HomeMy WebLinkAboutOrd 6775 01/21/2025 Approving A First Amendment To The Village Of Mount Prospect South Mount Prospect Tax Increment Financing District Redevelopment Plan And ProjectORDINANCE NO. 6775
AN ORDINANCE APPROVING A FIRST AMENDMENT TO
THE VILLAGE OF MOUNT PROSPECT SOUTH MOUNT
PROSPECT TAX INCREMENT FINANCING DISTRICT
REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the Village of Mount Prospect ("Village") is a home rule unit of local
government pursuant to Section 6 of Article VII of the Constitution of the State of Illinois,
and has the authority to exercise any power and perform any function pertaining to its
government and affairs; and
WHEREAS, on May 3, 2022, the Village Board passed Ordinance Nos. 6625,
6626, and 6627, approving a redevelopment plan and project ("TIF Plan"), designating a
redevelopment project area ("Redevelopment Project Area"), and adopting tax
increment financing for the South Mount Prospect Tax Increment Financing District
(10'SMP TIF' , all pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS
5/11-74.4-1 et seq. (the "TIF Act's; and
WHEREAS, the Redevelopment Project Area is legally described in Exhibit A
attached hereto and made part hereof; and
WHEREAS, the Village, pursuant to Section 5(c) of the TIF Act, is authorized to
add additional parcels of property to the Redevelopment Project Area after giving notice,
convening a joint review board, and conducting a public hearing; and
WHEREAS, the Village is considering additions to the Redevelopment Project
Area by adding three expansion areas, resulting in the Redevelopment Project Area
having the boundaries legally described and depicted in. Exhibits E' and C, respectively,
attached hereto and made a part hereof ("Amended Redevelopment Project Area");
and and
WHEREAS, the Village authorized SB Friedman Development Advisors, LLC to
prepare amendments to the TIF Plan to add the expansion areas to the Redevelopment
Project Area ("Amended TIF Plan'j; and
WHEREAS, the Amended TIF Plan, attached hereto as Exhibit and made a part
hereof, has been on file and available at Village Hall since October 4, 2024; and
WHEREAS, pursuant to the TIF Act, the Village President and Board of Trustees
convened a meeting of the SMP TIF Joint Review Board on December 2, 2024, and
WHEREAS, at its meeting on December 2, 2024, the Joint Review Board: (i)
reviewed the public record, planning documents, and proposed ordinances approving the
Amended Redevelopment Project Area and the Amended TIF Plan, and (ii) approved a
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resolution recommending approval of the Amended Redevelopment Project Area and
approval of the Amended TIF Plan; and
WHEREAS, pursuant to the TIF Act, the Village President and Board of Trustees
held a public hearing relative to the Amended Redevelopment Project Area and the
Amended TIF Plan on January 7, 2025 ("Public Hearing"), at which hearing the Village
President and Board of Trustees: (i) reviewed the Amended TIF Plan, the Amended
Redevelopment Project Area, and the Joint Review Board resolution; (ii) heard testimony
and received written information concerning the Amended Redevelopment Project Area
and the Amended TIF Plan, and (iii) reviewed other information, documentation, and
studies so as to be generally informed about the conditions of the Amended
Redevelopment Project Area; and
WHEREAS, the Village President and Board of Trustees have reviewed the
information concerning the factors presented at the Public Hearing and are generally
informed of the conditions in the Amended Redevelopment Project Area that cause the
Amended Redevelopment Project Area to be a "blighted area" in part and a "conservation
area" in part as defined in the TIF Act; and
WHEREAS, the Village President and Board of Trustees have reviewed the
conditions pertaining to real property in the Amended Redevelopment Project Area to
determine whether contiguous parcels of real property and improvements thereon in the
Amended Redevelopment Project Area would be substantially benefited by the Amended
TIF Plan improvements; and
WHEREAS, the Village President and Board of Trustees have reviewed the
Amended TIF Plan and the existing comprehensive planning process for development of
the Village as a whole to determine whether the Amended TIF Plan conforms to the
existing comprehensive planning process of the Village; and
WHEREAS, all notices required pursuant to the TIF Act were provided in
accordance with the TIF Act; and
WHEREAS, pursuant to the TIF Act, the Village has waited at least 14 days, but
not more than 90 days, from the public hearing date to introduce this Ordinance approving
the Amended TIF Plan; and
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WHEREAS, the Village President and Board of Trustees have determined that
approving the Amended TIF Plan would best serve the public's health, safety, and
welfare;
NOW, THEREFORE, BE IT ORDAINED by the Village President and Board of
Trustees of the Village of Mount Prospect, Cook County, Illinois, in the exercise of its
home rule powers, as follows:
SECTION 1: RECITALS. The foregoing recitals are incorporated into, and made
a part of, this Ordinance as findings of the Village Board.
