HomeMy WebLinkAboutOrd 6565 03/17/2021Second Amendment to the Redevelopment agreement for the JPMORGAN Chase Bank Development comprising a part of the Prospect and Main TIF DistrictAN ORDINANCE AUTHORIZING
ASECONDAMENDMENT TOTHE REDEVELOPMENTAGREEMENT
FOR THE JPMORGAN CHASE BANK DEVELOPMENT
COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT
OF THE VILLAGE OF MOUNTPROSPECTI ILLINOIS
BE IT ORDAINED, by the Mayor and Board of Trustees of the Village of Mount
Prospect, Cook County, Illinois, as follows:
SECTION 1 The Mayor and Board of Trustees of the Village find as follows,
A. The Village of Mount Prospect (the "Village") is a home rule municipality
pursuant to Section 6 of Article VII of the Constitution of the State of Illinois.
B. The Village has the authority, pursuant to its home rule powers and the laws
of the State of Illinois, including 65 ILLS 5/8-1-2.5, 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 State of Illinois has adopted tax increment financing pursuant to the
Tax Increment Allocation Redevelopment Act, 551 LCS 5/11-74.4-1, et seq. ,
as amended from time to time (the "TIF Act").
D. Pursuant to its powers and in accordance with the TIF Act, and pursuant to
Ordinance Nos. 6293, 6294 and 6295, adopted January 17, 2017, which
are incorporated herein by reference, the Prospect and Main Tax Increment
Financing District (the "TIF District") was formed as a TIF district, for a
twenty-three (23) year period, the redevelopment project area therefor was
approved, the redevelopment plan and project therefor was approved, and
tax increment financing in relation thereto was approved.
E. Pursuant to Ordinance No. 6520, adopted July 7, 2020, the Village
approved a "Redevelopment Agreement For The JPMorgan Chase Bank
Development Comprising A Part Of The Prospect And Main TIF District Of
The Village Of Mount Prospect, Illinois", dated July 8, 2020 (the
"Redevelopment Agreement") with MIG of Mount Prospect, an Illinois
limited liability company (the "Owner") and JPMorgan Chase Bank, National
Association, a national banking association (the "Developer"), with said
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Redevelopment Agreement relating to the property generally located at the
Northwest corner of Main Street (Illinois Route 83) and Northwest Highway,
and the right-of-way of Evergreen Avenue, immediately East of Maple
Avenue.
F. The Village, the Owner and the Developer and pursuant to Ordinance 6564,
adopted November 4, 2020, authorized a First Amendment of the
Redevelopment Agreement.
The Village, the Owner and the Developer desire to amend certain
provisions of the Redevelopment Agreement to clarify the obligations of the
Village and the Developer should any legal or physical obstacles arise to
the Developer's construction of the project due to title issues pertaining to
real property that is the subject of pending litigation in the Circuit Court of
Cook County, Illinois.
G. That, attached hereto as Exhibit A and made part hereof, is a second
amendment to the Redevelopment Agreement, between the Owner, the
Developer and the Village, which sets forth the revisions necessary to
facilitate the changes referenced in subsection F. above (the "Second
Amendment"}.
H. That it is in the best interests of the Village to approve the second
amendment, so that redevelopment within the TIF District can continue.
SECTION 2: Based upon the foregoing, the Second Amendment is hereby
approved; the Mayor, Village Clerk and Village Manager, or their designees, be and are
hereby authorized and directed to execute the Second Amendment and perform the
Village's obligations thereunder; and the Mayor, Village Clerk and Village Manager, or
their designees, are further authorized and directed to execute and deliver such other
instruments, including the Second Amendment, as may be necessary or convenient to
consummate the Village's and the Developer's obligations as set forth in the
Redevelopment Agreement, as amended by the Second Amendment.
SECTION 3: This Ordinance shall be in full force and effect from and after its
passage, approval and publication in pamphlet form as provided by law,
ADOPTED this 16th day of March, 2021, pursuant to a roll call vote as
follows:
AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYS :None
ABSENT: None
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APPROVED this 16th day of March, 2021, by the Mayor of the Village of Mount
Prospect, and attested by the Village Clerk, on the same day.
Arlene A. r—acek, Mayor
APPROVED and FILED in my office this 17th day of March, 2021 and published in
pamphlet form in the Village of Mount Prospect, Cook County, Illinois.
