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HomeMy WebLinkAboutRes 14-08 04/15/2008 RESOLUTION NO. 14-08 A RESOLUTION AUTHORIZING EXECUTION OF A RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND PAUL SHERIDAN, HAMILTON PARTNERS REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF 199 WEST RAND ROAD, MOUNT PROSPECT, ILLINOIS WHEREAS, pursuant to the provisions of Chapter 16 entitled Construction Standards Site Improvement Procedures of the Village Code of Mount Prospect certain public improvements are required to be constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, in certain instances the installation of public improvements, including but not limited to street lights, are not feasible at the time of development, however the developer is required to provide those improvements as such time as the Village of Mount Prospect deems appropriate; and WHEREAS, the President and Board of Trustees have determined that the best interests of the Village would be served by having the owner-developer, Paul Sheridan, Hamilton Partners, enter into a Restrictive Covenant, a copy of which is attached and made a part of as Exhibit "A", guaranteeing the installation of specified improvements at such a time as deemed reasonable and proper. NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS IN THE EXERCISE OF THEIR HOME RULE POWERS: SECTION ONE: That the President and Board of Trustees do hereby authorize execution of Restrictive Covenant, a copy of which Restrictive Covenant is attached and made a part of as Exhibit "A", for property commonly known as 199 West Rand Road which Restrictive Covenant guarantees the installation of public improvements along Rand and Kensington Roads at such time deemed necessary. SECTION TWO: That the Village Clerk is hereby directed to record with the Recorder of Deeds a fully executed copy of the Agreement being the subject of this Resolution. SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Hoefert, Juracek, Korn, Zadel NAYS: None ABSENT: Corcoran, Wilks Passed and approved this 15th day of April, 2008 ATTEST: ~~c?~ Qp M. Lisa Angell . r Village Clerk . H:\CLKO\files\WIN\RES\Restrictive Cov,199randapril08.doc RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND THE OWNER-DEVELOPER OF CERTAIN PROPERTY WITHIN SAID VILLAGE REGARDING INSTALLATION OF REQUIRED STREETLIGHTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY 199 W. RAND ROAD, MOUNT PROSPECT, ILLINOIS WHEREAS, pursuant to the provisions of Chapter 15 entitled "Development" of the Village Code of Mount Prospect, Illinois streetlights along the public right of way adjacent to the project site are required to be constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, the schedule for accomplishing the construction and installation of such streetlights by the owner- developer of the property under development is often in conflict with other public improvement projects adjacent to, or in the vicinity of the property so as to render such street light installation by the owner-developer to be practically or economically unfeasible, until the installation can be combined with or scheduled so as to conform with other public improvements affecting the subject property under development; and WHEREAS, such other public improvement projects are administered by the Village, County or State officials, over which the owner-developer has no control, and in some instances the streetlight installation to be accomplished by the owner-developer with respect to the property under development cannot be completed until other improvements under Village, County or State control have been completed; and WHEREAS, under such circumstances, it is deemed to be inequitable to delay development ofthe property under development or to require the owner-developer to establish a cash escrow, letter of credit or improvement bond for the purpose of guaranteeing the completion of required streetlight installation due to the delay caused by the intervening or subsequent accomplishment of other public improvement projects under administration and control of the Village, County or State; and WHEREAS, Section 15.502.BA of the Village Code of Mount Prospect, Illinois provides that in lieu of a cash escrow, letter of credit or development bond, the owner-developer may execute a restrictive covenant to be recorded and to run with the land as a guarantee that the required streetlight installation shall be completed with respect to the property under development. WHEREAS, the Village finds that it is in the best interest of the Village to accept a covenant to install streetlights in the future. NOW, THEREFORE, in accordance with the provisions of Section 15.502.BA of the Village Code of Mount Prospect, Illinois, the Undersigned Owner does hereby covenant with the Village of