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HomeMy WebLinkAboutOrd 4441 06/16/1992 ORDINANCE NO. 4441 AN ORDINANCE AUTHORIZING EXECUTION OF AN OPTION AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND CATHOLIC CHARITIES PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the 16th day of June , 1992 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 8th day of July , 1992. CAF 5/28/92 ORDINANCE NO. 4441 AN ORDINANCE AUTHORIZING EXECUTION OF AN OPTION AGREEMENT BETWEEN THE VILL~kGE OF MOUNT PROSPECT AND CATHOLIC CHARITIES WHEREAS, the Village of Mount Prospect is the owner of certain property consisting of approximately 43,000 square feet (1 acre) generally located at the southeast corner of Central Road and Pine Street (referred to as Subject Property); and WHEREAS, the Village of Mount Prospect is considering the construction of no more than eighty (80) residential units to be built at a height not to exceed five (5) stories on the Subject Property; and WHEREAS, Catholic Charities has expressedan interest in developing the Subject Property in accordance with the redevelopment plan established by the Village; and WHEP~EAS, the President and Board of Trustees have determined that the best interests of the Village would be served by entering into an Option Agreement with Catholic Charities for thedevelopment the Subject Property; and NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the President and Board of Trustees do hereby authorize execution of an Option Agreement between the Village of Mount Prospect and Catholic Charities for the proposed development of the Subject Property, a copy of said Option Agreement attached hereto and hereby made a part hereof as Exhibit "A". SECTION TWO: That this Ordinance shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Clowes, Corcoran, Floros, Hoefert NAYS: None ABSENT: Busse, Wilks PASSED and APPROVED this 16th day of .hlnp , 1992. Village President ATTEST:-.- Carol A. Fields Village Clerk OPTION AGREEMENT THIS OPTION AGREEMENT (this "Agreement") is made and executed as of this /.~z~day of oIvae , 1992 by and between the VILLAGE OF MOUNT PROSPECT, an Illinois municipal corporation (the "Village"), and CATHOLIC CHARITIES, a not-for-profit corporation ("Catholic Charities"). WITNESSETH: WHEREAS, the Village holds fee simple title to that certain parcel of real estate consisting of approximately 43,000 square feet (1 acre) and located at the southeast corner of Central Road and Pine Street, Mount Prospect, Illinois, which proper~ is legally described on Exhibit "A" attached hereto and made a part hereof (the "Propertf); and WHEREAS, in connection with the redevelopment by the Village of its downtown shopping district (the "Redevelopment"), the Village desires to facilitate the construction of a downtown Section 202 Senior Housing Project on the property, consisting of no more than eighty (80) residential units and which is no more than five (5) stories in height (the "Project"); and WHEREAS, the Village has heretofore approved the application of Catholic Charities for the development of the Project on the Property, and the Village has undertaken to comply with legal requirements respecting the conveyance of the Property to Catholic Charities for the development of the Project; and WHEREAS, the Village desires to grant to Catholic Charities, and Catholic Charities desires to acquire from the Village, an option to purchase the Property upon the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 1. Grant of Option. The Village hereby grants to Catholic Charities the right and option (the "Option") to purchase all of the Village's fight, title and interest in and to the Property for the development of the Project at a purchase price which shall equal the average of two (2) appraisals of the Property prepared by two (2) independent appraisers chosen by the Village and otherwise upon such terms and conditions as shall be mutually agreed upon by the parties. 2. Option Term. The term of the Option shall commence on the date hereof and terminate as of October 30, 1992; provided, however, that in the event that Catholic Charities delivers to the Village a Fund Reservation letter from the Department of Housing and Urban Development ("HUD") prior to October 30, 1992, the term of the Option shall be automatically extended until March 31, 1994 (the "Option Term"). 3. Conditions of Option. This Option is subject to, conditioned upon, and may be exercised only upon the satisfaction of the following conditions: (a) the development and operation of the Project by Catholic Charities, or its Permitted Assignee (as defined below), with no more than eighty (80) residential units and which is no more than five (5) stories in height; (b) the compliance by Catholic Charities with all applicable ordinances or regulations of the Village, except as may be modified or waived by the Village in the manner provided by law, and the development of the Project in conformity in all respects with all applicable federal and state statutes and regulations; and (c) either (i) the completion and approval by the Village of a Planned Unit Development Ordinance and site plan for the Redevelopment, including the Catholic Charities Senior Housing development; or (ii) the successful rezonlng and zoning variations for the Property by the Village to allow the development and operation of the Project. 4. Exercise of Option. Upon the satisfaction of the conditions contained in Paragraph 3 above, Catholic Charities may exercise the Option upon written notice to the Village at any time within the Option Term. 5. Village Approval. The Village hereby covenants to Catholic Charities that the Village has approved the terms of this Option Agreement by Resolution of the Board of Trustees of the Village dated June 2, 1992. 6. Catholic Charities Annroval. Catholic Charities hereby covenants to the Village that Catholic Charities h~ approved and ratified the terms of this Option Agreement and that the parties executing this Agrement on behalf of Catholic Charities have the authority to bind Catholic Charities to the terms of this Agreement. 7. Assignability_. This Option Agreement may be assigned by Catholic Charities only to a single asset corporation established for the sole purpose of developing this project. However, it may not be assigned to any other person, firm or entity. 8. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof, and each and every prior agreement, statement and understanding made by the parties hereto with respect to the subject matter hereof is hereby merged into this Agreement. 9. Amendment. No change in the provisions of this Agreement shall be effective unless made in writing and signed by the parties hereto. -2- 10. Governing Law. This Agreemem shall be governed and interpreted under the laws of the State of Illinois. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. VILLAGE OF MOUNT PROSPECT, ATTEST: an Illinois Municipal Corporation Village Clerk Its' / CATHOLIC CHARITIES, a not-for-profit ATrEST: corporation "OFFICIAL SEAL" BRENDA A. RAUCH IqQt~ P~fA~I~, 6t~t~ Of Illineid~ -3-