HomeMy WebLinkAboutOrd 4509 01/05/1993 ORDINANCE NO. 4509
AN ORDINANCE APPROVING AMENDMENT NO. 2
TO THE TAX INCREMENT REDEVELOPMENT PLAN
AND REDEVELOPMENT PROJECT FOR DISTRICT NO. 1
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 5th day of January , 1993
Published in pamphlet form by
authority of the corporate
authorities of~the Village of
Mount Prospect, Illinois, the
5th day of January , 1993.
VILLAGE OF MOUNT PROSPECT
ORDINANCE NO. 4509
AN ORDINANCE APPROVING AMENDMENT NO. 2 TO THE TAX INCREMENT
REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT FOR DISTRICT NO. 1
WHEREAS, the Village of Mount Prospect, Cook County, Illinois, has
heretofore in Ordinances Nos.3554 and 4011 approved the Tax
Increment Redevelopment Plan and Redevelopment Project for District
No. 1 and Amendment No. 1 thereto (hereinafter, collectively, "the
Plan"); and
WHEREAS, the Village of Mount Prospect, in furtherance of its
desire to consider boundary and land use changes in the Plan, has
complied with the procedures set forth in the Tax Increment
Allocation Redevelopment Act, Ill.Rev. Stat. Ch.24 Sec.11-74.4-1 et
seq., as amended (hereinafter "the Act"), pertaining to the
consideration of such changes which requires compliance with the
requirements for the initial approval of a redevelopment plan and
project, and designation of a redevelopment project area; and
WHEREAS, the Village of Mount Prospect does hereby determine that
it is in the best interests of the Village of Mount Prospect and
its citizens to amend the Plan by altering the boundaries and land
use of the Plan as shown on the proposed Amendment No. 2 to the
Tax Increment Redevelopment Plan and Redevelopment Project for
District No. 1 (hereinafter "the Amendment"); and
WHEREAS, the Village of Mount Prospect, Cook County, Illinois,
desires to implement and extend tax increment allocation financing
pursuant to the Act, for the Amendment within the municipal
boundaries of the Village of Mount Prospect and within the proposed
Amendment No~ 2 to the Tax Increment Redevelopment Project Area for
District No. 1, legally described in Exhibit A attached hereto and
made a part hereof (hereinafter, the "Amended Area"), which Amended
Area constitutes in the aggregate more than 1.5 acres; and
WHEREAS, pursuant to the Act, a Joint Review Board was convened on
October 29, 1992, to consider the proposed Amendment and the
proposal to designate the proposed Amended Area, and the Joint
Review Board has filed with the Village Clerk its advisory
recommendation with respect to the proposed Amendment and the
eligibility of the proposed Amended Area, for designation under
the Act; and
WHEREAS, pursuant to Sec. 11-74.4-5 of the Act, the President of
the Board of Trustees of said Village caused a public hearing to
be held relative to the proposed Amendment and a designation of the
Amended Area on December 1, 1992 at the Mount Prospect Senior
Center in the Village of Mount Prospect; and
WHEREAS, due notice in respect to such hearing was given pursuant
to Sec. 11-74.4-5 and 6 of the Act, said notice being given to
taxing districts within the proposed Amended Area byCertified Mail
on October 15, 1992, by publication in a newspaper of general
circulation within th9 taxing districts on November 18,
1992 and November 25 , 1992, and by certifie~
Mail to the taxpayers within the proposed Amended Area onNovember
19 1992; and
WHEREAS, the Amendment sets forth the factors constituting a
conservation area in the proposed Amended Area, and the President
and Board of Trustees of said Village have considered the testimony
concerning a conservation area presented at the public hearing and
have reviewed other studies and are informed of the conditions of
a conservation area in the proposed Amended Area as said term
"conservation area" is used in the Act; and
WHEREAS, the President and Board of Trustees of said Village have
reviewed the conditions pertaining to lack of private investment
in the proposed Amended Area to determine whether private
development would take place in the proposed Amended Area as a
whole without the adoption of the Amendment; and
WHEREAS, the President and Board of Trustees of said village have
reviewed the conditions pertaining to real property in the proposed
Amended Area to determine whether contiguous parcels of real
property and improvements thereon in the proposed Amended Area
would be substantially benefitted by the Amendment's improvements;
and
WHEREAS, the President and Board of Trustees of said Village have
reviewed the Amendment and the comprehensive plan for development
of the municipality as a whole to determine whether the Amendment
conforms to the comprehensive plan of the Village;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT OF THE BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS,
as follows:
Section i:
The Village of Mount Prospect hereby makes the following findings:
a) The area constituting the proposed Amended Area in the
Village of Mount Prospect, Cook County, Illinois, is
legally described in Exhibit A attached hereto and made
a part hereof. The street and general description of the
boundaries of the proposed Amended Area is set forth in
Exhibit B, and shown on the boundary map, Exhibit C,
which are attached hereto and made a part of this
Ordinance by reference.
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b) There exist conditions which cause the area proposed to
be designated as the Amended Area to be classified as a
"conservation area" as the finding in Section 11-74.4-3
of the Act.
c) The proposed Amended Area on the whole has not been
subject to growth and development through investment by
private enterprise and would not reasonably be
anticipated to be developed without the adoption of the
proposed Amendment.
d) The proposed Amendment conforms to the comprehensive plan
for the development of the municipality as a whole.
e) The parcels of real property in the proposed Amended Area
are contiguous and only those contiguous parcels of real
property and improvements thereon which would be
substantially benefitted by the proposed Amendment
improvements are included in the proposed Amended Area.
f) The estimated date for final completion of the Amendment
is August 20, 2008.
g) The estimated date for retirement of obligations incurred
to finance redevelopment project costs is not later than
August 20, 2008.
section 2:
The Amendment, which was the subject matter of the hearing on
December 1, 1992, is hereby adopted and approved, a copy of which
is attached hereto and made a part of this Ordinance as Exhibit D.
Section 3:
The Village Clerk shall publish this Ordinance in pamphlet form and
shall file this Ordinance with the Cook County Clerk, pursuant to
the Act.
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ection 4:
This Ordinance shall be in full force and effect upon its passage
and approval as provided by law.
PASSED BY THE FOLLOWING ROLL CALL VOTE THIS ~h DAY OF .T~n,,~r¥
~, 199_3_.