SECTION 2: CONFIRMATION OF PRIOR. FINDIING S. To the extent required, the
Village President and Board of Trustees confirm the findings in Ordinance Nos. 6625,
6626, and 6627 regarding the qualifications of the SMP TIF required by the TIF Act.
SECTION 3: ADOPTION, OF AMENDED TIF PLAN. The Amended TIF Plan,
which was the subject matter of the Public Hearing, is adopted and approved.
SECTION4. AUTHORIZATION FOR TRANSMITTALS AND OTHER ACTION.
The Village President and Board of Trustees authorize and direct the Village Manager to
take any and all other statutorily required steps in connection with the approval of the
Amended TIF Plan, including, without limitation, the transmission of a certified copy of
this Ordinance to the Cook County Clerk.
SECTION 5: CONFLICTS. All ordinances or parts of ordinances in conflict
herewith are, to the extent of such conflict, repealed.
SECTION 6: SEVERABILITY. If any provision of this Ordinance or part thereof is
held invalid by a court of competent jurisdiction, the remaining provisions of this
Ordinance will remain in full force and effect, and will be interpreted, applied, and enforced
so as to achieve, as near as may be, the purpose and intent of this Ordinance to the
greatest extent permitted by applicable law.
SECTION 7: EFFECTIVE DATE. This Ordinance will be in full force and effect
from and after its passage and approval according to law.
AYES: Dante, Filippone,Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 21 st day of January, 2025
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ATTEST:
Karen M. Agoran
Village Clerk
4894-8098-0220, v. 2
EXHIBIT A
Legal Description of Existing Redevelopment Project Area
PARTS OF SECTIONS 14, 22, 23 AND 26, ALL IN TOWNSHIP 41 NORTH, RANGE 8
EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS,
DESCRIBED AS FOLLOWS;
BEGINNING AT THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF
SAID SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID
NORTHEAST QUARTER TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF
DEMPSTER STREET; THENCE WESTERLY ALONG SAID EXTENSION AND SAID
SOUTH LINE TO THE EAST LINE OF THE WEST 479.60 FEET OF THE NORTH HALF
OF THE NORTHEAST QUARTER OF SAID NORTHEAST QUARTER OF SECTION 23;
THENCE SOUTH ALONG SAID EAST LINE TO THE NORTH LINE OF LOT 2 IN LAKE
CENTER, PLAZA RESUBDIVISION PER DOCUMENT NUMBER 0819145106; THENCE
EASTERLY ALONG SAID NORTH LINE TO THE NORTHEAST CORNER OF SAID LOT
2; THENCE SOUTHERLY THE FOLLOWING (4) COURSES ALONG THE EASTERLY
LINE OF SAID LOT 2; (1) THENCE SOUTH 270.28 FEET TO A BEND POINT; (2)
THENCE WESTERLY 20.07 FEET TO A BEND POINT; (3) THENCE SOUTH 397.41
FEET TO A POINT OF CURVATURE; (4) THENCE SOUTHERLY ALONG A CURVE
CONCAVE WESTERLY HAVING A RADIUS OF 466.07 FEET, AN ARC LENGTH OF
71.51 FEET TO THE SOUTHEAST CORNER OF SAID LOT 2; THENCE WESTERLY
ALONG THE SOUTH LINE OF SAID LOT 2, A DISTANCE OF 422.28 FEET TO THE
NORTHWEST CORNER OF LOT 1 IN SAID LAKE CENTER, PLAZA RESUBDIVISION;
THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF 980.71
FEET TO THE NORTHWEST CORNER OF LOT 1 IN LAKE CENTER PLAZA
RESUBDIVISION NO.2 PER DOCUMENT NUMBER 91321871; THENCE SOUTHERLY
ALONG THE WESTERLY LINE OF SAID LOT 1, A DISTANCE OF 187.19 FEET TO THE
NORTH LINE OF ALGONQUIN ROAD; THENCE SOUTHWESTERLY TO THE
NORTHEAST CORNER OF THE WEST HALF OF THE SOUTHEAST QUARTER OF
SAID SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID WEST
HALF 289.0 FEET TO THE EASTERLY EXTENSION OF THE NORTH LINE OF LOT 15
IN ELMHURST-ALGONQUIN INDUSTRIAL PARK—UNIT NO. 8 SUBDIVISION PER
DOCUMENT NUMBER 20409121; THENCE WESTERLY ALONG SAID EASTERLY
EXTENSION AND NORTH LINE OF SAID LOT 15, A DISTANCE OF 341.54 FEET TO
