1 and 2.
below.
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VILLAGE DRAFT — 3-16-18
C. Notwithstanding anything in this Agreement to the contrary (including but not
limited to the default and cure periods in Section XVI. below):
1. If title to the Village Property is not transferred from the Village to the
Developer within twenty eight (28) days of the Conveyance Deadline,
and if such failure is not cured within ninety (90) days after notice by
the Village to the Developer with a demand to consummate the
transfer as herein provided, this Agreement shall be null and void,
the Village shall have no further obligations to transfer title to the
Village Property to the Developer. The date the Village conveys title
to the Village Property to the Developer shall be the "Acquisition
Date."
2. If title to the Adjacent Property is not closed on or before the closing
of the Village Property owned by the Village, this Agreement shall be
null and void, unless the Village, through its Village Manager, and
the Developer agree to an extension of the deadline herein.
VI. DEVELOPMENT OF THE PROPERTY
A. Approvals, Permits, Construction, and Completion. The Developer
shall, subject to Uncontrollable Circumstances:
1. On or before May 1, 2018, apply for all necessary permits and
approvals from all governmental agencies having jurisdiction over
the Project as may be required to commence construction of the
Project.
2. On or before July 1, 2018, obtain all necessary permits and
approvals from all governmental agencies having jurisdiction over
the Project as may be required to commence construction of the
Project, except that permits issued by IDOT and the MWRD need not
be obtained by July 1, 2018.
3. On or before August 1, 2018, commence construction of the Project.
4. On or before December 31, 2019, complete construction of the
Project.
5. On or before June 1, 2020, obtain a Certificate of Project Completion
(as defined in Section XI.A. below).
B. Village Buy Back.
391766_7 9
VILLAGE DRAFT — 3-16-18
1. Subject to Uncontrollable Circumstances, if the Developer has taken
title to the Village Property, and if the Developer has not made
application for all necessary permits and approvals from all
governmental agencies having jurisdiction over the Project as may
be required to commence construction of the Project within the time
frame set forth in Section VI.A.1. above, or if the Developer has taken
title to the Village Property, and if the Developer has not obtained all
necessary permits and approvals from all governmental agencies
having jurisdiction over the Project as may be required to commence
construction of the Project within the time frame set forth in Section
VI.A.2. above, the Village shall deliver a notice of default to
Developer and, in the event that Developer has failed to make
application for, or obtain, all necessary permits and approvals, as the
case may be, within twenty eight (28) days after receipt of such
notice, the Village shall have the option to purchase the Village
Property from the Developer, at the same price paid by the
Developer to the Village for the Village Property, and under the same
terms and conditions applicable to the Village's conveyance thereof
to the Developer, such conveyance to be consummated within ninety
(90) days of the non -cured default as herein set forth, and, upon
conveyance of the Village Property back to the Village, this
Agreement shall be of no further force or effect.
2. Subject to Uncontrollable Circumstances, if the Developer has taken
title to the Village Property, and if the Developer has not commenced
construction of the Project within the time frame set forth in Section
VI.A.3. above, the Village shall deliver a notice of default to
Developer and, in the event that Developer has failed to commence
construction, or take the prerequisite steps necessary to commence
construction and diligently pursue commencement of same, within
twenty eight (28) days after receipt of such notice, the Village shall
have the option to purchase the Village Property from the Developer,
at the same price paid by the Developer to the Village for the Village
Property, and under the same terms and conditions applicable to the
Village's conveyance thereof to the Developer, such conveyance to
be consummated within ninety (90) days of the non -cured default as
herein set forth, and, upon conveyance of the Village Property back
to the Village, this Agreement shall be of no further force or effect.
C. Incentive Amount.
1. The Village shall reimburse Developer for TIF Eligible
Redevelopment Costs, in relation to the Project, in an amount not to
exceed One Million Five Hundred Thousand and No/100 Dollars
($1,500,000.00) from the Incentive Fund (the "Funding Cap").
391766_7 10
VILLAGE DRAFT — 3-16-18
2. The total amount paid by the Village to the Developer from the
Incentive Fund shall not exceed the Funding Cap.
3. Beginning on the Commencement Date, the Village shall deposit
Incremental Property Taxes into the Incentive Fund. The Village shall
pledge and rely solely upon Incremental Property Taxes for
reimbursement to the Developer for TIF Eligible Redevelopment
Costs and no other revenue sources.
4. The Village will also reimburse the Developer an additional Five
Hundred Thousand and No/100 Dollars ($500,000.00) from sources
other than the Incentive Fund, outside of the Funding Cap ("Public
Improvements Incentive"), for a portion of the Developer's cost of the
public improvements constructed by the Developer relative to the
Project described in EXHIBIT G attached hereto and made a part
hereof ("Public Improvements").
5. Some of the TIF Eligible Redevelopment Costs set forth on EXHIBIT
F attached hereto and made a part hereof, relative to the Project, are
also included in the Public Improvements in EXHIBIT G. The
Developer shall only be entitled to receive payment of TIF Eligible
Redevelopment Costs up to the Funding Cap and to have the cost
of the Public Improvements paid up to the Public Improvements
Incentive, and in no case shall the Village pay twice for any TIF
Eligible Redevelopment Cost and/or Public Improvement, though
some of the TIF Eligible Redevelopment Costs set forth on EXHIBIT
F are also included in the Public Improvements in EXHIBIT G.
D. Conditions and Procedure for Payment of Incentives.
1. The Village's obligation to reimburse the Developer in relation to the
Project from the Incentive Fund is subject to the following conditions
precedent, in addition to those set forth elsewhere in this Agreement:
(i) Acquisition by the Developer of all necessary Village zoning
approvals for the Project;
(ii) Acquisition by the Developer of the Property on or before the
Acquisition Deadline;
(iii) The Developer being current with all Federal, State and local
tax obligations;
(iv) The Developer obtaining the first residential temporary
certificate of occupancy for the Project;
391766_7 11
VILLAGE DRAFT — 3-16-18
(v) The Incentive Fund having adequate Incremental Property
Taxes to pay the amounts requested for reimbursement by
the Developer;
(vi) The Developer is in compliance with the covenants,
obligations and agreements in Sections VIII, IX, X and XII of
this Agreement; and
(vii) The Developer is otherwise in compliance with all of the terms
of this Agreement and the laws and regulations of the Village,
the State of Illinois and the United States of America.
Reimbursements made to Developer from the Incentive Fund prior
to the issuance of the Certificate of Project Completion shall be
reduced by Ten Percent (10%) ("Reimbursement Hold Back") until,
and unless, the Certificate of Project Completion is issued. The
Reimbursement Hold Back shall be given to Developer with the first
reimbursement made to Developer from the Incentive Fund after
issuance of the Certificate of Project Completion.
2. The Village shall reimburse the Developer from Incremental Property
Taxes deposited into the Incentive Fund, subject to the Funding Cap,
for the Developer's actual expenditures of TIF Eligible
Redevelopment Costs, including but not limited to those set forth on,
and in the amounts included in, EXHIBIT F, relative to the Project
(the "TIF Incentive Rebate"), whether incurred by the Developer prior
to or after the Effective Date. Said TIF Incentive Rebate shall be paid
to the Developer as follows:
(i) The Village shall pay Incremental Property Taxes from the
Incentive Fund to the Developer at the time of the issuance of
the Certificate of Project Completion, and on each December
1st thereafter (each a "Payment Date"), during the Term (as
defined in Section XVIII.P. below) of this Agreement, provided
the Village is in receipt of the Developer's request for
reimbursement of TIF Eligible Redevelopment Costs
documented by the Developer to have been incurred and paid
for by the Developer in relation to the Project (which
documentation shall accompany each such request for
reimbursement). Requests for reimbursement of TIF Eligible
Redevelopment Costs paid by the Developer shall be
forwarded to the Village's Finance Director, accompanied by
a fully executed lien waiver, copy of the paid receipt or other
proof of payment therefor, and any other information
reasonably requested by the Village. The Village shall review
the request and determine if it should be paid, and if so, the
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VILLAGE DRAFT — 3-16-18
Village shall pay such request for reimbursement on the next
Payment Date, provided there are sufficient Incremental
Property Taxes within the Incentive Fund to do so. If the
Village elects to withhold or deny such payment, the Village
shall promptly (and in any event not later than the date
payment would otherwise have been due) advise the
Developer in writing as to the specific basis for the Village's
position. In the event the Developer does not make timely
submittal of documentation in support of its request for
reimbursement of TIF Eligible Redevelopment Costs, the
Village is willing to consider on a case-by-case basis making
a reimbursement after the Payment Date.
(ii) If the Developer requests reimbursement from Incremental
Property Taxes from the Incentive Fund, and if the Village
authorizes the distribution of such funds in an amount greater
than the then -existing balance of Incremental Property Taxes
in the Incentive Fund, the Village shall distribute any approved
but undistributed TIF Incentive Rebate to Developer on the
next Payment Date, or a Payment Date thereafter, provided
that the Village has received and deposited additional
Incremental Property Taxes into the Incentive Fund, in an
amount sufficient to cover all or a part of said authorized but
undistributed TIF Incentive Rebate. No interest shall accrue
on any amount of authorized but undistributed TIF Incentive
Rebate.
(iii) The TIF Incentive Rebate paid to the Developer shall only be
paid from Incremental Property Taxes actually received by the
Village from the Project.
(iv) In the event that the Village ceases to receive Incremental
Property Taxes from the Project, as a result of a Change in
the Law, and no alternate tax is enacted to replace the
Incremental Property Taxes:
(a) The Village shall not be obligated to make any further
TIF Incentive Rebate payments hereunder; and
(b) The Village shall pay the Developer on an annual
basis, an amount equal to Village's general property
tax levy for the Property, excluding amounts levied for
debt thereon ("Property Tax Backstop"), until the
sooner of the TIF Incentive Rebate being fully paid, by
adding the total Incremental Property Taxes and
Property Tax Backstop paid to the Developer, or
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VILLAGE DRAFT — 3-16-18
twenty-five (25) years from the date on which the
Village ceases to receive Incremental Property Taxes
from the Project.
(v) The TIF Incentive Rebate by the Village shall cease upon the
Developer's receipt of the full amount of the Funding Cap or
the expiration of the Term (as defined in Section XVIII.P.
below) of this Agreement, whichever occurs first.
(vi) Subject to Uncontrollable Circumstances, if at any time the
Project ceases to operate during the term of this Agreement,
the payment of Increment Property Taxes shall cease, and
shall not be reinstated thereafter.
3. The TIF Incentive Rebate is not a general obligation of the Village,
and the Village's full faith and credit are not pledged or encumbered
to provide the Developer with the TIF Incentive Rebate.
4. A delineation of the TIF Eligible Redevelopment Costs for the Project
is set forth in EXHIBIT F, and the Village shall not reimburse the
Developer for any costs of the Project not listed on said EXHIBIT F.
5. The Village shall pay the Developer, or the Developer's contractor(s)
or subcontractor(s), an amount not to exceed the Public
Improvements Incentive for the actual costs of the Public
Improvements, for which work on the Public Improvements is ready
to proceed but -for payment of an invoice immediately preceding the
commencement of the work, subject to the following conditions
precedent, in addition to those set forth elsewhere in this Agreement:
(i) Acquisition by the Developer of all necessary Village zoning
approvals for the Project;
(ii) Acquisition by the Developer of the Property on or before the
Acquisition Deadline;
(iii) The Developer being current with all Federal, State and local
tax obligations;
(iv) Approval of plans for the Public Improvements by the Village
and all other units of government with jurisdiction over the
Public Improvements;
(v) The Developer is in compliance with the covenants,
obligations and agreements in Sections VIII, IX, X and XII of
this Agreement;
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VILLAGE DRAFT — 3-16-18
(vi) The Developer has submitted to the Village a written sworn
disbursement request and lien waivers, along with appropriate
supporting documentation in relation thereto, with respect to
such portions of the Public Improvements the Developer
seeks payment with regard to;
(vii) The Developer shall, upon request by the Village, provide the
Village with all reasonable and customary documentation
required by the Village to evidence the cost of the Public
Improvements, such records to include, but not be limited to,
all invoices for the claimed Public Improvements, all contracts
with the Developer's contractor(s), , subcontractor(s),
contractor's affidavits, subcontractor's affidavit, lien waivers
with invoices, copies of checks and any other documentation
reasonably requested by the Village and/or in the possession
of the Developer;
(viii) The Village has validated the costs associated with the
disbursement request;
(ix) The Developer is otherwise in compliance with all of the terms
of this Agreement and the laws and regulations of the Village,
the State of Illinois and the United States of America.
The Village shall pay the Developer amounts set forth in this Section
VI.D.5. within thirty (30) days of a written request from the Developer
for the payment, if the Developer is entitled to receive such payment
in accordance with the terms of this Agreement.
VII. UNDERTAKINGS ON THE PART OF THE VILLAGE
A. The Village agrees to:
1. Cooperate with Developer in Developer's attempts to obtain all
necessary approvals, licenses and/or permits from any
governmental or quasi -governmental entity other than the Village
and, upon request of Developer, will promptly execute any
applications or other documents (upon their approval by the Village)
which Developer intends to file with such other governmental
agencies, quasi -governmental agencies and/or utility companies in
regard to the Project.
2. Waive the fee for the connection of the Property to the Village's water
supply and sanitary sewer supply occurring during the construction
of the Project.
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VILLAGE DRAFT — 3-16-18
3. Waive building permit, inspection, and occupancy permit fees, which
waiver shall operate to reduce, dollar for dollar, the TIF
reimbursement amount due and owing to Developer.
B. The Village shall further promptly respond to, and/or process, and consider
reasonable requests of Developer for applicable building approvals and/or
permits, driveway permits, drive thru permits, special use permits (if and to
the extent applicable), curb cut permits, or other approvals, permits and/or
licenses necessary for the construction of the Project. Approval of any
building approvals and/or permit applications and/or engineering plans
and/or operating licenses (including liquor licenses, subject to the applicant
therefor being qualified to receive same under both State law and the
Village's ordinances) shall be contingent on the Developer providing all
required and requested documentation including, but not limited to, building
plans required to substantiate that said improvements fully conform with all
applicable State statutes and also all Village ordinances and codes, as well
as receipt of all required building approvals from any federal, state, regional
or county agencies having applicable jurisdiction.