Mount Prospect, an Illinois municipal corporation, as follows: 1. The Undersigned is the Owner of the following described property within the Village of Mount Prospect, Illinois, to wit: PARCEL 1 : THAT P ART OF LOT Z IN BAR TMANN 199 RAND SUBDIVISION, A SUBDIVISION OF PART OF THE EAST ~ OF THE SOUTHWEST Y4 OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, EXCEPT THE LAND DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT "A"; THENCE NORTHERLY, ALONG THE EAST LINE OF SAID LOT "A", 254.35 FEET TO AN ANGLE POINT OF SAID LOT "A" AND THE POINT OF BEGINNING; THENCE EASTERLY, ALONG THE PERIMETER OF SAID LOT "A", 182.71 FEET RECORD (182.85 FEET, MEASURED) TO THE EASTERLY MOST CORNER THEREOF; THENCE NORTHWESTERLY, ALONG THE NORTHEASTERLY LINE OF SAID LOT "A", 157.25 FEET; THENCE SOUTHWESTERLY, ALONG A LINE FORMING AN ANGLE TO THE RIGHT OF 81 DEGREES WITH THE LAST DESCRIBED COURSE 121.43 FEET TO THE INTERSECTION WITH THE PROLONGATION OF THE EAST LINE OF SAID LOT "A"; THENCE SOUTHERLY, ALONG THE PROLONGATION OF THE EAST LINE OF SAID LOT "A", 11.64 FEET TO THE POINT OF BEGINNING. PARCEL 2: LOT B IN BAR TMANN 199 RAND SUBDIVSION, A SUBDIVISION OF PART OF THE EAST Y2 OF THE SOUTHWEST Vi OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. 2. A plan of development ofthe described property by the Undersigned has been approved by the Village of Mount Prospect, which approval includes the requirement to design and install streetlights along PARCEL 1: THAT PART OF LOT Z IN BARTMANN 199 RAND SUBDIVISION, A SUBDIVISION OF PART OF THE EAST Yi OF THE SOUTHWEST Vi OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, EXCEPT THE LAND DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT "A"; THENCE NOR THERL Y, ALONG THE EAST LINE OF SAID LOT "A", 254.35 FEET TO AN ANGLE POINT OF SAID LOT "A" AND THE POINT OF BEGINNING; THENCE EASTERLY, ALONG THE PERIMETER OF SAID LOT "A", 182.71 FEET RECORD (182.85 FEET, MEASURED) TO THE EASTERLY MOST CORNER THEREOF; THENCE NORTHWESTERLY, ALONG THE NORTHEASTERLY LINE OF SAID LOT "A", 157.25 FEET; THENCE SOUTHWESTERLY, ALONG A LINE FORMING AN ANGLE TO THE RIGHT OF 81 DEGREES WITH THE LAST DESCRIBED COURSE 121.43 FEET TO THE INTERSECTION WITH THE PROLONGATION OF THE EAST LINE OF SAID LOT "A"; THENCE SOUTHERLY, ALONG THE PROLONGATION OF THE EAST LINE OF SAID LOT "A", 11.64 FEET TO THE POINT OF BEGINNING. PARCEL 2: LOT BIN BARTMANN 199 RAND SUBDIVSION, A SUBDIVISION OF PART OF THE EAST Y2 OF THE SOUTHWEST Vi OF SECTION 27, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. 3. For a period of twenty (20) years commencing from the date of this Restrictive Covenant, the Undersigned shall undertake the above-stated improvements within sixty (60) days after being advised by the Village of Mount Prospect to commence such construction and installation work. The work shall continue without interruption or delay, until the improvements are completed in a satisfactory manner and in accordance with Village, County, and State plans and specifications. In lieu of requiring the applicant to install the streetlights, the Village may elect to have the applicant pay for the installation. 4. This Covenant to complete streetlight installation shall run with the subject property for twenty (20) years. Nothing in the Covenant shall in any way prevent the alienation or sale of all or a portion of the subject property, except that the sale shall be subject to the provisions of this Restrictive Covenant and to the plan of development pertaining to the property. The new owner shall be both benefited and bound by the conditions and restrictions herein expressed of this Restrictive Covenant. - 2 - 5. This Covenant shaH be binding upon and shaH inure to the benefit of the parties and their successors and assigns in title and interest. The provisions shaH be enforceable in a proceeding at law or in equity against the person or persons seeking to violate it including an action for injunctive relief, specific performance or to recover damages or other fines and penalties as may be established in such violation. In the event that the owner-developer of the subject property fails to complete the required improvements or pay a proportionate share of the required improvements by other contractors within the specified time periods, the value of such improvements shaH be entered as a lien against the property due and payable within sixty (60) days after notification to proceed with the improvements. / f ;Ulday of . /?~~ HIJ /1//1~0fJrCt.J it C IN WI~N~SS WHEREOF, the parties hereto have set their hands and seals this ~---- I L , 2008. ~ ~/7~"o8 OFFICIAL SEAL JOAN SABOURIN NOTARY PUBLIC - STATE OF ILLINOIS MY COMMISSION EXPIRES:05I04110 OWNER VILLAGE OF ATTEST: c/l7a&rL:~ VILLAGE CLER Real Estate Index No. 03-27-301-019-0000 & 03-27-301-025-0000 - 3 -