THE NORTHWEST CORNER OF SAID LOT 15; THENCE SOUTHERLY ALONG THE
WEST LINE OF SAID ELMHURST-ALGONQUIN INDUSTRIAL PARK—UNIT NO. 8
SUBDIVISION 539.36 FEET TO THE NORTH LINE OF THE SOUTH 1175.0 FEET OF
THE NORTH THREE-QUARTERS OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SAID SECTION 23; THENCE EAST ALONG SAID NORTH LINE 4.0
FEET TO THE NORTHWEST CORNER OF DENNES RESUBDIVISION PER
DOCUMENT NUMBER 25198789; THENCE SOUTHERLY ALONG THE WEST LINE OF
SAID DENNES RESUBDIVISION 1110.85 FEET TO THE SOUTHWEST CORNER OF
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4894-8098-0220, v. 2
LOT 2 IN SAID DENNES SUBDIVISION; THEN EASTERLY ALONG THE SOUTH LINE
OF SAID LOT 2, A DISTANCE OF 339.52 FEET TO SAID EAST LINE OF THE WEST
HALF OF THE SOUTHEAST QUARTER; THENCE SOUTHERLY ALONG SAID EAST
LINE OF THE WEST HALF TO THE SOUTH LINE OF OAKTON STREET; THENCE
WESTERLY ALONG SAID SOUTH LINE OF OAKTON STREET TO THE SOUTHERLY
EXTENSION OF THE EAST LINE OF LOT 2 IN GARLAND C. RICHARDSON'S
SUBDIVISION PER DOCUMENT NUMBER 16662336; THENCE NORTHERLY ALONG
SAID EXTENSION AND SAID EAST LINE OF LOT 2 TO THE NORTHEAST CORNER
OF SAID LOT 2; THENCE WESTERLY ALONG THE NORTH LINE OF SAID LOT 2 TO
THE EASTERLY LINE OF SAID 1-90 TOLL ROAD; THENCE NORTHWESTERLY
ALONG SAID EASTERLY LINE TO THE SOUTH LINE OF ABACUS CONSOLIDATION
OF LOTS 3 AND 4 PER DOCUMENT NUMBER 08009531; THENCE EASTERLY
ALONG SAID SOUTH LINE AND THE SOUTH LINE OF BUSSE ROAD INDUSTRIAL
PARK SUBDIVISION PER DOCUMENT 904723385 TO THE WEST LINE OF BUSSE
ROAD; THENCENORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD TO THE
WESTERLY EXTENSION OF THE NORTH LINE OF LOT 1 IN PLAZA UNITED
RESUBDIVISION OF LOT 1 PER DOCUMENT NUMBER 96489523; THENCE THE
FOLLOWING (3) COURSES ALONG SAID EXTENSION AND NORTH LINE; (1)
THENCE EAST ALONG SAID EXTENSION AND NORTH LINE TO A BEND POINT; (2)
THENCE SOUTHEASTERLY 116.13 FEET TO A BEND POINT; (3) THENCE
SOUTHEASTERLY 353.13 FEET TO THE MOST SOUTHERLY CORNER OF LOT 2 IN
SAID PLAZA UNITED RESUBDIVISION; THENCE THE FOLLOWING (4) COURSES
ALONG THE EASTERLY LINE OF SAID LOT 2; (1) THENCE NORTHEASTERLY 52.09
FEET; (2) THENCE NORTH 170 FEET; (3) THENCE EASTERLY 39 FEET; (4) THENCE
NORTH 250.43 FEET TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE
NORTHERLY ALONG THE NORTHERLY EXTENSION OF SAID EASTERLY LINE OF
LOT 2 TO THE NORTH LINE OF DEMPSTER STREET; THENCE EASTERLY ALONG
SAID NORTH LINE OF DEMPSTER STREET TO THE NORTHERLY EXTENSION OF
THE EAST LINE OF LOT 1 IN BRIARWOOD BUSINESS CENTER SUBDIVISION PER
DOCUMENT NUMBER 0627931120; THENCE SOUTHERLY ALONG SAID
NORTHERLY EXTENSION AND SAID EAST LINE OF LOT 1 TO THE SOUTH LINE OF
LOT 2 IN LINNEMAN'S DIVISION PER DOCUMENT NUMBER 15716544; THENCE
EASTERLY ALONG SAID SOUTH LINE OF LOT 2 TO THE EAST LINE OF THE WEST
HALF OF THE NORTHEAST QUARTER OF SAID SECTION 23; THENCE NORTHERLY
ALONG SAID EAST LINE TO THE SOUTHEAST CORNER OF THE WEST HALF OF
THE SOUTHEAST QUARTER OF SAID SECTION 14; THENCE NORTHERLY ALONG
THE EAST LINE OF SAID WEST HALF OF THE SOUTHEAST QUARTER OF SECTION
14 TO THE NORTHEAST CORNER OF PICKWICK COMMONS SUBDIVISION PER
DOCUMENT NUMBER 20563555; THENCE WESTERLY ALONG THE NORTH LINE
OF SAID PICKWICK COMMON SUBDIVISION AND THE NORTH LINE OF LOT 1 IN
SAID LINNEMAN'S DIVISION TO THE WEST LINE OF SAID WEST HALF OF THE
SOUTHEAST QUARTER SECTION 14; THENCE NORTH ALONG SAID WEST LINE
TO THE SOUTHERLY LINE OF THE COMMONWEALTH EDISON'S RIGHT-OF-WAY;
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4894-8098-0220, v. 2
THENCE NORTHEASTERLY ALONG SAID SOUTHERLY LINE TO A BEND POINT;
THENCE CONTINUING EAST ALONG SAID SOUTHERLY LINE TO THE EAST LINE
OF SAID SOUTHEAST QUARTER OF SECTION 14; THENCE SOUTHERLY ALONG
SAID EAST LINE TO THE PLACE OF BEGINNING.