VIII. DEVELOPER'S OBLIGATIONS
Developer shall have the obligations set forth below, in addition to those set forth
elsewhere in this Agreement, for the development, construction, financing,
completion and furtherance of the Project:
A. Use of Funds. The Developer shall use Incremental Property Taxes solely
for TIF Eligible Redevelopment Costs.
B. Constructions in Accordance with Approvals and Laws. The Developer
shall construct the Project materially and substantially in conformance with
the approvals therefor from the Village. The Developer shall pay or cause
to be paid all building -related fees required by the Village Code, except as
waived or modified in this Agreement. The Developer shall at all times
acquire, install, construct, operate and maintain the Project in substantial
conformance with all applicable laws, rules, ordinances, and regulations. All
work with respect to the Project shall substantially conform to all applicable
federal, State and local laws, regulations and ordinances, including, but not
limited to, zoning, subdivision and planned development codes, building
codes, environmental laws (including any law relating to public health,
safety and the environment and the amendments, regulations, orders,
decrees, permits, licenses or deed restrictions now or hereafter
promulgated thereafter), life safety codes, property maintenance codes and
any other applicable codes and ordinances of the Village, or any of its rules
or regulations or amendments thereto which are applicable to all properties
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VILLAGE DRAFT — 3-16-18
in the Village and are in effect from time to time during the construction and
maintenance of the Project and/or during the term of this Agreement.
C. Construction Staging. During the initial construction of the Project as
herein contemplated, the Developer shall stage its construction of the
Project to avoid to the fullest extent possible any material community
disruption. During construction, the Developer shall also keep all public
streets used by the Developer clean on a daily basis, and for each day in
which such public streets are not properly clean and such condition is not
remedied within twenty four (24) hours of written notice to Developer, the
Developer shall pay the Village the sum of Two Hundred Fifty and No/100
Dollars ($250.00) for each such violation. Developer shall park and stage
all construction equipment, materials and vehicles to be used in relation to
the construction of the Project on the Property.
D. Sufficient Funds. Developer shall submit written evidence to the Village,
in a form and substance reasonably satisfactory to the Village, that
Developer has access to sufficient funds to pay any costs of the Project
within ninety (90) days after the Effective Date. Such evidence can include,
without limitation, commitments for financing and/or letters of credit from a
lender, and/or investor commitments, for the anticipated costs of such
Project.
E. Meetings with Village. Developer shall meet with the Corporate Authorities
and Village staff and make presentations to the Corporate Authorities and
Village staff as reasonably requested by the Village Mayor or Village
Manager in order to keep the Village apprised of the progress of the Project.
F. Due Diligence Period. The Developer shall have a period of ( )
days after the Effective Date (the "Due Diligence Period") to perform
investigations of the Village Property, including, but not limited to
environmental investigations, and determine, in Developer's sole and
absolute discretion, whether the Village Property is suitable for Developers
use. Developer shall have the right to terminate this Agreement, at any time
prior to the expiration of the Due Diligence Period, as a result of an adverse
environmental condition on the Village Property, which is discovered by the
Developer and which either prevents the construction of the Project by the
Developer, in Developer's reasonable judgment, or materially increases the
cost of the construction of the Project.
G. Easement. The Developer shall grant the Village a public use and public
access easement for the area labeled as "Easement Area" in EXHIBIT H,
attached hereto and made a part hereof, which relates to the ramp and
lower level drive aisle of the Project ("Easement"), to ensure access to the
ramp and lower level drive aisle to accommodate a possible garage
connection to a future development adjacent to the east of the Project. The
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VILLAGE DRAFT — 3-16-18
Developer shall execute the Easement in a form provided by the Village,
when requested by the Village. The Easement shall be recorded on title to
the Property at the Developer's cost and expense, and shall run with title to
the Property thereafter.
IX. ADDITIONAL COVENANTS OF DEVELOPER
A. Continued Existence. Developer will do or cause to be done all things
necessary to preserve and keep in full force and effect its existence and
standing as an Illinois limited liability company, so long as this Agreement
is in effect, and for so long as Developer maintains an interest in the
Property or has any other remaining obligation pursuant to the terms of this
Agreement, whichever is the first to occur.
B. Further Assistance and Corrective Instruments. The Village and
Developer agree that they will, from time to time, execute, acknowledge and
deliver, or cause to be executed, acknowledged and delivered, such
supplements hereto and such further instruments as may be reasonably
required for carrying out the intention of or effectuate or facilitating the
performance of this Agreement to the extent legally permitted and within the
Village's and the Developer's sound legal discretion.
C. No Gifts. Developer covenants that no director, employee or agent of
Developer, or any other Person connected with Developer, has made,
offered or given, either directly or indirectly, to any member of the Corporate
Authorities, or any officer, employee or agent of the Village, or any other
Person connected with the Village, any money or anything of value as a gift
or bribe or other means of influencing his or her action in his or her capacity
with the Village.
D. Disclosure. Concurrently with execution of this Agreement, Developer
shall disclose to the Village the names, addresses and ownership interests
of all Persons that have an ownership interest in the Developer, together
with such supporting documentation that may be reasonably requested by
the Village. Developer further agrees to notify the Village throughout the
term of this Agreement of the names, addresses and ownership interests of
any changes of owners of the Developer.
E. Prevailing Wage. Developer shall comply with the Illinois Prevailing Wage
Act. Developer warrants and represents that it has reviewed the Illinois
Prevailing Wage Act, that it has reviewed the regulations promulgated
thereunder, and that it understands the obligations imposed on it by this
Section IX.E.
F. Open Book. The Project shall be an "open book" project, meaning that the
Developer and the general contractor (or contractors, if more than one) will
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VILLAGE DRAFT — 3-16-18
assure continuing access to the Village's agents at Developer or general
contractor's office for the purpose of reviewing and auditing their respective
books and records relating to any item necessary to determine the costs of
the Project; provided, however, that all such access shall be limited to
normal business hours upon reasonable prior notice and shall not occur
more frequently than once per calendar quarter. The foregoing Village
review rights shall terminate one (1) year after the issuance of the Certificate
of Project Completion with respect to costs for the Project, unless the
Developer has failed to make available any such books and/or records
requested in writing by the Village. Developer shall provide to the Village
copies of any partnership agreements, limited liability company operating
agreements, corporate by-laws or joint venture agreements pertaining to
the Property to which the Developer is a party; provided that the Developer
may, (if Developer has previously provided the Village not less than thirty
(30) days to review such confidential financial materials), remove from the
copies of such agreements any confidential financial information previously
disclosed to the Village and not since changed in form or substance and the
Village shall keep such agreements confidential, to the maximum extent
permitted by law. All documents made available for review or provided to
the Village pursuant to this Section may be proprietary, privileged and
confidential and are provided to the Village subject to the protections from
disclosure set forth in Section 7(g) of the Freedom of Information Act (5
ILCS 140/7 (g)). Failure to provide the corporate documents or allow review
of the financial books within fifteen (15) days after request by the Village
shall be an Event of Default. Developer shall exercise prudence and good
faith in attempting to contract with persons or entities that are reputable and
experienced in their respective areas for the provision of services or
material for the design and construction of Project at costs not in excess of
market rates. The general contractor (or general contractors) designated
by Developer shall be experienced and reputable.
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VILLAGE DRAFT — 3-16-18
X. ADHERENCE TO VILLAGE CODES AND ORDINANCES
Except as otherwise provided for in this Agreement, all development and
construction of the Project shall comply in all respects with the provisions in the
building, plumbing, mechanical, electrical, storm water management, fire
prevention, property maintenance, zoning and subdivision codes of the Village and
all other germane codes and ordinances of the Village in effect from time to time
during the course of construction of the Project. The Developer, by executing this
Agreement, expressly warrants that it has examined and is familiar with all the
covenants, conditions, restrictions, building regulations, zoning ordinances,
property maintenance regulations, environmental laws (including any law relating
to public health, safety and the environment and the amendments, regulations,
orders, decrees, permits, licenses or deed restrictions now or hereafter
promulgated thereafter) and land use regulations, codes, ordinances, federal,
State and local ordinances, and the like, currently in effect.
XI. SPECIAL CONDITIONS
A. Certificate of Project Completion. Within thirty (30) days after written
request from Developer, and provided that Developer has not received any
notice of default under this Agreement or notice of non-compliance with any
Village codes with respect to Developer's construction obligations, any of
which have not been cured, and after the Village has issued the final
certificate of occupancy for the proposed building on the Property, and has
confirmed that the proposed building on the Property has been constructed
in substantial and material compliance with all Village codes and this
Agreement, the Village shall deliver a certificate of completion and
satisfaction of all construction terms, covenants and conditions contained in
this Agreement (the "Certificate of Project Completion") or, if not complete
or satisfied, a written statement as to what deficiencies exist, and upon
Developer's correction of such issues, the Village shall then promptly issue
to Developer a Certificate of Project Completion. The date the Certificate of
Project Completion is issued shall be the "Completion Date."
B. Certification of Developer's Project Cost. Within thirty (30) days of the
issuance of the Certificate of Project Completion, the Developer shall certify,
in writing, to the Village, the amount spent by the Developer (inclusive of all
hard and soft costs) to complete the Project, and an estimate of the number
of jobs to be generated or created by the Project. The sworn statement(s)
for construction loan draws relative to the Project shall be provided to the
Village with the submittal called for herein.
C. Employment Opportunities. To the extent feasible, the Developer shall
make reasonable efforts to notify Village residents of employment
opportunities that are available relative to the Project, and, to the extent
permitted by law, make reasonable efforts to employ qualified residents of
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VILLAGE DRAFT — 3-16-18
the Village in relation to the Project.
XII. REPRESENTATIONS AND WARRANTIES OF DEVELOPER
Developer represents, warrants and agrees as the basis for the undertakings on
its part herein contained that as of the date hereof and until completion of the
Project:
A. Existence and Authority. Developer is an Illinois corporation, and is
authorized to and has the power to enter into, and by proper action has
been duly authorized to execute, deliver and perform, this Agreement.
Developer is solvent, able to pay its debts as they mature and financially
able to perform all the terms of this Agreement. To Developer's knowledge,
there are no actions at law or similar proceedings which are pending or
threatened against Developer which would result in any material and
adverse change to Developer's financial condition, or which would
materially and adversely affect the level of Developer's assets as of the date
of this Agreement or that would materially and adversely affect the ability of
Developer to proceed with the construction and development of the Project.
B. No Conflict. Neither the execution and delivery of this Agreement by
Developer, the consummation of the transactions contemplated hereby by
Developer, nor the fulfillment of or compliance with the terms and conditions
of this Agreement by Developer conflicts with or will result in a breach of
any of the terms, conditions or provisions of any offerings or disclosure
statement made or to be made on behalf of Developer (with Developer's
prior written approval), any organizational documents, any restriction,
agreement or instrument to which Developer or any of its partners, directors,
or venturers is now a party or by which Developer or any of its partners,
directors or venturers is bound, or constitutes a default under any of the
foregoing, or results in the creation or imposition of any prohibited lien,
charge or encumbrance whatsoever upon any of the assets or rights of
Developer, any related party or any of its partners, directors or venturers
under the terms of any instrument or agreement to which Developer, any
related party or any of its partners, directors or venturers is now a party or
by which Developer, any related party or any of its partners, directors or
venturers is bound.
C. Adequate Resources. Developer has, or will have within sixty (60) days of
the Acquisition Date, sufficient financial and economic resources to
implement and complete Developer's obligations contained in this
Agreement.
D. No Adverse Notices. Developer represents and warrants that it has not
received any notice from any local, State or federal official that the activities
of Developer with respect to the Property and/or the Project may or will be
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VILLAGE DRAFT — 3-16-18
in violation of any environmental law or regulation. Developer is not aware
of any State or federal claim filed or planned to be filed by any Party relating
to any violation of any local, State or federal environmental law, regulation
or review procedure, and Developer is not aware of any violation of any
local, State or federal law, regulation or review procedure which would give
any person a valid claim under any State or federal environmental statute.
E. Experience. Developer represents and warrants to the Village that
Developer, and its respective principals, are experienced in the
development and operation of mixed use developments similar or
comparable to the Project, and are able to provide the Project with the
necessary skill, knowledge and expertise as well as input from other experts
and consultants in the construction and operation of such a Project.
F. Payment of Real Estate Taxes. Developer and successor owners agree
to pay or cause to be paid all general and special real estate taxes levied
during their respective period of ownership against their respective interest
in the Project on or prior to the date same is due and said taxes shall not
become delinquent. Developer and successor owners shall deliver
evidence of payment of such taxes to the Village upon request.
G. No Broker. Developer represents and warrants to the Village that, in
connection with this transaction, no third -party broker or finder has been
engaged or consulted by it, or its subsidiaries or agents or employees, or,
through such the Developer's actions (or claiming through such party),
which is entitled to compensation as a consequence of this transaction.
XIII. REPRESENTATIONS AND WARRANTIES OF THE VILLAGE
The Village represents, warrants and agrees as the basis for the undertakings on
its part herein contained that:
A. Existence. The Village is an Illinois home rule municipal corporation duly
organized and validly existing under the laws of the State of Illinois, and has
all requisite corporate power and authority to enter into this Agreement.
B. Authority. The execution, delivery and performance of this Agreement and
the consummation by the Village of the transactions provided for herein and
the compliance with the provisions of this Agreement:
1. have been duly authorized by all necessary corporate action on the
part of the Village;
2. require no other consents, approvals or authorizations on the part of
the Village in connection with the Village's execution and delivery of
this Agreement; and
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VILLAGE DRAFT — 3-16-18
3. shall not, by lapse of time, giving of notice or otherwise result in any
breach of any term, condition or provision of any indenture,
agreement or other instrument to which the Village is subject.
C. Litigation. To the best of the Village's knowledge, there are no proceedings
pending or threatened against or affecting the Village or the TIF District in
any court or before any governmental authority which involves the
possibility of materially or adversely affecting the ability of the Village to
perform its obligations under this Agreement, except for the case of Board
of Education of Township High School District No. 214 v. Village of Mount
Prospect, 2017 CH 08478, pending in the Circuit Court of Cook County.
D. Adequate Resources. The Village has sufficient financial and economic
resources to implement and complete the Village's obligations contained in
this Agreement.