AYES: Busse, Corcoran, Floros, Hoefert, Wilks
NAYS: Clowes
ABSENT: None
ABSENT FROM COMMENT AND VOTE: None
APPROVED this 5th day of J~nllsry , 199_21. ~
Village Pre~ident ~
/
/
Village Clerk
PUBLISHED IN PAMPHLET FORM BY THE VILLAGE CLERK OF THE VILLAGE OF
MOUNT PROSPECT, THIS 5th DAY OF .T~n,,~ry , 199 q
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5eg[nn[ng at the intersection o~ the ce~terline of Main Street,
Stat Illinois Route 83~ with the centerline of ?"--~I Road,
exl ; thence Easterly along said centerline of al Road,
a d, nce of approximately 570.32 feet to the Nor c corner
of Loc 22 of Block 5 in Busse and Wille's Resubdivision in Mount
Prospect; thence Southerly along the Eastern property line of
Lots 12, t3, 20, 21, and 22 of said Block-5 in Busse and Wille'a
Resubdiviaion in Mount Prospect, and the Eastern property llne of
Lot 1 of Mount Prospect Scare Bank Resubdivision No. 3, a
distance of approximately 608.74 feet, to the centerline of Busse
Avenue; thence Westerly along the centerline of Busse Avenue, a
distance of approximately 157.11 feet, to the point of inter-
section of the centerline of Busse Avenue with the Eastern
right-of-way of Emerson Street; thence Southerly along said
Eastern right-of-way o[ Emerson Street, a distance of approxi-
mately 277.00 feet, to a point at the Northwest corner of Lot 18
in Block 12 of Busse and Wille's Resubdivision in Mount Prospect;
thence Easterly along the Northern property line of said Lot 18,
a distance of approximately 157.09 feet, to the Northeast corner
of said Lot t8; thence Southerly, a distance of approximately
50.00 feet, along the Eastern property line of said Lot 18, to a
point at the Northwest corner of Loc A of Corporate Subdivision
Number 1, Village of Mount Prospect; thence Easterly along the
Northern property line of said Lot A, a distance of approximately
157..10 feet, to a point of intersection of said Lot A with the
Western right-of-way of Maple Street; thence Northerly along the
Western right-of-way of Maple Street, a distance of approximately
321.88 feet, to a point at the intersection of the Western
right-of-way of Maple Street and the Southern right-of-way of
Busse Avenue; thence Easterly along the Southern right-of-way of
Busse Avenue, a distance of approximately 223.12 feet, to a point
of intersection with the Eastern property line of Lot 1 in Block
i1 of Busse and wille's Resubdivision in Mount Prospect; thence
Southerly along the Eastern property lines of Lots 1 through 8 of
Block 11 of Busse and Wille s Resubdivlslon [n Mount Prospect, a
distance of approximately 401.36 feet, to a point at the inter-
section of the Southeast corner of said Lot 8 with the Northwest
corner of Lot 16 of Busse's Subdivision of Lot A of Block 11 in
Busse and Wille's Resubdivision; thence Easterly along the
Northern property line of said Lot 16, 9 distance of approxi-
mately 190.10 feet, to a point .on,the centerline of Elm Street;
thence Southerly along said centerline of Elm Street, a distance
of approximately 190.00 feet, to the point ~f intersection .of the
centerline of Elm Street, extended, with the Northern right[of-
way of Evergreen Avenue; thence Easterly along the Northern
right-of-way of Evergreen Avenue, a distance of approximately
567.20 feet, to a point of intersection with the Southwest corner
of Lot 5 of the Subdivision of Block 8 of Busse's Eastern
Addition to Mount Prospect, recorded February I1, 1922; thence
Southerly, a distance of approximately 591.00 feet, along the
Western property lines of Lots 1 through 21 of Block 20 of Mount
Prospect Subdivision in Section 12-41-11, Recorded September 2,
1874, to a point at the intersection of the Southwestern corner
of said Lot 21 with the Northern property line of Lot 1 of
Bruce's Resubdiv[sion in Mount Prospect; thence Easterly along
The Northern property line of said Lot 1, a distance of approxi-
mately 171.00 feet, to the Centerline of Owen Street; thence
Southerly along said centerline of Owen Street, a distance
approximately 255.48 feet, to the point of the intersection of
the centerline of Northwest H~ghway, State of Illinois Route 14,
with the centerline of Owen Street, extended; thence North-
westerly along said centerline of Northwest Highway a distance of
approximately 2,250 feet to the point of intersection of the
centerline of Northwest Highway with the centerline of Main
Street, State of illinois Route 83, extended; thence Northerly
along the centerl~ne of Main Street a distance of approximately
940 feet to. the point of beginning, at the intersection of the
centerlines of Main Street and Central Road, extended; all
located in the Northwest Quarter (1/4), end the Northeast Quarter
(1/4) of Section 12, Township 41 North, Range ll East of the
Third Principal Meridian, located in the Village of Mount
Prospect, Elk G~ove Township, County of. Cook, in ~he State of
Illinois.
EXHIBIT A
. ALSO:
That.~ of the West Half of the Northwest fra~nal Quarter of
Sect:~ I2, Township 41 North, Range I1, of the Third
Print. .i Meridian, described as follows: The . . 44 feet of the
West 6~ feet of Lots 1 and 2 and all of Lots 16, 17, 18 and 19 in.
Block 7 in ,'Mount Prospect", a subdivision in part of the West Half
of said Section.12, per plat thereof ~ecorded September 2, 1874,
as Document 188460 in Book 8 of Plats, page 90; also
Lots E and F in Laudermi!k's Subdivision of Lots 3, 4, 5, 6 and 7
in Block 7 in the aforesaid "Mount Prospect" subdivision, per plat
thereof filed for record in the Office of the Registrar of Titles
June 6, 1927, as L.R. 357250 together with the 16 foot wide public
alley lying South of and adjoining said Lot F, said alley being the
North 16 feet of Lot G in said Laudermilk's Subdivision, and also
the 20 foot wide public alley lying West of and adjoining Lots A,
B, C, D, E, F and the North 16 feet of Lot G in said subdivision,
except the North 50 feet of said 20 foot wide alley now vacated;
also
The North !00 feet of .Lot 2 in Block 3 in Busse and Wille's
Resubdivision in Mount Prospect in part of said Northwest
fractional Quarter of Section 12, per plat thereof recorded March
31, 1906, as Document 3839591; also
Lots 1 and 2 in Mount Prospect Central District Resubdivision in
part of the West Half· of said Section 12, per plat thereof filed
for record in the office of the Registrar of Titles, December 23,
1949, as L.R. 1275902; also
Lot 1, except the West 20 feet thereof, in Raymond R~ Chmelik's
Subdivision, a resubdivision of part of aforesaid Laudermilk's
Subdivision, per plat thereof also filed for record in the Office
of the Registrar of Titles, February 25, 1969, as L.R. 2437155;
also
Lot 1 in Huecker's Resubdivision of Lots I and 2 (except the West
64 feet thereof) in aforesaid Block 7 in "Mount Prospect", per plat
thereof recorded September 9, 1969, as Document 20953597; also
Lots 1 and 2 in the McLean Resubdivision in Mount Prospect, being
a resubdivision in part of the West Half of said Section 12 also
filed for record in the office of the Registrar of Titles, October
20, 1975, as L.R. 2835833; also
That part of Wi!le Street in said west Half of Section 12 lying
North of an extension West of the South line of the North 100 feet
of Lot 2 in Block 3 in the aforesaid Busse and Wille's
Resubdivision, and·lying South of the South line of Central Road;
also
That part of Main Street in said West Half of Section 12 ~lying
North of an exWaension East of the most South line of Lot 2 in the
aforesaid Mount Prospect Central District Resubdivision, and lying
South of the South line of Central Road; also
That part of Central Road in said West Half of Section 12 and in
part of the South Half of Section 34, To%rnship 42 North, Range 11,
East of the Third Principal Meridian, lying East of an extension
North of the West line of the.aforesaid Wille Street, and lying
West of an extension North of the East line of the aforesaid Main
Street, all of the above in Cook County, Illinois.
ALSO:
That pa~ ~ae~ East half of the Northeast quarter of Scion 11 ~"-'~t part of the West
half of th~ ..orthwest quarter of Section 12, all ~n Township 41 No, .rage I1 East of the
Third Principal Meridian, taken as a tract of land, bounded and described as follows:
Be~maing at the intersection of the center line of Central Road with the center line of
Northwest Highway; thence East on the center line of C~ntral Road to center line of W~lle
Street; thence South on center line of Wille Street to West exte~ion of the South line of
the North 100 feet of Lot 2 in Block 3 in Busse and WLlle's Resubdivision in Mount
Prospect in the Northwest quarter of Section t2 aforesaid; thence East on the West
exte~ion of the South line of the North 100 feet of Lot 2 and on said South line of the
North 100 feet of Lot 2 aforesaid, to the East line of said Lot 2 aforesaid; thence North on
the East line of Lot 2 aforesaid to the most Westerly Southwest comer of Lot 2 in Mount
Prospect Central District Resubdivision in part of the West half of Scion 12 aforesaid;
thence East, South and East on the South line of Lot 2 aforesaid and on said South line
extended East to the center line of Main Street; thence South on center line of Main Street
to center line of Northwest Highway; thence Northwesterly on center line of Northwest
Highway to the center line of Central Road and the place of beginning, all in Cook County,
CENTRAL ROAD, ON THE NORTH; PARTS OF OWEN, ELM, MAPLE AND
EMERSON STREETS, ON THE EAST; AND NORTHWEST HIGHWAY, ON THE SOUTH.
