HomeMy WebLinkAbout6.4 A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT PUBLIC LIBRARY UNDER THE TERMS OF A GROUD LEASE AGREEMENTMr�GauC �'d'+rt;�iect
Item Cover Page
Subject• • •
MOUNT PROSPECT
TERMS OF A GROUD LEASE AGREEMENT I
Meeting January 4, 2022 - REGULAR MEETING OF THE MOUNT
PROSPECT VILLAGE BOARD -
Fiscal Impact
Dollar Amount 1.00
Budget Source
Category CONSENT AGENDA
Type Resolution
Information
In December 2002, the Village entered into a ground lease with the Mount
Prospect Public Library to facilitate the construction of a multi-level parking
structure now known as the Emerson Street Parking Deck. The parking structure
was built partially on Library property and partially on Village property. The
structure benefits both the Library and the Village as well as the downtown
business district. This resolution authorizes the payment to the Mount Prospect
Public Library the annual lease amount pursuant to the agreement and reports on
compliance for both the Village and Library with all material terms of the lease.
The annual lease payment is $1.00.
Alternatives
1. Pass a resolution authorizing the annual lease payment of $1.00 to the Mount
Prospect Public Library for property used for the Municipal Parking Garage
(Emerson Street Parking Deck).
2. Action at discretion of Village Board.
Staff Recommendation
The Village Board pass the accompanying Resolution authorizing the annual lease
payment to the Mount Prospect Public Library.
1
ATTACHMENTS:
Lease pymt, Library & VOMP,parking2022.pdf
RESOLUTION NO.
A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT PUBLIC LIBRARY
UNDER THE TERMS OF A GROUND LEASE AGREEMENT
WHEREAS, on November 6, 2002, the Village of Mount Prospect ("the Village") and the Mount
Prospect Public Library ("the Library") entered into a Ground Lease Agreement (the "Lease")
providing, among other things, for the Village to lease certain property ("Property") from the Library;
and
WHEREAS, the Village has caused its attorney and staff to review the terms of the Lease and the
current status of the Property and its usage; and
WHEREAS, the attorney and staff have reported that both the Village and the Library are in
substantial compliance with all material terms of the Lease; and
WHEREAS, the Mayor and Board of Trustees have determined that it is in the best interests of the
Village and its residents to assure that there is continued compliance with the Lease.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the parties are in substantial compliance with all material terms of the Lease.
SECTION TWO: That the Mayor and Board of Trustees authorize the Village Director of Finance to
pay the Library such sums as are due pursuant to the Lease.
SECTION THREE: That this Resolution shall be in full force and effect from and after its passage
and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this 4t" day of January, 2022
Paul Wm. Hoefert
Mayor
ATTEST:
Karen M. Agoranos
Village Clerk
3