HomeMy WebLinkAbout8.1 1st reading of AN ORDINANCE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS APPROVING THE SOUTH MOUNT PROSPECT TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PROJECT AREA REDEVELOPMENT PLAN AND PROJECTMr�GauC �'d'+rt;�iect
Subject Ist reading of ! OF .,
OF MOUNT PROSPECT,, COOK COUNTY,, ILLINOI
APPROVING
REDEVELOPMENTINCREMENT FINANCING DISTRICT
,
REDEVELOPMENT
Meeting
Fiscal Impact
Dollar Amount
Budget Source
Category
Type
Information
ITITNT71
May 3, 2022 - REGULAR MEETING OF THE MOUNT PROSPECT
VILLAGE BOARD -
NEW BUSINESS
Ordinance
The Village of Mount Prospect (the "Village") is considering adopting three
ordinances that would establish the South Mount Prospect tax increment financing
("TIF") district to serve as an economic development tool and promote the
revitalization of land in the southern portion of the Village.
The three ordinances for consideration include the following:
1. Ordinance of the Village of Mount Prospect, Cook County, Illinois Approving
the South Mount Prospect Tax Increment Financing District Redevelopment
Project Area Redevelopment Plan and Project;
2. Ordinance of the Village of Mount Prospect, Cook County, Illinois Designating
the South Mount Prospect Tax Increment Financing District Redevelopment
Project Area;
3. Ordinance of the Village of Mount Prospect, Cook County, Illinois Adopting
Tax Increment Financing for the South Mount Prospect Tax Increment
1
Financing District.
The Village engaged SB Friedman Development Advisors ("SB Friedman") in
October 2021 to conduct a Redevelopment Project Area feasibility study and
prepare a Redevelopment Plan and Project (the "Redevelopment Plan"). This
document serves as the Eligibility Report and Redevelopment Plan (together, the
"Report") for the proposed South Mount Prospect Redevelopment Project Area
("South Mount Prospect RPA" or the "'RPA").
This report was completed and posted publicly on the Village website and available
via the Village Clerk's office since Friday, February 18, 2022. The webpage also
included an interested party's registration form.
At the March 1, 2022 Village Board meeting, the Village Board adopted an
Ordinance which established the Public Hearing date of April 19, 2022, as well as a
date for the meeting of the Joint Review Board (JRB), which was held on March
22, 2022.
On March 8, 2022, the Village Board held a discussion on the South Mount
Prospect Redevelopment Project Area Tax Increment Financing District Eligibility
Report and Redevelopment Plan and Project during the Committee of the Whole
meeting. Presentation was given by SB Freidman and Bill Cooney, Director of
Community Development.
The meeting of the Joint Review Board (JRB) was held on March 22, 2022. The
JRB consists of representatives of all the taxing bodies which fall within the
proposed TIF district area. At this meeting, the JRB voted to appoint a public
member of the JRB (as required by state statute), heard an overview of their
statutory duties as a board, as well as an overview of the proposed
Redevelopment Project Area and the associated TIF Redevelopment Plan and
Project report. At the March 22, 2022 JRB Meeting, the Joint Review Board voted
unanimously (7-0), to recommend to the Mount Prospect Village Board that the
South Mount Prospect Tax Increment Financing District be created.
On April 19, 2022, the Village Board held a public hearing to provide the public
with information regarding the proposed establishment of the TIF district and to
address any concerns/issues raised by the public. After a robust discussion, the
Village Board concluded the hearing by indicating that they would be considering
the adoption of the necessary ordinances to establish the TIF at their May 3, 2022
2
meeting.
Additional background and access to related documents are also available on the
TIF portal,
mountprospect.org/SouthMPTIF.
Section 2 of the Report, the Eligibility Report, details the eligibility factors found
within the proposed RPA in support of its designation as a "conservation area" for
improved land, within the definitions set forth in the Illinois Tax Increment
Allocation Redevelopment Act, 65 ILCS 5/11-74.4--1 et seq., as amended (the
"Act"'). Section 3 of this Report, the Redevelopment Plan, outlines the
comprehensive program to revitalize the proposed RPA, as required by the Act.
The proposed South Mount Prospect RPA is located within the Village in Cook
County. The proposed South Mount Prospect RPA consists of approximately 129
tax parcels (127 improved parcels and 2 right-of-way parcels) and 81 primary
structures. It comprises approximately 505 acres of land, including 462 improved
acres, and approximately 43 acres of right-of-way. The parcels included in the
proposed RPA are roughly bounded by Kopp Park, Busse Road, Oakton Street, and
Elmhurst Road as illustrated in Map 2. Based upon SB Friedman's research, the
proposed RPA currently consists primarily of a mix of industrial, commercial,
residential, public institutional, and park/open space, as shown in Map 3. In
instances where there was common ownership, parcels that are primarily used for
parking were assigned the land use of the parcel that the parking serviced.
SB Friedman has found that the proposed RPA qualifies as a "conservation area"
with 74% of the primary structures within the proposed RPA at least 35 years of
age or older, and four (4) of the thirteen (13) eligibility factors were found to be
present to a meaningful extent and reasonably distributed within the proposed
RPA. These conditions hinder the potential to redevelop the proposed RPA and
capitalize on its unique attributes. The proposed RPA will benefit from a strategy
that addresses the aged buildings, deterioration, presence of structures below
minimum code, inadequate utilities, and lack of community planning to facilitate
the overall improvement of its physical condition.
The overall goal of the Redevelopment Plan and Project is to reduce or eliminate
conditions that qualify the proposed RPA as a ""conservation area" and to provide
the direction and mechanisms necessary to redevelop the proposed RPA as a
vibrant industrial mixed-use district. Redevelopment of the proposed RPA is
intended to revitalize the area, strengthen the economic base, and enhance the
KI
Village's overall quality of life.
Notification:
In addition to the aforementioned meetings and postings, the Village sent certified
mail notices to all property owners in the proposed TIF area and regular mail
notices to property owners within 750' of the TIF area to ensure that they were
made aware of the April 19th public hearing. In addition, copies of the
Redevelopment Plan have been available for viewing in the Village Clerk's office
since February 18th.
Alternatives
1. Adopt the three ordinances establishing the South Mount Prospect TIF
district.
2. Discretion of the Village Board
Staff recommends that the Village Board adopt the three ordinances (items 8.1,
8.2 and 8.3) establishing the TIF district.
ATTACHMENTS:
Approve South MP TIF Ordiance with exhibits 1.pdf
exhibit B REVISED_FINAL_Mt Prospect South RPA TIF Plan_4-28-22.pdf
4
ORDINANCE NO. _
AN ORDINANCE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS APPROVING THE SOUTH MOUNT PROSPECT TAX INCREMENT
FINANCING DISTRICT REDEVELOPMENT
PROJECT AREA REDEVELOPMENT PLAN AND PROJECT
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, subject to said Section, a home rule unit may exercise any power and
perform and function pertaining to its government and affairs for the protection of the
public health, safety, morals and welfare; and
WHEREAS, the Village President and Board of Trustees desire to implement tax
increment financing pursuant to the Tax Increment Allocation Redevelopment Act, 65
ILCS 5/11-74.4-1, et seq. ("TIF Act") for the Village's South Mount Prospect Tax
Increment Financing District ("TIF District") redevelopment plan and project, and
designate the tax increment redevelopment project area relative to the TIF District; and
WHEREAS, on February 18, 2022, the Village announced the availability of the
redevelopment plan and project for the proposed TIF District ("TIF Plan"), with said TIF
Plan containing an eligibility report for the proposed TIF District ("Eligibility Report")
addressing the tax increment financing eligibility of the area proposed for the
redevelopment project area ("Redevelopment Project Area"); and
WHEREAS, a public hearing was held on April 19, 2022, regarding the TIF Plan;
and
WHEREAS, the Village President and Board of Trustees desire to implement tax
increment financing pursuant to the TIF Act for the TIF Plan within the municipal
boundaries of the Village and within the Redevelopment Project Area described and
depicted in EXHIBIT A-1 and EXHIBIT A-2, both being attached hereto and made part
hereof; and
WHEREAS, the Village has complied with the specific notice, Joint Review Board
meeting and public hearing requirements provided for in the TIF Act as a prerequisite to
approving the TIF Plan in relation to the TIF District, in that the Village has taken the
following actions:
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5
ACTION
DATE TAKEN
1.
Approved, by Motion, the preparation of
October 5,2021
the Eligibility Report and TIF Plan
2.
Announced the availability of the Eligibility Report
February 18, 2022
and the TIF Plan on the Village's website and the
Village's social media
3.
Approved an Ordinance calling for a Joint Review Board
March 1, 2022
meeting and a Public Hearing relative to the proposed
approval of the Redevelopment Project Area and the TIF
Plan in relation thereto
4.
Mailed a copy of the Eligibility Report and the TIF Plan,
March 3, 2022
a notice of the Joint Review Board meeting and the
Public Hearing, and the Ordinance setting the date of
the Joint Review Board meeting and the Public Hearing,
to all taxing districts and the Illinois Department of
Commerce and Economic Opportunity (by certified mail,
return receipt requested
5.
Mailed notices relative to the availability of the Eligibility
March 3, 2022
Report and TIF Plan to all residential addresses within
750 feet of the boundaries of the Redevelopment Project
Area, to all parties who were registered on the Village's
TIF Interested Parties Registry b First Class U.S. Mail
6.
Presented and discussed the TIF Plan at a Village
March 8, 2022
President and Board of Trustees' Committee of the
Whole meeting
7.
Published the TIF Interested Parties Registry notice in
March 14, 2022
the newspaper
8.
Held the Joint Review Board meeting
March 22, 2022
9.
Published notice of the Public Hearing in the newspaper
April 1 and 8, 2022
twice
10.
Mailed notices of the Public Hearing to each taxpayer of
April 1, 2022
record (by certified mail, return receipt requested) within
the Redevelopment Project Area and to each person on
the Village's TIF Interested Parties Registry (by First
Class U.S. Mail
11.
Held a Public Hearing
Aril 19, 2022
; and
WHEREAS, on March 22, 2022, the Joint Review Board, relative to the TIF District,
recommended the approval of the Redevelopment Project Area and approval of the TIF
Plan in relation thereto; and
WHEREAS, pursuant to the TIF Act, the Village has waited at least fourteen (14)
days, but not more than ninety (90) days, from the Public Hearing date to take action on
this Ordinance approving the TIF Plan; and
518040_1
2
6
WHEREAS, the TIF Plan sets forth the conditions in the Redevelopment Project
Area qualifying the Redevelopment Project Area as a "conservation area," and the Village
President and Board of Trustees have reviewed testimony concerning said conditions
presented at the Public Hearing and are generally informed of the conditions causing the
Redevelopment Project Area to qualify as an "conservation area," as said term is defined
in Section 11-74.4-3 of the TIF Act, 65 ILCS 5/11-74.4-3; and
WHEREAS, the Village President and Board of Trustees have reviewed the
conditions pertaining to the lack of private investment in the Redevelopment Project Area
to determine whether private development would take place in the Redevelopment
Project Area as a whole without the adoption of the TIF Plan; and
WHEREAS, it is the intent of the Village President and Board of Trustees to utilize
the tax increment from all sources authorized by law, with such revenues to be exclusively
utilized for the development of the TIF Plan within the Redevelopment Project Area,
except as provided in 65 ILCS 5/11-74.4-4(q), as incorporated into the TIF Plan budget
of estimated redevelopment project costs; and
WHEREAS, the Redevelopment Project Area would not reasonably be
redeveloped without the use of such incremental revenues; and
WHEREAS, the Village President and Board of Trustees have reviewed the
conditions pertaining to real property in the Redevelopment Project Area to determine
whether contiguous parcels of real property and improvements thereon in the
Redevelopment Project Area would be substantially benefited by the TIF Plan
improvements;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS, AS FOLLOWS:
SECTION 1: Incorporation. That the recitals above shall be and are hereby
incorporated in this Section 1 as if restated herein.
SECTION 2: Findings. That the Village President and Board of Trustees hereby
make the following findings:
A. The area constituting the Redevelopment Project Area is described and
depicted as set forth in the attached EXHIBIT A-1 and EXHIBIT A-2;
B. There exist conditions which cause the area proposed to be designated as
the Redevelopment Project Area to be classified as a "conservation area," as such term
is defined in Section 11-74.4-3 of the TIF Act, 65 ILCS 5/11-74.4-3;
C. The Redevelopment Project Area on the whole has not been subject to
growth and redevelopment through investment by private enterprise and would not be
518040_1 3
7
reasonably anticipated to be redeveloped without the adoption of the TIF Plan;
D. The Redevelopment Project Area would not reasonably be redeveloped
without the tax increment derived from real property tax incremental revenues, and the
increment from such revenues will be exclusively utilized for the redevelopment as
outlined in the TIF Plan within the Redevelopment Project Area, except as provided in 65
ILCS 5/11-74.4-4(q), as incorporated into the TIF Plan budget of estimated
redevelopment project costs;
E. The TIF Plan conforms to the Village's Comprehensive Plan for the
development of the Village as a whole;
F. The parcels of real property in the Redevelopment Project Area are
contiguous and only those contiguous parcels of real property and improvements thereon
which will be substantially benefited by the TIF Plan are included in the Redevelopment
Project Area;
G. The estimated date for final completion of the TIF Plan is December 31 st of
the year in which the payment to the Village Treasurer is made with respect to ad valorem
taxes levied in the twenty-third (23rd) calendar year after the year in which the ordinance
approving the Redevelopment Project Area is adopted, which, as to the TIF District, is
December 31, 2046; and
H. The estimated date for retirement of obligations incurred to finance TIF Plan
costs is not later than December 31st of the year in which the payment to the Village
Treasurer is made with respect to ad valorem taxes levied in the twenty-third (23rd)
calendar year after the year in which the ordinance approving the Redevelopment Project
Area is adopted, which, as to the TIF District, is December 31, 2046.
SECTION 3: TIF Plan Approval. That the TIF Plan attached hereto as EXHIBIT
B and made a part hereof is hereby adopted and approved.
SECTION 4: Severability. That if any Section, paragraph or provision of this
Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such Section, paragraph or provision shall not affect any of the
remaining provisions of this Ordinance.
SECTION 5: Repeal. That all ordinances, resolutions, motions or parts thereof in
conflict with this Ordinance shall be and the same are hereby repealed.
SECTION 6: Effect. That this Ordinance shall be in full force and effect upon its
adoption, approval and publication in pamphlet form as provided by law.
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[THIS SPACE INTENTIONALLY LEFT BLANK]
0
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ADOPTED this 3rd day of May, 2022 pursuant to a roll call vote as follows:
AYES:
NAYES:
ABSENT:
APPROVED by me this 3rd day of May, 2022.
