HomeMy WebLinkAboutRes 39-24 12/17/2024 Authorizing Payment To The Mount Prospect Public Library Under The Terms Of A Ground Lease AgreementRESOLUTION NO. 39-24
A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT PUBLIC LIBRARY
UNDER THE TERMS OF A GROUND LEASE AGREEMENT
WHEREAS, on November 6, 2002, the Village of Mount Prospect ("the Village") and the Mount Prospect
Public Library ("the Library") entered into a Ground Lease Agreement (the "Lease") providing, among
other things, for the Village to lease certain property ("Property") from the Library; and
WHEREAS, the Village has caused its attorney and staff to review the terms of the Lease and the current
status of the Property and its usage; and
WHEREAS, the attorney and staff have reported that both the Village and the Library are in substantial
compliance with all material terms of the Lease; and
WHEREAS, the Mayor and Board of Trustees have determined that it is in the best interests of the Village
and its residents to assure that there is continued compliance with the Lease; and
WHEREAS, Section 3.02 of the Ground Lease Agreement allows the tenant (Village of Mount Prospect)
an option to extend the term of the lease for five additional consecutive terms of twenty (20) years
each; and
WHEREAS, on March 21, 2023, the Village of Mount Prospect exercised the option to renew the
Ground Lease Agreement for a second, twenty-year (20) term to expire December 2042.
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 parties are in substantial compliance with all material terms of the Lease.
SECTION TWO: That the Mayor and Board of Trustees authorize the Village Director of Finance to
pay the Library such sums as are due pursuant to the Lease.
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: Dante, Filippone, Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 17th day of December 2024 / , A
Paul Wm. Hoefert
Mayor
ATTEST:
Karen M. Agoranos
Village Clerk