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4894-8098-0220, v. 2
EXHIBIT B
PARCEL 1:
THOSE PARTS OF SECTIONS 14, 22, 23, 24 AND 26, ALL IN TOWNSHIP 41 NORTH,
RANGE 8 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS,
DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF
SAID SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID
NORTHEAST QUARTER TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF
DEMPSTER STREET; THENCE WESTERLY ALONG SAID EXTENSION AND SAID
SOUTH LINE TO THE EAST LINE OF THE WEST 479.60 FEET OF THE NORTH HALF
OF THE NORTHEAST QUARTER OF SAID NORTHEAST QUARTER OF SECTION 23;
THENCE SOUTH ALONG SAID EAST LINE TO THE NORTH LINE OF LOT 2 IN LAKE
CENTER, PLAZA RESUBDIVISION PER DOCUMENT NUMBER 0819145106; THENCE
EASTERLY ALONG SAID NORTH LINE TO THE NORTHEAST CORNER OF SAID LOT
2; THENCE EAST ALONG THE NORTH LINE OF LOT 4 IN LINNEMAN'S DIVISION OF
PART OF SAID NORTHEAST QUARTER OF SECTION 23, A DISTANCE OF 822 FEET,
MORE OR LESS, TO SAID EAST LINE OF THE NORTHEAST QUARTER OF SECTION
23; THENCE SOUTH ALONG SAID EAST LINE TO A POINT 803.01 FEET SOUTH OF
SAID NORTHEAST CORNER OF THE NORTHEAST QUARTER OF SECTION 23;
THENCE EAST 50 FEET; THENCE SOUTH ALONG A LINE 50 FEET EAST OF AND
PARALLEL WITH SAID EAST LINE OF THE NORTHEAST QUARTER 1635 FEET,
MORE OR LESS, TO THE EASTERLY EXTENSION OF THE NORTH LINE OF LOT 1
IN SHELL OIL COMPANY RESUBDIVISION PER DOCUMENT NUMBER 87339994;
THENCE WESTERLY ALONG SAID EASTERLY EXTENSION AND NORTH LINE 290
FEET, MORE OR LESS, TO THE NORTHWEST CORNER OF SAID LOT 1; THENCE
SOUTH ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF 200 FEET TO THE
NORTH LINE OF ALGONQUIN ROAD; THENCE EAST ALONG SAID NORTH LINE
AND EASTERLY EXTENSION THEREOF 290 FEET, MORE OR LESS, TO THE
NORTHERLY EXTENSION OF A LINE BEING 50 FEET EASTERLY OF AND
PARALLEL WITH THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID
SECTION 23; THENCE SOUTH ALONG SAID EXTENSION AND PARALLEL LINE 1660
FEET, MORE OR LESS, TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF
MIDWAY DRIVE; THENCE WEST ALONG SAID EASTERLY EXTENSION AND SOUTH
LINE THEREOF 515 FEET, MORE OR LESS, TO THE NORTHWEST CORNER OF LOT
1 IN NORTHWAY INVESTMENT SUBDIVISION PER DOCUMENT NUMBER T2902421;
THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF 192
FEET, MORE OR LESS, TO THE SOUTHEAST CORNER OF LOT 1 IN VAVRUS
SUBDIVISION PER DOCUMENT NUMBER T3194655; THENCE WEST ALONG THE
SOUTH LINE OF SAID LOT 1, A DISTANCE OF 466.35 FEET TO THE SOUTHWEST
CORNER OF SAID LOT 1; THENCE NORTH ALONG THE WEST LINE OF SAID LOT
4894-8098-0220, v. 2