Village President
ATTEST:
Village Clerk
Published in pamphlet form this 3rd day of May, 2022 under the authority of the Village
President and Board of Trustees.
Recorded in the Village records on May 3, 2022.
518040_1
5
0
EXHIBIT A-1
REDEVELOPMENT PROJECT AREA LEGAL DESCRIPTION
THOSE PARTS OF SECTIONS 14, 22, 23 AND 26, ALL IN TOWNSHIP 41 NORTH,
RANGE 8 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS,
DESCRIBED AS FOLLOWS;
BEGINNING AT THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF
SAID SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID
NORTHEAST QUARTER TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF
DEMPSTER STREET; THENCE WESTERLY ALONG SAID EXTENSION AND SAID
SOUTH LINE TO THE EAST LINE OF THE WEST 479.60 FEET OF THE NORTH HALF
OF THE NORTHEAST QUARTER OF SAID NORTHEAST QUARTER OF SECTION 23;
THENCE SOUTH ALONG SAID EAST LINE TO THE NORTH LINE OF LOT 2 IN LAKE
CENTER, PLAZA RESUBDIVISION PER DOCUMENT NUMBER 0819145106; THENCE
EASTERLY ALONG SAID NORTH LINE TO THE NORTHEAST CORNER OF SAID LOT
2; THENCE SOUTHERLY THE FOLLOWING (4) COURSES ALONG THE EASTERLY
LINE OF SAID LOT 2; (1) THENCE SOUTH 270.28 FEET TO A BEND POINT; (2)
THENCE WESTERLY 20.07 FEET TO A BEND POINT; (3) THENCE SOUTH 397.41
FEET TO A POINT OF CURVATURE; (4) THENCE SOUTHERLY ALONG A CURVE
CONCAVE WESTERLY HAVING A RADIUS OF 466.07 FEET, AN ARC LENGTH OF
71.51 FEET TO THE SOUTHEAST CORNER OF SAID LOT 2; THENCE WESTERLY
ALONG THE SOUTH LINE OF SAID LOT 2, A DISTANCE OF 422.28 FEET TO THE
NORTHWEST CORNER OF LOT 1 IN SAID LAKE CENTER, PLAZA RESUBDIVISION;
THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF 980.71
FEET TO THE NORTHWEST CORNER OF LOT 1 IN LAKE CENTER PLAZA
RESUBDIVISION NO.2 PER DOCUMENT NUMBER 91321871; THENCE SOUTHERLY
ALONG THE WESTERLY LINE OF SAID LOT 1, A DISTANCE OF 187.19 FEET TO THE
NORTH LINE OF ALGONQUIN ROAD; THENCE SOUTHWESTERLY TO THE
NORTHEAST CORNER OF THE WEST HALF OF THE SOUTHEAST QUARTER OF
SAID SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID WEST
HALF 289.0 FEET TO THE EASTERLY EXTENSION OF THE NORTH LINE OF LOT 15
IN ELMHURST-ALGONQUIN INDUSTRIAL PARK -UNIT NO. 8 SUBDIVISION PER
DOCUMENT NUMBER 20409121; THENCE WESTERLY ALONG SAID EASTERLY
EXTENSION AND NORTH LINE OF SAID LOT 15, A DISTANCE OF 341.54 FEET TO
THE NORTHWEST CORNER OF SAID LOT 15; THENCE SOUTHERLY ALONG THE
WEST LINE OF SAID ELMHURST-ALGONQUIN INDUSTRIAL PARK -UNIT NO. 8
SUBDIVISION 539.36 FEET TO THE NORTH LINE OF THE SOUTH 1175.0 FEET OF
THE NORTH THREE-QUARTERS OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SAID SECTION 23; THENCE EAST ALONG SAID NORTH LINE 4.0
FEET TO THE NORTHWEST CORNER OF DENNES RESUBDIVISION PER
DOCUMENT NUMBER 25198789; THENCE SOUTHERLY ALONG THE WEST LINE OF
SAID DENNES RESUBDIVISION 1110.85 FEET TO THE SOUTHWEST CORNER OF
LOT 2 IN SAID DENNES SUBDIVISION; THEN EASTERLY ALONG THE SOUTH LINE
518040_1 6
10
OF SAID LOT 2, A DISTANCE OF 339.52 FEET TO SAID EAST LINE OF THE WEST
HALF OF THE SOUTHEAST QUARTER; THENCE SOUTHERLY ALONG SAID EAST
LINE OF THE WEST HALF TO THE SOUTH LINE OF OAKTON STREET; THENCE
WESTERLY ALONG SAID SOUTH LINE OF OAKTON STREET TO THE SOUTHERLY
EXTENSION OF THE EAST LINE OF LOT 2 IN GARLAND C. RICHARDSON'S
SUBDIVISION PER DOCUMENT NUMBER 16662336; THENCE NORTHERLY ALONG
SAID EXTENSION AND SAID EAST LINE OF LOT 2 TO THE NORTHEAST CORNER
OF SAID LOT 2; THENCE WESTERLY ALONG THE NORTH LINE OF SAID LOT 2 TO
THE EASTERLY LINE OF SAID 1-90 TOLL ROAD; THENCE NORTHWESTERLY
ALONG SAID EASTERLY LINE TO THE SOUTH LINE OF ABACUS CONSOLIDATION
OF LOTS 3 AND 4 PER DOCUMENT NUMBER 08009531; THENCE EASTERLY
ALONG SAID SOUTH LINE AND THE SOUTH LINE OF BUSSE ROAD INDUSTRIAL
PARK SUBDIVISION PER DOCUMENT 904723385 TO THE WEST LINE OF BUSSE
ROAD; THENCE NORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD TO THE
WESTERLY EXTENSION OF THE NORTH LINE OF LOT 1 IN PLAZA UNITED
RESUBDIVISION OF LOT 1 PER DOCUMENT NUMBER 96489523; THENCE THE
FOLLOWING (3) COURSES ALONG SAID EXTENSION AND NORTH LINE; (1)
THENCE EAST ALONG SAID EXTENSION AND NORTH LINE TO A BEND POINT; (2)
THENCE SOUTHEASTERLY 116.13 FEET TO A BEND POINT; (3) THENCE
SOUTHEASTERLY 353.13 FEET TO THE MOST SOUTHERLY CORNER OF LOT 2 IN
SAID PLAZA UNITED RESUBDIVISION; THENCE THE FOLLOWING (4) COURSES
ALONG THE EASTERLY LINE OF SAID LOT 2; (1) THENCE NORTHEASTERLY 52.09
FEET; (2) THENCE NORTH 170 FEET; (3) THENCE EASTERLY 39 FEET; (4) THENCE
NORTH 250.43 FEET TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE
NORTHERLY ALONG THE NORTHERLY EXTENSION OF SAID EASTERLY LINE OF
LOT 2 TO THE NORTH LINE OF DEMPSTER STREET; THENCE EASTERLY ALONG
SAID NORTH LINE OF DEMPSTER STREET TO THE NORTHERLY EXTENSION OF
THE EAST LINE OF LOT 1 IN BRIARWOOD BUSINESS CENTER SUBDIVISION PER
DOCUMENT NUMBER 0627931120; THENCE SOUTHERLY ALONG SAID
NORTHERLY EXTENSION AND SAID EAST LINE OF LOT 1 TO THE SOUTH LINE OF
LOT 2 IN LINNEMAN'S DIVISION PER DOCUMENT NUMBER 15716544; THENCE
EASTERLY ALONG SAID SOUTH LINE OF LOT 2 TO THE EAST LINE OF THE WEST
HALF OF THE NORTHEAST QUARTER OF SAID SECTION 23; THENCE NORTHERLY
ALONG SAID EAST LINE TO THE SOUTHEAST CORNER OF THE WEST HALF OF
THE SOUTHEAST QUARTER OF SAID SECTION 14; THENCE NORTHERLY ALONG
THE EAST LINE OF SAID WEST HALF OF THE SOUTHEAST QUARTER OF SECTION
14 TO THE NORTHEAST CORNER OF PICKWICK COMMONS SUBDIVISION PER
DOCUMENT NUMBER 20563555; THENCE WESTERLY ALONG THE NORTH LINE
OF SAID PICKWICK COMMON SUBDIVISION AND THE NORTH LINE OF LOT 1 IN
SAID LINNEMAN'S DIVISION TO THE WEST LINE OF SAID WEST HALF OF THE
SOUTHEAST QUARTER SECTION 14; THENCE NORTH ALONG SAID WEST LINE
TO THE SOUTHERLY LINE OF THE COMMONWEALTH EDISON'S RIGHT-OF-WAY;
THENCE NORTHEASTERLY ALONG SAID SOUTHERLY LINE TO A BEND POINT;
THENCE CONTINUING EAST ALONG SAID SOUTHERLY LINE TO THE EAST LINE
OF SAID SOUTHEAST QUARTER OF SECTION 14; THENCE SOUTHERLY ALONG
SAID EAST LINE TO THE PLACE OF BEGINNING.
518040_1 7
11
General Location: the TIF District includes properties and rights of way in the Village of
Mount Prospect generally bounded by Kopp Park to the north, Busse Road to the west,
Oakton Street to the south, and Elmhurst Road to the east north of Dempster Street, with
the eastern boundary of the TIF District being west of Elmhurst Road south of Dempster
Street.
Property Index Numbers ("PINs"):
0823100018
0823202017
0823202041
0823101063
0823200051
0823202022
0823400004
0823201007
0823101014
0823202023
0823400008
0823201018
0823200052
0823202024
0823101035
0823201020
0823101015
0823202025
0823400015
0823201080
0823101016
0823202032
0823400011
0823201081
0823101017
0823300006
0823400016
0823201082
0823101020
0823202034
0823400017
0823201083
0823101024
0823300051
0823300055
0823201084
0823101032
0823202035
0823400009
0814401018
0823101033
0823202036
0823400018
0814401019
0823101034
0823202037
0823400019
0814403015
0823101036
0823202038
0823400020
0814403016
0823101037
0823202042
0823101048
0814403021
0823101038
0823101060
0823400021
0814403024
0823101041
0823202044
0823400022
0814403029
0823300047
0823300017
0823300023
0814403030
0823100012
0822401019
0823101064
0823203042
0823101044
0823300018
0823101061
0823101045
0823300024
0823102011
0823100020
0823300025
0823300058
0823101047
0823300026
0823202046
0823101051
0823101052
0823202047
0823101055
0823300027
0823400010
0823101058
0823300028
0823401004
0823100021
0823300029
0823101026
0823101059
0823300030
0823300057
0823101062
0823300031
0823101009
0823300007
0823300036
0823101057
0823102005
0823300049
0823101056
0823202050
0823300053
0823300022
0823102006
0823300054
0823102008
0823102007
0823301003
0823101046
0823102009
0823301006
0823202039
0823202008
0823301007
0823202007
0823202009
0823301008
0823401033
0823202013
0823301009
0823300050
518040_1
12
FXHIRIT A_1
LIST OF ADDRESSES
1621
S.
Busse Rd
Mount Prospect
IL
60056
1623
S.
Busse Rd
Mount Prospect
IL
60056
1625
S.
Busse Rd
Mount Prospect
IL
60056
1627
S.
Busse Rd
Mount Prospect
IL
60056
1629
S.
Busse Rd
Mount Prospect
IL
60056
1630
W.
Algonquin
Rd
Mount Prospect
IL
60056
1632
W.
Algonquin
Rd
Mount Prospect
IL
60056
1634
W.
Algonquin
Rd
Mount Prospect
IL
60056
1636
W.
Algonquin
Rd
Mount Prospect
IL
60056
1638
W.
Algonquin
Rd
Mount Prospect
IL
60056
1640
W.
Algonquin
Rd
Mount Prospect
IL
60056
1642
W.
Algonquin
Rd
Mount Prospect
IL
60056
1644
W.
Algonquin
Rd
Mount Prospect
IL
60056
1646
W.
Algonquin
Rd
Mount Prospect
IL
60056
1648
W.
Algonquin
Rd
Mount Prospect
IL
60056
1650
W.
Algonquin
Rd
Mount Prospect
IL
60056
1652
W.
Algonquin
Rd
Mount Prospect
IL
60056
1654
W.
Algonquin
Rd
Mount Prospect
IL
60056
1656
W.
Algonquin
Rd
Mount Prospect
IL
60056
1658
W.
Algonquin
Rd
Mount Prospect
IL
60056
1660
W.
Algonquin
Rd
Mount Prospect
IL
60056
1540
W.
Algonquin
Rd
Mount Prospect
IL
60056
1651
W.
Algonquin
Rd
Arlington Heights
IL
60005
1641
W.
Algonquin
Rd
Mount Prospect
IL
60056
1637
W.
Algonquin
Rd
Mount Prospect
IL
60056
1635
W.
Algonquin
Rd
Mount Prospect
IL
60056
1633
W.
Algonquin
Rd
Mount Prospect
IL
60056
1631
W.
Algonquin
Rd
Mount Prospect
IL
60056
1621
W.
Algonquin
Rd
Mount Prospect
IL
60056
1601
W.
Algonquin
Rd
Mount Prospect
IL
60056
1603
W.
Algonquin
Rd
Mount Prospect
IL
60056
1605
W.
Algonquin
Rd
Mount Prospect
IL
60056
1611
W.
Algonquin
Rd
Mount Prospect
IL
60056
1613
W.
Algonquin
Rd
Mount Prospect
IL
60056
1615
W.
Algonquin
Rd
Mount Prospect
IL
60056
1619
W.
Algonquin
Rd
Mount Prospect
IL
60056
1629
W.
Algonquin
Rd
Mount Prospect
IL
60056
1591
W.
Algonquin
Rd
Mount Prospect
IL
60056
1551
W.
Algonquin
Rd
Mount Prospect
IL
60056
1105
E.
Algonquin
Rd
Arlington Heights
IL
60005
1105
E.
Algonquin
Rd
Arlington Heights
IL
60005
1117
E.
Algonquin
Rd
Arlington Heights
IL
60005
1229
E.
Algonquin
Rd
Arlington Heights
IL
60005
1305
E.
Algonquin
Rd
Arlington Heights
IL
60005
0
13
1401
E.
Algonquin
Rd
Arlington Heights
IL
60005
1401
E.
Algonquin
Rd
Arlington Heights
IL
60005
1399
E.
Algonquin
Rd
Arlington Heights
IL
60005
1425
E.
Algonquin
Rd
Arlington Heights
IL
60005
1427
E.
Algonquin
Rd
Arlington Heights
IL
60005
1429
E.
Algonquin
Rd
Arlington Heights
IL
60005
1431
E.
Algonquin
Rd
Arlington Heights
IL
60005
1433
E.