E. No Broker. The Village represents and warrants to the Developer that, in
connection with this transaction, no third -party broker or finder has been
engaged or consulted by it, or its subsidiaries or agents or employees, or,
through such the Village's actions (or claiming through such party), is
entitled to compensation as a consequence of this transaction.
XIV. INSURANCE
A. Insurance Coverages. The Developer, and any successor in interest to the
Developer, shall obtain and continuously maintain insurance on the
Property and the Project and, from time to time at the request of the Village,
furnish proof to the Village evidence that the premiums for such insurance
have been paid and the insurance is in effect. The insurance coverage
described below is the minimum insurance coverage that the Developer
must obtain and continuously maintain, provided that the Developer shall
obtain the insurance described in subsection 1. below prior to the
commencement of construction of any portion of the Project:
1. Builder's risk insurance, written on the so-called "Builder's Risk -
Completed Value Basis," in an amount equal to one hundred percent
(100%) of the insurable value of the Project at the date of completion,
and with coverage available in non -reporting form on the so-called
"all risk" form of policy.
2. Comprehensive general liability insurance (including operations,
contingent liability, operations of subcontractors, completed
operations and contractual liability insurance) together with an
Owner's/Contractor's Policy on a primary non-contributory basis
naming the Village and its officers, agents and employees as
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VILLAGE DRAFT — 3-16-18
additional insureds, with limits against bodily injury and property
damage of not less than $5,000,000.00 for each occurrence (to
accomplish the above -required limits, an umbrella excess liability
policy may be used), written on an occurrence basis.
3. Workers compensation insurance, with statutory coverage if
applicable to the Developer.
B. Continuity of Insurance. All insurance required in this Section XIV. shall
be obtained and continuously maintained through responsible insurance
companies selected by the Developer or its successors that are authorized
under the laws of the State to assume the risks covered by such policies.
Unless otherwise provided in this Section XIV., cancellation relative to each
policy shall be as provided by the policy; however, the Village must be
named as a cancellation notice recipient. Not less than fifteen (15) days
prior to the expiration of any policy, the Developer, or its successor or
assign, must renew the existing policy or replace the policy with another
policy conforming to the provisions of this Section XIV. In lieu of separate
policies, the Developer or its successor or assign, may maintain a single
policy, blanket or umbrella policies, or a combination thereof, having the
coverage required herein.
XV. INDEMNIFICATION, HOLD HARMLESS AND RELEASE PROVISIONS
This Section XV. shall survive the termination of this Agreement.
A. Release. The Developer releases from and covenants and agrees that the
Village, its governing body members, officers, agents, including
independent contractors, consultants, attorneys, servants and employees
thereof (for purposes of this Section XV., collectively the "Village
Indemnified Parties") shall not be liable for, and agrees to indemnify and
hold harmless the Village Indemnified Parties against any loss or damage
to property or any injury to or death of any person occurring at or about or
resulting from any defect in the Project or the Property or arising pursuant
to the Developer's obligations or warranties under this Agreement or actions
in furtherance thereof to the extent not attributable to the gross negligence
or willful misconduct of the Village Indemnified Parties; provided, that this
waiver shall not apply to the warranties made or obligations undertaken by
the Village in this Agreement.
B. Indemnification. Except for gross negligence or willful misconduct of the
Village Indemnified Parties, Developer agrees to indemnify the Village
Indemnified Parties, now and forever, and further agrees to hold the
aforesaid harmless from any claims, demands, suits, costs, expenses
(including reasonable attorney's fees), actions or other proceedings
whatsoever by any person or entity whatsoever arising or purportedly
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VILLAGE DRAFT — 3-16-18
arising from the actions or inactions of Developer (or if other Persons acting
on their behalf or under its direction or control) under this Agreement, or the
transactions contemplated hereby or the acquisition, construction,
installation, ownership, and operation of the Project.
C. Environmental Disclaimer. Except as otherwise set forth herein, the
Village makes no warranties or representations regarding, nor does it
indemnify the Developer with respect to, the existence or nonexistence on
or in the vicinity of the Property, or anywhere within the TIF District of any
toxic or hazardous substances of wastes, pollutants or contaminants
(including, without limitation, asbestos, urea formaldehyde, the group of
organic compounds known as polychlorinated biphenyls, petroleum
products including gasoline, fuel oil, crude oil and various constituents of
such products, or any hazardous substance as defined in the
Comprehensive Environmental Response, Compensation and Liability Act
of 1980 ("CERCLA"), 42 U.S.C. §§ 9601-9657, as amended) (collectively,
the "Hazardous Substances"). The foregoing disclaimer relates to any
Hazardous Substance allegedly generated, treated, stored, released or
disposed of, or otherwise placed, deposited in or located on or in the vicinity
of the Property, or within the TIF District, as well as any activity claimed to
have been undertaken on or in the vicinity of the Property, that would cause
or contribute to causing (1) the Property to become a treatment, storage or
disposal facility within the meaning of, or otherwise bring the Property within
the ambit of, the Resource Conservation and Recovery Act of 1976
("RCRA71), 42 U.S.C. §6901 et seq., or any similar State law or local
ordinance, (2) a release or threatened release of toxic or hazardous wastes
or substances, pollutants or contaminants, from the Property, within the
meaning of, or otherwise bring the Property within the ambit of, CERCLA,
or any similar State law or local ordinance, or (3) the discharge of pollutants
or effluents into any water source or system, the dredging or filling of any
waters or the discharge into the air of any emissions, that would require a
permit under the Federal Water Pollution Control Act, 33 U.S.C. §1251 et
seq., or any similar State law or local ordinance. Further, the Village makes
no warranties or representations regarding, nor does the Village indemnify
the Developer with respect to, the existence or nonexistence on or in the
vicinity of the Project, or anywhere within the Property or the TIF District, of
any substances or conditions in or on the Property, that may support a claim
or cause of action under RCRA, CERCLA, or any other federal, State or
local environmental statutes, regulations, ordinances or other
environmental regulatory requirements. The Village makes no
representations or warranties regarding the existence of any above ground
or underground tanks in or about the Property, or whether any above or
underground tanks have been located under, in or about the Property have
subsequently been removed or filled. The Village warrants and represents
to Developer that it has not received notice, other than as already provided
to the Developer by the Village in the environmental reports provided to the
391766_7 25
VILLAGE DRAFT — 3-16-18
Developer by the Village, from any agency, individual or entity of any
violation of any environmental law relating to any Hazardous Substances
affecting the Property.
D. Waiver. The Developer waives any claims against the Village Indemnified
Parties, and their members and boards, for indemnification, contribution,
reimbursement or other payments arising under federal, State and common
law relating to the environmental condition of the land comprising the
Property.
E. No Personal Liability. No liability, right or claim at law or inequity shall
attach to or shall be incurred by the Village's Mayor, Trustees, officers,
officials, attorneys, agents and/or employees, and any such rights or claims
of the Developer against the Village's Mayor, Trustees, officers, officials,
attorneys, agents and/or employees are hereby expressly waived and
released as a condition of and as consideration for the execution of the
Agreement by the Village.
XVI. EVENTS OF DEFAULT AND REMEDIES
A. Developer Events of Default. The following shall be Events of Default with
respect to this Agreement:
1. If any material representation made by Developer in this Agreement,
or in any certificate, notice, demand or request made by a Party
hereto, in writing and delivered to the Village pursuant to or in
connection with any of said documents, shall prove to be untrue or
incorrect in any material respect as of the date made; provided,
however, that such default shall constitute an Event of Default only if
Developer does not remedy the default, within thirty (30) days after
written notice from the Village and in any event (subject to
Uncontrollable Circumstances) cures such default within ninety (90)
days after such notice.
2. Default by Developer for a period of thirty (30) days after written
notice thereof in the performance or breach of any material covenant
contained in this Agreement concerning the existence, structure or
financial condition of Developer; provided, however, that such default
or breach shall not constitute an Event of Default if such default
cannot be cured within said thirty (30) days and Developer, within
said thirty (30) days, initiates and diligently pursues appropriate
measures to remedy the default and in any event (subject to
Uncontrollable Circumstances) cures such default within ninety (90)
days after such notice.
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VILLAGE DRAFT — 3-16-18
3. Default by Developer for a period of thirty (30) days after written
notice thereof in the performance or breach of any material covenant,
warranty or obligation contained in this Agreement; provided,
however, that such default shall not constitute an Event of Default if
such default cannot be cured within said thirty (30) days and the
Developer, within said thirty (30) days initiates and diligently pursues
appropriate measures to remedy the default and in any event
(subject to Uncontrollable Circumstances) cures such default within
ninety (90) days after such notice.
4. The entry of a decree or order for relief by a court having jurisdiction
in the premises in respect of Developer in an involuntary case under
the federal bankruptcy laws, as now or hereafter constituted, or any
other applicable federal or State bankruptcy, insolvency or other
similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Developer for any
substantial part of its property, or ordering the winding -up or
liquidation of its affairs and the continuance of any such decree or
order unstayed and in effect for a period of ninety (90) consecutive
days.
5. The commencement by Developer of a voluntary case under the
federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or State bankruptcy, insolvency or other similar
law, or the consent by Developer to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or similar official) of Developer or of any substantial
part of the Property, or the making by any such entity of any
assignment for the benefit of creditors or the failure of Developer
generally to pay such entity's debts as such debts become due or
the taking of action by Developer in furtherance of any of the
foregoing, or a petition is filed in bankruptcy by others.
6. Failure to have funds as timely required to meet Developer's
obligations to construct the Project and obtain a Certificate of Project
Completion.
7. A sale, assignment, or transfer of the Project, except in accordance
with this Agreement.
8. Material change in the management of Developer, except in
accordance with this Agreement.
9. Developer abandons the Project on the Property. Abandonment shall
be deemed to have occurred when work stops on the Property for
more than thirty (30) consecutive days for any reason other than
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VILLAGE DRAFT — 3-16-18
Uncontrollable Circumstances and such work is not resumed within
ninety (90) days of written demand by the Village.
10. Prior to issuance of the Certificate of Project Completion, Developer
fails to comply with applicable governmental codes and regulations
in relation to the construction and maintenance of the Project
contemplated by this Agreement and such failure continues for more
than thirty (30) days after written notice thereof from the Village;
provided, however, that such default or breach shall not constitute
an Event of Default if such default cannot be cured within said thirty
(30) days and Developer, within said thirty (30) days, initiates and
diligently pursues appropriate measures to remedy the default and
in any event (subject to Uncontrollable Circumstances) cures such
default within ninety (90) days after such notice.
11. A material representation or warranty of Developer is not true for a
period of thirty (30) days after written notice from the Village;
provided, however, that such default or breach shall not constitute
an Event of Default if such default cannot be cured within said thirty
(30) days and Developer, within said thirty (30) days, initiates and
diligently pursues appropriate measures to remedy the default and
in any event (subject to Uncontrollable Circumstances) cures such
default within ninety (90) days after such notice.
B. Village Events of Default. The following shall be Events of Default with
respect to this Agreement:
1. If any material representation made by the Village in this Agreement,
or in any certificate, notice, demand or request made by a Party
hereto, in writing and delivered to Developer pursuant to or in
connection with any of said documents, shall prove to be untrue or
incorrect in any material respect as of the date made; provided,
however, that such default shall constitute an Event of Default only if
the Village does not remedy the default, within thirty (30) days after
written notice from Developer and in any event (subject to
Uncontrollable Circumstances) cures such default within ninety (90)
days after such notice.
2. Default by the Village in the performance or breach of any material
covenant contained in this Agreement concerning the existence,
structure or financial condition of the Village; provided, however, that
such default or breach shall constitute an Event of Default only if the
Village does not, within thirty (30) days after written notice from
Developer, initiate and diligently pursue appropriate measures to
remedy the default and in any event (subject to Uncontrollable
391766_7 28
VILLAGE DRAFT — 3-16-18
Circumstances) cures such default within ninety (90) days after such
notice.
3. Default by the Village in the performance or breach of any material
covenant, warranty or obligation contained in this Agreement;
provided, however, that such default shall not constitute an Event of
Default if the Village, commences cure within thirty (30) days after
written notice from Developer and in any event cures such default
within ninety (90) days after such notice, subject to Uncontrollable
Circumstances.
4. A material representation or warranty of the Village is not true for a
period of thirty (30) days after written notice from Developer;
provided, however, that such default or breach shall not constitute
an Event of Default if such default cannot be cured within said thirty
(30) days and the Village, within said thirty (30) days, initiates and
diligently pursues appropriate measures to remedy the default and
in any event (subject to Uncontrollable Circumstances) cures such
default within ninety (90) days after such notice.
C. Remedies for Default. In the case of an Event of Default hereunder:
1. The defaulting Party shall, upon written notice from the non -
defaulting Party, take prompt action to cure or remedy such Event of
Default. If, in such case, any monetary Event of Default is not cured,
or if in the case of a non -monetary Event of Default, except for
circumstances contemplated under Section XVI.A.1., action is not
taken or not diligently pursued, or if action is taken and diligently
pursued but such Event of Default or breach shall not be cured or
remedied within the cure periods specified therefor, unless extended
by mutual agreement, the non -defaulting Party may institute such
proceedings as may be necessary or desirable in its opinion to cure
or remedy such default or breach, including, but not limited to,
proceedings to compel specific performance of the defaulting Party's
obligations under this Agreement.
2. In case a Party shall have proceeded to enforce its rights under this
Agreement and such proceedings shall have been discontinued or
abandoned for any reason, then, and in every such case, the Parties
shall be restored respectively to their several positions and rights
hereunder, and all rights, remedies and powers of Developer and the
Village shall continue as though no such proceedings had been
taken.
391766_7 29
VILLAGE DRAFT — 3-16-18
3. In no event shall either Party be liable to the other for any
consequential or punitive damages suffered as a result of a default
under this Agreement.
D. Agreement to Pay Attorneys' Fees and Expenses. In the event an Event
of Default is not cured within the applicable cure periods and the Parties
employ an attorney or attorneys or incur other expenses for the collection
of the payments due under this Agreement or the enforcement of
performance or observance of any obligation or agreement herein
contained, the non -prevailing Party shall pay, on demand, the prevailing
Party's reasonable fees of such attorneys and such other reasonable
expenses in connection with such enforcement action. This Section XVI.D.
shall survive the termination of this Agreement.