EXHIBIT B
EXHIBT D
ORDINANCE #4509
DOWNTOWN NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT AND PLAN
VILLAGE OF MOUNT PROSPECT, ILLINOIS
APRIL, 1985
AMENDMENT #1 - DECEMBER, 1988
AMENDMENT #2 - DECEMBER, 1992
PREPARED BY: PLANNING DEPARTMENT,
VILLAGE OF MOUNT PROSPECT
AND
TRKLA, PETFIGREW, ALLEN & PAYNE, INC.
TABLE OF CONTENTS
PAGE NO.
Introduction ...................................................
Redevelopment Project Area Goals and Objectives ...................... 4
General Goals ............................................. 4
Affirmative Action Plan ...................................... 4
Redevelopment Objectives .................................... 5
Land Use .................................................
Development Character ...................................... 6
Design Guidelines .......................................... 6
Parking .................................................. 6
Pedestrian Movement ........................................
Conservation Area Conditions Existing
In The Redevelopment Project Area ................................ 7
Downtown No. 1 Redevelopment Project ............................. 8
Redevelopment Plan and Project Objectives ....................... 8
Redevelopment Activities ..................................... 8
General Land-Use Plan ...................................... 9
Other Area-Specific Objectives ................................. 10
Estimated Redevelopment Project Costs .......................... 11
Sources of Funds To Pay Redevelopment Project Costs ............... 14
Issuance of Obligations ....................................... 14
Most Recent Equalized Assessed Valuation of
Properties In The Redevelopment Project Area .................... 14
Anticipated Assessed Valuation ................................ 15
Phasing and Scheduling of Redevelopment Project ...................... 18
Provisions For Amending the Redevelopment Plan and Project ............. 20
LIST OF TABLES AND EXHIBITS
PAGE NO.
TABI
Table 1, Redevelopment Project - Estimated
Redevelopment Project Cost Schedule .................... 13
Table 2, Block Summary Of Equalized Assessed
Valuations ........................................ 16
EXHIBITS
Exhibit 1, Boundary Map ..................................... 21
Exhibit 2, Development Program ............................... 22
Exhibit 3, Land Use Plan , 23
Exhibit 4, Redevelopment Target Areas .......................... 24
Exhibit 5 Legal Description - TIF District #1 25
Exhibit 6 Legal Description - Amendment #1 27
Exhibit 7, Legal Description - Amendment #2 ..................... 29
INTRODUCTION
The Downtown of Mount Prospect, located in a triangular area generally between
the Chicago and Northwestern Railroad, Northwest Highway and Central Road was the
original commercial and civic center of the Village. The importance of this area to the
economic well-being of the community and as a symbol of the quality of the Village has long
been recognized by elected officials, business persons and residents.
Declining physical and economic conditions evident during the 1960's and 1970's led
to the establishment in 1974 of Business District Development and Redevelopment
Commission (BDDRC). This action was followed by the preparation of a Downtown
Development Plan in 1976. This plan contained two primary components: a planning
framework which established basic standards and requirements for key parts of the downtown
environment, including land-use, movement systems, parking areas, and pedestrian and open
space facilities; and a listing of planning projects which should be undertaken to revitalize
the downtown area. In 1981, the Village completed and adopted an updated Comprehensive
Plan for the growth and development of the community as a whole. This plan incorporated
the basic planning framework recommendation of the 1976 Downtown Plan with only minor
refinement and modification.
During the period since completion of the 1976 Downtown Plan, the Village has
continued to work with representatives of the business community to identify and implement
projects designed to arrest declining physical and economic conditions, and to improve the
appearance and image of the Downtown. The Busse-Wille Area improvement project
together with financial incentives for the rehabilitation of existing commercial buildings have
resulted in only limited new private investment, almost all of which has occurred outside of
the boundaries of the Downtown No. 1 Redevelopment Project Area.
The portion of the downtown area east of Main Street and north of Northwest
Highway along with the areas of Amendment 1 and Amendment 2 have not been subject
to growth and development through investment by private enterprise, and would not
reasonably be anticipated to be developed without adoption of the redevelopment project
and plan described herein. An analysis of conditions within this area indicated that it would
be appropriate for designation as a redevelopment project, utilizing the State of Illinois tax
increment financing legislation.
This analysis disclosed that the area was originally developed without the benefit or
guidance of overall community planning, the area has developed in a pattern which is not
consistent with the Comprehensive Plan for the Village, and the area does not meet basic
standards and guidelines for contemporary development. As a result of the lack of community
planning, adequate development controls and other factors, the area is characterized by
conditions which warrant the designation of the entire area as a "conservation area" within
the definitions set forth in the Real Proper _ty Tax Increment Allocation Redevelopment Act
of the State of Illinois (hereinafter referred to as the "Act".)
It was concluded that development through investment by private enterprise cannot
be anticipated to occur without the investment of public funds in accordance with a Village
redevelopment plan.
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The Act, which became effective in 1978, provides the Village with a tool making it
possible to raise public funds to utilize in its redevelopment efforts. It provides a means for
municipalities, after the approval of a "Redevelopment Plan and Project," to improve and
redevelop conservation areas by tax revenues derived from the increase in equalized assessed
values of redeveloped properties in the Redevelopment Project Area. This method of raising
funds is culled tax increment financing.
After a conservation area is designated as a Redevelopment Project Area, and the
tax increment financing mechanism is adopted, all taxing districts continue to levy taxes
against valuations to the Equalized Assessed Valuation that existed in the area prior to
redevelopment. The increase in tax revenue generated by the application of tax rates to the
area after redevelopment is described as tax increment revenue. As soon as more tax
increment revenue is received than is necessary to pay for redevelopment project costs and
principal and interest on obligations issued to pay for such costs, the excess revenue may be
distributed to taxing districts which have real property in the redevelopment project area.
Thus, all taxing districts are the beneficiaries of the redevelopment.
The Downtown No. 1 Tax Increment Area Redevelopment Project and Plan
(hereinafter referred to as the "Redevelopment Plan") and the Plan Amendments have been
formulated in accordance with the provisions of the Act. It is a guide to all proposed public
and private actions in the Redevelopment Project Area.
In addition to describing the objectives of redevelopment, the Redevelopment Plan
sets forth the overall program to be undertaken to accomplish these objectives. This
program is the "Redevelopment Project".
This Redevelopment Plan also specifically describes the Downtown No. I Tax
Increment Redevelopment Project Area (hereinafter referred to as the "Redevelopment
Project Area"). This area meets the eligibility requirements of the Act. The Redevelopment
Project Area boundaries are shown on the amended Bounda~_ Ma_t>. Exhibit I. After approval
of the Redevelopment Plan, the Village Board then formally designates the Redevelopment
Project Area.
The purpose of this Redevelopment Plan is to ensure that new development occurs:
1. On a coordinated rather than a piecemeal basis to ensure that the land-use,
pedestrian access, vehicular dreulation, parking, service and urban design
systems will functionally come together, meeting modern-day principles and
standards.
2. On a reasonable, comprehensive and integrated basis to ensure that blighting
factors are eliminated.
3. Within a reasonable and defined time period so that the area may contribute
productively to the economic vitality of the Village.