Algonquin
Rd
Arlington Heights
IL
60005
1435
E.
Algonquin
Rd
Arlington Heights
IL
60005
1415
E.
Algonquin
Rd
Arlington Heights
IL
60005
1449
E.
Algonquin
Rd
Arlington Heights
IL
60005
1601
E.
Algonquin
Rd
Arlington Heights
IL
60005
1603
E.
Algonquin
Rd
Arlington Heights
IL
60005
1605
E.
Algonquin
Rd
Arlington Heights
IL
60005
1200
E.
Algonquin
Rd
Mount Prospect
IL
60056
1450
E.
Algonquin
Rd
Arlington Heights
IL
60005
1460
E.
Algonquin
Rd
Arlington Heights
IL
60005
1500
E.
Algonquin
Rd
Arlington Heights
IL
60005
1502
E.
Algonquin
Rd
Arlington Heights
IL
60005
1504
E.
Algonquin
Rd
Arlington Heights
IL
60005
1506
E.
Algonquin
Rd
Arlington Heights
IL
60005
1508
E.
Algonquin
Rd
Arlington Heights
IL
60005
1510
E.
Algonquin
Rd
Arlington Heights
IL
60005
1512
E.
Algonquin
Rd
Arlington Heights
IL
60005
1514
E.
Algonquin
Rd
Arlington Heights
IL
60005
1516
E.
Algonquin
Rd
Arlington Heights
IL
60005
1518
E.
Algonquin
Rd
Arlington Heights
IL
60005
1520
E.
Algonquin
Rd
Arlington Heights
IL
60005
1522
E.
Algonquin
Rd
Arlington Heights
IL
60005
1524
E.
Algonquin
Rd
Arlington Heights
IL
60005
1526
E.
Algonquin
Rd
Arlington Heights
IL
60005
1528
E.
Algonquin
Rd
Arlington Heights
IL
60005
1530
E.
Algonquin
Rd
Arlington Heights
IL
60005
1532
E.
Algonquin
Rd
Arlington Heights
IL
60005
1534
E.
Algonquin
Rd
Arlington Heights
IL
60005
1605
E.
Algonquin
Rd
Arlington Heights
IL
60005
1605
E.
Algonquin
Rd
Arlington Heights
IL
60005
1605
E.
Algonquin
Rd
Arlington Heights
IL
60005
1799
S.
Busse Rd
Mount Prospect
IL
60056
1801
S.
Busse Rd
Mount Prospect
IL
60056
1803
S.
Busse Rd
Mount Prospect
IL
60056
1805
S.
Busse Rd
Mount Prospect
IL
60056
1901
S.
Busse Rd
Mount Prospect
IL
60056
1907
S.
Busse Rd
Mount Prospect
IL
60056
1911
S.
Busse Rd
Mount Prospect
IL
60056
1907
S.
Busse Rd
Mount Prospect
IL
60056
1921
S.
Busse Rd
Mount Prospect
IL
60056
2069
S.
Busse Rd
Mount Prospect
IL
60056
10
14
2101
S.
Busse Rd
Mount Prospect
IL
60056
1701
Kenneth
Dr
Mount Prospect
IL
60056
2105
S.
Busse Rd
Arlington Heights
IL
60005
2105
S.
Busse Rd
Arlington Heights
IL
60005
2107
S.
Busse Rd
Arlington Heights
IL
60005
2107
S.
Busse Rd
Arlington Heights
IL
60005
3201
S.
Busse Rd
Arlington Heights
IL
60005
3231
S.
Busse Rd
Arlington Heights
IL
60005
3233
S.
Busse Rd
Arlington Heights
IL
60005
3209
S.
Busse Rd
Mount Prospect
IL
60056
3229
S.
Busse Rd
Arlington Heights
IL
60005
3401
S.
Busse Rd
Mount Prospect
IL
60056
2240
S.
Busse Rd
Mount Prospect
IL
60056
3231
S.
Busse Rd
Arlington Heights
IL
60005
2316
Terminal
Dr
Arlington Heights
IL
60005
2316
Terminal
Dr
Arlington Heights
IL
60005
2400
Terminal
Dr
Mount Prospect
IL
60056
2316
Terminal
Dr
Arlington Heights
IL
60005
2316
Terminal
Dr
Arlington Heights
IL
60005
2316
Terminal
Dr
Arlington Heights
IL
60005
2312
Terminal
Dr
Mount Prospect
IL
60056
1000
Terminal
Dr
Arlington Heights
IL
60005
1000
Terminal
Dr
Arlington Heights
IL
60005
2304
Terminal
Dr
Mount Prospect
IL
60056
2304
Terminal
Dr
Mount Prospect
IL
60056
3400
Badger Rd.
Arlington Heights
IL
60005
2400
E.
Oakton St
Arlington Heights
IL
60005
2400
E.
Oakton St
Arlington Heights
IL
60005
2400
E.
Oakton St
Arlington Heights
IL
60005
2420
E.
Oakton St
Al
Arlington Heights
IL
60005
2420
E.
Oakton St
A2
Arlington Heights
IL
60005
2420
E.
Oakton St
A3
Arlington Heights
IL
60005
2420
E.
Oakton St
A4
Arlington Heights
IL
60005
2420
E.
Oakton St
B
Arlington Heights
IL
60005
2420
E.
Oakton St
C
Arlington Heights
IL
60005
2420
E.
Oakton St
D
Arlington Heights
IL
60005
2420
E.
Oakton St
E
Arlington Heights
IL
60005
2420
E.
Oakton St
F
Arlington Heights
IL
60005
2420
E.
Oakton St
G
Arlington Heights
IL
60005
2420
E.
Oakton St
H
Arlington Heights
IL
60005
2420
E.
Oakton St
I
Arlington Heights
IL
60005
2420
E.
Oakton St
J
Arlington Heights
IL
60005
2420
E.
Oakton St
K
Arlington Heights
IL
60005
2416
E.
Oakton St
Arlington Heights
IL
60005
2420
E.
Oakton St
Q
Arlington Heights
IL
60005
2420
E.
Oakton St
R
Arlington Heights
IL
60005
2420
E.
Oakton St
S
Arlington Heights
IL
60005
2420
E.
Oakton St
T
Arlington Heights
IL
60005
11
15
2420
E.
Oakton St
U
Arlington Heights
IL
60005
2420
E.
Oakton St
V
Arlington Heights
IL
60005
2420
E.
Oakton St
W
Arlington Heights
IL
60005
2420
E.
Oakton St
X
Arlington Heights
IL
60005
2420
E.
Oakton St
y
Arlington Heights
IL
60005
2420
E.
Oakton St
Z
Arlington Heights
IL
60005
2424
E.
Oakton St
Arlington Heights
IL
60005
2430
E.
Oakton St
A
Arlington Heights
IL
60005
2432
E.
Oakton St
B
Arlington Heights
IL
60005
2434
E.
Oakton St
C
Arlington Heights
IL
60005
2436
E.
Oakton St
D
Arlington Heights
IL
60005
2438
E.
Oakton St
E
Arlington Heights
IL
60005
2440
E.
Oakton St
F
Arlington Heights
IL
60005
2442
E.
Oakton St
G
Arlington Heights
IL
60005
2444
E.
Oakton St
H
Arlington Heights
IL
60005
2446
E.
Oakton St
I
Arlington Heights
IL
60005
2448
E.
Oakton St
Arlington Heights
IL
60005
2450
E.
Oakton St
Arlington Heights
IL
60005
2452
E.
Oakton St
Arlington Heights
IL
60005
2454
E.
Oakton St
Arlington Heights
IL
60005
2456
E.
Oakton St
Arlington Heights
IL
60005
2458
E.
Oakton St
Arlington Heights
IL
60005
2460
E.
Oakton St
Arlington Heights
IL
60005
2462
E.
Oakton St
Arlington Heights
IL
60005
2464
E.
Oakton St
Arlington Heights
IL
60005
2466
E.
Oakton St
Arlington Heights
IL
60005
2468
E.
Oakton St
Arlington Heights
IL
60005
2470
E.
Oakton St
Arlington Heights
IL
60005
2472
E.
Oakton St
Arlington Heights
IL
60005
2474
E.
Oakton St
Arlington Heights
IL
60005
2476
E.
Oakton St
Arlington Heights
IL
60005
2478
E.
Oakton St
Arlington Heights
IL
60005
2480
E.
Oakton St
Arlington Heights
IL
60005
2482
E.
Oakton St
Arlington Heights
IL
60005
2484
E.
Oakton St
Arlington Heights
IL
60005
2486
E.
Oakton St
Arlington Heights
IL
60005
2488
E.
Oakton St
Arlington Heights
IL
60005
2490
E.
Oakton St
A
Arlington Heights
IL
60005
2490
E.
Oakton St
B
Arlington Heights
IL
60005
2490
E.
Oakton St
C
Arlington Heights
IL
60005
555
Carboy Rd
Mount Prospect
IL
60056
1743
Linneman
Rd
Mount Prospect
IL
60056
1747
Linneman
Rd
Mount Prospect
IL
60056
1751
Linneman
Rd
Mount Prospect
IL
60056
1755
Linneman
Rd
Mount Prospect
IL
60056
1759
Linneman
Rd
Mount Prospect
IL
60056
3028
Malmo Dr
Arlington Heights
IL
60005
3030
Malmo Dr
Arlington Heights
IL
60005
12
i [1
3020
Malmo Dr
Arlington Heights
IL
60005
3012
Malmo Dr
Arlington Heights
IL
60005
3014
Malmo Dr
Arlington Heights
IL
60005
3016
Malmo Dr
Arlington Heights
IL
60005
3018
Malmo Dr
Arlington Heights
IL
60005
3008
Malmo Dr
Arlington Heights
IL
60005
3010
Malmo Dr
Arlington Heights
IL
60005
3004
Malmo Dr
Arlington Heights
IL
60005
2944
Malmo Dr
Arlington Heights
IL
60005
2940
Malmo Dr
Arlington Heights
IL
60005
2936
Malmo Dr
Arlington Heights
IL
60005
2932
Malmo Dr
Arlington Heights
IL
60005
2928
Malmo Dr
Arlington Heights
IL
60005
2924
Malmo Dr
Arlington Heights
IL
60005
2920
Malmo Dr
Arlington Heights
IL
60005
2916
Malmo Dr
Arlington Heights
IL
60005
2912
Malmo Dr
Arlington Heights
IL
60005
2831
Malmo Dr
Arlington Heights
IL
60005
2831
Malmo Dr
Arlington Heights
IL
60005
3001
Malmo Dr
Arlington Heights
IL
60005
3001
Malmo Dr
Arlington Heights
IL
60005
3007
Malmo Dr
Arlington Heights
IL
60005
3007
Malmo Dr
Arlington Heights
IL
60005
3017
Malmo Dr
Arlington Heights
IL
60005
3019
Malmo Dr
Arlington Heights
IL
60005
3021
Malmo Dr
Arlington Heights
IL
60005
3023
Malmo Dr
Arlington Heights
IL
60005
3025
Malmo Dr
Arlington Heights
IL
60005
3027
Malmo Dr
Arlington Heights
IL
60005
3029
Malmo Dr
Arlington Heights
IL
60005
3031
Malmo Dr
Arlington Heights
IL
60005
3033
Malmo Dr
Arlington Heights
IL
60005
3035
Malmo Dr
Arlington Heights
IL
60005
1630
Wall St
Mount Prospect
IL
60056
1660
Wall St
100
Mount Prospect
IL
60056
1660
Wall St
200
Mount Prospect
IL
60056
1660
Wall St
300
Mount Prospect
IL
60056
1660
Wall St
400
Mount Prospect
IL
60056
1690
Wall St
Mount Prospect
IL
60056
1200
Dempster
St
Mount Prospect
IL
60056
601
Dempster
St
Mount Prospect
IL
60056
603
Dempster
St
Mount Prospect
IL
60056
605
Dempster
St
Mount Prospect
IL
60056
607
Dempster
St
Mount Prospect
IL
60056
609
Dempster
St
Mount Prospect
IL
60056
425
Dempster
St
Mount Prospect
IL
60056
423
Dempster
St
Mount Prospect
IL
60056
421 1/2
Dempster
St
Mount Prospect
IL
60056
13
17
421
Dempster
St
Mount Prospect
IL
60056
419
Dempster
St
Mount Prospect
IL
60056
420
Dempster
St
Mount Prospect
IL
60056
420
Dempster
St
Mount Prospect
IL
60056
420
Dempster
St
Mount Prospect
IL
60056
420
Dempster
St
Mount Prospect
IL
60056
400
Dempster
St
Mount Prospect
IL
60056
1550
S.
Elmhurst
Rd
Mount Prospect
IL
60056
1500
S.
Elmhurst
Rd
Mount Prospect
IL
60056
1490
S.
Elmhurst
Rd
Mount Prospect
IL
60056
1480
S.
Elmhurst
Rd 4
Mount Prospect
IL
60056
1480
S.
Elmhurst
Rd 5
Mount Prospect
IL
60056
1450
S.
Elmhurst
Rd
Mount Prospect
IL
60056
1470
S.
Elmhurst
Rd
Mount Prospect
IL
60056
1590
S.
Elmhurst
Rd
Mount Prospect
IL
60056
1660
Kenneth
Dr
Mount Prospect
IL
60056
1660
Kenneth
Dr
Mount Prospect
IL
60056
1660
Kenneth
Dr
Mount Prospect
IL
60056
1660
Kenneth
Dr
Mount Prospect
IL
60056
1660
Kenneth
Dr
Mount Prospect
IL
60056
1600
Kenneth
Dr
Mount Prospect
IL
60056
1601
Kenneth
Dr
Mount Prospect
IL
60056
1615
Kenneth
Dr
Mount Prospect
IL
60056
1010
Addison
Ct
Arlington Heights
IL
60005
1020
Addison
Ct
Arlington Heights
IL
60005
1020
Addison
Ct
Arlington Heights
IL
60005
1034
Addison
Ct
Arlington Heights
IL
60005
1036
Addison
Ct
Arlington Heights
IL
60005
1040
Addison
Ct
Arlington Heights
IL
60005
1042
Addison
Ct
Arlington Heights
IL
60005
1050
Addison
Ct
Arlington Heights
IL
60005
1060
Addison
Ct
Arlington Heights
IL
60005
1025
Addison
Ct
Arlington Heights
IL
60005
1025
Addison
Ct
Arlington Heights
IL
60005
1690
Imperial
Ct
Mount Prospect
IL
60056
1697
Imperial
Ct
Mount Prospect
IL
60056
1691
Imperial
Ct
Mount Prospect
IL
60056
1693
Imperial
Ct
Mount Prospect
IL
60056
1650
James
Dr
Mount Prospect
IL
60056
1600
James
Dr
Mount Prospect
IL
60056
14
18
EXHIBIT B
SOUTH MOUNT PROSPECT TAX INCREMENT FINANCING DISTRICT TIF PLAN
(attached)
516869_2
19
EXHIBIT A-2
STREET LOCATION MAP
Akw,,wMwr
N
Oekton Street
035 Miles
Pi,opn sr: d FSF'A Bcwr7d,y
TIF Pa c_(
E ...