E. No Waiver by Delay or Otherwise. Any delay by any Party in instituting
or prosecuting any actions or proceedings or otherwise asserting its rights
under this Agreement shall not operate to act as a waiver of such rights or
to deprive it of or limit such rights in any way (it being the intent of this
provision that any Party should not be deprived of or limited in the exercise
of the remedies provided in this Agreement because of concepts of waiver,
laches or otherwise); nor shall any waiver in fact made with respect to any
specific Event of Default be considered or treated as a waiver of the rights
by the waiving Party of any future Event of Default hereunder, except to the
extent specifically waived in writing. No waiver made with respect to the
performance, nor the manner or time thereof, of any obligation or any
condition under the Agreement shall be considered a waiver of any rights
except if expressly waived in writing.
F. Rights and Remedies Cumulative. The rights and remedies of the Parties
to this Agreement, whether provided by law or by this Agreement, shall be
cumulative, and the exercise of any one or more of such remedies shall not
preclude the exercise by such Party, at that time or different times, of any
other such remedies for the same Event of Default.
G. Legal and Other Fees and Expenses. Other than for demands, suits,
costs, expenses (including reasonable attorney's fees), actions or other
proceedings covered by Section XV. above, in the event that any third party
or parties institute any legal proceedings against the Developer and/or the
Village, which relate to the terms of this Agreement, then, in that event, the
Parties shall cooperate in the defense of any such lawsuit, with each Party
assuming, fully and vigorously, its own defense of such lawsuit, and all costs
and expenses of its own defense, of whatever nature (including attorney's
fees), and the Parties shall negotiate in good faith to amend this agreement
to allow for the costs of defense of such legal proceedings to be paid for
from Incremental Property Taxes and to increase the Funding Cap to allow
391766_7 30
VILLAGE DRAFT — 3-16-18
for the payment of such costs. This Section XVI.G. shall survive the
termination of this Agreement.
XVII. EQUAL EMPLOYMENT OPPORTUNITY
A. No Discrimination. Developer shall comply with all federal, state and local
laws relating to equal employment opportunity. To the extent permitted by
law, Developer shall use reasonable efforts to employ qualified residents of
the Village as to any direct hires by the Developer, if applicable.
B. Advertisements. Developer shall, in all solicitations or advertisements for
employees placed by or on behalf of Developer, if applicable, state that all
qualified applicants will receive consideration for employment without
regard to race, color, religion, sex or national origin.
C. Contractors. Any contracts made by Developer with any general
contractor, agent, employee, independent contractor or any other Person in
connection with the construction of the Project shall contain language
similar to that recited in subsections A. and B. above. The Developer shall
make reasonable efforts to incorporate language similar to that recited in
subsections A. and B. in any leases made by Developer in connection with
the Project.
XVIII. MISCELLANEOUS PROVISIONS
A. Cancellation. Notwithstanding any terms in this Agreement to the contrary,
in the event Developer or the Village shall be prohibited, in any material
respect, from performing covenants and agreements or enjoying the rights
and privileges herein contained, or contained in the TIF Plan, including
Developer's duty to build the Project and operate the Project, by the order
of any court of competent jurisdiction, or in the event that all or any part of
the Act or any ordinance adopted by the Village in connection with the
Project, shall be declared invalid or unconstitutional, in whole or in part, by
a final decision of a court of competent jurisdiction and such declaration
shall materially affect the Project or the covenants and agreements or rights
and privileges of Developer or the Village, then and in any such event, the
Party so materially affected may, at its election, cancel or terminate this
Agreement in whole (or in part with respect to that portion of the Project
materially affected) by giving written notice thereof to the other Parties
within one hundred twenty (120) days after such final decision or
amendment. Further, the cancellation or termination of this Agreement shall
have no effect on the authorizations granted to Developer for buildings, or
the remodeling of any building, permitted and under construction, to the
extent permitted by said court order; and the cancellation or termination of
this Agreement shall have no effect on perpetual easements contained in
any recorded, properly executed document.
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VILLAGE DRAFT — 3-16-18
B. Notices. All notices, certificates, approvals, consents or other
communications desired or required to be given hereunder shall be given in
writing at the addresses set forth below, by any of the following means: (1)
personal service, (2) electronic communications, whether by electronic mail,
telex, telegram or telecopy, but only if followed up, within one (1) business
day, by another method of notice, (3) overnight courier, or (4) registered or
certified first class mail, postage prepaid, return receipt requested.
If to Village: Arlene Juracek, Mayor
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, Illinois 60056
Email: ajuracek@mountprospect.org
With a copy to: Michael Cassady, Village Manager
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, Illinois 60056
Email: mcassady@mountprospect.org
and: Klein, Thorpe and Jenkins, Ltd.
20 North Wacker Drive, Suite 1660
Chicago, Illinois 60606-2903
Attention: Lance C. Malina / Gregory T. Smith
Email: Icmalina@ktjlaw.com / gtsmith@ktjlaw.com
If to Developer: Nicholas and Associates, Inc.
1001 Feehanville Drive
Mt Prospect, IL 60056
Attn: Nick Papanicholas
Email: nickjr@nicholasquality.com
With a copy to: Schain, Banks, Kenny & Schwartz
70 W. Madison Street, Suite 5300
Chicago, IL 60602
Attn: Robert C. Kenny
Email: rkenny@schainbanks.com
The Parties, by notice hereunder, may designate any further or different
addresses to which subsequent notices, certificates, approvals, consents or
other communications shall be sent. Any notice, demand or request sent
pursuant to either clause (1) or (2) hereof shall be deemed received upon
such personal service or upon dispatch by electronic means. Any notice,
demand or request sent pursuant to clause (3) shall be deemed received
on the day immediately following deposit with the overnight courier, and any
391766_7 32
VILLAGE DRAFT — 3-16-18
notices, demands or requests sent pursuant to clause (4) shall be deemed
received forty-eight (48) hours following deposit in the mail.
C. Time is of the Essence. Time is of the essence of this Agreement.
Notwithstanding the foregoing, if the date for performance of any of the
terms, conditions and provisions of this Agreement shall fall on a Saturday,
Sunday or legal holiday, then the date of such performance shall be
extended to the next business day.
D. Integration. Except as otherwise expressly provided herein, this
Agreement supersedes all prior agreements, negotiations and discussions
relative to the subject matter hereof and is a full integration of the agreement
of the Parties.
E. Counterparts. This Agreement may be executed in any number of
counterparts, but in no event less than two (2) counterparts, each of which
shall be an original and each of which shall constitute but one and the same
Agreement.
F. Recordation of Agreement. The Parties agree to record this Agreement
with the Cook County Recorder's Office against title to the Property. The
Village and the Developer shall equally share the cost of the recording
charges. The Developer's rights and obligations in this Agreement are
covenants running with title to the Property and successor owners of the
Property shall be and are bound by this Agreement to the same extent as
Developer.
G. Severability. If any provision of this Agreement, or any Section, sentence,
clause, phrase or word, or the application thereof, in any circumstance, is
held to be invalid, the remainder of this Agreement shall be construed as if
such invalid part were never included herein, and this Agreement shall be
and remain valid and enforceable to the fullest extent permitted by law.
H.
Choice of Law / Venue. This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois, and any court
proceedings between the Parties hereto shall be brought in Cook County,
Illinois.
Entire Contract and Amendments. This Agreement (together with the
exhibits attached hereto) is the entire contract between the Village and the
Developer relating to the subject matter hereof, supersedes all prior and
contemporaneous negotiations, understandings and agreements, written or
oral, between the Village and the Developer, and may not be modified or
amended except by a written instrument executed by the Parties hereto.
391766_7 33
VILLAGE DRAFT — 3-16-18
J. Third Parties. Nothing in this Agreement, whether expressed or implied, is
intended to confer any rights or remedies under or by reason of this
Agreement on any other Person other than the Village and the Developer,
nor is anything in this Agreement intended to relieve or discharge the
obligation or liability of any third parties to the Village and the Developer,
nor shall any provision give any third parties any rights of subrogation or
action over or against the Village or the Developer. This Agreement is not
intended to and does not create any third party beneficiary rights
whatsoever.
K. Waiver. Any Party to this Agreement may elect to waive any right or remedy
it may enjoy hereunder, provided that no such waiver shall be deemed to
exist unless such waiver is in writing. No such waiver shall obligate the
waiver of any other right or remedy hereunder, or shall be deemed to
constitute a waiver of other rights and remedies provided pursuant to this
Agreement.
L. Cooperation and Further Assurances. The Village and the Developer
each covenant and agree that each will do, execute, acknowledge and
deliver or cause to be done, executed and delivered, such agreements,
instruments and documents supplemental hereto and such further acts,
instruments, pledges and transfers as may be reasonably required for the
better clarifying, assuring, mortgaging, conveying, transferring, pledging,
assigning and confirming unto the Village or the Developer, or other
appropriate Persons, all and singular the rights, property and revenues
covenanted, agreed, conveyed, assigned, transferred and pledged under or
in respect of this Agreement.
M. No Joint Venture, Agency or Partnership Created. Nothing in this
Agreement, or any actions of the Parties to this Agreement, shall be
construed by the Parties or any third party to create the relationship of a
partnership, agency or joint venture between or among such Parties.
N. No Personal Liability of Officials of the Village or the Developer. No
covenant or agreement contained in this Agreement shall be deemed to be
the covenant or agreement of the Corporate Authorities, Village Manager,
any elected official, officer, partner, member, shareholder, manager,
director, agent, employee or attorney of the Village or the Developer, in his
or her individual capacity, and no elected official, officer, partner, member,
director, agent, employee or attorney of the Village or the Developer shall
be liable personally under this Agreement or be subject to any personal
liability or accountability by reason of or in connection with or arising out of
the execution, delivery and performance of this Agreement, or any failure in
that connection.
391766_7 34
VILLAGE DRAFT — 3-16-18
O. Repealer. To the extent that any ordinance, resolution, rule, order or
provision of the Village's code of ordinances, or any part thereof, is in
conflict with the provisions of this Agreement, the provisions of this
Agreement shall be controlling, to the extent lawful.
P. Term. This Agreement shall remain in full force and effect until the
termination of the Redevelopment Project Area, except with regard to
Section VI.D.2(iv), which shall continue in effect, if the Property Tax
Backstop is being paid, until the expiration of the Village's obligation to pay
the Property Tax Backstop.
Q. Estoppel Certificates. Each of the Parties hereto agrees to provide the
other, upon not less than fifteen (15) days prior request, a certificate
("Estoppel Certificate") certifying that this Agreement is in full force and
effect (unless such is not the case, in which case such Party shall specify
the basis for such claim), that the requesting Party is not in default of any
term, provision or condition of this Agreement beyond any applicable notice
and cure provision (or specifying each such claimed default) and certifying
such other matters reasonably requested by the requesting Party. If either
Party fails to comply with this provision within the time limit specified, and if,
after an additional seven (7) days' notice there still is no compliance, then
said non -complying Party shall be deemed to have appointed the other as
its attorney-in-fact for execution of same on its behalf as to that specific
request only.
R. Assignment. This Agreement, and the rights and obligations hereunder,
may not be assigned by Developer prior to the date the Village issues
Developer a Certificate of Project Completion, unless the Village consents
in writing to such assignment which consent shall not be unreasonably
withheld or delayed, and unless the assignee consents in writing to be
bound by the terms of this Agreement. Thereafter, Developer may sell or
transfer the Property, and assign its right, duties and obligations hereunder,
without the consent or approval of the Village.
S. Municipal Limitations. All Village commitments hereunder are limited to
the extent required by law.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
on or as of the day and year first above written.
VILLAGE OF MOUNT PROSPECT,
an Illinois home rule municipal corporation ATTEST:
391766_7 35
Arlene Juracek, Mayor
an Illinois limited liability company
Manager
391766_7 36
VILLAGE DRAFT — 3-16-18
Karen Agoranos, Deputy Village Clerk
ACKNOWLEDGMENT
State of Illinois )
)SS
County of Cook )
VILLAGE DRAFT — 3-16-18
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY that Arlene Juracek and Karen Agoranos, personally known to me to
be the Mayor and Deputy Village Clerk of the Village of Mount Prospect, and personally
known to me to be the same persons whose names are subscribed to the foregoing
instrument, appeared before me this day in person and severally acknowledged that as
such Mayor and Deputy Village Clerk, they signed and delivered the said instrument and
caused the corporate seal of said municipal corporation to be affixed thereto, pursuant to
authority given by the Board of Trustees of said Illinois home rule municipal corporation,
as their free and voluntary act, and as the free and voluntary act and deed of said Illinois
home rule municipal corporation, for the uses and purposes therein set forth.
GIVEN under my hand and official seal, this day of
201.
Notary Public
391766_7 37
ACKNOWLEDGMENT
State of Illinois )
)SS
County of Cook )
VILLAGE DRAFT — 3-16-18
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY that I personally known to me to be the
Manager, of , and personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this day in
person and severally acknowledged that as such Manager, he/she signed and delivered
the said pursuant to authority given by the limited liability company, as his/her free and
voluntary act, and as the free and voluntary acts and deeds of said limited liability
company, for the uses and purposes therein set forth.
GIVEN under my hand and official seal, this day of
201.
Notary Public
391766_7 38
VILLAGE DRAFT — 3-16-18
=V,4:11 -ml krid
Prospect and Main TIF District
Legal Description
Legal Description:
THAT PART OF SECTIONS 11 & 12 IN TOWNSHIP 41 NORTH, RANGE 11 EAST AND
SECTIONS 33 & 34 IN TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN COOK COUNTY, ILLINOIS, BOUNDED AND DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE EAST LINE OF THE SOUTHEAST QUARTER
OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD,
AND THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING ALSO THE
NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY;
THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 12
AND THE CENTER LINE OF MT. PROSPECT ROAD TO THE SOUTHWESTERLY LINE OF
THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY, BEING ALSO THE
NORTHEASTERLY LINE OF PROSPECT AVENUE;
THENCE SOUTHWESTERLY TO THE INTERSECTION OF THE WEST LINE OF MT.