ATTEST:
Karen Agoranos, V' age Clerk
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KAREN A. YARBROUGH
COOK COUNTY CLERK
DATE: 06/21/2021 10:22 AN PG: 1 OF 11
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ar-%,Unu AMtnIDMENT TO THE REDEVELOPMENT AGREEMENT
FOR THE JPMORGAN CHASE BANK DEVELOPMENT
COMPRISING A PART OF THE PROSPECT AND MAIN TIF DISTRICT
OF THE VILLAGE OF MOUNT PROSPECT ILLINOIS
This "Second Amendment To The Redevelopment Agreement For The JPMorgan
Chase Bank Development Comprising A Part Of The Prospect And Main TIF District Of
The Village Of Mount Prospect, Illinois" (the "Second Amendment") is made and entered
into as of the t� day of L-�q„r'cw.re , 2021 by and between the Village of Mount Prospect,
Illinois, an Illinois home rule municipal corporation (the "Village"), MIG of Mount Prospect,
LLC, an Illinois limited liability company (the "Owner"), and JPMorgan Chase Bank,
National Association, a national banking association (the "Developer"). The Village, the
Owner and the Developer are sometimes referred to herein individually as a "Party" and
collectively as the "Parties".
WITNESSETH:
WHEREAS, pursuant to Ordinance No. 6520, adopted July 7, 2020, the Village
approved a "Redevelopment Agreement For The JPMorgan Chase Bank Development
Comprising A Part Of The Prospect And Main TIF District Of The Village Of Mount
Prospect, Illinois", dated July 8, 2020 (the "Redevelopment Agreement") with MIG of
Mount Prospect, an Illinois limited liability company (the "Owner") and JPMorgan Chase
Bank, National Association, a national banking association (the "Developer"), with said
Redevelopment Agreement relating to the property generally located at the Northwest
corner of Main Street (Illinois Route 83) and Northwest Highway, and the right-of-way of
Evergreen Avenue, immediately East of Maple Avenue; and
WHEREAS, on November 4, 2020, and pursuant to Ordinance No. 6564, the
Village approved a "First Amendment to the Redevelopment Agreement for the JPMorgan
Chase Bank Development Comprising a Part of the Prospect and Main TIF District of the
Village of Mount Prospect, Illinois" (the Redevelopment Agreement, as amended by the
First Amendment, being hereinafter referred to as the "Amended Redevelopment
Agreement").
f
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WHEREAS, the Village, the Owner and the Developer desire to amend certain
provisions of the Amended Redevelopment Agreement to clarify the obligations of the
Village and the Developer should any legal or physical obstacles arise to the Developer's
construction of the project due to title issues pertaining to real property that is the subject
of pending litigation in the Circuit Court of Cook County, Illinois, and said amendments
are set forth herein; and
WHEREAS, in accordance with the Tax Increment Allocation Redevelopment Act,
65 ILCS 5/11-74.4-1 et seq., it is in the best interests of the Village, the Owner and the
Developer to enter into this Second Amendment;
NOW, THEREFORE, in consideration of the foregoing, other good and valuable
consideration, the receipt and sufficiency of which is acknowledged by the Parties hereto,
and the mutual covenants and agreements hereinafter contained, the Parties hereto
agree as follows:
1. The Recitals, as set forth above, are incorporated herein by reference.
2. That Section VLA (3), of the Amended Redevelopment Agreement is hereby
amended by adding the following:
Should any action due to the title issues, either legal or physical or resulting
from the pending litigation, Village of Mount Prospect v. Meyn, et al., No.
2019 CH 01762, (Circuit Court of Cook County, Chancery Division) arise
on or with respect to the Subject Property that directly impedes the
obligations of the Developer to complete any aspect of the Chase Project,
the Village shall not hold the Developer responsible for any delays or
obstruction caused by such action under the Amended Redevelopment
Agreement or any related documents approved by the Amended
Redevelopment Agreement, any related permits issued by the Village in
connection therewith or otherwise under the Village Code.
3. That Section XIII. C. of the Amended Redevelopment Agreement is hereby
amended by adding the following:
If any action above due to the title issues, either legal or physical or resulting
from the pending litigation, Village of Mount Prospect v. Meyn, et al., No.