........ .1.�<<ci4°,lr�i�a�.
516869_2
1
20
r
V-4 ,
f.
r�
t.
fi
. . .........
.
i
..... ....... . .
i
-cs
.c
E
w
20
Mount Prospect, IL
South Mount Prospect
Redevelopment Project Area
Tax Increment Financing District
Eligibility Report and Redevelopment Plan and Project
February 28, 2022
REVISED I April 28, 2022
21
Mount Prospect, IL
South Mount Prospect
Redevelopment Project Area
Tax Increment Financing District
Eligibility Report and Redevelopment Plan and Project
February 28, 2022
REVISED I April 28, 2022
S. B. FRIEDMAN & COMPANY
221 N. LaSalle St. Suite 820 Chicago, IL 60601
T: 312.424.4250 F: 312.424.4262 E: info@sbfriedman.com
Contact: Geoff Dickinson
T: 312.384.2404 E: gdickinson@sbfriedman.com
SIB Friedman IDa~va"111olpiniient dva!s i s
22
Mount Prospect, IL
South Mount Prospect Redevelopment Project Area
Tax Increment Financing District
Eligibility Report and Redevelopment Plan and Project
IIII aII[)III e of @Illr,rt.elll,v.t���
SECTION PAGE
1. Introduction..........................................................................................................................................................................................1
2. Eligibility Report................................................................................................................................................................................8
3. Redevelopment Plan and Project..............................................................................................................................................16
Appendix 1: Limitations of the Eligibility Report and Consultant Responsibilities....................................................... 28
Appendix2: Glossary......................................................................................................................................................................... 29
Appendix 3: South Mount Prospect RPA Boundary Legal Description............................................................................31
Appendix 4: List of PINS in South Mount Prospect RPA....................................................................................................... 33
LIST OF MAPS PAGE
Map1: Community Context...............................................................................................................................................................5
Map2: Proposed RPA Boundary.....................................................................................................................................................6
Map3: Existing Land Use....................................................................................................................................................................7
Map4: Age of Structures..................................................................................................................................................................12
Map5A: Deterioration.......................................................................................................................................................................13
Map 5B: Presence of Structure Below Minimum Code Standards.....................................................................................14
Map5C: Inadequate Utilites............................................................................................................................................................15
Map6: Proposed Future Land Use................................................................................................................................................18
S. B. FRIEDMAN & COMPANY
221 N. LaSalle St. Suite 820 Chicago, IL 60601
T: 312.424.4250 F: 312.424.4262 E: info@sbfriedman.com
www.sbfriedrnan.com
SIB IFiri sup ima in ID vnlllolpiniient Advo!:'„ i s
23
1. Introduction
The Village of Mount Prospect (the "Village") seeks to establish a tax increment financing ("TIF") district to serve
as an economic development tool and promote the revitalization of land in the southern portion of the Village.
The Village engaged SB Friedman Development Advisors ("SB Friedman") in October 2021 to conduct a
Redevelopment Project Area feasibility study and prepare a Redevelopment Plan and Project (the
"Redevelopment Plan").
This document serves as the Eligibility Report and Redevelopment Plan (together, the "Report") for the
proposed South Mount Prospect Redevelopment Project Area ("South Mount Prospect RPA" or the "RPA").
Section 2 of the Report, the Eligibility Report, details the eligibility factors found within the proposed RPA in
support of its designation as a "conservation area" for improved land, within the definitions set forth in the
Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4--1 et seq., as amended (the "Act").
Section 3 of this Report, the Redevelopment Plan, outlines the comprehensive program to revitalize the
proposed RPA, as required by the Act.
The proposed South Mount Prospect RPA is located within the Village in Cook County (the "County"), as shown
on Map 1. The proposed South Mount Prospect RPA consists of approximately 129 tax parcels (127 improved
parcels and 2 right-of-way parcels) and 81 primary structures. It comprises approximately 505 acres of land,
including 462 improved acres, and approximately 43 acres of right-of-way. The parcels included in the
proposed RPA are roughly bounded by Kopp Park, Busse Road, Oakton Street, and Elmhurst Road as illustrated
in Map 2. Based upon SB Friedman's research, the proposed RPA currently consists primarily of a mix of
industrial, commercial, residential, public institutional, and park/open space, as shown in Map 3. In instances
where there was common ownership, parcels that are primarily used for parking were assigned the land use
of the parcel that the parking serviced.
iil IIIA lilt IIII li:°�
O
This Report concludes that the proposed South Mount Prospect RPA is eligible for designation as a
"conservation area" for improved land, per the Act. For the purposes of analysis, in a previously developed
area, parcels that include side yards, undeveloped lots, or parking lots related to an adjacent primary structure
are considered improved.
IMPROVED PARCELS: CONSERVATION AREA FINDINGS
Assessor data from Cook County indicated that 74% of primary structures are aged 35 years or older. This
satisfies the requirement that 50% or more of the structures in the area have an age of 35 years or more.
Further, the following four (4) eligibility factors have been found to be present to a meaningful extent and
reasonably distributed throughout the proposed RPA:
1. Deterioration;
2. Presence of Structures below Minimum Code Standards;
SIS Friedman Devvdloairinenrt AnMrioirr,„�
24
Vulllli aage of I Prospect/ South I Prospect RIPA lE:i49lilWliKy I[w,elpou°t and IFltedeveIllcul imieint I
3. Inadequate Utilities; and
4. Lack of Community Planning.
These factors are defined under the Act at 65 ILCS 5/11-74.4-3-(a) and (b) and are more fully described in
Appendix 2.
Based on the age of primary structures in the proposed RPA and the presence of four eligibility factors, the
proposed RPA qualifies under a "conservation area" finding (age of structures plus at least three (3) eligibility
factors).
SUMMARY OF ELIGIBILITY FINDINGS
SB Friedman has found that the proposed RPA qualifies as a "conservation area" with 74% of the primary
structures within the proposed RPA at least 35 years of age or older, and four (4) of the thirteen (13) eligibility
factors were found to be present to a meaningful extent and reasonably distributed within the proposed RPA.
These conditions hinder the potential to redevelop the proposed RPA and capitalize on its unique attributes.
The proposed RPA will benefit from a strategy that addresses the aged buildings, deterioration, presence of
structures below minimum code, inadequate utilities, and lack of community planning to facilitate the overall
improvement of its physical condition.
IIIA°�lu�e Ii,'�lu.t oa IIII, Objectives a lin (�J Si:IIIh�� �������te w��ly
GOAL. The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that qualify
the proposed RPA as a "conservation area" and to provide the direction and mechanisms necessary to
redevelop the proposed RPA as a vibrant industrial mixed-use district. Redevelopment of the proposed RPA is
intended to revitalize the area, strengthen the economic base, and enhance the Village's overall quality of life.
OBJECTIVES. The following five (5) objectives support the overall goal of revitalization of the proposed RPA:
Facilitate the physical improvement and/or rehabilitation of existing structures and fa4ades within
the proposed RPA, and encourage the construction of new commercial, industrial, residential,
public, civic/cultural and recreational development, where appropriate;
Foster the replacement, repair, construction and/or improvement of public infrastructure, where
needed, to create an environment conducive to private investment;
Facilitate the assembly and preparation, including demolition and environmental clean-up, where
necessary, and marketing of available sites in the proposed RPA for redevelopment and new
development by providing resources as allowed by the Act;
4. Support the goals and objectives of other overlapping plans, including the Village of Mount
Prospect Comprehensive Plan published in 2017 (the "2017 Comprehensive Plan"), Connect South
Mount Prospect Sub -Area Plan (2020), the Mount Prospect Bicycle Plan (2012), the Public
Transportation System Plan (2009), and subsequent plans;
SIB Friedman ID veiol-ainiient: Advu!soi s
25
Wllllaago mvf Iltt mu.uuut IPrr°ura14:aect/ South IIV :ro.uumd Prospect ect IRPA lE:IIIi gflgaullluty IG>.ollmou°t and IGtodevas^Illollpimieint lylllan
5. Coordinate available federal, state and local resources to further the goals of this Redevelopment
Plan and Project.
STRATEGY. Redevelopment of the proposed RPA is to be achieved through an integrated and comprehensive
strategy that leverages public resources to stimulate additional private investment. The underlying strategy is
to use TIF, as well as other funding sources, to reinforce and encourage private investment.
IIIc°°°Viii IIID ���: IIII'��m�;liiia� IIII IIII°.IIII � IIII°m
ELIGIBLE COSTS. The Act outlines categories of expenditures that can be funded using incremental property
taxes. These expenditures, referred to as eligible redevelopment project costs, include all reasonable or
necessary costs incurred or estimated to be incurred and any such costs incidental to this Redevelopment Plan
pursuant to the Act.
ESTIMATED REDEVELOPMENT PROJECT COSTS. The estimated redevelopment project costs of this
Redevelopment Plan are $145 million'. The total of redevelopment project costs provides an upper limit on
expenditures that are to be funded using incremental property tax revenues, exclusive of capitalized interest,
issuance costs, interest and other financing costs.
EQUALIZED ASSESSED VALUE OF PROPERTIES IN THE PROPOSED RPA. The 2020 EAV (the most recent
year in which assessed values and the equalization factor were available) of all taxable parcels in the proposed
RPA is approximately $152,173,065. By tax year 2045 (collection year 2046), the total taxable EAV for the
proposed RPA is anticipated to be approximately $268 million.
IIIc ; : IIL lilt IIII : ec,"Is and IIIc°°° iil Illy m ilii Ill ml ;
The required conditions for the adoption of this Redevelopment Plan and Project are found to be present
within the proposed South Mount Prospect RPA:
The proposed RPA is 505 acres in size and thus satisfies the requirement that it be at least 1.5
acres;
2. Limited private investment has occurred in the proposed South Mount Prospect RPA over the last
five years;
3. Without the support of public resources, the redevelopment objectives for the proposed RPA
would most likely not be realized. Accordingly, "but for" the designation of a TIF district, these
projects would be unlikely to occur on their own;
As noted below in "Estimated Redevelopment Project Costs," this amount is expressed in 2022 dollars and
may be increased as allowed under the Act by 5% after adjusting for annual inflation reflected in the Consumer
Price Index (CPI), published by the U.S. Department of Labor
SIB IFiriedimmamn ID volllolpnmaant: Advo. r„mina 3
Vullllllagmr of Iltlnmu.uuut Prospect/ South I Prospect IR IPA B49lilhnullfty I[w,elpou°t and IRted ,^vdllcymeunt I
4. The proposed South Mount Prospect RPA includes only those contiguous parcels of real property
that are expected to benefit substantially from the proposed Redevelopment Plan and Project;
5. The Redevelopment Plan conforms to and proposes land uses that are consistent with the 2017
Comprehensive Plan, and Connect South Mount Prospect Sub -Area Plan (2020);
6. The Village certifies that the Redevelopment Plan will not result in the displacement of 10 or more
inhabited residential units as a result of activities pursuant to this Redevelopment Plan. Therefore,
a Housing Impact Study is not required under the Act; and
7. The Redevelopment Plan is estimated be completed, and all obligations issued to finance
redevelopment costs shall be retired no later than December 31, 2046, if the ordinances
establishing the proposed RPA are adopted during 2022.
SIB Friedman IDevm~dllolgunnin^unt Advurioirry
4
27
Village of Mount Prospect / South Mount Prospect [UPEIIigflbflky l[�4,elpoirt ainc.1 IGta dev6lc)jpimieint I
RPA Boundary
TIF ParceI
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedimain IFrevelllolrin iient Advi!soirs
q-1
W1age of I IRrau,spect/ South I Prospect RIPA E�liqflbflfty [w,ejpoirt and Redevdlc)jqimeint I
Map 2: Proposed RPA Boundary
RPA Boundary
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedimain DevdIolpin iient Advi!soirs
I
q�
Wi1age of I IRrau,spect/ South I Prospect RIPA Elliqflbflity [w,ejpoirt and Redevdlc)jqimeint I
Land Use
s I d e i (I a I Fj))MC o rn i � i e i ( a I Private Plecreatk-)n
Pay and
n d t a s t it: I Office S p :l ("
"', P-' ta I I 1nstiirrtlnnaI RIgIfl or -vvay
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedimain Devdiolpin iient Advi!soirs
7
30
2. Eligibility Report
This report concludes that the proposed South Mount Prospect RPA is eligible for designation as a
"conservation area" for improved land, per the Act.
����� ' �Illh IIII IIII IIII m IIII IIII C x11 IIII II X1111 Illrr�l, (���...Illl,lu t 11111111 oca"tIii OIIII°lul IIID°�� �� � � IIII o IIIA IIID lug ��. IIII i, t c
IIII III �V III � IIII���..� Illl.m � t
Under the Act, two (2) primary avenues exist to establish eligibility for an area to permit the use of TIF for
redevelopment: declaring an area as a "blighted area" and/or a "conservation area". "Blighted areas" are those
improved or vacant areas with blighting influences that are impacting the public safety, health, morals, or
welfare of the community, and are substantially impairing the growth of the tax base in the area. "Conservation
areas" are those improved areas that are deteriorating and declining and soon may become blighted. A
description of the statutory provisions of the Act is provided below.
IIII°'!ft"""t'tlll'"tllll"""illllt"�tV�i�'�:�"E�dills,
According to the Act, "blighted areas" for improved land must demonstrate at least five (5) of the following
eligibility factors, which threaten the health, safety, morals or welfare of the proposed district. "Conservation
areas" must have a minimum of 50% of the total structures within the area aged 35 years or older, plus a
combination of three (3) or more additional eligibility factors that are detrimental to the public safety, health,
morals or welfare, and that could result in such an area becoming a "blighted area." The following are eligibility
factors for improved areas:
• Dilapidation
• Obsolescence
• Deterioration
• Presence of Structures below Minimum
Code Standards
• Illegal Use of Individual Structures
• Excessive Vacancies
• Lack of Ventilation, Light or Sanitary
Facilities
A definition of each factor is provided in Appendix 2.