Revitalization of the Redevelopment Project Area is a large and complex undertaking,
and it presents challenges and opportunities commensurable to its scale. The success of this
effort will depend to a large extent on the cooperation between the private sector and agencies
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of local government. Planning and development efforts to date have not been capable of
stimulating this comprehensive and coordinated public and private effort. In addition, the
Redevelopment Project Area as a whole has not been subject to growth and development
by private enterprise. The adoption of this Redevelopment Plan will make possible the
implementation of a logical program to stimulate redevelopment in the Redevelopment Project
Area--an area which is not anticipated to d~velop without the adoption of the Redevelopment
Plan. Through public investment, the area will become a stable environment to attract
properly scaled new private investment to set the stage for the rebuilding of the area with
private capital.
On December 1988, the Boards approved Amendment gl to this Redevelopment
Plan and Project. The area one block west of Main Street, south of Central Road exhibits
the same age, obsolescence, and other factors that qualified District #1 for tax increment
financing. This area has not been subject to growth and development by private enterprise.
The Village Board believes that this area should be eligible for redevelopment with tax
increment financing, within the development schedule established with District gl.
In September of 1992, the Village Board determined that it would be appropriate to
initiate Amendment #2 to this Redevelopment Plan and Project. This area is contiguous
to the area of Amendment #1 and the initial redevelopment area, and extends from Wille
Street west to the intersection of Northwest Highway and Central Road, and includes the
properties on both sides of Busse Avenue, and the small Main/Busse/Northwest Highway
triangle. (See amended Boundary Map - Exhibit 1.) This is a significant redevelopment area
because of its 15-acre size and its key location between three regional arterial streets.
Additionally, the Village of Mount Prospect owns several major parcels in this area, including
the former Public Works buildings at 10 and 11 South Pine Street. This building is being
used as a temporary facility for Police and Fire operations while a new headquarters building
is being constructed. It is the goal of the Village Board to initiate redevelopment in this area
as soon as possible after Police and Fire operations move out of the former Public Works
garage. At the same time, the Village acquired the property at 100 West Northwest Highway,
adjacent to the Public Work garage, in order to assemble a more attractive redevelopment
site in the Pine/Wille block. This building was acquired pursuant to the home-rule Triangle
Redevelopment Area, a home-rule redevelopment designation that did not include the use
of tax increment financing.
Concurrent with these activities, the Village Board selected a preferred developer
to begin project planning in this area. A redevelopment concept plan determined that
necessary land acquisition, public improvements, landscaping and parking facilities could not
be undertaken solely by the private sector. Due to the economy and the requirements by
lenders for higher amounts of equity in real estate loans, the level of public investment that
is necessary is only available with tax increment financing. Analysis of the financing
requirements of the concept plan determined that the Redevelopment Project Area would
not reasonably be developed without the use of tax incremental revenues. Also, due to the
financing needs of the concept plan, the Village Board determined that the tax incremental
revenues would be exclusively utilized for the development of the Redevelopment Project
Area to the extent necessary so that the redevelopment project is financially self-supporting
by its own incremental revenues.
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REDEVELOPMENT PROJECT AREA GOALS AND OBJECTIVES
Managed growth in the form of investment in new development and facilities is
essential in the Redevelopment Project Area, as it is in the entire Village. Redevelopment
efforts in the Redevelopment Project Area will strengthen the entire Village through
environmental improvements, increased tax base and additional employment opportunities.
The Act encourages the public and private sectors to work together to address and
solve the problems of urban growth and development. The joint effort between the Village
and the private sector to redevelop parts of the Redevelopment Project Area will receive
significant support from the financing methods made available by the Act.
This section of the Redevelopment Plan identifies the goals and objectives of the
Redevelopment Project Area. A latter section of this Redevelopment Plan identifies the
more specific programs (the Redevelopment Project) which the Village plans to undertake
in achieving the redevelopment goals and objectives which have been identified.
GENERAL GOALS
-Improve the quality of life in Mount Prospect by eliminating the influences as well as
the manifestations of, physical and economic deterioration and obsolescence within
the Redevelopment Project Area.
-Provide sound economic development in the Redevelopment Project Area.
-Revitalize the Redevelopment Project Area to make it an important activity center
contributing to the regional focus of the Mount Prospect area.
-Create an environment within the Redevelopment Project Area which will contribute
to the health, safety, and general welfare of the Village, and preserve or enhance the
value of properties to reinforce a commitment to fair employment practices and an
affirmative action plan adjacent to the Area.
AFFIRMATIVE ACTION PLAN
The Village is committed to and will affirmatively implement the following principles with
respect to the Village of Mount Prospect Tax Increment Redevelopment Plan and Project:
-The assurance of equal opportunity in all personnel and employment actions with respect
to the Plan and Project including, but not limited to: hiring, training, transfer,
promotion, discipline, fringe benefits, salary, employment working condition,
termination, etc., without regard to race, color, religion, sex, age, handicapped status,
national origin, creed or ancestry.
-This commitment to affirmative action will ensure that all members of the protected
groups are sought out to compete for all job openings and promotional opportunities.
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In order to implement these principles for this Plan and Project, the Village shall require
and promote equal employment practices and affirmative action on the part of itself and
its contractors and vendors. In particular, parties contracting for work on the Project shall
be required to agree to the principles set forth in this section.
REDEVELOPMENT OBJECTIVES
-Reduce or eliminate those conditions which qualify the Redevelopment Project Area
as a conservation area. Conservation Area Conditions Existing in the Redevelopment
Project Area~ are described on Page 7.
-Strengthen the economic well-being of the Redevelopment Project Area and the Village
by increasing business activity, taxable values, and job oppommities.
-To create an environment which stimulates private investment in new construction,
expansion, and rehabilitation.
-To encourage the assembly of land into parcels functionally adaptable with respect to
shape and size for redevelopment in accordance with contemporary development
needs and standards.
-Achieve development which is integrated both functionally and aesthetically with nearby
existing development.
-Emphasize design features which can help distinguish the Redevelopment Project Area
from other areas and other villages.
-provide sites for needed public improvements or facilities in proper relationship to the
projected demand for such facilities and in accordance with accepted design criteria
for such facilities.
LAND USE
1. Land Uses in the redevelopment area shall comply with the Comprehensive
Plan.
2. A full range of retail and service commercial uses together with select
professional office space and residential should be encouraged. The concept
of mixed commercial and residential and/or office space should be examined.
3. Residential development may be multi-family units with a building height not
to exceed six (6) stories.
4. Commercial development should focus on retail and service businesses.
Specialty shops and convenience commercial are to be encouraged. An anchor
user should be encouraged to attract a broad customer base to the redevelop-
ment area.
-5-
5. Office space should be designed for professional office users.
6. A portion of the site should be dedicated to a centrally located public open
space, sufficient for gatherings and community activities. This should serve
as a major focal point in the Downtown Area.
7. A cultural arts facility should be encouraged.
DEVELOPMENT CHARACTER
1. New construction should be compatible with the existing character in the
downtown area.
2. Taller buildings should be located in such fashion as to lessen the impact to
surrounding residential uses.
DESIGN GUIDELINES
1. Provide attractive, well landscaped frontages along all public streets, and
adequate screening and buffering around parking and loading areas.
2. An integrated site plan should reflect no physical barriers between land uses.
3. Brick construction is preferred for all buildings. No exposed block walls
should be allowed on any building elevation.
4. The redevelopment area should include unified streetscape elements, including
lighting, benches, graphics and brick paver sidewalks. Signage should blend
with the development and complement its architectural character.
PARKING
1. Sufficient off-street parking should be provided to meet the demand of the
proposed land uses.
2. Parking should be located in areas easily accessible from adjoining streets.
3. Parking should be assembled into unified lots or structures, with adequate
provisions for short-term customer parking and long-term employee parking.
4. Underground parking for residential units is encouraged.
5. The use of shared parking utilizing off-peak operating hours should be
encouraged.