PROSPECT ROAD WITH THE SOUTHWESTERLY LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE WEST LINE OF THE EAST 205 FEET OF LOT 1 IN GLEICH'S INDUSTRIAL
PARK, A SUBDIVISION OF PART OF THE WEST HALF OF THE NORTHEAST QUARTER AND
PART OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID WEST LINE OF THE EAST 205 FEET OF LOT 1 IN GLEICH'S
INDUSTRIAL PARK TO THE SOUTHERLY LINE OF LOT 1 AFORESAID;
THENCE NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF LOT 1 IN GLEICH'S
INDUSTRIAL PARK TO THE EAST LINE OF SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE NORTHEASTERLY
LINE OF LINCOLN STREET;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LINCOLN STREET
AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE OF WILLIAM
STREET;
THENCE SOUTH ALONG SAID EAST LINE OF WILLIAM STREET TO THE SOUTH LINE OF
SHA-BONEE TRAIL;
THENCE WEST ALONG SAID SOUTH LINE OF SHA-BONEE TRAIL TO THE EAST LINE OF
SCHOOL STREET;
391766_7 39
VILLAGE DRAFT - 3-16-18
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE SOUTH LINE OF
COUNCIL TRAIL;
THENCE WEST ALONG SAID SOUTH LINE OF COUNCIL TRAIL TO THE SOUTHERLY
EXTENSION OF THE EAST LINE OF LOT 12 IN ELLENDALE, A SUBDIVISION IN THE
SOUTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE EAST LINE OF LOT 12
IN ELLENDALE TO THE NORTH LINE THEREOF;
THENCE WEST ALONG SAID NORTH LINE OF LOT 12 IN ELLENDALE TO THE EAST LINE
OF LOT 3 IN ELLENDALE AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 3 IN ELLENDALE AND THE NORTHERLY
EXTENSION THEREOF TO THE NORTH LINE OF MOEHLING DRIVE;
THENCE WEST ALONG SAID NORTH LINE OF MOEHLING DRIVE AND THE WESTERLY
EXTENSION THEREOF TO THE WEST LINE OF MAPLE STREET;
THENCE NORTH ALONG SAID WEST LINE OF MAPLE STREET TO THE NORTH LINE OF
THE SOUTH 270 FEET OF LOT 2 IN ETHEL BUSSE'S SUBDIVISION OF PART OF THE EAST
HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF THE SOUTH 270 FEET OF LOT 2 IN ETHEL
BUSSE'S SUBDIVISION TO THE EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S
RESUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT.
PROSPECT AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S
RESUBDIVISION TO THE EAST LINE OF LOT 2 IN MILLER RESUBDIVISION OF LOTS 1 TO
3 & 43 IN BUSSE'S SUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 2 IN MILLER RESUBDIVISION TO THE
SOUTHWESTERLY LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION AFORESAID;
THENCE SOUTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER
RESUBDIVISION TO A BEND THEREIN;
THENCE SOUTH ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION TO
THE NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION TO THE
MOST EASTERLY WEST LINE OF LOT 2 IN MILLER RESUBDIVISION AFORESAID;
THENCE SOUTH ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN MILLER
RESUBDIVISION TO A BEND THEREIN;
391766_7 40
VILLAGE DRAFT - 3-16-18
THENCE SOUTHEASTERLY ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN
MILLER RESUBDIVISION TO THE EAST LINE THEREOF, AND THE NORTH LINE OF LOT 42
IN BUSSE'S RESUBDIVISION AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 42 IN BUSSE'S RESUBDIVISION AND
THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF EMERSON STREET;
THENCE NORTH ALONG SAID WEST LINE OF EMERSON STREET TO THE SOUTH LINE OF
LOT 11 IN BUSSE'S RESUBDIVISION AFORESAID;
THENCE WEST ALONG SAID SOUTH LINE OF LOT 11 IN BUSSE'S RESUBDIVISION TO THE
EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN MEIER'S ADDITION TO MT. PROSPECT IN
THE NORTHWEST QUARTER OF SECTION AFORESAID, LYING SOUTH OF THE RIGHT OF
WAY OF THE CHICAGO & NORTHWESTERN RAILWAY;
THENCE NORTH ALONG SAID EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN MEIER'S
ADDITION TO MT. PROSPECT TO THE NORTH LINE OF LOT 5 AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 5 IN BLOCK 1 IN MEIER'S ADDITION TO
MT. PROSPECT AND THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF MAIN
STREET;
THENCE NORTH ALONG SAID WEST LINE OF MAIN STREET TO THE NORTH LINE OF LOT
24 IN BLOCK 4 IN MEIER'S ADDITION TO MT. PROSPECT AFORESAID;
THENCE WEST ALONG SAID NORTH LINE OF LOT 24 IN BLOCK 4 IN MEIER'S ADDITION
TO MT. PROSPECT TO THE WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF WILLE
STREET;
THENCE NORTH ALONG SAID WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF WILLE
STREET TO THE SOUTH LINE OF EVERGREEN AVENUE;
THENCE WEST ALONG SAID SOUTH LINE OF EVERGREEN AVENUE TO THE WEST LINE
OF WILLE STREET;
THENCE NORTH ALONG SAID WEST LINE OF WILLE STREET TO THE SOUTH LINE OF LOT
13 IN BUSSE'S RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, OF RESUBDIVISION OF LOTS
1 TO 6, INCLUSIVE, IN BLOCK 4, ALOS OF LOTS 2 & 3 IN BLOCK 5, ALL OF BLOCK 6, LOT
13 TO 24, INCLUSIVE, IN BLOCK 7, LOTS 17 TO 20 IN BLOCK 8 ALL IN MEIER'S ADDITION
TO MT. PROSPECT IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE WEST ALONG SAID SOUTH LINE OF LOT 13 IN BUSSE'S RESUBDIVISION TO THE
WEST LINE OF LOTS 13 AND 14 IN BUSSE'S RESUBDIVISION;
THENCE NORTH ALONG SAID WEST LINE OF LOTS 13 AND 14 IN BUSSE'S
RESUBDIVISION TO THE SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY
SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16 FOOT WIDE
ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY
EXTENSION THEREOF TO THE WEST LINE OF PINE STREET;
391766_7 41
VILLAGE DRAFT - 3-16-18
THENCE NORTH ALONG SAID WEST LINE OF PINE STREET TO THE SOUTHERLY LINE OF
THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE 16 FOOT
WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY
EXTENSION THEREOF TO ITS INTERSECTION WITH THE SOUTH LINE OF BUSSE
AVENUE;
THENCE WEST ALONG SAID SOUTH LINE OF BUSSE AVENUE TO THE SOUTHERLY
EXTENSION OF THE WEST LINE OF THE 20 FOOT WIDE ALLEY WEST OF ELMHURST
AVENUE;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF THE 20
FOOT WIDE ALLEY WEST OF ELMHURST AVENUE TO THE SOUTHWESTERLY LINE OF
THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16 FOOT WIDE
ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY
EXTENSION THEREOF TO THE WEST LINE OF I-OKA AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF I-OKA AVENUE TO THE SOUTHERLY LINE
OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE;
THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE 16 FOOT
WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY
EXTENSION THEREOF TO THE WEST LINE OF HI-LUSI AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF HI-LUSI AVENUE TO THE SOUTHWESTERLY
LINE OF PROSPECT AVENUE;
THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECT
AVENUE TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE EAST LINE OF LOT
8 IN H.ROY BERRY CO.S' COLONIAL MANOR, A SUBDIVISION OF PART OF THE
NORTHEAST QUARTER OF SECTION 11 AND PART OF THE NORTHWEST QUARTER OF
SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 8 IN H.ROY BERRY CO.S' COLONIAL
MANOR AND THE SOUTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF THE 16
FOOT WIDE ALLEY SOUTH OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF THE 16 FOOT WIDE ALLEY SOUTH OF
CENTRAL ROAD TO THE WEST LINE OF THE EAST HALF OF THE NORTHEAST QUARTER
OF SECTION 11 AFORESAID;
THENCE NORTH ALONG SAID WEST LINE OF THE EAST HALF OF THE NORTHEAST
QUARTER OF SECTION 11 TO THE SOUTH LINE OF CENTRAL ROAD;
391766_7 42
VILLAGE DRAFT - 3-16-18
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE SOUTHERLY
EXTENSION OF THE WEST LINE OF MILLERS LANE;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF
MILLERS LANE TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11 IN
MILLERS STATION SUBDIVISION, A RESUBDIVISION OF LOT 1 IN TRADE SERVICE
PUBLICATIONS SUBDIVISION AND PART OF THE SOUTHEAST QUARTER OF THE
SOUTHEAST QUARTER OF SECTION 33 AFORESAID;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE SOUTH LINE OF LOT 11 IN
MILLERS STATION SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE
EAST LINE OF CATHY LANE;
THENCE NORTH ALONG SAID EAST LINE OF CATHY LANE TO THE EAST LINE OF LOT 12
IN MILLERS STATION SUBDIVISION AFORESAID;
THENCE NORTH ALONG SAID EAST LINE OF LOT 12 IN MILLERS STATION SUBDIVISION
AND THE NORTHERLY EXTENSION THEREOF TO THE SOUTHWESTERLY LINE OF THE
CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY;
THENCE SOUTHEASTERLY ALONG SAID SOUTHWESTERLY LINE OF THE CHICAGO &
NORTHWESTER RAILWAY RIGHT OF WAY TO THE EAST LINE OF THE SOUTHEAST
QUARTER OF SECTION 33 AFORESAID;
THENCE NORTH ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 33
AFORESAID TO THE WESTERLY EXTENSION OF THE NORTH LINE OF HENRY STREET;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF HENRY
STREET TO THE EAST LINE OF FAIRVIEW AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF FAIRVIEW AVENUE TO THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE
ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE OF PROSPECT
MANOR AVENUE;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF FAIRVIEW AVENUE TO THE
EAST LINE OF PROSPECT MANOR AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF PROSPECT MANOR AVENUE TO THE
NORTH LINE OF WALNUT STREET;
THENCE EAST ALONG SAID NORTH LINE OF WALNUT STREET AND THE EASTERLY
EXTENSION THEREOF TO THE EAST LINE OF RIDGE AVENUE;
THENCE SOUTH ALONG SAID EAST LINE OF RIDGE AVENUE TO THE NORTH LINE OF
LOT 1 IN FRIEDRICH'S SUBDIVISION OF LOTS 4 & 5 IN BLOCK 25 IN PROSPECT MANOR,
A SUBDIVISION OF THE SOUTH 3/4 OF THE WEST HALF OF THE WEST HALF OF SECTION
34 AFORESAID;
391766_7 43
VILLAGE DRAFT - 3-16-18
THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN FRIEDRICH'S SUBDIVISION TO THE
WEST LINE OF ELMHURST AVENUE;
THENCE NORTH ALONG SAID WEST LINE OF ELMHURST AVENUE TO THE WESTERLY
EXTENSION OF THE NORTH LINE OF THE PLAT OF CONSOLIDATION OF THE WEST 70
FEET OF LOTS 1 THRU 10 IN BLOCK 3 AND PART OF BLOCK 4 IN THE ERNST BUSSE
ADDITION TO MT. PROSPECT IN THE EAST HALF OF THE SOUTHWEST QUARTER OF
SECTION 34 AFORESAID;
THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF THE PLAT
OF CONSOLIDATION TO THE EAST LINE OF LOT 1 IN THE PLAT OF CONSOLIDATION
AFORESAID;
THENCE SOUTH ALONG SAID EAST LINE LOT 1 IN THE PLAT OF CONSOLIDATION TO THE
NORTH LINE OF CENTRAL ROAD;
THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE OF PINE
STREET;
THENCE SOUTH ALONG SAID EAST LINE OF PINE STREET TO THE NORTHEASTERLY
LINE OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY TO THE WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION
OF LOTS 18 & 19 AND THE NORTH 22 FEET OF LOT 17 IN BLOCK 2 OF BUSSE & WILDE'S
RESUBDIVISION IN MT. PROSPECT TOGETHER WITH LOT "A" IN CORPORATE
SUBDIVISION NO. 8 VILLAGE OF MT. PROSPECT AND LOT 1 IN WILLE'S
RECONSOLIDATION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 38.06 FEET TO A BEND THEREIN;
THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 28.07 FEET TO A BEND THEREIN;
THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER
PLACE RESUBDIVISION 18.61 FEET TO A BEND THEREIN;
THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 30.63 FEET TO A BEND THEREIN;
THENCE NORTH ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION 65.92 FEET TO THE NORTH LINE THEREOF;
THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN CLOCK TOWER PLACE
RESUBDIVISION TO THE WEST LINE OF WILLE STREET;
THENCE EAST TO THE EAST LINE OF WILLE STREET AT THE SOUTHWEST CORNER OF
LOT 1 IN PROSPECT PLACE PLAT OF RESUBDIVISION OF SUNDRY LOTS AND VACATED
391766_7 44
VILLAGE DRAFT - 3-16-18
ALLEYS OF VARIOUS SUBDIVISIONS IN THE WEST HALF OF THE NORTHWEST QUARTER
OF SECTION 12 AFORESAID;
THENCE EAST ALONG THE SOUTH LINE OF LOT 1 IN PROSPECT PLACE PLAT OF
RESUBDIVISION TO THE EAST LINE THEREOF;
THENCE NORTH ALONG SAID EAST LINE OF LOT 1 IN PROSPECT PLACE PLAT OF
RESUBDIVISION TO THE SOUTH LINE OF CENTRAL ROAD;
THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE SOUTHERLY
EXTENSION OF THE WEST LINE OF LOT 1 IN TRAPANI'S RESUBDIVISION OF LOT "A" IN
BLOCK 1 IN THE ERNST BUSSE ADDITION TO MT. PROSPECT AND LOT "A" IN H I LLCREST
SUBDIVISION IN THE SOUTHWEST QUARTER OF SECTION 34 AFORESAID;
THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF LOT 1,
AND THE WEST LINE OF LOT 2 IN TRAPANI'S RESUBDIVISION AND THE NORTHERLY
EXTENSION THEREOF TO THE NORTH LINE OF HENRY STREET;
THENCE EAST ALONG SAID NORTH LINE OF HENRY STREET TO THE EAST LINE OF MAIN
STREET;
THENCE SOUTH ALONG SAID EAST LINE OF MAIN STREET TO THE NORTH LINE OF
CENTRAL ROAD;
THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE OF
EMERSON STREET;
THENCE SOUTH ALONG SAID EAST LINE OF EMERSON STREET TO THE NORTH LINE OF
LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT IN THE EAST
HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE NORTH LINE OF BUSSE AVENUE;
THENCE EAST ALONG SAID NORTH LINE OF BUSSE AVENUE TO THE EAST LINE OF
MAPLE STREET;
THENCE SOUTH ALONG SAID EAST LINE OF MAPLE STREET TO THE NORTH LINE OF
LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT TO THE SOUTH LINE THEREOF;
THENCE SOUTHWESTERLY ALONG SAID SOUTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE
& WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE OF LOT 12 IN BLOCK 11
391766_7 45
VILLAGE DRAFT - 3-16-18
IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT, BEING ALSO THE WESTERLY
LINE OF VILLAGE COMMONS A PLANNED UNIT DEVELOPMENT OF LOTS 2, 3, 4 & OUT
LOT 1 IN TAX INCREMENT FINANCE SUBDIVISION NO. 1, A RESUBDIVISION OF LOTS A &
B IN THE RESUBDIVISION OF LOTS 2 TO 6, PART OF LOT 1 IN THE SUBDIVISION OF
BLOCK 10, LOT 16 IN BUSSE'S SUBDIVISION, LOTS 13 TO 15 IN BLOCK 11 & PART OF
BLOCK 9 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT IN THE NORTHWEST
QUARTER OF SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT
DEVELOPMENT 172.45 FEET TO A BEND THEREIN;
THENCE WEST ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT
DEVELOPMENT 4.63 FEET TO A BEND THEREIN;
THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT
DEVELOPMENT 147.65 FEET TO A BEND THEREIN;
THENCE SOUTHWESTERLY ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A
PLANNED UNIT DEVELOPMENT TO THE NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST
HIGHWAY TO THE NORTHWESTERLY LINE OF LOT 1 IN TAX INCREMENT FINANCE
SUBDIVISION NO. 11 A RESUBDIVISION OF PARTS OF BLOCKS 9, 10 & 11 IN BUSSE &
WILLE'S RESUBDIVISION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE NORTHEASTERLY ALONG SAID NORTHWESTERLY LINE OF LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTHEASTERLY LINE THEREOF;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LOT 1 IN TAX
INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTH LINE OF LOT A IN GEORGE R.