III IIII w lw wwllll '''; OVeIIrvIi emf
• Inadequate Utilities
• Excessive Land Coverage and
Overcrowding of Structures and
Community Facilities
• Deleterious Land Use or Layout
• Environmental Clean -Up
• Lack of Community Planning
• Lack of Growth in EAV
SB Friedman conducted the following analyses to determine whether the proposed South Mount Prospect RPA
is eligible for designation as a "conservation area" for improved land, per the Act:
• Parcel -by -parcel field observations and photography documenting external property conditions;
• Review of building age data from the Cook County Assessor's Office;
• Review of parcel -level GIS shapefile data provided by the County;
• Review of municipal and county codes, building permit records (2016-2021), and code violation records
SIS IFiriedin, a n ID vdIolainiie nt Advi!soi s
F.
31
V611111Iage of I Irina^*IYpect / Proposed South I Prospect IR IPA lE:l49lilb lllkyIGabe14 oirt anc.1 IRtedevarlllryment I
as of November 2021;
Review of a utility memorandum provided by the Village regarding locations, ages and conditions of
water, stormwater and sanitary sewer infrastructure;
Review of current and prior comprehensive plans provided by the Village (from 1965, 2007, and 2017),
as well as the Connect South Mount Prospect Sub -Area Plan (2020), the Mount Prospect Bicycle Plan
(2012), and the Public Transportation System Plan (2009).
SB Friedman examined all parcels for qualification factors consistent with requirements of the Act.
SB Friedman analyzed the presence or absence of each eligibility factor on a building -by -building, parcel -by -
parcel basis and/or aggregate basis as applicable. Building and parcel data were then plotted on maps of the
proposed RPA, as applicable, to determine which factors were present to a meaningful extent and reasonably
distributed throughout the proposed RPA.
re IIC°°° iii iir�d� iii iii m � IIII r� � IIlD iii ���t m�: IIII &r s
Based upon the conditions found within the proposed RPA at the completion of SB Friedman's research, it has
been determined that the proposed RPA meets the eligibility requirements of the Act as a "conservation area."
Of the 81 primary structures in the proposed RPA, at least 60 structures (74%) are 35 years of age or older, as
they were constructed before 1985. Map 4 shows the location of primary structures that are 35 years or older.
SB Friedman's research indicates that the following four (4) factors are present to a meaningful extent and
reasonably distributed throughout the proposed RPA:
1. Deterioration
2. Presence of Structures below Minimum Code Standards
3. Inadequate Utilities
4. Lack of Community Planning
Each eligibility factor that was found to be present to a meaningful extent and reasonably distributed
throughout the proposed RPA is summarized below. Maps 5A through 5C illustrate the distribution of those
eligibility factors found to be reasonably distributed on a building -by -building and/or parcel -by -parcel basis
within the proposed RPA by highlighting each parcel or building where the respective factors were found to
be present to a meaningful degree.
1. DETERIORATION
The Act defines deterioration as defects including, but not limited to, major defects in the secondary building
components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface
improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface
storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes,
depressions, loose paving material, and weeds protruding through paved surfaces.
Physical deterioration was observed on 85 parcels of 127 improved parcels (approximately 67% of improved
parcels). The most common form of deterioration was on surface improvements, including streets, parking lots
and alleys. Catalogued surface improvement deterioration included cracks in infrastructure, and potholes.
Building deterioration included stairstepping in brick and cinderblock, cracked foundations and water damage.
Deterioration of buildings and surface improvements can make it appear as though the proposed RPA lacks
dlp IFiriedin,a n IDevdlolpinun^ntAdvu!soirs
32
V6111111r. ge of IlVlamu,.uumd: Irina^*IYpect / Proposed South I Prospect IRPA lE:llluglilb lllkyIGabe14 oirt anc.1 IRtedevarlllryumrient P'lllr:uuri
investment and can make it more difficult to attract new businesses or consumers. This factor was found to be
meaningfully present and reasonably distributed throughout the proposed RPA.
2. INADEQUATE UTILITIES
The Act defines inadequate utilities as underground and overhead utilities, such as storm sewers and storm
drainage, sanitary sewers, water lines, and gas, telephone and electrical services, which are:
1. Of insufficient capacity to serve the uses in the RPA;
2. Deteriorated, antiquated, obsolete or in disrepair; or
3. Lacking within the redevelopment project area.
Based on the memorandum provided by the Village's Public Works Department and a follow-up interview with
the Village's Public Works Department, the water mains serving the RPA south of Dempster Street do not have
sufficient capacity to service parcels in the area. Insufficient capacity has resulted in low water pressure
throughout the RPA and weak water velocity at fire hydrants which the Village plans to address by constructing
an elevated tank in the area. Thus inadequate utility lines (or no utility lines) serve 119 of the proposed RPA's
127 improved parcels (94%). Based on these conditions, the inadequate utilities factor was found to be present
to a meaningful extent and reasonably distributed throughout the proposed RPA.
3. PRESENCE OF STRUCTURES BELOW MINIMUM CODE STANDARDS
Per the Act, structures below minimum code standards are those that do not meet applicable standards of
zoning, subdivision, building, fire and other governmental codes. The principal purpose of such codes is to
protect the health and safety of the public, including building occupants, pedestrians and occupants of
neighboring structures.
According to a review of building age data, building permit data for structures within the RPA, and a
memorandum prepared by the Village's Public Works Department, all of the structures in the proposed RPA
were constructed prior to the adoption of the Village's current Building Code in 2022. Although the
development of these properties predates current codes and standards of the Village, the buildings may not
be in direct violation of all ordinances, as they may have been "grandfathered in" or received a sufficient level
of upgrades and improvements since being constructed.
A memorandum from the Village staff indicates that all 81 primary structures in the proposed RPA (100%) do
not meet at least one current code. The presence of structures below minimum code standards, and the cost
to upgrade "grandfathered" structures to meet modern codes may also reduce the overall competitiveness
and economic viability of the area. Based on information provided by the Village, this factor was found to be
present to a meaningful extent and reasonably distributed throughout the proposed RPA.
4. LACK OF COMMUNITY PLANNING
Lack of community planning within the proposed RPA is an area -wide factor not necessarily attributable to any
one parcel. The Act provides that "Lack of Community Planning" can be found in areas that have been
developed without the benefit of a comprehensive plan, and as a result, have seen negative consequences.
Examples of negative consequences include: incompatible land use relationships, inadequate street layout,
SIB IFiriedunmamun ID vdlol sum°lien : Advu!soirs 10
33
V611111Iage of IIVIaru,.uurid: Irina^*IYpect / Proposed South I Prospect IRPA lE:l49lilb lllkyIGabe14 oirt anc.1 IRtedevarlllryment I
improper subdivision, parcels of inadequate shape and size to meet contemporary development standards, or
other related conditions.
85% of primary structures in the RPA (69 of 81) were constructed in unincorporated Cook County prior to
annexation into the Village, according to Village staff. Cook County produced its first Comprehensive Plan,
Cook County Comprehensive Land Use and Policies Plan, in 1976, at which point 78% of the primary structures
in the previously unincorporated portion of the proposed RPA had already been constructed. Consequently,
the majority (67%) of primary structures in the RPA (54 of 81 primary structures) were constructed without
benefit of a comprehensive plan. The adverse effects of this development are: incompatible land use
relationships, inadequate street layout, and street and parcel layouts that do not meet contemporary
development standards. Examples include:
• Incompatible land use relationships with single-family residential lots fronting highly trafficked roads
and single-family residential lots adjacent to industrial land uses.
• The two arterials serving the RPA are Oakton Street and Busse Road. Both streets are characterized by
numerous curb cuts and infrequent signalization. These conditions result in roads that fail to effectively
accommodate turning vehicles and the movement of freight. Data from the Village police department
reveals that intersections along both roads are common places for motor vehicle crashes.
• Current parcel shapes and sizes throughout the RPA do not meet contemporary standards for
development. These parcel shapes and size thus, make the area difficult to redevelop on a planned
basis.
• In addition, the platting in some parts of the Study Area failed to create rights-of-way for streets
adjacent to parcels, leaving several parcels without direct access to rights-of-way. This condition
further challenges redevelopment.
This factor is evaluated area -wide and is found to be present to a meaningful extent throughout the proposed
RPA.
S IIL IIID°m IIIn''iallry of Illi°°°Viii IIII ��m ���� liii III�m�
SB Friedman has found that the proposed RPA qualifies as a "conservation area" for improved land, with 74%
of the structures within the proposed RPA at least 35 years of age or older, and four (4) of the thirteen (13)
eligibility factors present to a meaningful extent and reasonably distributed within the proposed RPA.
SIB IFiriedin,a n IDevdlolpinuentAdvu!soirs 11
34
WHiage of IPirc.sjqect / Piroposed South I Prospect IRPA Elliqflbflity Relpoirt ainc.1 IRedu^vdllrullqumrieint I
Map 4: Improved Land Factor: Age of Structures
F I
0,135 Miles
Propo,:,ed RPA Boundar)/
TIT ParceI
PrInnary SU, u(. U've Aged < 5
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedimain Devdiolpin iient Advi!soirs
12
35
WHIage of IPirc.sjqect / Piroposed South I Pirospect IRPA Elliqflbflity Relpoirt ainc.1 IRedu^vdllrullqumrieint I
0.35IP' Iles
Proposed RPA Boundary \A/Ith I.DetenoIatInn
TIF ParceI
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedimain DevdIolpin iient Advi!soirs
13
36
WlHlage of IPirc.sjqect / Piroposed South I Pirospect RIPA E�liqflbflftyRelpoirt ainc.1 IRedu^vdllrullqiment I
0.35 Kies
Propo,:,ed RPA Boundary
TIF ParceI
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedimain DevdIolpin iient Advi!soirs
14
37
WlHlage of IPirc.sjqect / Piroposed South I Pirospect RIPA E�liqflbflftyRelpoirt ainc.1 IRedu^vdllrullqiment I
9
RI NO
0.35IP' Iles
Propo,:,ed RPA Boundary
Servicc,
hl IMY Swvin-
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedimain DevdIolpin iient Advi!soirs
15
38
3. Redevelopment Plan and Project
This document describes the comprehensive redevelopment program proposed to be undertaken by the
Village to create an environment in which private investment can reasonably occur. The redevelopment
program will be implemented over the 23 -year life of the proposed RPA. If a redevelopment project is
successful, various new projects will be undertaken that will assist in alleviating blighting conditions and
promoting rehabilitation and development in the proposed RPA.
III11111,leeds of tllhi iIIID°)IIID qIII (,)se�
Currently, the proposed RPA is comprised of aged buildings that are characterized by a failure to meet current
code standards, building and surface deterioration, inadequate utilities, and a lack of community planning.
These conditions reduce the value of the properties in the area and make the proposed RPA less competitive,
overall, with property in other communities, thus limiting local area employment and development
opportunities, and contributing to the lack of new investment in the proposed RPA.
The existing conditions for the proposed RPA suggest five (5) major redevelopment needs:
1. Capital improvements that further the objectives set forth in this Redevelopment Plan,-
2.
lan;2. Site preparation, environmental remediation and stormwater management;
3. Redevelopment of underutilized parcels,-
4.
arcels;4. Rehabilitation of existing buildings; and
5. Resources for redevelopment and rehabilitation of a mix of commercial, residential, public
institutional, park/open space, and vacant land uses.
The goals, objectives and strategies discussed below have been developed to address these needs and
facilitate the sustainable redevelopment of the proposed RPA.
GOAL, OBJECTIVES AND STRATEGY
GOAL. The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that qualify
the proposed RPA as an improved "conservation area", and to provide the direction and mechanisms necessary
to redevelop the proposed RPA as a vibrant industrial mixed-use district. Redevelopment of the proposed RPA
is intended to revitalize the area, strengthen the economic base, and enhance the Village's overall quality of
life.
OBJECTIVES. The following five (5) objectives support the overall goal of revitalization of the proposed RPA:
Facilitate the physical improvement and/or rehabilitation of existing structures and fagades within
the proposed RPA, and encourage the construction of new commercial, industrial, residential,
public, civic/cultural and recreational development, where appropriate;
2. Foster the replacement, repair, construction and/or improvement of public infrastructure, where
needed, to create an environment conducive to private investment;
616 Friedman ID va"Illolpiniie nt Advi!soi s 16
39
Vulllllla ge of I Prospect / Sou. tlh I Prospect IG:UPIA L'.Illliglilbulllity I[4,e14: oirt ai nc.1IRled ^vumrlllsulp meint I
3. Facilitate the assembly and preparation, including demolition and environmental clean-up, where
necessary, and marketing of available sites in the proposed RPA for redevelopment and new
development by providing resources as allowed by the Act;
4. Support the goals and objectives of other overlapping plans, including the Village of Mount
Prospect Comprehensive Plan published in 2017 (the "2017 Comprehensive Plan"), Connect South
Mount Prospect Sub -Area Plan (2020), the Mount Prospect Bicycle Plan (2012), the Public
Transportation System Plan (2009), and subsequent plans;
S. Coordinate available federal, state and local resources to further the goals of this Redevelopment
Plan and Project.
STRATEGY. Redevelopment of the proposed RPA is to be achieved through an integrated and comprehensive
strategy that leverages public resources to stimulate additional private investment. The underlying strategy is
to use TIF, as well as other funding sources, to reinforce and encourage private investment.
IIID°' IIIrqII ' o� ed IC°°° t.t. txllr Illl and Use
The proposed future land use of the proposed RPA, as shown in Map 5, reflects the objectives of this
Redevelopment Plan. For the purposes of this plan, the mixed-use designation is meant to allow for a variety
of uses throughout the proposed RPA, in a manner that is in conformance with the Comprehensive Plan and
Connect South Mount Prospect Sub -Area Plan (2020). The Future Land Use Plan establishes long-term targets
for development in the Village, which are consistent with the community's vision for the future. The plan can
help guide day-to-day development decisions, infrastructure improvements, and public and private
investment. The mixed-use designation promotes corridor and streetscape improvements, additional open
space and access to recreation, convenient vehicular site access while minimizing the impact on traffic
congestion, walkability and safe connections, thoughtful corridor signage, and several development
opportunities. The designation also for the following land uses within the proposed RPA:
• Commercial
• Industrial
• Residential
• Recreational
• Hospitality
• Civic
SIB II"u°uedun°Hanan ID velllolpin°cent Advu!soirs
17
40
W1age of I IPirospect / Soutlh I Pirospect [UPEIhigflbflity [4,ejpoirt ainc.1R1edev6lc)jpimieint I
O.A'S Milos
Proposed RPA Boundary MIm"d js(,-�
TIF ParceI
Source: Cook County, Esri, SIB Friedman, Village of Mount Prospect
SIB Firiedirnain IDevdIolpirineint Advi!ioini
IN
41
Vulllllla ge of I Prospect / Sou. tlh I Prospect [UPI1-'.Illliglilbulllity I[4,e14: oirt ann1IRled ^velllsulp meint I
IIIC°°° Iii IIII�;� IIII°°�Clill � IIII IIID°IIII �iw� IIID
ELIGIBLE COSTS
The Act outlines several categories of expenditures that can be funded using tax increment revenues. These
expenditures, referred to as eligible redevelopment project costs, include all reasonable or necessary costs
incurred or estimated to be incurred, and any such costs incidental to this Redevelopment Plan pursuant to
the Act. The Village may also reimburse private entities for certain costs incurred in the development and/or
redevelopment process. Such costs may include, without limitation, the following:
Costs of studies, surveys, development of plans and specifications, and implementation and
administration of the Redevelopment Plan including, but not limited to, staff and professional service
costs for architectural, engineering, legal, financial, planning or other services (excluding lobbying
expenses), provided that no charges for professional services are based on a percentage of the tax
increment collected, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(1).