PEDESTRIAN MOVEMENT
1. Pedestrian access and movement through the site should be an important part
'6-
of the plan. Public and private pedestrian sidewalks should be provided, and
conflicts with automobile traffic should be minimized on-site.
2. The redevelopments should provide direct pedestrian connections from the
redevelopment area to adjoining areas to encourage pedestrian movement to
or from other adjacent commercial areas.
CONSERVATION ARF_& CONDITIONS EXISTING
IN THE REDEVELOPMENT PROJECT AREA
Based upon surveys, inspections and analyses of the area, the Redevelopment Project
Area qualifies as a conservation area" as defined by the Act. The area meets the "age"
criteria and is also characterized by the presence of a combination of three or more of the
cdnservation factors as listed in the Act, rendering the area detrimental to the public safety,
health and welfare of the citizens of the Village. Specifically:
-More than 50 percent of the buildings in the area are over 35 years of age.
-Of the fourteen other factors set forth in the Act, 8 are present in the area.
-The factors present are reasonably distributed throughout the area.
-All blocks within the study area show the presence of conservation factors.
The following factors are found to be present: age, obsolescence, deterioration,
dilapidation, structures below minimum code, excessive vacancies, inadequate utilities,
deleterious land-use or lay-out, depreciation of physical maintenance, and lack of commtmity
planning.
Eligibility for the area of Amendment # 1 was based upon surveys, inspections and
analyses of the area, Block 102, one block west of Main Street to Wille Street, south of
Central Road. The survey work determined that the area of Amendment #1 qualifies as
a "conservation area." More than fifty (50) percent of the structures (67%) are thirty-five
years of age or older. In addition, of the fourteen conservation factors listed in the Act,
nine are present in the block--six to a major extent and three to a limited extent. A complete
analyses of the qualifying factors is found in the memorandum "Downtown Redevelopment
Project Eligibility Summary" prepared by Trkla, Pettigrew, Allen and Payne, dated October
19, 1988.
Eligibility for the area of Amendment #2 was determined in December 1991 by
Trkla, Pettigrew, Allen and Payne. The eligibility report found that of the twenty-three
buildings in the area, seventeen (73.9%) are thirty-five years or older. In addition, of the
fourteen other factors set forth in the law, nine are found to be present throughout the area.
A complete summary of the eligibility factors is found in the consultant's report in the
Amendment #2 project file. The consultant team concluded that the number, degree and
distribution of conservation factors as documented in the report, warrant designation of all
or parts of the study area as a "conservation area."
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DOWNTOWN NO. 1 REDEVELOPMENT PROJECT
REDEVELOPMENT PLAN AND PROJECT OBJECTIVES
The Village proposes to achieve its redevelopment goals and objectives through
public financing techniques, including but not limited to tax increment financing, and by
undertaking some or all of the following actions:
1. Assembling sites for redevelopment through appropriate land assemblage
techniques, including: (a) acquiring and removing deteriorated and/or obsolete
buildings and buildings to situated as to interfere with replatting of the land
into parcels suitable for redevelopment in accordance with this Redevelopment
Plan; and (b) vacating, where necessary, existing public rights-of-way and making
them a part of one or more development sites.
2. Providing for the conservation and preservation of basically sound buildings.
3. Providing public improvements and facilities which may include: (a) parking
facilities, (b) new utilities and utility adjustments, (c) surface right-of-way
improvements, and (d) pedestrian walkways.
4. Entering into redevelopment agreements for the rehabilitation or construction
of private improvements in accordance with this Redevelopment Plan.
REDEVELOPMENT ACTIVITIES
1. Assemblage of Sites
To achieve the renewal of the Redevelopment Project Area, property identified
in amended Exhibit 2. Development Program. attached hereto and made a part
hereof, may be acquired by the Village of Mount Prospect and reared of all
improvements and either (a) sold or leased for private redevelopment, or (b)
sold, leased or dedicated for construction of public improvements or facilities.
The Village may determine that to meet the objectives of this Redevelopment
Plan, properties in the Redevelopment Project Area not scheduled for acquisition
may be acquired, and properties shown as scheduled for acquisition may be
exempted from acquisition, without amendment to this plan.
2. Conservation and Preservation
Conservation and preservation are important concepts to be considered in
downtown redevelopment. Plans should strive to combine the best of the past
with compatible new structures to create a sense of vitality and continuity.
The Redevelopment Plan presently contemplates the preservation of exist'rog
buildings that are basically sound and are located so as not to impede overall
economic development.
3. Provision of Public Improvements and Facilities
Adequate public improvements and facilities will be provided to service the
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entire Redevelopment Project Area. Public improvements and fadlities may
include, but are not limited to:
a. Adjustments and modifications to sewer and water lines as may be
necessary to facilitate and serve redevelopment in accordance with the
objectives and provisions of the Redevelopment Plan.
b. The vacation, removal, resurfacing, widening, reconstruction and other
improvements of streets, and other public rights-of-way.
c. Construction of pedestrian walkway improvements and beautification
improvements.
In the event the Village determines that construction of certain improvements
is not financially feasible, the Village may reduce the scope of the proposed
improvements.
4. Redevelopment Agreements
Land assemblage shall be conducted for (a) sale, lease or conveyance to
private developers, or (b) sale, lease, conveyance or dedication for the
construction of public improvements or facilities. Terms of conveyance shall
be incorporated in appropriate disposition agreements which may contain
more specific controls than those stated in this Redevelopment Plan.
GENERAL LAND-USE PLAN
This Redevelopment Plan and Amendments #1 and #2 and the proposed projects
described herein conform to the Comprehensive Plan for the municipality as a whole.
The amended Land-Use Plan. Exhibit 3, attached hereto and made a part hereof,
identifies land-uses and public rights-of-way to be in effect upon adoption of this Plan. The
major land-use categories included within the Redevelopment Project Area are office-
/governmental, mixed-use retail and residential, commercial service, and low-density
residential.
All major thoroughfares and street rights-of-way are shown on the Land-Use Plan
map. Their locations are subject to minor modification.
The following land-use provisions are established for the Redevelopment Project
Area as designated in Exhibit 3, amended Land-Use Plan.
-Office/Governmental
The office/governmental area is intended to provide for high-quality office and
related development within the heart of downtown. Permitted uses include business
and professional offices, governmental offices, financial institutions, parking and
business services. Under certain conditions, multi-family residential may be permitted
in selected subareas, as is indicated below. Other compatible and special uses as
approved by the Village may also be permitted.
-9-
-Mixed-Use Retail/Residential
This land-use is intended to allow for a high-quality mixed-use development in the
area of Amendment #2. Based on a comprehensive marketing study, it is envisioned
that this area would primarily be developed with new market-rate apartments, built
so as to allow a conversion to condominiums in the furore, pending market conditions.
This area is also identified as an appropriate location to building apartments for the
elderly, in order to implement objectives of the Comprehensive Housing Affordability
Strategy.
-Commercial Service
This area is intended to provide sites for small-scale commercial and office develop-
ment. In contrast to the Office/Governmental and the Mixed-use development areas
to the west, this area should be characterized by lower intensity development which
is compatible with nearby residential areas. Permitted uses include: business and
professional offices; business services; personal services; convenience retail uses; and
secondary commercial uses. Other compatible and special uses as approved by the
Village may also be permitted.
-Low-Density Residential
The low-density residential area is intended to serve as a high-quality residential area
adjoining the downtown. Permitted uses include single-family attached or detached
houses, townhouses or similar housing types, provided they are compatible with
existing nearby residential development. Other compatible and special uses as
approved by the Village may also be permitted.
OTHER AREA-SPECIFIC OBJECTIVES
In addition to the objectives in this Plan, which apply to the overall Project Area,
several other design and development objectives which apply to specific land-use areas are
listed below:
-Office/Governmental Area
a. Any new office development on the east side of Emerson Street should be low-
rise, one or two-story construction.
b. New office buildings on the east side of Emerson Street should be sited in a
well-landscaped setting, perhaps clustered around a common parking area.