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2019 CH 01762 (Circuit Court of Cook County, Chancery Division) makes
it impossible for the Developer to complete its portion of the work that is
being done on behalf of the Village within the time provided in the Amended
Redevelopment Agreement the Village agrees to extend any completion
deadline necessary to have the Developer complete that portion of the work
on behalf of the Village.
If any action above due to the title issues, either legal or physical or resulting
from the pending litigation, Village of Mount Prospect v. Meyn, et al., No.
2019 CH 01762 (Circuit Court of Cook County, Chancery Division) makes
it impossible for the Developer to complete its portion of any work that the
Developer is required to perform in connection with the Parking Lot Project
or the Detention Project, the Village agrees that the failure or inability of
Developer to perform such work shall not constitute a basis for the Village
to assert that the Bank Project remains uncompleted and not suitable for
occupancy and operation if the Bank Project has otherwise been
constructed in accordance with the requirements of the Amended
Redevelopment Agreement, the plans therefore to the extent approved by
the Village, permits issued therefor by the Village and to the extent
otherwise in compliance with the requirements of the Village Code.
4. That Section XV. B. of the Amended Redevelopment Agreement is hereby
amended by adding the following:
The Village shall indemnify the Developer from claims against the
Developer directly caused by any action described above during the
construction of the Chase Project.
5. That all portions of the Amended Redevelopment Agreement, not amended
hereby, shall remain in full force and effect.
6. This Second Amendment shall be executed simultaneously in three (3)
counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same Second Amendment.
7. The Parties agree to record this Second Amendment with the Cook County
Recorder's Office against title to the Development Parcel, as part of the closing in regard
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to the conveyance of the Village Parcel to the Owner pursuant hereto. The Village, the
Owner and the Developer shall equally share the cost of the recording charges. The
Owner's and the Developer's rights and obligations in this Second Amendment are
covenants running with title to the Development Parcel and successor owners of the
Development Parcel shall be and are bound by this Second Amendment to the same
extent as the Owner.
8. This Second Amendment shall be deemed dated and become effective on
the day on which this Second Amendment is executed by the last of the signatories, as
set forth below, with said date appearing on page 1 hereof.
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IN WITNESS WHEREOF, the Parties hereto have caused this Second Amendment to be
executed by their respective authorized representatives, as set forth below.
Village of Mount Prospect,
an Illinois home rule municipal corporation
aU4
Arlene Juracek, Mavof
Date: 3�/8v'z-1
MIG of Mount Prospect, LLC,
an Illinois limited liability company
By:
—Spiro Angelos, Manager
2 2 ,-Z
Date:
JPMorgan Chase Bank, National Association,
a national banking association
BY: ._.
Name: Ryan Repp
ecu a Director
Title:
Date: LI -IS' -.2 I
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ATTEST:
Date:
ATTEST:
By:
Nai
Title
,511 � 12-02-1
Date: v. IS:G I
ACKNOWLEDGMENT
State of Illinois )
) SS
County of Cook )
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 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 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 I � day of MA a r C -r 2021.
Notary Public
kow,kovVy
O=SF:ALhO7_.NOTARY PILLINOISAMY COMM04/13/22
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ACKNOWLEDGMENT
State of Illinois )
) SS
County of Cook )
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY that Spiro Angelos, personally known to me to be the Manager of
MIG of Mount Prospect, LLC, an Illinois limited liability company, 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 signed and delivered the said Agreement pursuant to authority given by the
operating agreement of MIG of Mount Prospect, LLC, as his 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 A9 day of ,
2021.
Notary Public
ELISSA DOLAND
Official Seal
Notary Public - State of Illinois
My Commission Expires Nov 4, 2024
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ACKNOWLEDGMENT
State of ltvvi b )
S
County of t,v WC
1, the undersigned, a Notary Public, in and for the County and State aforesaid,
DO HEREBY CERTIFY that 1 11 It , personally known to me or
proven to me to be the same
— —'Ilarson �name subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that s/he signed
and delivered said instrument as her/his voluntary act as the IS- Y -_&A .— 11
of JPMorgan Chase Bank, National Association, for the uses and purposes therein set
forth.