2. The costs of marketing sites within the RPA to prospective businesses, developers and investors.
3. Property assembly costs, including but not limited to, acquisition of land and other property, real or
personal, or rights or interests therein, demolition of buildings, site preparation, site improvements
that serve as an engineered barrier addressing ground -level or below -ground environmental
contamination, including, but not limited to parking lots and other concrete or asphalt barriers, and
the clearing and grading of land as more fully set forth in 65 ILCS 5/11-74.4-3(q)(2).
4. Costs of rehabilitation, reconstruction, or repair or remodeling of existing public or private buildings,
fixtures and leasehold improvements, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(3); and the costs
of replacing an existing public building if pursuant to the implementation of a redevelopment project,
the existing public building is to be demolished to use the site for private investment or devoted to a
different use requiring private investment.
5. Costs of the construction of public works or improvements, subject to the limitations in Section 11-
74.4-3(q)(4) of the Act.
6. Costs of job training and retraining projects, including the costs of "welfare to work" programs
implemented by businesses located within the RPA, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(5).
7. Financing costs, including but not limited to all necessary and incidental expenses related to the
issuance of obligations and which may include payment of interest on any obligations issued
hereunder including interest accruing during the estimated period of construction of any
redevelopment project for which such obligations are issued and for not exceeding 36 months
thereafter and including reasonable reserves related thereto.
8. To the extent the municipality by written agreement accepts and approves the same, all or a portion
of a taxing district's capital costs resulting from the redevelopment project necessarily incurred or to
be incurred within a taxing district in furtherance of the objectives of this Redevelopment Plan.
SIS Fu°ueagu°nan ID vndllolSurinv^nrt Angvurioirry 19
42
vulllllla ge of I Prospect / Sou. tlh I Prospect IG:UPIA 1-'.Illliglilbulllity I[4,e14: oirt anc.1IRled ^vumrlllsulp imieint I
An elementary, secondary or unit school district's increased per pupil tuition costs attributable to net
new pupils added to the district living in assisted housing units will be reimbursed, as further defined
in the Act.
10. A library district's increased per patron costs attributable to net new persons eligible to obtain a library
card living in assisted housing units, as further defined in the Act.
11. Relocation costs to the extent that the municipality determines that relocation costs shall be paid or is
required to make payment of relocation costs by federal or state law, or by Section 11-74.4-3(n)(7) of
the Act.
12. Payment in lieu of taxes, as defined in the Act.
13. Costs of job training, retraining, advanced vocational education or career education, including, but
not limited to, courses in occupational, semi -technical or technical fields leading directly to
employment, incurred by one or more taxing districts, as more fully set forth in 65 ILCS 5/11-74.4-
3(q)(10).
14. Interest costs incurred by a developer, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(11), related to
the construction, renovation or rehabilitation of a redevelopment project provided that:
a. Such costs are to be paid directly from the special tax allocation fund established, pursuant
to the Act;
b. Such payments in any one year may not exceed thirty percent (30%) of the annual interest
costs incurred by the developer with regard to the development project during that year;
If there are not sufficient funds available in the special tax allocation fund to make the payment
pursuant to this provision, then the amounts so due shall accrue and be payable when
sufficient funds are available in the special tax allocation fund;
The total of such interest payments paid, pursuant to the Act, may not exceed thirty percent
(30%) of the total of: (i) cost paid or incurred by the developer for the redevelopment project;
and (ii) redevelopment project costs excluding any property assembly costs and any
relocation costs incurred by the municipality, pursuant to the Act;
e. For the financing of rehabilitated or new housing for low-income households and very low-
income households, as defined in Section 3 of the Illinois Affordable Housing Act, the
percentage of seventy-five percent (75%) shall be substituted for thirty percent (30%) in
subparagraphs 14b and 14d above; and
Instead of the interest costs described above in paragraphs 14b and 14d, a municipality may
pay from tax incremental revenues up to fifty percent (50%) of the cost of construction,
renovation and rehabilitation of new housing units (for ownership or rental) to be occupied
by low-income households and very low-income households, as defined in Section 3 of the
Illinois Affordable Housing Act, as more fully described in the Act. If the units are part of a
residential redevelopment project that includes units not affordable to low- and very low -
SIB Firiedun°Hanan ID va"Illolpun°uv^nt Advu!soirs
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Alilllliage of IIS1eru.uu ut Prospect / Soutllh I Prospect IG:1.1PA 1-'.Illliglilblillllity I[4,e1l: oirt ai nn1IRled ^vumrlllsulpnmieint IPlllauri
income households, only the low- and very low-income units shall be eligible for this benefit
under the Act.
Unless explicitly provided in the Act, the cost of construction of new privately -owned buildings shall not be an
eligible redevelopment project cost.
If a Special Service Area is established pursuant to the Special Service Area Tax Act, 35 ILCS 235/0.01 et seq.,
then any tax increment revenues derived from the tax imposed pursuant to the Special Service Area Tax Act
may be used within the RPA for the purposes permitted by the Special Service Area Tax Act as well as the
purposes permitted by the Act.
ESTIMATED REDEVELOPMENT PROJECT COSTS
The total eligible redevelopment project costs define an upper expenditure limit that may be funded using tax
increment revenues, exclusive of capitalized interest, issuance costs, interest, and other financing costs. The
totals of line items are not intended to place a limit on the described expenditures. Adjustments to the
estimated line -item costs are expected and may be made administratively by the Village without amendment
to this Redevelopment Plan, either increasing or decreasing line item costs because of changed redevelopment
costs and needs. Each individual project cost will be re-evaluated in light of projected private development
and resulting incremental tax revenues as it is considered for public financing under the provisions of the Act.
The estimated eligible costs of this Redevelopment Plan are shown in Table 1.
Additional funding in the form of state and federal grants, private developer contributions, and other outside
sources may be pursued bythe Village as a means of financing improvements and facilities within the proposed
RPA.
Fl R7 Ca Ii.1.'YI'IIY.YiT�i1 � I � GI IL1147 Ca i(�ii C�I:7 CrTiTiiT TiY■11Ci7t�iii�CiT*jiT.]
Administration and Professional Service Costs
$1,000,000
Site Marketing Costs
$1,000,000
Property Assembly and Site Preparation Costs
$6,000,000
Costs of Building Rehabilitation
$6,000,000
Costs of Construction of Public Works or Improvements
$125,000,000
Costs of Job Training or Retraining (Businesses)
$100,000
Financing Costs
$300,000
Taxing District Capital Costs
$300,000
Relocation Costs
$100,000
Interest Costs (Developer or Property Owner)
$100,000
Affordable Housing Construction
$5,000,000
School District Increased Costs
$50,000
Transfers to contiguous TIF Districts
$50,000
TOTAL REDEVELOPMENT PROJECT COSTS [21 [31 [41
$145,000,000
[1] Described in more detail in Eligible Costs Section.
[2] Total Redevelopment Project Costs exclude any additional financing costs, including any interest expense, capitalized interest,
costs of issuance, and costs associated with optional redemptions. These costs are subject to prevailing market conditions and are
in addition to Total Redevelopment Project Costs.
SIS IFiriedir nai n IDeveillopunnieunrt Advli!iolrri 21
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Vulli1age of IMou.uint IPirru,^nlpect: / Sou.ntllh II6tlou.nirnt Prospect IG'°Ji'IA h'.Illligilbulllity IGabeli:sou°t ai nc1IRled ^verlllsulpinneint Plllaain
[3] The amount of the Total Redevelopment Project Costs that can be incurred in the proposed RPA may be reduced by the
amount of redevelopment project costs incurred in contiguous RPAs, or those separated from the proposed RPA only by a public
right-of-way, that are permitted under the Act to be paid, and are paid, from incremental property taxes generated in the proposed
RPA, but may not be reduced by the amount of redevelopment project costs incurred in the proposed RPA that are paid from
incremental property taxes generated in contiguous RPAs or those separated from the proposed RPA only by a public right-of-
way.
[4] All costs are in 2022 dollars and may be increased by S% after adjusting for annual inflation reflected in the Consumer Price
Index (CPI), published by the U.S. Department of Labor. In addition to the above stated costs, each issue of obligations issued to
finance a phase of the Redevelopment Plan and Project may include an amount of proceeds sufficient to pay customary and
reasonable charges associated with the issuance of such obligations, including interest costs.
PHASING, SCHEDULING OF THE REDEVELOPMENT, AND ESTIMATED DATES OF COMPLETION
Each private project within the proposed RPA receiving TIF benefits shall be governed by the terms of a written
redevelopment agreement entered into by a designated developer and the Village of Mount Prospect. This
Redevelopment Plan is estimated to be completed, and all obligations issued to finance redevelopment costs
are estimated to be retired, no later than December 31 of the year in which the payment to the Village provided
in the Act is to be made with respect to ad valorem taxes levied in the twenty-third calendar year following the
year in which the ordinance approving this proposed RPA is adopted. This Redevelopment Plan is estimated
to be completed, and all obligations issued to finance redevelopment costs shall be retired no later than
December 31, 2046, if the ordinances establishing the proposed RPA are adopted during 2022.
Funds necessary to pay for redevelopment project costs and/or municipal obligations, which may be issued or
incurred to pay for such costs, are to be derived principally from tax increment revenues and/or proceeds from
municipal obligations, which have as a repayment source tax increment revenue. To secure the issuance of
these obligations and the developer's performance of redevelopment agreement obligations, the Village may
require the utilization of guarantees, deposits, reserves, and/or other forms of security made available by
private sector developers. The Village may incur redevelopment project costs that are paid from the funds of
the Village other than incremental taxes, and the Village then may be reimbursed for such costs from
incremental taxes.
The tax increment revenue, which will be used to fund tax increment obligations and eligible redevelopment
project costs, shall be the incremental property tax revenues. Incremental property tax revenue is attributable
to the increase of the current EAV of each taxable lot, block, tract or parcel of property in the proposed RPA
over and above the certified initial EAV of each such property.
Other sources of funds, which may be used to pay for development costs and associated obligations issued or
incurred, include land disposition proceeds, state and federal grants, investment income, private investor and
financial institution funds, and other sources of funds and revenues as the municipality and developer may
deem appropriate.
The proposed RPA may be or become contiguous to or be separated only by a public right-of-way from, other
redevelopment areas created under the Act (65 ILCS 5/11 74.4 4 et. seq.). The Village may utilize net incremental
property tax revenues received from the proposed RPA to pay eligible redevelopment project costs, or
obligations issued to pay such costs, in other contiguous redevelopment project areas, or those separated only
by a public right-of-way, and vice versa. The amount of revenue from the proposed RPA made available to
SIB IFiriedimasin IDevelllolpun°cent Advu!soirs 22
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Vulllllla ge of Ilt3cnu.uu ut Prospect / Sou. tlh I Prospect [UPI1-'.Illliglilbulllity I[4,e14: oirt ai nc.1IRled ^vumrlllsulp meant I
support such contiguous redevelopment project areas, or those separated only by a public right-of-way, when
added to all amounts used to pay eligible redevelopment project costs within the proposed RPA, shall not at
any time exceed the Total Redevelopment Project Costs described in Table 1 of this Redevelopment Plan.
ISSUANCE OF OBLIGATIONS
To finance project costs, the Village may issue bonds or obligations secured by the anticipated tax increment
revenue generated within the proposed RPA, or such other bonds or obligations as the Village may deem as
appropriate. The Village may require the utilization of guarantees, deposits or other forms of security made
available by private sector developers to secure such obligations. In addition, the Village may provide other
legally permissible credit enhancements to any obligations issued pursuant to the Act.
All obligations issued by the Village pursuant to this Redevelopment Plan and the Act shall be retired within
the timeframe described under "Phasing, Scheduling of the Redevelopment, and Estimated Dates of
Completion" above. Also, the final maturity date of any such obligations that are issued may not be later than
20 years from their respective dates of issue. One or more of a series of obligations may be sold at one or
more times in order to implement this Redevelopment Plan. The amounts payable in any year as principal and
interest on all obligations issued by the Village shall not exceed the amounts available from tax increment
revenues, or other sources of funds, if any, as may be provided by ordinance. Obligations may be of parity or
senior/junior lien nature. Obligations issued may be serial or term maturities, and may or may not be subject
to mandatory, sinking fund or optional redemptions.
In addition to paying redevelopment project costs, tax increment revenues may be used for the scheduled
and/or early retirement of obligations, and for reserves and bond sinking funds.
MOST RECENT EQUALIZED ASSESSED VALUE OF PROPERTIES IN THE PROPOSED RPA
The purpose of identifying the most recent EAV of the proposed RPA is to provide an estimate of the initial
EAV for the purpose of annually calculating the incremental EAV and incremental property taxes of the
proposed RPA. The 2020 EAV (the most recent year in which final assessed values and equalization factor were
available) of all taxable parcels in the proposed RPA is $152,173,065. This total EAV amount by property index
number ("PIN") is summarized in Appendix 4. The EAV is subject to verification by the Cook County Assessor's
Office. After verification, the final figure shall be certified by the Cook County Clerk and shall become the
"Certified Initial EAV" from which all incremental property taxes in the proposed RPA will be calculated by the
County.
ANTICIPATED EQUALIZED ASSESSED VALUE
By tax year 2045 (collection year 2046), the total taxable EAV for the proposed RPA is anticipated to be
approximately $268 million.
IIhr,qpact of .tlI,�w
This Redevelopment Plan is expected to have short and long-term financial impacts on the affected taxing
districts. During the period when TIF is utilized, real estate tax increment revenues from the increases in EAV
over and above the Certified Initial EAV (established at the time of adoption of this document) may be used
SIS IFiriedin°an IDevelllolpin°uent: Advu!soirs 23
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Wlllla gnr of I Prospect / Sou. tlh I Prospect IG:UPIA 1-'.Illliglilbulllity I[4,e14: oirt ai nn1IRled ^vumrlllsupmeint I
to pay eligible redevelopment project costs for the proposed RPA. To the extent that property tax increment
is not required for such purposes, revenues shall be declared surplus and become available for distribution
annually to area taxing districts in the manner provided by the Act. At the time when the proposed RPA is no
longer in place under the Act, the real estate tax revenues resulting from the redevelopment of the proposed
RPA will be distributed to all taxing district levying taxes against property located in the proposed RPA. These
revenues will then be available for use by the affected taxing districts.