Vehicular access to this area should only be from Emerson Street.
c. A well-landscaped buffer should be provided along the eastern edge, to screen
new office development from the existing single-family neighborhood.
d. New construction along Northwest Highway should be mid-rise, with a maximum
building height of four (4) stories.
- 10 -
e. Vehicular access to the area along Northwest Highway could be provided from
Northwest Highway and from Emerson Street; however, if this area includes
both office and multi-family development, separate access systems should be
provided for the two land-uses.
f. High-quality design and construction is important because of this high-visibility
location along Northwest Highway, near Main Street.
g. The Northwest Highway edge should be attractively and generously landscaped.
-Mixed-Use Retail/Residential Area
a. New residential development shall be no more than six (6) stories in height,
consistent with Land-Use objectives stated in the Plan.
b. Taller buildings within the area shall be located near the center of the
Pine/Wille block, or designed to lessen their impact on residential properties
north of Central Road.
c. Below grade parking for residential units should be provided to the extent
feasible, surface parking lots shall be consolidated between buildings.
d. Vehicular access to the area shall be from Pine Street or Wille Street, mid-
block access from Central Road and Northwest Highway are discouraged.
e. Special consideration shall be given to development in this area that provides
for coordinated phasing and land-planning with activities in Target Area F,
east of Wille Street.
f. Setbacks and landscaping along Central Road and Northwest Highway shall
be areas of design emphasis because of these high-visibility locations.
ESTIMATED REDEVELOPMENT PROJECT COSTS
Redevelopment project costs mean and include the sum total of all reasonable or
necessary costs incurred or estimated to be incurred, and any such costs incidental to this
Redevelopment Plan and Redevelopment Project. Such costs may include, without limitation,
the following:
1. Costs of studies and surveys, plans and specifications, and professional service
costs including but not limited to architectural, engineering, legal, marketing
financial, planning and special services;
2. 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, and the cleating and grading of land;
3. Relocation costs to the extent that the Village determines that relocation costs
shall be paid or that the Village is required to make payment of relocation
costs by Federal or State law;
-11-
4. Costs of rehabilitation, construction, repair or remodeling of existing buildings
and fixtures.
5. Costs of the construction of public works or improvements:
6. Financing costs, including but not limited to ali necessary and incidental
expenses related to the issuance of obligations and which may include payment
of interest on any obligation issued under the Act accruing during the estimated
period of construction of any redevelopment project for which such obligations
are issued and for not exceeding 18 months thereafter and including reasonable
reserves related thereto; and
7. All or a portion of a taxing district's capital costs resulting from the Redevelop-
ment Project necessarily incurred or to be incurred in furtherance of the
Redevelopment Plan and Project, to the extent the municipality, by written
agreement, accepts and approves such costs.
Estimated costs are shown in amended Table 1. To the extent that municipal
obligations have been issued or costs incurred to pay for such redevelopment project costs
included prior to, but in anticipation of, the adoption of tax increment financing, the Village
shall be reimbursed for such redevelopment project costs.
- 12-
TABLE 1 ~ ~
REDEVELOPMENT PROJECT
ES'rlMATED REDEVELOPMENT PROJECT COST SCIt~.,oOLE
DISTRICT #1 - 1985 RANGE
Property Acquisition $3,585,000 to $4,660,000
Demolition 243,000 to 390,000
Public Improvements 576,000 to 705,000
Planning, legal, studies, fee, etc. 266,000 to 345,000
Contingencies 233,000 to 305.000
Gross Project Costs $4,903,000 to $6,405,000
Land Sale Proceeds -1.660.000 to -2.485.000
Net Project Costs $3.243.000 to $3.920.000
AMENDMENT AREA #1 - 1988
Property Acquisition $ 862,500 to $1,078,000
Demolition 65,000 to 81,000
Public Improvements 108,000 to 135,000
Planning, legal, studies, fee, etc. 43,000 to 54,000
Contingencies 86.000 to 108.000
Gross Project Costs $1,164,500 to $1,456,000
Land Sale Proceeds -431,250 to -539.000
Net Project Costs $ 733.250 to $ 917.000
AMENDMENT AREA #2. 1992
Property Acquisition $1,337,500 to $1,672,000
Demolition 415,000 to 518,750
Public Improvements 960,000 to 1,200,000
Planning, legal, studies, fee, etc. 67,000 to 83,750
Contingencies 134.000 to 167.500
Gross Project Costs $2,913,500 to $3,642,000
Land Sale Proceeds -668,750 to -837.500
Net Project Costs $2~244.750 to $2~804,50~0
].3 - --
SOURCES OF FUNDS TO PAY REDEVELOPMENT PROJECT COSTS
Funds necessary to pay for redevelopment project costs and municipal obligations
which have been issued to pay for such costs are to be derived principally from tax increment
revenues and proceeds from municipal obligations which have as their revenue source tax
increment revenue. To secure the issuance of these obligations, the Village may permit the
utilization of guarantees, deposits and other forms of security made available by private sector
developers.
The tax increment revenue which will be used to fund tax increment obligations and
redevelopment project costs shall be the incremental taxes attributable to the increase in
the current equalized assessed value of each taxable lot, block, tract or parcel of real
property in the Redevelopment Project Area over and above the initial equalized assessed
value of each such property in the Redevelopment Project Area. Other sources of funds
which may be used to pay for redevelopment costs and obligations issued, the proceeds of
which are used to pay for such costs, are land disposition proceeds, state and federal grants,
investment income, and such other sources of funds and revenues as the municipality may
from time to time deem appropriate.
ISSUANCE OF OBLIGATIONS
The Village may issue obligations secured by the tax increment special tax allocation
fund pursuant to Section 11-74.4-7 of the Act.
All obligations issued by the Village pursuant to this Redevelopment Plan and the
Act shall be retired within twenty-three (23) years from the adoption of the ordinance
approving the Redevelopment Project Area, such ultimate retirement date occurring in the
year 2008. Also, the final maturity date of any such obligations which are issued may not
be later than twenty (20) years from their respective dates of issue. One or more 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 of and interest on all obligations issued
by the Village pursuant to the Redevelopment Plan and the Act shall not exceed the
amounts available, or projected to be available, from tax increment revenues and from such
bond sinking other sources of funds as may be provided by ordinance.
Revenues shall be used for the scheduled and/or early retirement of obligations, and
for reserves, sinking funds and redevelopment project costs, and, to the extent not used for
such purposes, may be declared surplus and shall then become available for distribution
annually to taxing districts in the Redevelopment Project Area in the manner provided by
the Act.
MOST RECENT EQUALIZED ASSESSED VALUATION OF PROPERTIES IN THE
REDEVELOPMENT PROJECT AREA
Amended Table 2 lists the equalized assessed valuation of District # 1 and Amendment
#1, and an estimate for the area of Amendment #2. The total estimated equalized assessed
valuation for the Redevelopment Project Area is $7,541,608.
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ANTICIPATED ASSESSED VALUATION
By the year 1996, when it is estimated that all the anticipated private development
will be completed and fully assessed, the equalized assessed valuation of real property within
the Redevelopment Project Area is estimated at $16,299,000. By the year 2005, the equalized
assessed value of real property within the Redevelopmem Project Area is estimated at
$22,899,000.
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TABLE 2
BLOCK SUMMARY OF EQUALIZED ASSESSED VALUATIONS
AND PROPERTY TAX REVENUES
EQUALIZED
BLOCK NO. ASSESSED VALUE REAL ESTATE
(1983) TAXES
103 $ 140,315 $ 11,877.69
104 242,182 20,500.71
108 508,728 43,063.82
109 263,910 22,339.98
110 602,458 50,998.07
115 250,463 21,201.69
116 435,853 36,894.96
214 411,687 34,849.30
TOTAL: $2,855,596~ $241,726.20
Initial equalized assessed valuation for Tax Increment Finance District gl was
estimated at $2,855,596. The final equalized assessed valuation for Tax Increment
Finance District gl is $2,763,428, certified by the County Clerk of Cook County,
Illinois on December 5, 1986.