BUSSE'S RESUBDIVISION OF PART OF BLOCK 9 IN BUSSE & WILLE'S RESUBDIVISION IN
THE NORTHWEST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT A IN GEORGE R. BUSSE'S
RESUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF
SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE NORTH LINE OF
THE SOUTH HALF OF LOT 33 IN MT. PROSPECT SUBDIVISION IN SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF THE SOUTH HALF OF LOT 33 IN MT.
PROSPECT SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE
OF THE 16 FOOT WIDE ALLEY EAST OF SCHOOL STREET;
THENCE SOUTH ALONG SAID EAST LINE OF THE 16 FOOT ALLEY EAST OF SCHOOL
STREET TO THE NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION IN MT. PROSPECT
OF LOTS 22 TO 27 IN BLOCK 20 IN MT. PROSPECT SUBDIVISION IN SECTION 12
AFORESAID;
391766_7 46
VILLAGE DRAFT - 3-16-18
THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION IN MT.
PROSPECT AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF OWEN
STREET;
THENCE SOUTH ALONG SAID EAST LINE OF OWEN STREET TO THE NORTHWESTERLY
EXTENSION OF THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY
NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHWESTERLY EXTENSION AND THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST
LINE OF LOUIS STREET;
THENCE SOUTH ALONG SAID EAST LINE OF LOUIS STREET TO THE NORTHERLY LINE
OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE EAST AND SOUTHEASTERLY ALONG SAID NORTHERLY LINE OF THE 16 FOOT
WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY AND THE SOUTHEASTERLY
EXTENSION THEREOF TO THE EAST LINE OF EDWARDS STREET;
THENCE SOUTH ALONG SAID EAST LINE OF EDWARDS STREET TO THE NORTH LINE OF
LINCOLN STREET;
THENCE EAST ALONG SAID NORTH LINE OF LINCOLN STREET TO THE NORTHERLY
EXTENSION OF THE EAST LINE OF LOT 1 IN OLIVER'S RESUBDIVISION OF LOTS 12 & 13
IN H. ROY BERRY COMPANY'S MAPLEWOOD HEIGHTS (EXCEPT THE SOUTHERLY 66
FEET FOR ROAD) ALSO BLOCK 26 IN BUSSE'S EASTERN ADDITION TO MT. PROSPECT
IN THE EAST HALF OF SECTION 12 AFORESAID;
THENCE SOUTH ALONG SAID NORTHERLY EXTENSION AND THE EAST LINE OF LOT 1 IN
OLIVER'S RESUBDIVISION TO THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY
NORTHEASTERLY OF NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE
ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE EAST LINE OF GEORGE
STREET;
THENCE NORTH ALONG SAID EAST LINE OF GEORGE STREET TO THE NORTH LINE OF
LOT 17 IN MAPLEWOOD HEIGHTS, A SUBDIVISION NORTH OF THE RAILROAD IN THE
DIVISION OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID;
THENCE EAST ALONG SAID NORTH LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO THE
EAST LINE THEREOF;
THENCE SOUTH ALONG SAID EAST LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO THE
NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF
NORTHWEST HIGHWAY;
THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE
ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE OF LOT 65 IN
MAPLEWOOD HEIGHTS AFORESAID;
391766_7 47
VILLAGE DRAFT - 3-16-18
THENCE NORTH ALONG SAID WEST LINE OF LOT 65 IN MAPLEWOOD HEIGHTS TO THE
NORTH LINE THEREOF;
THENCE EAST ALONG SAID NORTH LINE OF LOT 65 IN MAPLEWOOD HEIGHTS AND THE
EASTERLY EXTENSION THEREOF TO THE EAST LINE OF THE SOUTHEAST QUARTER OF
SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD;
THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 12
AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD, TO THE
SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING ALSO THE NORTHEASTERLY
LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY, AND THE POINT
OF BEGINNING;
EXCEPTING THEREFROM
THAT PART OF LOT 1 IN DESIDERATA SUBDIVISION OF BLOCK 1 IN BUSSE & WILLE'S
RESUBDIVISION IN MT. PROSPECT IN SECTION 12 AFORESAID, LYING NORTH OF A LINE
DESCRIBED AS FOLLOWS:
BEGINNING ON THE WEST LINE OF SAID LOT 1 AT POINT 246.07 FEET SOUTH OF THE
NORTHWEST CORNER THEREOF;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 15 A DISTANCE OF
67.34 FEET;
THENCE NORTHEASTERLY ALONG A LINE DRAWN PERPENDICULAR TO THE
SOUTHWESTERLY LINE OF LOT 1, A DISTANCE OF 65.76 FEET;
THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 11 A DISTANCE OF
55.38 FEET TO THE MOST WESTERLY EAST LINE OF SAID LOT 1, AND THE POINT OF
TERMINUS OF SAID LINE;
ALSO EXCEPTING THEREFROM
ALL OF VILLAGE CENTRE PHASE 1-B PLAT OF RESUBDIVISION OF LOTS 6, 75 8, 9 IN
BLOCK 13 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AND PARTS OF LOTS
8, 9, 10 IN BLOCK 15 IN MT. PROSPECT SUBDIVISION IN SECTION 12 AFORESAID;
IN COOK COUNTY, ILLINOIS.
391766_7 48
VILLAGE DRAFT — 3-16-18
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3917667 49
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VILLAGE DRAFT — 3-16-18
EXHIBIT B-1
Legal Description of the Village Property
PARCEL 2:
THAT PART OF LOT 2 IN BLOCK 3 IN BUSSE AND WILLE'S RESUBDIVISION IN MOUNT PROSPECT
IN THE WEST 1/2 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS: COMMENCING AT A POINT OF INTERSECTION
OF THE WEST LINE OF THE EAST 60 FEET OF SAID LOT 2 WITH THE NORTH LINE OF BUSSE
AVENUE AS DEDICATED BY DOCUMENT NO. 342070; THENCE WESTWARD ALONG THE SAID
NORTH LINE, A DISTANCE OF 50.01 FEET TO THE POINT OF BEGINNING; THENCE NORTH 00
DEGREES 06 MINUTES 53 SECONDS EAST, PARALLEL WITH THE EAST LINE OF SAID LOT 2 IN
BUSSE AND WILLE'S RESUBDIVISION IN MOUNT PROSPECT, 101.08 FEET TO A POINT ON 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 1/2 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 NORTH
89 DEGREES 35 MINUTES 57 SECONDS EAST, ALONG SAID WESTERLY EXTENSION, 27.00 FEET;
THENCE SOUTH 00 DEGREES 06 MINUTES 44 SECONDS WEST, PARALLEL WITH THE EAST LINE
OF SAID LOT 2 IN BUSSE AND WILLE'S RESUBDIVISION IN MOUNT PROSPECT, 100.88 FEET TO
THE NORTH LINE OF BUSSE AVENUE; THENCE SOUTH 89 DEGREES 10 MINUTES 36 SECONDS
WEST, ALONG THE NORTH LINE OF BUSSE AVENUE, 27.01 FEET TO THE POINT OF BEGINNING,
ALL IN COOK COUNTY, ILLINOIS.
P.I.N.: 08-12-102-030 & 058
Common Address: 32 W. Busse Ave.
PARCEL 3:
LOT 1 IN IN MEERSMAN RESUBDIVISION 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 LR35-61-889,
EXCEPTING THEREFROM THE FOLLOWING TRACT DESCRIBED AS FOLLOWS:
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; THENCE SOUTH 89 DEGREES 35 MINUTES 57 SECONDS WEST 46.73 FEET TO THE WEST
LINE OF SAID LOT 1; THENCE NORTH 00 DEGREES 08 MINUTES 52 SECONDS WEST, ALONG
SAID WEST LINE, 24.71 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.
P . I . N .: 08-12-102-057
Common Address: 34 W. Busse Ave.
391766_7 50
VILLAGE DRAFT — 3-16-18
PARCEL 4:
LOT 2 IN MEERSMAN RESUBDIVISION 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 PLAT THEREOF REGISTERED IN THE REGISTRAR'S
OFFICE OF COOK COUNTY, ON OCTOBER 27, 1986 AS DOCUMENT NUMBER LR3561889, EXCEPT
THEREFROM THE FOLLOWING DESCRIBED PROPERTY:
BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 2; THENCE SOUTH 00 DEGREES 06
MINUTES 44 SECONDS WEST, ALONG THE EAST LINE OF SAID LOT 2 A DISTANCE OF 21.32
FEET; THENCE SOUTH 89 DEGREES 35 MINUTES 57 SECONDS WEST 23.00 FEET TO THE WEST
LINE OF SAID LOT 2; THENCE NORTH 00 DEGREES 06 MINUTES 44 SECONDS EAST, ALONG
SAID WEST LINE 22.12 FEET TO THE NORTH LINE OF SAID LOT 2; THENCE SOUTH 88 DEGREES
23 MINUTES 49 SECONDS EAST, ALONG SAID NORTH LINE, 23.00 FEET TO THE POINT OF
BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
P. 1. N .: 08-12-102-059
Common Address: 30 W. Busse Ave.
PARCEL 5:
THAT PART OF WEST BUSSE AVENUE AND WILLIE STREET IN THE WEST HALF OF SECTION 12,
TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS
FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF LOT 1 OF DUNKIN, DONUTS
RESUBDIVISION OF SUBLOT 1 IN THE RESUBDIVISION OF LOTS 4 AND 5 IN BLOCK 16 IN JOHN
MEYN'S SUBDIVISION OF PART OF BLOCK 16 OF MT. PROSPECT, A SUBDIVISION IN THE WEST
HALF OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL
MERIDIAN; THENCE S01 °09'25"E ALONG THE WEST LINE OF SAID LOT 1 FOR A DISTANCE OF
14.74 FEET TO A POINT OF CURVE ON THE WEST LINE OF SAID LOT 1; THENCE
SOUTHEASTERLY ALONG A CURVE TO THE LEFT BEING THE WESTERLY LINE OF SAID LOT 1,
SAID CURVE HAVING AN ARC LENGTH OF 37.97 FEET, A RADIUS OF 20.00 FEET, A CHORD
BEARING OF S05001'24"E AND A CHORD LENGTH OF 32.52 FEET THE SOUTHWESTLY CORNER
OF SAID LOT 1; THENCE N59°23'32"W ALONG THE NORTHWESTERLY EXTENTION OF SAID LOT
17 FOR A DISTANCE OF 69.89 FEET TO A POINT ON A LINE BEING THE SOUTHERLY EXTENTION
OF THE WEST LINE OF LOT 1 IN MEERSMAN RESUBDIVISION 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 LR35-61-889; THENCE N01 °06'07"W ALONG SAID WEST LINE OF LOT 1 MEERSMAN
RESUBDIVISION IN MOUNT PROSPECT AS EXTENDED SOUTH FOR A DISTANCE OF 118.03 FEET
TO A POINT ON THE WEST LINE OF SAID LOT 1 MEERSMAN RESUBDIVISION IN MOUNT
PROSPECT, SAID POINT BEING THE NORTHWEST CORNER OF VACATED WILLIE STREET
RECORDED MAY 307 2000 AS DOCUMENT NUMBER 454455: THENCE SOUTHEASTERLY ALONG A
CURVE TO THE LEFT, BEING THE EASTERLY LINE OF SAID VACATED WILLIE STREET, SAID
CURVE HAVING AN ARC LENGTH OF 34.02 FEET, A RADIUS OF 50.00 FEET, A CHORD BEARING
OF S20024'06"E AND A CHORD LENGTH OF 33.37 FEET, TO THE SOUTHEAST CORNER OF SAID
VACATED WILLIE STREET, ALSO BEING A POINT ON THE SOUTH LINE OF SAID LOT 1 IN
MEERSMAN RESUBDIVISION AND ALSO BEING THE NORTH LINE OF BUSSE AVENUE AS
DEDICATED PER DOCUMENT NUMBER 342070; THENCE N88°13'21 "E ALONG SAID NORTH LINE
OF BUSSE AVENUE FOR A DISTANCE OF 85.25 FEET TO THE SOUTHEAST CORNER OF LOT 2
SAID MEERSMAN RESUBDIVISION IN MOUNT PROSPECT: THENCE S00°50'31 "E ALONG THE
SOUTHERLY EXTENTION OF SAID LOT 2 IN MEERSMAN RESUBDIVISION IN MOUNT PROSPECT
391766_7 51
VILLAGE DRAFT — 3-16-18
FOR A DISTANCE OF 54.92 FEET; THENCE S59023'32"E FOR A DISTANCE OF 42.07 FEET TO A
POINT ON THE NORTH LINE OF SAID LOT 1 IN DUNKIN' DONUTS RESUBDIVISION OF SUBLOT 1,
SAID POINT BEING 27.18 FEET WEST OF THE NORTHEAST CORNER OF SAID LOT 1 IN DUNKIN'
DONUTS RESUBDIVISION OF SUBLOT 1; THENCE S88°50'35"W ALONG THE NORTH LINE OF SAID
LOT 1 IN DUNKIN' DONUTS RESUBDIVISION OF SUBLOT 1 FOR A DISTANCE OF 74.59 FEET TO
THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
P.I.N.: NA, (Busse Ave. right of way)
Common Address: NA, (Busse Ave. right of way)
391766_7 52
VILLAGE DRAFT — 3-16-18
EXHIBIT B-2
Legal Description of the Adjacent Property
LOT 1 OF DUNKIN' DONUTS RESUBDIVISION OF SUBLOT 1 IN THE RESUBDIVISION OF LOTS 4
AND 5 IN BLOCK 16 IN JOHN MEYN'S SUBDIVISION OF PART OF BLOCK 16 OF MT. PROSPECT, A
SUBDIVISION IN THE WEST HALF OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11, EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
P . I . N .: 08-12-107-022
Common Address: 20 W. NW Highway
391766_7 53
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Site Plan for the Project
PROPOSED SITE PLAN
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391766_7 54
VILLAGE DRAFT — 3-16-18
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391766_7 54
VILLAGE DRAFT — 3-16-18
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VILLAGE DRAFT — 3-16-18
EXHIBIT D
Detailed Description of the Project
A mixed-use planned unit development (PUD) known as 20 West Apartments consisting
of a six (6) story building, including seventy-three (73) apartments and a two-story
restaurant, and related off-site improvements. The off-site improvements would include
closing off Busse Avenue at Wille Street and installing a roundabout and north driveway
to the Village -owned alley, reconfiguring public parking within the Busse Triangle,
expanding angled parking along Wille Street, and installing parallel parking along
Northwest Highway.