DEMAND ON TAXING DISTRICT SERVICES AND PROGRAMS TO ADDRESS FINANCIAL AND SERVICE
I M PACT
In 1994, the Act was amended to require an assessment of any financial impact of a redevelopment project
area on, or any increased demand for service from, any taxing district affected by the redevelopment plan, and
a description of any program to address such financial impacts or increased demand.
Replacement of underutilized buildings and sites with active and more intensive uses may result in additional
demands on services and facilities provided by the districts. Given the preliminary nature of this Redevelopment
Plan, specific fiscal impacts on the taxing districts and increases in demand for services provided by those
districts cannot accurately be assessed within the scope of this Plan. At this time, no special programs are
proposed for these taxing districts. The Village intends to monitor development in the area and should demand
increase, the Village intends to work with the affected taxing districts to determine what, if any, program is
necessary to provide adequate services.
The following taxing districts presently levy taxes on properties within the proposed RPA:
• Cook County
• Consolidated Elections
• Cook County Forest Preserve District
• Elk Grove Township
• Elk Grove General Assistance
• Elk Grove Road Fund
• Elk Grove Rural Fire Protection District
• Cook County School District 59
• Arlington Heights Township HS 214
• Harper Community College District 512
• Mount Prospect Park District
• Greater Chicago Metro Water Reclamation District
• Northwest Mosquito Abatement district
• Village of Mount Prospect
• Village of Mount Prospect Library Fund
• Village of Mount Prospect Special Service Area 5
SIB Friedman ID vvdllopunniv^unt Advurioirry
24
47
Vilna ge of I Prospect / Sou tllh I Prospect I L'.Illliglilbulllity I anc.1IRled ^vumrlllsulp meint I
ecl it, ,i lilt Ilre i��'J !";t"1"11;� � Illrii cl lil IIIbm lidiiil Iliill
As a part of establishing the proposed RPA, the following additional findings must be made:
FINDING 1: LACK OF GROWTH AND DEVELOPMENT THROUGH PRIVATE INVESTMENT
The Village is required to evaluate whether the proposed RPA has been subject to growth and development
through private investment and must substantiate a finding of lack of such investment. Limited private
investment has occurred in the proposed South Mount Prospect RPA during the past six years (2016-2021), as
demonstrated by the following:
• LIMITED CONSTRUCTION -RELATED PERMIT ACTIVITY. Building permit data provided by the Village
indicates that there has been an annual average investment of approximately $950,000 each year over
the past six years from 2016 to 2021. This investment has included interior remodeling of commercial
spaces, plumbing and electrical work, but only six instances of building exterior or fagade remodels,
three instances of commercial additions or expansions. There has been no new construction. Thus, the
proposed RPA has not been subject to growth and development through investment by private
enterprise.
Finding: The proposed RPA, on the whole, has not been subject to growth and development through investment
by private enterprise.
FINDING 2: "BUT FOR..." REQUIREMENT
The Village is required to find that the proposed RPA would not reasonably be anticipated to be developed
without the adoption of this Redevelopment Plan.
Without the support of public resources, the redevelopment objectives for the proposed RPA would most likely
not be realized. The investments required to update and maintain buildings exhibiting deterioration,
inadequate utilities, a lack of planning, and that are below minimum code throughout the proposed South
Mount Prospect RPA are extensive and costly, and the private market, on its own, has shown little ability to
absorb all of these costs. Public resources to assist with public improvements and project -specific development
costs are essential to leverage private investment and facilitate area -wide redevelopment.
Finding: But for the adoption of this Redevelopment Plan, critical resources will be lacking to support the
redevelopment of the proposed RPA, and the proposed RPA would not reasonably be anticipated to be
redeveloped.
FINDING 3: CONTIGUITY
No RPA can be designated unless a plan and project are approved prior to the designation of the area; and
the area can only include those contiguous parcels that are to be substantially benefited by the proposed
redevelopment project improvements.
Finding: The proposed RPA includes only those contiguous parcels of real property that are expected to benefit
substantially from the proposed Redevelopment Plan and Project.
SIS I"u^uedum°namum ID va"IIiolaum°un^umt: Advli!soirs 25
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Vulllllla ge of I Prospect / Sou. tlh I Prospect [UPI1-'.Illliglilbulllity I[4,e14: oirt ai nc.1 IRledevumrlllsulp meant I
FINDING 4: CONFORMANCE TO THE PLANS OF THE VILLAGE
The Redevelopment Plan and Project must conform to the comprehensive plan for the development of the
municipality as a whole.
The 2017 Comprehensive Plan identifies the proposed RPA as a "Mixed -Use District" for the Village, as indicated
in the Growth, Preservation, and Opportunities section of the 2017 Comprehensive Plan. The Connect South
Mount Prospect Sub -Area Plan also identified most of the proposed RPA as a "Mixed -Use District". Areas of
the RPA excluded from the "Mixed -Use District" include the existing commercial and park land uses north of
Dempster Street as well as the existing commercial land uses in the northwest corner of the RPA along Busse
Road and Dempster Street. These areas will remain their current land uses. Additionally, the 2017
Comprehensive Plan and Connect South Mount Prospect Sub -Area Plan (2020) contemplate converting
existing single family lots along Dempster Street to accommodate multi -family housing.
All aspects of this Redevelopment Plan are in agreement with, but subservient to, plans made in the Village's
2017 Plan and the Connect South Mount Prospect Sub -Area Plan (2020).
Finding: The South Mount Prospect Redevelopment Plan conforms to and proposes predominant land uses that
are consistent with the Comprehensive Plan.
FINDING 5: HOUSING IMPACT AND RELATED MATTERS
As set forth in the Act, if a redevelopment plan for a redevelopment project area would result in the
displacement of residents from 10 or more inhabited residential units, or if the redevelopment project area
contains 75 or more inhabited residential units and a municipality is unable to certify that no displacement will
occur, the municipality must prepare a Housing Impact Study and incorporate the study into the
Redevelopment Plan and Project document.
Finding: SB Friedman found that there are approximately 5 housing units within the proposed RPA. The Village
hereby certifies that the Redevelopment Plan will not result in the displacement of residents from 10 or more
inhabited residential units as a result of activities pursuant to this Redevelopment Plan. Therefore, a Housing
Impact Study is not required under the Act.
FINDING 6: ESTIMATED DATES OF COMPLETION
As set forth in the Act, the redevelopment plan must establish the estimated dates of completion of the
redevelopment project and retirement of obligations issued to finance redevelopment project costs.
Finding: The estimated dates of completion of the project and retirement of obligations are described in "Phasing
and Scheduling of the Redevelopment" above. This Redevelopment Plan is estimated to be completed, and all
obligations issued to finance redevelopment costs shall be retired no later than December 31, 2046, if the
ordinances establishing the proposed RPA are adopted during 2022.
Illi°) II ����� lil � Iln s � IIID �°°� IIII°°III ;� lil IIII
������' I� �°° ���..� 4��Ilil aIID IIII�)IIII aln
616 II"u^uedin°an IC na~va"Illol-sun°uent:Advu!soirs
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Wlage of I Prospect / Soutlh I 12urcuspect [UPIEIhigflbflity [4,e14:oirt ainc.1RledevdIc)Ipmeint I
This Redevelopment Plan and Project document may be amended pursuant to the provisions of the Act.
"to ����'�ractia 5 ar,id ar��i Act'I�arii III IIID IIII ml
The Village of Mount Prospect hereby affirms its commitment to fair employment practices and an affirmative
action plan.
SIB Firiedin,an Devdolpin iient Adv!soirs
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Appendix 1: Limitations of the Eligibility Report and
Consultant Responsibilities
The Eligibility Report covers events and conditions that were determined to support the designation of the
proposed Redevelopment Project Area ("RPA" or "TIF District") as a "conservation area" under the Act at the
completion of our field research in November -December 2021 and not thereafter. These events or conditions
include, without limitation, governmental actions and additional developments.
This Eligibility Report, Redevelopment Plan and Project, (the "Report") summarizes the analysis and findings of
the consultant's work, which, unless otherwise noted, is solely the responsibility of SB Friedman. The Village is
entitled to rely on the findings and conclusions of the Report in designating the proposed RPA as a
redevelopment project area under the Act. SB Friedman has prepared the Report with the understanding that
the Village would rely: (1) on the findings and conclusions of this Redevelopment Plan in proceeding with the
designation of RPA and the adoption and implementation of this Redevelopment Plan; and (2) on the fact that
SB Friedman has obtained the necessary information including, without limitation, information relating to the
equalized assessed value of parcels comprising the proposed RPA, so that the Report will comply with the Act
and that the proposed RPA can be designated as a redevelopment project area in compliance with the Act.
The Report is based on estimates, assumptions and other information developed from research of the market,
knowledge of the industry, and meetings during which we obtained certain information. The sources of
information and bases of the estimates and assumptions are stated in the Report. Some assumptions inevitably
will not materialize, and unanticipated events and circumstances may occur. Therefore, actual results achieved
will necessarily vary from those described in our Report, and the variations may be material.
The terms of this engagement are such that we have no obligation to revise the Report to reflect events or
conditions which occur subsequent to the date of the Report. These events or conditions include, without
limitation, economic growth trends, governmental actions, additional competitive developments, interest rates
and other market factors. However, we will be available to discuss the necessity for revision in view of changes
in economic or market factors.
Preliminary Tax Increment Financing (TIF) projections were prepared for the purpose of estimating the
approximate level of increment that could be generated by proposed projects and other properties within the
proposed TIF District boundary and from inflationary increases in value. These projections were intended to
provide an estimate of the final equalized assessed value (EAV) of the proposed TIF District.
As such, our report and the preliminary projections prepared under this engagement are intended solely for
the Village's information, for the purpose of establishing a TIF District. These projections should not be relied
upon for purposes of evaluating potential debt obligations or by any other person, firm or corporation, or for
any other purposes. Neither the Report nor its contents, nor any reference to our Firm, may be included or
quoted in any offering circular or registration statement, appraisal, sales brochure, prospectus, loan or other
agreement or document intended for use in obtaining funds from individual investors, without prior written
consent.
S18 IFiriedin°an ID va"Illolpiniie ntAdvi!soirs 28
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Appendix 2: Glossary
IIII °� a ct aIIrs fair IIII III iri IIIA Iliroved,��������� Ilr1i d
Dilapidation. An advanced state of disrepair or neglect of necessary repairs to the primary structural
components of buildings or improvements in such a combination that a documented building condition
analysis determines that major repair is required or the defects are so serious and so extensive that the
buildings must be removed.
Obsolescence. The condition or process of falling into disuse. Structures have become ill-suited for the original
use.
Deterioration. With respect to buildings, defects including but not limited to, major defects in the secondary
building components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to
surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and
surface storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes,
depressions, loose paving material and weeds protruding through paved surfaces.
Presence of Structures below Minimum Code Standards. All structures that do not meet the standards of
zoning, subdivision, building, fire and other governmental codes applicable to property, but not including
housing and property maintenance codes.
Illegal Use of Individual Structures. The use of structures in violation of the applicable federal, state or local
laws, exclusive of those applicable to the Presence of Structures below Minimum Code Standards.
Excessive Vacancies. The presence of buildings that are unoccupied or underutilized and that represent an
adverse influence on the area because of the frequency, extent or duration of the vacancies.
Lack of Ventilation, Light or Sanitary Facilities. The absence of adequate ventilation for light or air circulation
in spaces or rooms without windows, or that require the removal of dust, odor, gas, smoke, or other noxious
airborne materials. Inadequate natural light and ventilation means the absence of skylights or windows for
interior spaces or rooms and improper window sizes and amounts by room area to window area ratios.
Inadequate sanitary facilities refers to the absence or inadequacy of garbage storage and enclosure, bathroom
facilities, hot water and kitchens, and structural inadequacies preventing ingress and egress to and from all
rooms and units within a building.
Inadequate Utilities. Underground and overhead utilities, such as storm sewers and storm drainage, sanitary
sewers, water lines, and gas, telephone, and electrical services that are shown to be inadequate. Inadequate
utilities are those that are: (i) of insufficient capacity to serve the uses in the redevelopment project area, (ii)
deteriorated, antiquated, obsolete, or in disrepair, or (iii) lacking within the redevelopment project area.
Excessive Land Coverage and Overcrowding of Structures and Community Facilities. The over -intensive
use of property and the crowding of buildings and accessory facilities onto a site. Examples of problem
SIS IFiriedin, a n IDeva"dliolpiniie t Advu!soi s 29
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Aullllllage of I Prospect / Sou. tlh I Prospect [UPI1-'.Illliglilbulllity I[4,e14: oirt anc.1IRledu^vumrlllsulp meint I
conditions warranting the designation of an area as one exhibiting excessive land coverage are: (i) the presence
of buildings either improperly situated on parcels or located on parcels of inadequate size and shape in relation
to present-day standards of development for health and safety, and (ii) the presence of multiple buildings on
a single parcel. For there to be a finding of excessive land coverage, these parcels must exhibit one or more of
the following conditions: insufficient provision for light and air within or around buildings, increased threat of
spread of fire due to the close proximity of buildings, lack of adequate or proper access to a public right-of-
way, lack of reasonably required off-street parking, or inadequate provision for loading and service.
Deleterious Land Use or Layout. The existence of incompatible land use relationships, buildings occupied by
inappropriate mixed -uses, or uses considered to be noxious, offensive or unsuitable for the surrounding area.
Environmental Clean -Up. The proposed redevelopment project area has incurred Illinois Environmental
Protection Agency or United States Environmental Protection Agency remediation costs for, or a study
conducted by an independent consultant recognized as having expertise in environmental remediation has
determined a need for, the clean-up of hazardous waste, hazardous substances, or underground storage tanks
required by state or federal law, provided that the remediation costs constitute a material impediment to the
development or redevelopment of the redevelopment project area.
Lack of Community Planning. The proposed redevelopment project area was developed prior to or without
the benefit or guidance of a community plan. This means that the development occurred prior to the adoption
by the municipality of a comprehensive or other community plan, or that the plan was not followed at the time
of the area's development. This factor must be documented by evidence of adverse or incompatible land use
relationships, inadequate street layout, improper subdivision, parcels of inadequate shape and size to meet
contemporary development standards, or other evidence demonstrating an absence of effective community
planning.