AMENDMENT AREA gl
EQUALIZED
BLOCK NO. ASSESSED VALUE REAL ESTATE
(1987) TAXES
102 (partial) $ 716,1392 $ 63,020.23
Initial equaliTed assessed valuation for Tax Increment Finance District gl, Amendment
Area gl was estimated at $716,139. The final amount is $707,138, certified by the
County Clerk of Cook County, Illinois on December 20, 1988.
- 16 -
TABLE 2 (Continued)
AMENDMENT AREA #2
EQUALIZED
BLOCK NO. ASSESSED VALUE REAL ESTATE
(1991) TAXES
100 $1,222,895 $116,664.18
101 1,220,012 116,389.14
102 (partial) 687,874 65,623.18
107 498,913 47,596.30
200 441,348 42,100.60
TOTAL: $4,071,042~ $388,377.40
These figures are subject to final verification. Initial equalized assessed valuation is
estimated to be $4,071,002. After verification, the correct figures shall be certified
by the County Clerk of Cook County, Illinois. The 1991 tax rate is $9.540 per $100
equalized assessed valuation.
PROJECT TOTALS
Certified EAV Real Estate Taxes
District #1 $2,763,428 District #1 $241,726.20
Certified EAV Real Estate Taxes
Amendment #1 707,138 Amendment #! $ 63,020.23
Estimated EAV Estimated Taxes
Amendment #2 $4,071,002 Amendment #2 $388,377.40
TOTALS $7,541,608 $693,123.83
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PHASING AND SCHEDULING OF REDEVELOPMENT PROJECT
A phased implementation strategy will be utilized to achieve a timely and orderly
redevelopment of the project area. This plan of action is described below. See also Exhibit
4, amended Redevelopment Target Areas. Scheduled projects and redevelopment actions
may be sl~ifted as deemed appropriate or necessary.
It is anticipated that redevelopment of designated target areas within the Redevelop-
ment Project will be carefully staged to coincide with the securing of firm commitments from
private developers who demonstrate their willingness and ability to complete the proposed
development in accordance with the Village's Plan and guidelines. Staging of the proposed
project in this manner will serve to achieve several important objectives, including:
1. The Village will not be required to incur cost until a private developer is
selected and committed to complete the development.
2. Existing property will remain on the tax rolls until the new development is
committed to start.
3. Any increase in real estate tax revenue that may be realized from increases
in the equalized assessed value of existing property will be available to the
Village to be used toward financing of the project.
4. Property will be taken off the tax rolls for the shortest period possible.
Target Area la of the Redevelopment Project was the first phase of construction.
Private development in this area resulted in the construction of fifty-one (51) town_home units.
Target Area la expenditures, exclusive of financing costs, are estimated at $2,089,000
to $2,400,000. Proceeds from the sale of the land was $800,000, leaving a net project cost
of $1,289,000 to $1,(i00,000.
Target Area lb of the Redevelopment Project will include limited construction of
single-family homes as lots become available. It is possible that six units could be constructed
in this block.
Target Area lb expenditures, exclusive of financing cost, are estimated at $450,000
to $600,000. Proceeds from the sale of land for development are estimated at $225,000 to
$300,000, leaving a net project cost for this target area of $225,000 to 300,000.
Target Area lc of the Redevelopment Project will include initiation of redevelopment
activity within Block 104. Private development within this block will provide for between
10,000 square feet and 20,000 square feet of office and off-street parking.
Target Area lc expenditures exclusive of financing cost, are estimated at $1,182,000.
Proceeds from the sale of land for development are estimated at $484,000, leaving a net
project cost for this target area of $698,000.
- 18 -
Target Area ld of the Redevelopment Project will include initiation of redevelopment
activity within Block 108. Private development within this area will provide for between 15
and 40 dwelling units and between 10,000 square feet and 20,000 square feet of office.
Target Area id expenditures exclusive of financing cost, are estimated at $752,000.
Proceeds from the sale of land for development are estimated at $382,000, leaving a net
project cost for this target area of $370,000.
Target Area le of the Redevelopment Project included land assembly and parking
lot construction in Block 103. The lot is used for parking for nearby stores, and overflow
parking from the nearby Senior Center.
Target Area le expenditures, exclusive of financing costs, is estimated at $441,675.
Target Area If of the Redevelopment Project will include redevelopment activity
within Block 102. It is anticipated that Northwest Electric Company will undertake an
approximate 15,000 square foot addition to their property in this block. Other redevelopment
in this block would include a new multi-story retail/office building with adequate off-street
parking, of approximately 35,000 square feet at the southwest corner of Central Road and
Main Street.
Target Area if expenditures exclusive of financing costs, are estimated at $1,456,000.
Proceeds from the sale of land for redevelopment are estimated at $539,000 leaving a net
project cost for the Target Area of $917,000 (from Table 1, upper range of Redevelopment
Project Costs).
Target Area lg of the amended Redevelopment Project will include activity in Block
101. Private development in this block will provide the construction of approximately one
hundred sixty apartment units, including the possibility of new apartments for the elderly.
Specialty retail or service shops are also encouraged to help provide convenience items to
residents of the area.
Target Area lg expenditures, exclusive of financing costs, are estimated at $1,002,500
to $1,253,000.
Target Area Ih of the amended Redevelopment Project will include activity in Blocks
100 and 204. Private development in this area will provide 5,000 square feet of office and
retail/commercial use. Public activity in this block may include the vacation of Elmhurst
Avenue, and the consolidation of several parking lots.
Target Area Ih expenditures, exclusive of financing costs, are estimated at $795,000
to $994,000.
Target Area li of the Amended Redevelopment Project will include activity in Block
107. Private development in this block will provide approximately 3,000 square feet of
retail/commercial or office use.
Target Area Ii expenditures, exclusive of financing costs, are estimated at $1,116,000
to 1,395,000.
PROVISION FOR AMENDING THE REDEVELOPMENT PLAN AND PROJECT
This Downtown No. 1 Tax Increment Redevelopment Project and Plan may be
amended pursuant to the provisions of the Act.
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_~_~_ ,,,,,,, ,
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ORIGINAL DISTRICT NUMBER 1
LEGAL DESCRIPTION
Boundaries of the Redevelopment Project Area are shown on the ~ Boundary.