391766_7 55
VILLAGE DRAFT — 3-16-18
EXHIBIT E
Real Estate Sale Contract
REAL ESTATE SALE CONTRACT
(the "Contract")
1. This Contract shall be subject to the terms and conditions of the "Redevelopment Agreement for
the 20WEST Development Comprising a Part of the Prospect and Main TIF District of the Village
of Mount Prospect, Illinois," entered into between the Seller and the Purchaser, (the
"Redevelopment Agreement"), and, to the extent of any conflict between the terms of this Contract
and said Redevelopment Agreement, the terms of the Redevelopment Agreement shall control.
Capitalized terms shall have the meaning set forth in the Contract and the Redevelopment
Agreement.
2. , a (the "Purchaser") agrees to purchase at a price
of and 00/100 Dollars ($ .00) (the "Purchase Price"), on the terms set
forth herein, the property legally described on Exhibit 1 attached hereto (the "Property").
3. The Village of Mount Prospect (the "Seller") agrees to sell the Property, at the Purchase Price and
on the terms and the conditions set forth herein, and to convey or cause to be conveyed to
Purchaser thereto by a recordable Special Warranty Deed (the "Deed") subject to the Permitted
Exceptions, together with the any and all personal property, including fixtures presently located
thereon, which the Seller shall execute and deliver to Purchaser a bill of sale.
4. Seller shall, within twenty (20) business days after the effective date of this contract, deliver to
Purchaser, at Seller's sole cost and expense, a current as -built ALTA/ACSM survey (the "Survey")
of the Property, prepared by a registered land surveyor or engineer, licensed in the State of Illinois,
prepared in accordance with the Minimum Standard Detail Requirements of a Class A Land Title
Survey jointly established by the American Land Title Association and the American Congress on
Surveying and Mapping, certified to the Title Company, Purchaser, and any lender of which Seller
shall be notified, and in form sufficient to provide ALTA coverage and satisfy all reasonable lender
requirements, if applicable. The Survey shall depict and include, without limiting the foregoing: the
present location of all improvements or structures on the Property, including all encroachments of
any part thereof onto adjoining land and all encroachments of any part of adjoining improvements
onto the Property, parking spaces (by location and number), building lines and all easements
whether recorded or visible (and, if recorded, by specific reference to recorded document numbers);
access to public roads or ways; all underground and above ground utilities servicing the Property;
and identification of each Permitted Exception capable of being geographically located, by locating
the same on the Survey with reference to recording information. The Survey must be sufficient to
cause the Title Company (as defined below) to delete the standard printed survey exception and
to issue the title policy free from any survey objections or exceptions whatsoever, other than the
Permitted Exceptions. Within ten (10) business days of receipt of the Survey, Purchaser and Seller
shall agree in writing on those Survey exceptions subject to which Purchaser shall take title to the
Property.
Upon approval of the Survey by Seller and Purchaser, the legal description in Exhibit 1 shall be
automatically revised to be that of the legal description in the Survey and Title Commitment. At
either party's request, any changes to the legal description shall be confirmed in writing signed by
both parties.
5. The time of closing (the "Closing") shall be as provided for in Section V. of the Redevelopment
Agreement (the "Closing Date") or on the date, if any, to which such time is extended by reason
391766_7 56
VILLAGE DRAFT - 3-16-18
of paragraph 1 of the Conditions and Stipulations hereafter becoming operative (whichever date is
later), unless subsequently mutually agreed otherwise, at the office of Chicago Title Insurance in
downtown Chicago, Illinois, provided title is shown to be good or is accepted by Purchaser.
6. Each party hereto hereby represents and warrants to the other that, in connection with this
transaction, no third -party broker or finder has been engaged or consulted by it or, through such
party's actions (or claiming through such party), is entitled to compensation as a consequence of
this transaction. Each party hereby defends, indemnifies and holds the other harmless against any
and all claims of brokers, finders or the like, and against the claims of all third parties claiming any
right to a commission or compensation by or through acts of that party or that party's partners,
agents or affiliates in connection with this Contract. Each party's indemnity obligations shall include
all damages, losses, costs, liabilities and expenses, including reasonable attorney's fees, which
may be incurred by the other in connection with all matters against which the other is being
indemnified hereunder.
7. This Contract is subject to the Conditions and Stipulations set forth on the following pages, which
Conditions and Stipulations are made a part of this Contract. To the extent of any conflict between
the terms of this Contract, the Conditions and Stipulations, and the Redevelopment Agreement,
the terms of the Redevelopment Agreement shall control.
8. This Contract shall be deemed dated and become effective as of the date of the Redevelopment
Agreement (the "Effective Date").
N WITNESS WHEREOF, the parties hereto have executed this Contract as of the date next to their
respective signature.
SELLER: PURCHASER:
VILLAGE OF MOUNT PROSPECT
By:
Name:
Title:
Executed by Seller on
391766_7 57
By
Name:
Title:
Executed by Purchaser on
VILLAGE DRAFT - 3-16-18
CONDITIONS AND STIPULATIONS
1. Seller shall deliver to Purchaser, a title commitment issued by Chicago Title Insurance
Company (the "Title Company"), with the cost of said title commitment to be shared equally
by Seller and Purchaser, in the amount of the Purchase Price, with extended coverage over
the standard exceptions 1 through 5, (the "Title Commitment"), together with copies of all
underlying title documents listed in the Title Commitment (the "Underlying Title Documents"),
subject only to (i) covenants, conditions, restrictions and easements of record; (ii) all applicable
laws and ordinances affecting the Property, including but not limited to, zoning, subdivision,
public health, environmental and building; (iii) public and private easements, recorded and
unrecorded for utilities and drainage and other purposes over, under and upon the Property;
(iv) the restrictions and reservations, if any, contained in the Deed, provided that (i), (ii), (iii) and
(iv) do not prevent the Purchaser, in Purchaser's reasonable judgment, from being able to
proceed with the Project, as defined in the Redevelopment Agreement; (v) 2017 and 2018
general real estate taxes not yet due and payable and subsequent years; and (vi) acts done or
suffered by or judgments against Purchaser (collectively, the "Permitted Exceptions"). If the
Title Commitment, Underlying Title Documents or the Survey (as defined above) disclose
exceptions to title, which are not acceptable to Purchaser, (the "Unpermitted Exceptions"),
Purchaser shall have thirty (30) days from the later of the delivery of the Title Commitment, the
Underlying Title Documents and the Survey to object to the Unpermitted Exceptions.
Purchaser shall provide Seller with a title and survey objection letter (the "Purchaser's
Objection Letter") listing those matters, which are not acceptable to Purchaser. Seller shall
have thirty (30) days from the date of delivery of the Purchaser's Objection Letter ("Seller's
Cure Period") to have the Unpermitted Exceptions removed from the Title Commitment or to
cure such Unpermitted Exceptions or to have the Title Company commit to insure against loss
or damage that may be occasioned by such Unpermitted Exceptions or to cure any Survey
Defects, the time of Closing shall be extended thirty (30) days (the "Extended Title Closing
Date") after Purchaser's receipt of a proforma title policy (the "Proforma Title Policy")
reflecting the Title Company's commitment to insure the Unpermitted Exceptions. If Seller fails
to have the Unpermitted Exceptions removed or in the alternative, to obtain a Title Commitment
insuring the Unpermitted Exceptions or correcting the Survey Defects within the specified time,
Purchaser may elect to either (i) terminate this Contract, or (ii) upon notice to Seller within ten
(10) days after Purchaser's receipt of Seller's intention not to cure the Unpermitted Exceptions
or Survey Defects, to take title as it then is with the right to deduct from the Purchase Price any
liens or encumbrances of a definite or ascertainable amount which are listed in the Title
Commitment. All Unpermitted Exceptions, which the Title Company commits to insure, shall be
included within the definition of Permitted Exceptions. The Proforma Title Policy shall be
conclusive evidence of good title as shown therein as to all matters insured by the Title
Company, subject only to the Permitted Exceptions. If Purchaser does not so elect, this
Contract shall become null and void without further action of the parties. Seller also shall
furnish Purchaser an affidavit of title in customary form covering the date of closing and
showing title in Seller subject only to the Permitted Exceptions and any Unpermitted Exceptions
or defects in the title disclosed by the Survey, if any, as to which the title insurer commits to
extend insurance in the manner specified in this Paragraph.
2. General Property taxes, if any, shall be prorated as of the closing date on the basis of the prior
year's taxes increased five percent (5%), unless the Seller has obtained an exemption for
payment of real estate taxes from the Department of Revenue, in which event, the Purchaser
shall be responsible for payment of real estate taxes on the day of Closing through to and
including December 31, 2017 and subsequent years.
3. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be
applicable to this Contract.
391766_7 58
VILLAGE DRAFT - 3-16-18
4. In the event Seller fails to close this transaction in accordance with the terms hereof, the
Purchaser may either seek specific performance or terminate its obligations hereunder, and, in
the event of termination, all sums paid hereunder by Purchaser to the Seller or to the Title
Company shall be refunded to Purchaser without deduction, together with any interest earned
thereon.
5. This sale shall be closed through an escrow with the Title Company, in accordance with the
general provisions of the usual form of Deed and Money Escrow Agreement then in use by the
Title Company, with such special provisions inserted in the escrow agreement as may be
required to conform with this Contract. Upon the creation of such an escrow, anything herein
to the contrary notwithstanding, payment of the Purchase Price and delivery of the Special
Warranty Deed shall be made through the escrow and this Contract. The cost of the escrow
shall be divided equally between Seller and Purchaser.
6. Time is of the essence of this Contract. If the date of Closing or any date for performance of
any of the terms, conditions and provisions of this Agreement shall fall on a Saturday, Sunday
or legal holiday, then the date of Closing or such performance shall be extended to the next
business day.
7. Any and all notices, demands, consents and approvals required under this Contract shall be
sent and deemed received: A) on the third business day after mailed by certified or registered
mail, postage prepaid, return receipt requested, or B) on the next business day after deposit
with a nationally -recognized overnight delivery service (such as Federal Express or Airborne)
for guaranteed next business day delivery, if addressed to the parties as follows:
If to Village: Arlene Juracek, Mayor
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, Illinois 60056
Email: ajuracek@mountprospect.org
With a copy to: Michael Cassady, Village Manager
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, Illinois 60056
Email: mcassady@mountprospect.org
and: Klein, Thorpe and Jenkins, Ltd.
20 North Wacker Drive, Suite 1660
Chicago, Illinois 60606-2903
Attention: Lance C. Malina / Gregory T. Smith
Email: Icmalina@ktjlaw.com / gtsmith@ktjlaw.com
If to Developer:
Attn :
Email:
With a copy to:
Attn :
Email:
391766_7 59
VILLAGE DRAFT - 3-16-18
Either party hereto may change the name(s) and address(es) of the designee to whom notice
shall be sent by giving written notice of such change to the other party hereto in the same
manner, as all other notices are required to be delivered hereunder.
8. The parties acknowledge that as the Seller is a governmental entity, this transaction is exempt
from any State, County or local real estate transfer tax pursuant to 35 ILCS 200/31-45(b).
Seller is obligated to furnish completed Real Estate Transfer Declarations signed by Seller or
Seller's agent in the form required pursuant to the Real Estate Transfer Tax Act of the State of
Illinois.
9. As the Seller is a municipal entity, this Contract is subject to the approval of and is not
enforceable until approved at an open meeting by the Mayor and Village Council of the Seller.
10. This Contract shall be deemed dated and become effective on the date that the authorized
signatories of Seller shall sign the Contract, which date shall be the date provided next to the
Seller's signature.