GIVEN under my hand and official seal, this da 1 2021
day
Notary Public
Lisa Ransom
Notary Public, State of Ohio
MY Commission Expires
January 8, 2026
Exhibit A
Legal Description
of the Village Parcel
Legal Description:
THAT PART OF LOT 1 IN KELJIK'S RESUBDIVISION IN MOUNT PROSPECT,
TOGETHER WITH THAT PART OF LOT 9 IN JOHN MEYN'S SUBDIVISION
RECORDED FEBRUARY 26, 1931, AS DOCUMENT 10851688, TOGETHER WITH
THAT PART OF LOT A IN CORPORATE SUBDIVISION NO. 9, ALL BEING IN THE
WEST HALF OF THE NORTHWEST QUARTER OF SECTION 12, TOWNSHIP 41
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ALL TAKEN AS
ONE TRACT AND DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT 1 IN KELJIK'S
RESUBDIVISION; THENCE SOUTH 89 DEGREES 05 MINUTES 29 SECONDS WEST
ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF 49.97 FEET TO THE
SOUTHWEST CORNER OF SAID LOT 1, SAID SOUTHWEST CORNER BEING ON
THE EAST LINE OF SAID LOT 9 IN JOHN MEYN'S SUBDIVISION; THENCE SOUTH
01 DEGREE 09 MINUTES 10 SECONDS EAST ALONG SAID EAST LINE, 61.19
FEET; THENCE SOUTH 88 DEGREES 50 MINUTES 50 SECONDS WEST, 6.71
FEET; THENCE NORTH 59 DEGREES 23 MINUTES 32 SECONDS WEST, 7.04
FEET; THENCE NORTH 01 DEGREE 09 MINUTES 10 SECONDS WEST, 106.08
FEET; THENCE NORTH 88 DEGREES 50 MINUTES 50 SECONDS EAST, 62.67
FEET TO THE EAST LINE OF SAID LOT 1 IN KELJIK'S RESUBDIVISION; THENCE
SOUTH 01 DEGREE 09 MINUTES 10 SECONDS EAST ALONG SAID EAST LINE,
48.80 FEET TO THE POINT OF BEGINNING; IN COOK COUNTY, ILLINOIS.
P.I.N.: Pt. 08-12-107-008, Pt. 08-12-107-018 and Pt. 08-12-107-021
Common Address: Part of 108-110 South Main Street,
Mount Prospect, Illinois 60056
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Exhibit B
Legal Description
of the Corner Feature Parcel
Legal Description:
THAT PART OF LOT 2 IN KELJIK'S RESUBDIVISION IN MT. PROSPECT, BEING A
RESUBDIVISION OF THE EAST 50 FEET OF BLOCK 16 (EXCEPT THE NORTH
59.29 FEET THEREOF) IN MT. PROSPECT, A SUBDIVISION IN THE NORTHWEST
1/4 OF SECTION 12, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT 2; THENCE NORTH 59
DEGREES 23 MINUTES 32 SECONDS WEST ALONG THE SOUTHERLY LINE OF
SAID LOT 2, A DISTANCE OF 58.77 FEET TO THE SOUTHWEST CORNER OF SAID
LOT 2; THENCE NORTH 01 DEGREE 09 MINUTES 10 SECONDS WEST ALONG
THE WEST LINE OF SAID LOT 2, A DISTANCE OF 10.04 FEET; THENCE NORTH 88
DEGREES 50 MINUTES 50 SECONDS EAST, 49.97 FEET TO THE EAST LINE OF
SAID LOT 2; THENCE SOUTH 01 DEGREE 09 MINUTES 10 SECONDS EAST
ALONG SAID EAST LINE, 40.97 FEET TO THE POINT OF BEGINNING; IN COOK
COUNTY, ILLINOIS.
P.I.N.: Pt. 08-12-107-019
Common Address: Northwest Corner of Main Street and Northwest Highway,
Mount Prospect, Illinois 60056
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Exhibit C
First Amendment to
the Redevelopment Agreement
(attached)
•
COOK COUNTY CLERK OFFICE
RECORDING DIVISION
118 N. CLARK ST. ROOM 120
CHICAGO, IL 60602-1387
COOK COUNTY CLERK OFFICE
RECORDING DIVISION
118 N. CLARK ST. ROOM 120
CHICAGO, IL 606021387
4550091