The legal description of the Redevelopment Project Area is as follows:
Beginning at the intersection of the centerline of Main Street,
State of Illinois Route 83, with the centerline of Central Road,
extended; thence Easterly along said centerline of Central Road,
a distance of approximately 570.32 feet to the Northeast corner
of Lot 22 of Block 5 in Busse and Wille's Resubdivision in Mount
Prospect; thence Southerly along the Eastern property line of
Lots 12, 13, 20, 21, and 22 of said Block 5 in Busse and Wille's
Resubdivision in Mount Prospect, and the Eastern property line of
Lot 1 of Mount Prospect State Bank Resubdivision No. 3, a
distance of approximately 608.74 feet, to the centerline of Busse
Avenue; thence Westerly along the centerline of Busse Avenue, a
distance of approximately 157.11 feet, to the point of inter-
section of the centerline of Busse Avenue with the Eastern
right-of-way of Emerson Street; thence Southerly along said
Eastern right-of-way of Emerson Street, a distance of approxi-
mately 277.00 feet, to a point at the Northwest corner of Lot 15
in Block 12 of Busse and Wille's Resubdivision in Mount Prospect;
thence Easterly along the Northern property line of said Lot 18,
a distance of approximately 157.09 feet, to the Northeast corner
of said Lot 18; thence Southerly, a distance of approximately
50.00 feet, along the Eastern property line of said Lot 18, to a
point at the Northwest corner of Lot A of Corporate Subdivision
Number 1, Village of Mount Prospect; thence Easterly along the
Northern property line of said Lot A, a distance of approximately
157.10 feet, to a point of intersection of said Lot A with the
Western right-of-way of Maple Street; thence Northerly along the
Western right-of-way of Maple Street, a distance of approximately
321.88 feet, to a point at the intersection of the Western
right-of-way of Maple Street and the Southern right-of-way of
Busse Avenue; thence Easterly along the Southern right-of-way of
Busse Avenue, a distance of approximately 223.12 feet, to a point
of intersection with the Eastern property line of Lot 1 in Block
11 of Busse and Wille's Resubdlvision in Mount Prospect; thence
Southerly along the Eastern property lines of Lots 1 through 8 of
Block 11 of Busse and Wille's Resubdivision in Mount Prospect, a
distance of approximately 401.36 feet, to a point at the inter-
section of the Southeast corner of said Lot 8 with the Northwest
corner of Lot 16 of Busse's Subdivision of Lot A of Block 11 in
Busse and Wille's Resubdivision; thence Easterly along the
Northern property line of said Lot 16, a distance of approxi-
mately 190.10 feet, to a point on the centerline of Elm Street;
thence Southerly along said centerline of Elm Street, a distance
of approximately 190.00 feet, to the point of intersection of the
centerline of Elm Street, extended, with the Northern rightfof-
25 -
way of Evergreen Avenue; thence' Easterly along the Northern
right-of-way of Evergreen Avenue, a distance of approximately
567.20 feet, to a point of intersection with the Southwest corner
of Lot 5 of the Subdivision of Block 8 of Busse's Eastern
Addition to Mount Prospect, recorded February 11, 1922; thence
Southerly, a distance of approximately 591.00 feet, along the
Western property lines of Lots 1 through 21 of Block 20 of Mount
Prospect Subdivision in Section 12-41-11, Recorded September 2,
1874, to a point at the intersection of the Southwestern corner
of said Lot 21 with the Northern property line of Lot 1 of
Bruce's Resubdlvision in Mount Prospect; thence Easterly along
The Northern property line of said Lot 1, a distance of approxi-
mately 171.00 feet, to the centerline of Owen Street; thence
Southerly along said centerline of Owen Street, a distance of
approximately 255.48 feet, to the point of the intersection of
the centerline of Northwest H~ghway, State of Illinois Route 14,
with the centerline of Owen Street, extended; thence North-
westerly along said centerline of Northwest Highway a distance of
approximately 2,250 feet to the point of intersection of the
centerline of Northwest Highway with the centerline of Main
Street, State of Illinois Route 83, extended; thence Northerly
along the centerline of Main Street a distance of approximately
940 feet to the point of beginning, at the intersection of the
centerlines of Main Street and Central Road, extended; all
located in the Northwest Quarter (1/4), and the Northeast Quarter
(1/4) of Section 12, Township 41 North, Range 11 East of the
Third Principal Meridian, located in :he Village of Mount
Prospect, Elk G'tove Township, County of Cook, in the State of
Illinois.
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EXHIBIT 6
AMENDMENT ~1
LE~L DESCRIPTION
That part of the West Half of the Northwest fractional Quarter of
Section 12, Township 41 North, Range 11, East of the Third
Principal Meridian, described as follows: The East 44 feet of the
West 64 feet of Lots 1 and 2 and all of Lots 16, 17, 18 and 19 in
Block 7 in "Mount Prospect", a subdivision in part of the West Half
of said Section 12, per plat thereof recorded September 2, 1874,
as Document 188460 in Book 8 of Plats, page 90; also
Lots E and F in Laudermilk's Subdivision of Lots 3, 4, 5, 6 and 7
in Block 7 in the aforesaid "Mount Prospect" subdivision, per plat
thereof filed for record in the office of the Registrar of Titles
June 6, 1927, as L.R. 357250 together with the 16 foot wide public
alley lying South of and adjoining said Lot F, said alley being the
North 16 feet of Lot G in said Laudermilk's Subdivision, and also
the 20 foot wide public alley lying West of and adjoining Lots A,
B, C, D, E, F and the North 16 feet of Lot G in said subdivision,
except the North 50 feet of said 20 foot wide alley now vacated;
also
The North 100 feet of Lot 2 in Block 3 in Busse and Wille's
Resubdivision in Mount Prospect in part of said Northwest
fractional Quarter of Section 12, per plat thereof recorded March
31, 1906, as Doctnnent 3839591; also
Lots 1 and 2 in Mount Prospect Central District Resubdivision in
part of the West Half of said Section 12, per plat thereof filed
for record in the office of the Registrar of Titles, December 23,
1949, as L.R. 1275902; also
Lot 1, except the West 20 feet thereof, in Raymomd R. Chmelik's
Subdivision, a resubdivision of part of aforesaid Laudermilk's
Subdivision, per plat thereof also filed for record in the Office
of the Registrar of Titles, February 25, 1969, as L.R. 2437155;
also
Lot I in Huecker's Resubdivision of Lots 1 and 2 (except the West
64 feet thereof) in aforesaid Block 7 in "Mount Prospect", per plat
thereof recorded September 9, 1969, as Document 20953597; also
Lots 1 and 2 in the McLean Resubdivision in Mount Prospect, being
a resubdivision in part of the West Half of said Section 12 also
filed for record in the Office of the Registrar of Titles, October
20, 1975, as L.R. 2835833; also
That part of Wille Street in said West Half of Section 12 lying
North of an extension West of the South line of the North 100 feet
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of Lot 2 in Block 3 in the aforesaid Busse and Wille's
Resubdivision, and lying South of the South line of Central Road;
also
That part of Main Street in said West Half of Section 12 lying
North of an extension East of the most South line of Lot 2 in the
aforesaid Mount Prospect Central District Resubdivision, and lying
South of the South line of Central Road; also
That part of Central Road in said West Half of Section 12 and in
part of the South Half of Section 34, Township 42 North, Range 11,
East of the Third Principal Meridian, lying East of an extension
North of the West line of the aforesaid Wille Street, and lying
West of an extension North of the East line of the aforesaid Main
Street, all of the above in Cook County, Illinois.
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E~m~7
AMENDMENT NUMBER 2
LEGAL DESCRIPTION
That part of the East half of the Northeast quarter of Section 11 and that part of the West
half of the Northwest quarter of Section 12, all in Township 41 North, Range 11 East of the
Third Principal Mericljan, taken as a tract of land, bounded and described as follows:
Beginning at the intersection of the center line of Central Road with the center line of
Northwest Highway; thence East on the center line of Central Road to center line of Wille
Street; thence South on center line of Wille Street to West extension of the South line of
the North 100 feet of Lot 2 in Block 3 in Bus.se and Wille's Resubdivision in Mount
Prospect in the Northwest quarter of Section 12 aforesaid; thence East on the West
extension of the South line of the North 100 feet of Lot 2 and on said South line of the
North 100 feet of Lot 2 aforesaid, to the East line of said Lot 2 aforesaid; thence North on
the East line of Lot 2 aforesaid to the most Westerly Southwest comer of LOt 2 in Mount
Prospect Central District Resubdivision in part of the West haft of Section 12 aforesaid;
thence East, South and East on the South line of Lot 2 aforesaid and on said South line
extended East to the center line of Main Street; thence South on center line of Main Street
to center line of Northwest Highway; thence Northwesterly on center line of Northwest
Highway to the center line of Central Road and the place of begi~nlng, all in Cook County,
Illinois.
(Containing 14.4 acres, more or less)
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