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Home My WebLink About8.2 1st reading of an ORDINANCE GRANTING APPROVAL OF THE FINAL PLAT OF RESUBDIVISION FOR THE RANDHURST CENTER RESUBDIVISION NO. 2.t�.f)AAI1C 1�d'+rn�iect Item Cover Page Subject- ..' ORDINANCE RESUBDIVISION FO.> RANDHURST CENTER RESUBDIVISION Meeting June 1, 2021 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - Fiscal Impact false Dollar Amount Budget Source Category NEW BUSINESS Type Action Item The owners of Randhurst Village, DLC Management, are requesting approval from the Village to subdivide their property into multiple lots. They are requesting the subdivision so that they can sell a limited number of out lots around the perimeter of the property in order to raise capital to fund further improvements to the center and to attract new tenants. Randhurst Village was approved as a Planned Unit Development (PUD) in 2008 which authorized the demolition of the former enclosed mall and the construction of the existing Main Street development. The approving PUD ordinance grants the Village Board the authority to approve changes to the PUD without going through the full amendment process so long as the requested changes "did not change the numerical values (square footage, building height, etc.) set forth in the text of the Ordinance and which do not have a substantial, direct impact on adjacent properties." The current request meets those standards. As the language in the PUD ordinance indicates, the Village Board has the authority to approve these changes and no hearing to the Planning and Zoning Commission is required. The petitioner is making this request, in part due to the current retail environment, particularly for large regional shopping centers such as Randhurst Village that is extremely 1 challenging. The market has been shifting and evolving for many years, forcing mall owners and tenants to rethink their business strategies. The pandemic has simply accelerated that evolution and made it even more incumbent on stakeholders to respond to this changing environment. Every shopping mall owner has to focus on maintaining the viability of these very important community assets and ensuring that they remain productive, in terms of taxes, jobs and meeting resident retail and service needs, for the areas in which they are located. In order to reach these goals, capital is needed. For example, building and site improvements, signage and other elements may be needed to maintain a fresh and attractive appearance. Renovation of a large, department store oriented space, such as the Carson's building, into new and viable retail space is a very costly undertaking. Finally, mall owners want to be in a competitive position to offer attractive financing and tenant improvement options. The petitioner is a well -capitalized company but, like all other companies, its capital is not unlimited. Those who manage the shopping center here must compete with other company capital demands. The opportunity to sell one or more outparcels provides the petitioner with a creative vehicle to raise capital outside of the normal processes. That new capital can then be reinvested in the property. This reinvestment of course benefits the petitioner because it allows for attraction and retention of tenants. The effort also benefits the Village, at no cost to taxpayers, by repositioning and updating the shopping center to ensure it meets market demands for the next decade and beyond. The petitioner has stated that the likelihood of the sale of all 15 lots, particularly all at once, is low. The petitioner's knowledge of the market leads it to believe that there will be strong demand for five to seven lots. Demand for the balance of lots will vary. Notwithstanding that some lots may not appear to be strong contenders for disposition at this time, the petitioner wants to be able to quickly take advantage of opportunities that may arise. At the same time, the petitioner only wants to undertake this process once which saves time, expenses and resources for the Village and the petitioner. The petitioner and the Village have the same goal (i.e., for the property to continue to function as a single unit). The Randhurst Village shopping center is governed by a recorded Declaration of Covenants, Restrictions and Reciprocal Easements Agreement. This document is an exhibit to all leases, loan agreements and prescribes all easement rights over and upon portions of the center devoted to common use and to prevent the use of the center for purposes that would be inconsistent with the ownership and operations of a first- class retail shopping center. The petitioner has prepared an amended declaration which ensures the orderly and harmonious function of properties that when under different ownership. For example, the declaration, among other things, identifies the parking lots as common areas for use by all property owners, their tenants and tenant customers. 2 Stormwater detention and facilities will similarly be treated as common elements. In addition, the declaration ensures that the internal road circulation system cannot be changed without the consent of the petitioner. By doing so, the petitioner ensures that traffic and pedestrian circulation cannot be altered without thoughtful consideration as to the impacts on the rest of the shopping center. Finally, and perhaps most importantly, the declaration memorializes the treatment of core shopping center functions such as maintenance, upkeep and repair of common spaces. In short, the functions will continue as they do today (i.e., the petitioner will coordinate and execute all of these functions and then bill a pro -rata share to each property owner). Continuation of this regime provides for uniformity in up keep of the shopping center (both quality and frequency), avoids disputes between and among property owners and service providers as to maintenance responsibilities and ensures an efficient deployment of resources by having single service providers. All conditions that were approved as part of the original PUD will still apply to every proposed lot regardless of the ownership of the parcel. Staff and the Village Attorney has reviewed the proposed subdivision with our attorneys to ensure that the integrity of the PUD is maintained moving forward. Staff therefore recommends that the Village Board approve the requested subdivision request. Alternatives 1. Adopt the ordinance granting approval of the final plat of subdivision for the Randhurst Center Resubdivision No. 2. 