HomeMy WebLinkAbout6.7 Motion to authorize the Village Manager to execute a settlement agreement in the case of the Village of Mount Prospect v. JM 1 Trust, et al in the amount of $315,000.M+awn �'xyt�lts�=e
Item Cover Page
Subject Motion to authorize the Village Manager to execute a
settlement agreement in the case of the Village of Mount
Prospect v. JM 1 Trust, et al in the amount of $315,000.
Meeting October 17, 2023 - REGULAR MEETING OF THE MOUNT
PROSPECT VILLAGE BOARD
Fiscal Impact (Y/N)
Dollar Amount
Budget Source
Category
Type
Information
YES
$315,000
CONSENT AGENDA
Action Item
Prior to the redevelopment of the Chase Bank facility at Northwest Highway and Main Street, a
title company working for a developer determined there was a cloud on title for a small L
shaped alley within the Busse Triangle. Cook County records showed the alley, which is 1,800
SF, was owned by the surrounding property owners. However, the title company could not
show proof that the alley was ever conveyed from the original Meyn family trust dating back
several decades.The Village filed a motion to quiet title against the JM 1 Trust on a parcel
located in what is now the parking lot adjacent to the Chase Bank. The basis for the Village's
quiet title action was adverse possession as allowed by Illinois statute. In simple terms, the
property has been used for access to multiple properties in the triangle for decades. JM 1 Trust
filed a counterclaim against the Village alleging it took the Trust's property without providing
compensation. After extended litigation, the parties agreed to settle the lawsuit prior to the
Court ruling on whether the case would have to go to a condemnation trial to determine fair
compensation the Village would pay for the parcel. In exchange for the Village paying JM 1
Trust $315,000, the Trust conveyed title for the property to the Village. This amount was
suggested by the judge during settlement discussions. The settlement agreement allows the
Village to get ownership of property to provide critical public parking spaces that is part of the
Chase Bank development in downtown Mount Prospect and to avoid the time, expense and
uncertainty of a condemnation trial.
Discussion
Alternatives
1. Authorize the Village Manager to execute a settlement agreement in the case of the Village
of Mount Prospect v. J.M. 1 Trust, et al in the amount of $315,000.
2. Action at the discretion of the Village Board.
Staff Recommendation
Staff recommends that the Village Board authorize the Village Manager to execute a
settlement agreement in the case of the Village of Mount Prospect v. J.M. 1 Trust et al in the
amount of $315,000.
Attachments