11. This Contract and the Exhibit attached hereto, if any, and made a part hereof, or required
hereby, embody the entire contract between the parties hereto with respect to the Real Estate
and supersede any and all prior agreements and understandings, whether written or oral, and
whether formal or informal. No extensions, changes, modifications or amendments to or of this
Contract, of any kind whatsoever, shall be made or claimed by Seller or Purchaser, and no
notices of any extension, change, modification or amendment made or claimed by Seller or
Purchaser (except with respect to permitted unilateral waivers of conditions precedent by
Purchaser) shall have any force or effect whatsoever unless the same shall be endorsed in
writing and fully signed by Seller and Purchaser.
12. The following Exhibits, Schedules, Riders or attachments are hereby attached hereto and
made a part hereof by reference:
Exhibit 1 - Legal Description of Property
Exhibit 2 — Disclosure Form (which shall be completed by the Purchaser)
391766_7 60
VILLAGE DRAFT — 3-16-18
Exhibit 1 to Real Estate Sale Contract
Legal Description of Property
PARCEL 2:
THAT PART OF LOT 2 IN BLOCK 3 IN BUSSE AND WILLE'S RESUBDIVISION IN
MOUNT PROSPECT IN THE WEST 1/2 OF SECTION 12, TOWNSHIP 41 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS
FOLLOWS: COMMENCING AT A POINT OF INTERSECTION OF THE WEST LINE
OF THE EAST 60 FEET OF SAID LOT 2 WITH THE NORTH LINE OF BUSSE
AVENUE AS DEDICATED BY DOCUMENT NO. 342070; THENCE WESTWARD
ALONG THE SAID NORTH LINE, A DISTANCE OF 50.01 FEET TO THE POINT OF
BEGINNING; THENCE NORTH 00 DEGREES 06 MINUTES 53 SECONDS EAST,
PARALLEL WITH THE EAST LINE OF SAID LOT 2 IN BUSSE AND WILLE'S
RESUBDIVISION IN MOUNT PROSPECT, 101.08 FEET TO A POINT ON 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 1/2 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 NORTH 89 DEGREES 35
MINUTES 57 SECONDS EAST, ALONG SAID WESTERLY EXTENSION, 27.00 FEET;
THENCE SOUTH 00 DEGREES 06 MINUTES 44 SECONDS WEST, PARALLEL WITH
THE EAST LINE OF SAID LOT 2 IN BUSSE AND WILLE'S RESUBDIVISION IN
MOUNT PROSPECT, 100.88 FEET TO THE NORTH LINE OF BUSSE AVENUE;
THENCE SOUTH 89 DEGREES 10 MINUTES 36 SECONDS WEST, ALONG THE
NORTH LINE OF BUSSE AVENUE, 27.01 FEET TO THE POINT OF BEGINNING, ALL
IN COOK COUNTY, ILLINOIS.
P.I.N.: 08-12-102-030 & 058
Common Address: 32 W. Busse Ave.
PARCEL 3:
LOT 1 IN IN MEERSMAN RESUBDIVISION 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 LR35-61-889, EXCEPTING
THEREFROM THE FOLLOWING TRACT DESCRIBED AS FOLLOWS:
391766_7 61
VILLAGE DRAFT — 3-16-18
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 17 A DISTANCE OF 23.07 FEET; THENCE SOUTH 89 DEGREES 35 MINUTES
57 SECONDS WEST 46.73 FEET TO THE WEST LINE OF SAID LOT 1; THENCE
NORTH 00 DEGREES 08 MINUTES 52 SECONDS WEST, ALONG SAID WEST LINE,
24.71 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.
P. 1. N .: 08-12-102-057
Common Address: 34 W. Busse Ave.
PARCEL 4:
LOT 2 IN MEERSMAN RESUBDIVISION 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
PLAT THEREOF REGISTERED IN THE REGISTRAR'S OFFICE OF COOK COUNTY,
ON OCTOBER 27, 1986 AS DOCUMENT NUMBER LR3561889, EXCEPT
THEREFROM THE FOLLOWING DESCRIBED PROPERTY:
BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 2; THENCE SOUTH 00
DEGREES 06 MINUTES 44 SECONDS WEST, ALONG THE EAST LINE OF SAID
LOT 2 A DISTANCE OF 21.32 FEET; THENCE SOUTH 89 DEGREES 35 MINUTES 57
SECONDS WEST 23.00 FEET TO THE WEST LINE OF SAID LOT 2; THENCE
NORTH 00 DEGREES 06 MINUTES 44 SECONDS EAST, ALONG SAID WEST LINE
22.12 FEET TO THE NORTH LINE OF SAID LOT 2; THENCE SOUTH 88 DEGREES
23 MINUTES 49 SECONDS EAST, ALONG SAID NORTH LINE, 23.00 FEET TO THE
POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
P. 1. N .: 08-12-102-059
Common Address: 30 W. Busse Ave.
PARCEL 5:
THAT PART OF WEST BUSSE AVENUE AND WILLIE STREET IN THE WEST HALF
OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE
NORTHWEST CORNER OF LOT 1 OF DUNKIN' DONUTS RESUBDIVISION OF
SUBLOT 1 IN THE RESUBDIVISION OF LOTS 4 AND 5 IN BLOCK 16 IN JOHN
MEYN'S SUBDIVISION OF PART OF BLOCK 16 OF MT. PROSPECT, A
SUBDIVISION IN THE WEST HALF OF SECTION 12, TOWNSHIP 41 NORTH,
RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN; THENCE S01 °09'25"E
ALONG THE WEST LINE OF SAID LOT 1 FOR A DISTANCE OF 14.74 FEET TO A
POINT OF CURVE ON THE WEST LINE OF SAID LOT 1; THENCE
391766_7 62
VILLAGE DRAFT — 3-16-18
SOUTHEASTERLY ALONG A CURVE TO THE LEFT BEING THE WESTERLY LINE
OF SAID LOT 1, SAID CURVE HAVING AN ARC LENGTH OF 37.97 FEET, A RADIUS
OF 20.00 FEET, A CHORD BEARING OF S05001'24"E AND A CHORD LENGTH OF
32.52 FEET THE SOUTHWESTLY CORNER OF SAID LOT 1; THENCE N59023'32"W
ALONG THE NORTHWESTERLY EXTENTION OF SAID LOT 1, FORA DISTANCE
OF 69.89 FEET TO A POINT ON A LINE BEING THE SOUTHERLY EXTENTION OF
THE WEST LINE OF LOT 1 IN MEERSMAN RESUBDIVISION 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 LR35-61-889; THENCE N01 006'07"W ALONG SAID WEST LINE OF LOT
1 MEERSMAN RESUBDIVISION IN MOUNT PROSPECT AS EXTENDED SOUTH
FOR A DISTANCE OF 118.03 FEET TO A POINT ON THE WEST LINE OF SAID LOT
1 MEERSMAN RESUBDIVISION IN MOUNT PROSPECT, SAID POINT BEING THE
NORTHWEST CORNER OF VACATED WILLIE STREET RECORDED MAY 307 2000
AS DOCUMENT NUMBER 454455: THENCE SOUTHEASTERLY ALONG ACURVE
TO THE LEFT, BEING THE EASTERLY LINE OF SAID VACATED WILLIE STREET,
SAID CURVE HAVING AN ARC LENGTH OF 34.02 FEET, A RADIUS OF 50.00 FEET,
A CHORD BEARING OF S20024'06"E AND A CHORD LENGTH OF 33.37 FEET, TO
THE SOUTHEAST CORNER OF SAID VACATED WILLIE STREET, ALSO BEING A
POINT ON THE SOUTH LINE OF SAID LOT 1 IN MEERSMAN RESUBDIVISION AND
ALSO BEING THE NORTH LINE OF BUSSE AVENUE AS DEDICATED PER
DOCUMENT NUMBER 342070; THENCE N88°13'21 "E ALONG SAID NORTH LINE
OF BUSSE AVENUE FOR A DISTANCE OF 85.25 FEET TO THE SOUTHEAST
CORNER OF LOT 2 SAID MEERSMAN RESUBDIVISION IN MOUNT PROSPECT:
THENCE S00050'31 "E ALONG THE SOUTHERLY EXTENTION OF SAID LOT 2 IN
MEERSMAN RESUBDIVISION IN MOUNT PROSPECT FOR A DISTANCE OF 54.92
FEET; THENCE S59023'32"E FOR A DISTANCE OF 42.07 FEET TO A POINT ON
THE NORTH LINE OF SAID LOT 1 IN DUNKIN' DONUTS RESUBDIVISION OF
SUBLOT 1, SAID POINT BEING 27.18 FEET WEST OF THE NORTHEAST CORNER
OF SAID LOT 1 IN DUNKIN' DONUTS RESUBDIVISION OF SUBLOT 1; THENCE
S88050'35"W ALONG THE NORTH LINE OF SAID LOT 1 IN DUNKIN' DONUTS
RESUBDIVISION OF SUBLOT 1 FOR A DISTANCE OF 74.59 FEET TO THE POINT
OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
P.I.N.: NA, (Busse Ave. right of way)
Common Address: NA, (Busse Ave. right of way)
391766_7 63
State of Illinois )
)ss.
County of )
VILLAGE DRAFT — 3-16-18
Exhibit 2 to Real Estate Sale Contract
Disclosure Form
DISCLOSURE AFFIDAVIT
I, , (hereinafter referred to as "Affiant") reside at
in County, State of , being first duly sworn and
having personal knowledge of the matters contained in this Affiant, swear to the following:
1. That I am over the age of eighteen and the (choose one)
[ ] owner or
[ ] authorized trustee or
[ ] corporate official or
[ ] managing agent or
[ ] of the Real Estate (as defined herein).
2. That the Real Estate (as defined herein) being sold to the Purchaser is commonly known as:
P.I.N.:
Common Addresses: (herein referred to as the "Real Estate").
3. That I understand that, pursuant to 50 ILCS 105/3.1, prior to execution of a real estate purchase
agreement between the record fee owner of the Real Estate and Purchaser, Illinois State Law
requires the owner, authorized trustee, corporate official or managing agent to submit a sworn
affidavit to the Purchaser disclosing the identity of every owner and beneficiary having any interest,
real or personal, in the Real Estate, and every shareholder entitled to receive more than 7'/2% of the
total distributable income of any corporation having any interest, real or personal, in the Real Estate.
4. As the [ ] owner or
[ ] authorized trustee or
[ ] corporate official or
[ ] managing agent or
[ ] of the Real Estate, I declare under oath that
(choose one):
[ ] The owners or beneficiaries of the trust are:
or
[ ] The shareholders with more than 7 1/2% interest are:
or
[ ] The corporation is publicly traded and there is no readily known individual
having greater than a 7Y2% interest in the corporation.
This Disclosure Affidavit is made to induce the Purchaser to accept title to the Real Estate in accordance
with 50 I LCS 105/3.1.
AFFIANT
SUBSCRIBED AND SWORN to before me
this day of , 201_.
NOTARY PUBLIC
391766_7 64
VILLAGE DRAFT — 3-16-18
EXHIBIT F
TIF Eligible Redevelopment Costs
Relative to the Project
Subject to Reimbursement Under the Agreement
TIF Eligible Redevelopment
Redevelopment Project Cost Category
Amount
Project Cost Description
Under 65 I LCS 5/11-74.4-3(g)
Legal, survey, civil engineering,
Section 11-74.4-3(q)(1)
$915,000
architecture, MEP and structural
engineers, landscape architect,
soils studies, geotechnical
studies, environmental studies,
market study and TIF
consultants
Removal of Soils and Site
Section 11-74.4-3(q)(2)
$300,000
Preparation
Relocation of ComEd utilities
Section 11-74.4-3(q)(2) and (q)(8)
$100,000
Underground utilities, including
Section 11-74.4-3(q)(2)
$260,000
water, sanitary, storm, valves,
hydrants, hauling, trench
backfill, screening and street
cuts
Paving, including grading,
Section 11-74.4-3(q)(2)
$280,000
compacting, curb and gutter,
stone, asphalt, pervious
pavement, curb replacement
and striping
Streetscape, including public
Section 11-74.4-3(q)(4)
$145,000
walk, parkway landscaping,
streetlights and street signs
Note: the categories and amounts of the TIF Eligible Redevelopment Costs in this Exhibit
F are preliminary and the Developer may be reimbursed for other TIF Eligible
Redevelopment Costs, all subject to the Funding Cap.
391766_7 65
VILLAGE DRAFT — 3-16-18
EXHIBIT G
PUBLIC IMPROVEMENTS
The Developer shall construct the following public improvements relative to the Project
as directed by the Village, at the Developer's sole cost and expense, subject to
reimbursement as set forth in the Agreement up to the amount of the Public Improvements
Incentive:
1. Underground Utilities: $260,000, including water, sanitary, storm, valves, hydrants,
hauling, trench backfill, screening and street cuts.
2. Paving: $280,000, including grading, compacting, curb & gutter, stone, asphalt,
pervious pavement, curb replacement and striping.
3. Streetscape: $145,000, including public walk, parkway landscaping, streetlights,
street signs.
391766_7 66
VILLAGE DRAFT — 3-16-18
—iEII-7L-M■I
EASEMENT AREA
The Easement Area is the blue -crosshatched area on the map below.
391766_7 67
WEST BUSSE AVENUE
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RESOLUTION NO.
A RESOLUTION AUTHORIZING THE EXECUTION OF A REDEVELOPMENT
AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND
20 WEST LLC FOR THE PROPERTY
LOCATED AT 20 W. NORTHWEST HIGHWAY
WHEREAS, the Village of Mount Prospect has established a Tax Increment Financing
District for the purpose of redeveloping the downtown district; and
WHEREAS, in order to prepare the best plan for the redevelopment area, the Village of
Mount Prospect has determined that it would be in the best interest of the Village to enter
into a redevelopment agreement with 20 WEST LLC.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Board of Trustees of the Village of Mount Prospect do hereby
authorize execution of an Agreement between the Village of Mount Prospect and Twenty
West LLC for the proposed mixed-use development consisting of seventy three (73) luxury
apartment units and approximately 5,000 of retail/restaurant space being subject of this
Resolution, a copy of which is attached hereto and hereby made a part hereof as Exhibit
«A„
SECTION TWO: 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 20th day of March, 2018.
Arlene A. Juracek
Mayor
ATTEST:
Karen M. Agoranos
Village Clerk