Lack of Growth in Equalized Assessed Value. The total equalized assessed value of the proposed
redevelopment project area has declined for three (3) of the last five (5) calendar years prior to the year in
which the redevelopment project area is designated; or is increasing at an annual rate that is less than the
balance of the municipality for three (3) of the last five (5) calendar years for which information is available; or
is increasing at an annual rate that is less than the Consumer Price Index for All Urban Consumers published
by the United States Department of Labor or successor agency for three (3) of the last five (5) calendar years
prior to the year in which the redevelopment project area is designated.
SIS IFiriedum°Haman Itra~va"IIIolpim°un^nt: Adva!s mirs 30
53
Appendix 3: Proposed South Mount Prospect RPA
Boundary Legal Description
OF PROPERTY DESCRIBED AS:
THOSE PARTS OF SECTIONS 14, 22, 23 AND 26, ALL IN TOWNSHIP 41 NORTH, RANGE 8 EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS;
BEGINNING AT THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 23;
THENCE SOUTHERLY ALONG THE EAST LINE OF SAID NORTHEAST QUARTER TO THE EASTERLY
EXTENSION OF THE SOUTH LINE OF DEMPSTER STREET; THENCE WESTERLY ALONG SAID
EXTENSION AND SAID SOUTH LINE TO THE EAST LINE OF THE WEST 479.60 FEET OF THE NORTH
HALF OF THE NORTHEAST QUARTER OF SAID NORTHEAST QUARTER OF SECTION 23; THENCE
SOUTH ALONG SAID EAST LINE TO THE NORTH LINE OF LOT 2 IN LAKE CENTER, PLAZA
RESUBDIVISION PER DOCUMENT NUMBER 0819145106; THENCE EASTERLY ALONG SAID NORTH
LINE TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE SOUTHERLY THE FOLLOWING (4)
COURSES ALONG THE EASTERLY LINE OF SAID LOT 2; (1) THENCE SOUTH 270.28 FEET TO A
BEND POINT; (2) THENCE WESTERLY 20.07 FEET TO A BEND POINT; (3) THENCE SOUTH 397.41
FEET TO A POINT OF CURVATURE; (4) THENCE SOUTHERLY ALONG A CURVE CONCAVE
WESTERLY HAVING A RADIUS OF 466.07 FEET, AN ARC LENGTH OF 71.51 FEET TO THE
SOUTHEAST CORNER OF SAID LOT 2; THENCE WESTERLY ALONG THE SOUTH LINE OF SAID LOT
2, A DISTANCE OF 422.28 FEET TO THE NORTHWEST CORNER OF LOT 1 IN SAID LAKE CENTER,
PLAZA RESUBDIVISION; THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF
980.71 FEET TO THE NORTHWEST CORNER OF LOT 1 IN LAKE CENTER PLAZA RESUBDIVISION
NO. 2 PER DOCUMENT NUMBER 91321871; THENCE SOUTHERLY ALONG THE WESTERLY LINE
OF SAID LOT 1, A DISTANCE OF 187.19 FEET TO THE NORTH LINE OF ALGONQUIN ROAD; THENCE
SOUTHWESTERLY TO THE NORTHEAST CORNER OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SAID SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID WEST
HALF 289.0 FEET TO THE EASTERLY EXTENSION OF THE NORTH LINE OF LOT 15 IN ELMHURST-
ALGONQUIN INDUSTRIAL PARK -UNIT NO. 8 SUBDIVISION PER DOCUMENT NUMBER 20409121;
THENCE WESTERLY ALONG SAID EASTERLY EXTENSION AND NORTH LINE OF SAID LOT 15, A
DISTANCE OF 341.54 FEET TO THE NORTHWEST CORNER OF SAID LOT 15; THENCE SOUTHERLY
ALONG THE WEST LINE OF SAID ELMHURST-ALGONQUIN INDUSTRIAL PARK -UNIT NO. 8
SUBDIVISION 539.36 FEET TO THE NORTH LINE OF THE SOUTH 1175.0 FEET OF THE NORTH
THREE-QUARTERS OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 23;
THENCE EAST ALONG SAID NORTH LINE 4.0 FEET TO THE NORTHWEST CORNER OF DENNES
RESUBDIVISION PER DOCUMENT NUMBER 25198789; THENCE SOUTHERLY ALONG THE WEST
LINE OF SAID DENNES RESUBDIVISION 1110.85 FEET TO THE SOUTHWEST CORNER OF LOT 2 IN
SAID DENNES SUBDIVISION; THEN EASTERLY ALONG THE SOUTH LINE OF SAID LOT 2, A
DISTANCE OF 339.52 FEET TO SAID EAST LINE OF THE WEST HALF OF THE SOUTHEAST
QUARTER; THENCE SOUTHERLY ALONG SAID EAST LINE OF THE WEST HALF TO THE SOUTH
LINE OF OAKTON STREET; THENCE WESTERLY ALONG SAID SOUTH LINE OF OAKTON STREET
TO THE SOUTHERLY EXTENSION OF THE EAST LINE OF LOT 2 IN GARLAND C. RICHARDSON'S
SUBDIVISION PER DOCUMENT NUMBER 16662336; THENCE NORTHERLY ALONG SAID
EXTENSION AND SAID EAST LINE OF LOT 2 TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE
WESTERLY ALONG THE NORTH LINE OF SAID LOT 2 TO THE EASTERLY LINE OF SAID 1-90 TOLL
ROAD; THENCE NORTHWESTERLY ALONG SAID EASTERLY LINE TO THE SOUTH LINE OF ABACUS
CONSOLIDATION OF LOTS 3 AND 4 PER DOCUMENT NUMBER 08009531; THENCE EASTERLY
ALONG SAID SOUTH LINE AND THE SOUTH LINE OF BUSSE ROAD INDUSTRIAL PARK
SUBDIVISION PER DOCUMENT 904723385 TO THE WEST LINE OF BUSSE ROAD; THENCE
SIS IFirie ima in IDa~,v dlIolainiie t dva!soi s 31
54
VdIllla ge of I Prospect / Sou tllh I I uraspect [UPI1-'.Illliglilbulllity IG4bn"14: oirt ai ncl IFlecJu^vumrlllsulp imieint I
NORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD TO THE WESTERLY EXTENSION OF THE
NORTH LINE OF LOT 1 IN PLAZA UNITED RESUBDIVISION OF LOT 1 PER DOCUMENT NUMBER
96489523; THENCE THE FOLLOWING (3) COURSES ALONG SAID EXTENSION AND NORTH LINE;
(1) THENCE EAST ALONG SAID EXTENSION AND NORTH LINE TO A BEND POINT; (2) THENCE
SOUTHEASTERLY 116.13 FEET TO A BEND POINT; (3) THENCE SOUTHEASTERLY 353.13 FEET TO
THE MOST SOUTHERLY CORNER OF LOT 2 IN SAID PLAZA UNITED RESUBDIVISION; THENCE THE
FOLLOWING (4) COURSES ALONG THE EASTERLY LINE OF SAID LOT 2; (1) THENCE
NORTHEASTERLY 52.09 FEET; (2) THENCE NORTH 170 FEET; (3) THENCE EASTERLY 39 FEET; (4)
THENCE NORTH 250.43 FEET TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE NORTHERLY
ALONG THE NORTHERLY EXTENSION OF SAID EASTERLY LINE OF LOT 2 TO THE NORTH LINE OF
DEMPSTER STREET; THENCE EASTERLY ALONG SAID NORTH LINE OF DEMPSTER STREET TO
THE NORTHERLY EXTENSION OF THE EAST LINE OF LOT 1 IN BRIARWOOD BUSINESS CENTER
SUBDIVISION PER DOCUMENT NUMBER 0627931120; THENCE SOUTHERLY ALONG SAID
NORTHERLY EXTENSION AND SAID EAST LINE OF LOT 1 TO THE SOUTH LINE OF LOT 2 IN
LINNEMAN'S DIVISION PER DOCUMENT NUMBER 15716544; THENCE EASTERLY ALONG SAID
SOUTH LINE OF LOT 2 TO THE EAST LINE OF THE WEST HALF OF THE NORTHEAST QUARTER OF
SAID SECTION 23; THENCE NORTHERLY ALONG SAID EAST LINE TO THE SOUTHEAST CORNER
OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 14; THENCE NORTHERLY
ALONG THE EAST LINE OF SAID WEST HALF OF THE SOUTHEAST QUARTER OF SECTION 14 TO
THE NORTHEAST CORNER OF PICKWICK COMMONS SUBDIVISION PER DOCUMENT NUMBER
20563555; THENCE WESTERLY ALONG THE NORTH LINE OF SAID PICKWICK COMMON
SUBDIVISION AND THE NORTH LINE OF LOT 1 IN SAID LINNEMAN'S DIVISION TO THE WEST LINE
OF SAID WEST HALF OF THE SOUTHEAST QUARTER SECTION 14; THENCE NORTH ALONG SAID
WEST LINE TO THE SOUTHERLY LINE OF THE COMMONWEALTH EDISON'S RIGHT-OF-WAY;
THENCE NORTHEASTERLY ALONG SAID SOUTHERLY LINE TO A BEND POINT; THENCE
CONTINUING EAST ALONG SAID SOUTHERLY LINE TO THE EAST LINE OF SAID SOUTHEAST
QUARTER OF SECTION 14; THENCE SOUTHERLY ALONG SAID EAST LINE TO THE PLACE OF
BEGINNING.
IB IFiriedum°na i n IDa~va"IlIolaum°uamnt dva!samirs 32
55
Appendix 4: List of PINS in
Proposed South Mount Prospect RPA
SIB Firie ima i n IDevdlojainiient dva!soi s
33
W
1
0823100018
$20,013,623
2
0823200051
$4,686,882
3
0823101014
$1,240,509
4
0823200052
$1,765,079
5
0823101015
$987,166
6
0823101016
$443,353
7
0823101017
$634,800
8
0823101020
$431,936
9
0823101024
$352,279
10
0823101032
$483,510
11
0823101033
$632,592
12
0823101034
$377,138
13
0823101036
$1,448,077
14
0823101037
$566,548
15
0823101038
$439,188
16
0823101041
$185,346
17
0823300047
$551,740
18
0823100012
$2,187,112
19
0823101044
$115,804
20
0823101045
$3,294,553
21
0823100020
$14,066,918
22
0823101047
$664,020
23
0823101051
$728,292
24
0823101055
$1,879,239
25
0823101058
$742,517
26
0823100021
$3,213,727
27
0823101059
$625,365
28
0823101062
$2,141,189
29
0823300007
$1,178,736
30
0823102005
$5,262,055
31
0823202050
$5,802,120
32
0823102006
$4,694,295
33
0823102007
$2,094,910
34
0823102009
$3,198,138
SIB Firie ima i n IDevdlojainiient dva!soi s
33
W
VdIllla ge of I Prospect / Sou tllh I I uraspect [UPI1-'.Illliglilbulllity IG4bn"14: oirt ai nclIRlecJu^vumrlllsulp imieint I
SIB Firiedum°na i n IDaava"IlIolaum°uamnt dva!soirs
34
57
35
0823202008
$1,054,049
36
0823202009
$785,704
37
0823202013
$1,447,722
38
0823202017
$1,145,197
39
0823202022
$1,305,480
40
0823202023
$406,052
41
0823202024
$288,269
42
0823202025
$647,442
43
0823202032
$1,973530
44
0823300006
$921,796
45
0823202034
$1,306,683
46
0823300051
$549,612
47
0823202035
$662,879
48
0823202036
$754,327
49
0823202037
$425,995
50
0823202038
$241,755
51
0823202042
$2,306,475
52
0823101060
$294,967
53
0823202044
$1,156,098
54
0823300017
$680,134
55
0822401019
$643,890
56
0823300018
$545,751
57
0823300024
$247,419
58
0823300025
$402,880
59
0823300026
$483,510
60
0823101052
$615,070
61
0823300027
$283,218
62
0823300028
$283,782
63
0823300029
$1,514,992
64
0823300030
$293,304
65
0823300031
$30,287
66
0823300036
$1,435,154
67
0823300049
$1,590,687
68
0823300053
$518,052
69
0823300054
$1,607,242
70
0823301003
$2,958,875
71
0823301006
$718,741
72
0823301007
$1,598,810
73
0823301008
$1,708,205
74
0823301009
$851,400
SIB Firiedum°na i n IDaava"IlIolaum°uamnt dva!soirs
34
57
VdIllla ge of I Prospect / Sou tllh I I uraspect [UPI1-'.Illliglilbulllity IG4bn"14: oirt ai nclIRlecJu^vumrlllsulp imieint I
SIB Firiedum°na i n IDaava"IlIolaum°uamnt dva!soirs
35
75
0823202041
$1,173,904
76
0823400004
$1,274,845
77
0823400008
$3,305,171
78
0823101035
$502,850
79
0823400015
$1,753,530
80
0823400011
$275,646
81
0823400016
$615,669
82
0823400017
$1,916,041
83
0823300055
$275,085
84
0823400009
$254,368
85
0823400018
$431,707
86
0823400019
$2,349,855
87
0823400020
$867,091
88
0823101048
$244,534
89
0823400021
$473,656
90
0823400022
$2,807,894
91
0823300023
$283,898
92
0823101064
$456,005
93
0823101061
$400,765
94
0823102011
$137,143
95
0823300058
$75,476
96
0823202046
$109,644
97
0823202047
$87,712
98
0823400010
$69,635
99
0823401004
$59,620
100
0823101026
$509,294
101
0823300057
$35,754
102
0823101009
$41,543
103
0823101057
$35,490
104
0823101056
$33,394
105
0823300022
$30,181
106
0823102008
$3,584
107
0823101046
$0
108
0823202039
$0
109
0823202007
$2,202
110
0823401033
$570,687
111
0823300050
$695,088
112
0823101063
$392,987
113
0823201007
$93,717
114
0823201018
$96,370
SIB Firiedum°na i n IDaava"IlIolaum°uamnt dva!soirs
35
tFulllllla ge of IltFmnu.uumt Prospect / Sou. tlh I IPirospect [UP1-'.Illliglilbullliter IG4be14: oirt ai ndIRledu^vumrllic)Ip meint I
Source: Cook County, SB Friedman
SIB Firiedima i n IDevelllol-sum°cent: ttdva!s mirs
36
MA111 III
115
0823201020
$96,080
116
0823201080
$77,249
117
0823201081
$97,598
118
0823201082
$70,557
119
0823201083
$77,926
120
0823201084
$147,264
121
0814401018
$0
12
0814401019
$0
123
0814403015
$0
124
0814403016
$0
125
0814403021
$840502
126
0814403024
$499,627
127
0814403029
$501,638
128
0814403030
$148,054
129
0823203042
$3,060,348
Total
$152,173,065
Source: Cook County, SB Friedman
SIB Firiedima i n IDevelllol-sum°cent: ttdva!s mirs
36