2. Discretion of the Village Board. Staff Recommendation Staff recommends that the Village Board adopt the ordinance granting approval of the final plat of subdivision for the Randhurst Center Resubdivision No. 2. 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Un - 111 O Am� -A E -a' I P I LU (Lnu LLJ cc LU M, LU NE' "4m N.- ---- c - woo ----------- N -- % ------ ----------- - - ----- -------- ----- - ------- -- - ------------- Ma, Village of Mount Prospect Community Development Department 50 S. Emerson Street Mount Prospect, Illinois 60056 Phone: (847) 818-5328 Plat Application 1 Subject Prnperiy Address(es) 1 Randhurst Village Drive property Area (Sq.Ft./ Acres): 96.88 acres Parcel Index Number(s) (PIN(s): See attached Exhibit A. Type(s): 0 Subdivision/Resubdivision ❑ Consolidation ❑ Dedication ❑ Vacation ❑ Easement ❑ Annexation ❑ Condominium ❑ Other: Title(s): Summary of Plat(s) and any Variation/Code Exception(s) requested: Applicant is seeking to subdivide the property commonly known as the Randhurst Village Shopping Center. Name/Corporation: RREE Ill -P Randhurst Village, LLC Interest in Property: Fee title Address: c/o DLC Management Corp., 565 Taxter Rd., Elmsford, NY 10523 Phone: (914) 304-5645 _ Email: rallardyce@dlcmgmt,com In consideration of the information contained in this petition and all supporting documentation, it is requested that approval be given to this request. The applicant is the owner or authorized representative of the owner of the subject property. The petitioner and the owner of the property grant employees of the Village of Mount Prospect and their agent's permission to enter on the property during reasonable hours for visual inspection of the subject property. Applicant hereby affirms that all information provided herein and in all materials submitted in association with this application are true and accurate. Applicant Signature: Date: Affidavit of Ownership COUNTY OF STATE OF I, Adam Ifshin , under oath, state that I am (print name) ❑ the sole owner of the property ❑ an owner of the property x❑ an authorized officer for the owner of the property commonly described as 1 Randhurst Village Drive (property address and PIN) See attached Exhibit A. and that such property is owned by RREF III -P Randhurst Village, LLC as of this date. (print name) Subscribed and sworn to before me this ) day of jT za=. Notary Public REBECCA B ALLARDYCE NOTARY PUBLIC -STATE OF NEW YORK No.01AL6369835 Qualified In W09trihe9ter County My Commission Explfg§ 064h4021 2 RREF III -P Randhurst Village, LLC, a Delaware limited liability company Signature Adam Ifshin President D] ORDINANCE NUMBER AN ORDINANCE GRANTING APPROVAL OF THE FINAL PLAT OF RESUBDIVISION FOR THE RANDHURST CENTER RESUBDIVISION NO. 2 WHEREAS, the Village of Mount Prospect ("Village") is a home rule unit of local government pursuant to Section 6 of Article VII of the Constitution of the State of Illinois, and has the authority to exercise any power and perform any function pertaining to its government and affairs; and WHEREAS, RREF III -P Randhurst Village, LLC, a Delaware limited liability company ("Owner") is the owner of the Randhurst Village Shopping Center at 999 North Elmhurst Road, Mount Prospect, Illinois (Property"); and WHEREAS, the Owner has filed with the Village a request for approval of the final plat of resubdivision for the Property attached hereto as Exhibit A and made a part hereof; and WHEREAS, the original ordinance granting a conditional use permit for a Planned Unit Development for the Property (Ordinance No. 5705) (the "PUD Ordinance") provides that the Village Board may approve, without referral to the Village Planning & Zoning Commission, changes which do not change the numerical values set forth in the text of the Ordinance and which do not have a substantial, direct impact on adjacent properties, and thereby provides the Village Board with authority to approve the final plat of resubdivision for the Property; and WHEREAS, the President and Board of Trustees of the Village find that the plat of resubdivision meets the requirements of the Village of Mount Prospect Village Code, subject to the requirements of the PUD Ordinance and the Declaration of Covenants, Restrictions and Reciprocal Easements executed by the Owner, and best serves the best interest of the Village. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS: SECTION ONE: Incorporation. The recitals set forth above are incorporated in this Section One, as if restated herein. SECTION TWO: Conditions of Approval. A. Approval of the plat of resubdivision is conditioned on the requirements of the PUD Ordinance. 472598_1 10 B. Approval of the plat of resubdivision is conditioned on the Declaration of Covenants, Restrictions and Reciprocal Easements ("Declaration") being executed by the Owner. C. The Owner shall obtain all necessary signatures on the plat of resubdivision prior to its being recorded per Section 3, below. SECTION THREE: Recording. A. The Village Clerk is hereby authorized and directed to record a certified copy of this Ordinance with the Recorder of Deeds of Cook County. B. The Owner shall record a certified copy of the plat of resubdivision against title to the Property at the Owner's sole expense with the Recorder of Deeds of Cook County. C. The Owner shall not be required to record the Declaration until the date that is on or before the first sale of a lot created by the resubdivision. The Village shall have the authority, at its sole discretion, to withhold real estate transfer stamps related to the first sale of a lot until the Owner provides to the Village evidence of the recordation of the Declaration. SECTION FOUR: Severability. If any Section or paragraph of this Ordinance is held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such Section or paragraph shall not affect any of the remaining provisions of this Ordinance. SECTION FIVE: Effect. This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this 1 st day of June, 2021. ATTEST: Karen Agoranos, Village Clerk 472598_1