1, A DISTANCE OF 480 FEET TO THE SOUTH LINE OF LOT 8 IN ELMHURST-
ALGONQUIN INDUSTRIAL PARK -UNIT NUMBER 2 SUBDIVISION PER DOCUMENT
NUMBER 20409121; THENCE WEST ALONG SAID SOUTH LINE 17 FEET, MORE OR
LESS, TO THE SOUTHWEST CORNER OF SAID LOT 8; THENCE NORTH ALONG
THE WEST LINE OF SAID LOT 8, A DISTANCE OF 354 FEET, MORE OR LESS, TO
THE SOUTH LINE OF CARBOY ROAD, THENCE WEST ALONG SAID SOUTH LINE
146 FEET TO THE NORTHEAST CORNER OF LOT 10 IN SAID ELMHURST-
ALGONQUIN INDUSTRIAL PARK -UNIT NUMBER 2 SUBDIVISION; THENCE SOUTH
ALONG THE EAST LINE OF SAID LOT 10, A DISTANCE OF 354 FEET TO THE
SOUTHEAST CORNER OF SAID LOT 10; THENCE WEST ALONG THE SOUTH LINE
OF SAID LOT 10 AND WESTERLY EXTENSION THEREOF 236 FEET TO THE
SOUTHERLY EXTENSION OF THE EAST LINE OF LOT 1 IN DENNES
RESUBDIVISION PER DOCUMENT NUMBER 25198789; THENCE NORTH ALONG
SAID SOUTHERLY EXTENSION AND EAST LINE THEREOF 510 FEET, MORE OR
LESS, TO THE NORTHEAST CORNER OF SAID LOT 1; THENCE WEST ALONG THE
NORTH LINE OF SAID LOT 1, A DISTANCE OF 338 FEET, MORE OR LESS, TO THE
NORTHWEST CORNER OF SAID LOT 1; THENCE SOUTHERLY ALONG THE WEST
LINE OF SAID DENNES RESUBDIVISION 1110.85 FEET TO THE SOUTHWEST
CORNER OF LOT 2 IN SAID DENNES SUBDIVISION; THENCE EASTERLY ALONG
THE SOUTH LINE OF SAID LOT 2, A DISTANCE OF 339.52 FEET TO THE EAST LINE
OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 23;
THENCE SOUTHERLY ALONG SAID EAST LINE OF THE WEST HALF 695 FEET,
MORE OR LESS, TO THE NORTH LINE OF OAKTON STREET; THENCE EAST
ALONG SAID NORTH LINE 653 FEET, MORE OR LESS, TO THE NORTHERLY
EXTENSION OF THE EAST LINE OF THE WEST 653.3 FEET OF THE NORTH HALF
OF THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SAID
SECTION 26; THENCE SOUTH ALONG SAID EXTENSION AND EAST LINE THEREOF
710 FEET, MORE OR LESS, TO THE SOUTH LINE OF SAID NORTH HALF OF THE
NORTHEAST QUARTER OF THE NORTHEAST QUARTER; THENCE WEST ALONG
SAID SOUTH LINE 653 FEET, MORE OR LESS, TO THE EAST LINE OF LOT 22 IN
HIGGINS INDUSTRIAL PARK UNIT THREE SUBDIVISION PER DOCUMENT NUMBER
20022477, THENCE SOUTH ALONG SAID EAST LINE TO THE SOUTHEAST CORNER
OF SAID LOT 22; THENCE THE FOLLOWING (2) COURSES ALONG THE
SOUTHERLY LINE OF SAID LOT 22; (1) THENCE WESTERLY 272.78 FEET TO A
BEND POINT; (2) THENCE NORTHWESTERLY 40.29 FEET TO A POINT ON A CURVE
ON THE SOUTHERLY LINE OF WEILER ROAD; THENCE THE FOLLOWING 2
COURSES ALONG SAID SOUTHERLY LINE; (1) THENCE SOUTHWESTERLY ALONG
THE ARC OF A CURVE CONCAVE NORTHERLY, HAVING A RADIUS OF 91.0 FEET
FOR AN ARC LENGTH OF 71.47 FEET; (2) THENCE WESTERLY 155.85 FEET TO
THE EASTERLY LINE OF LOT 11 IN HIGGINS INDUSTRIAL PARK UNIT 2 PER
DOCUMENT NUMBER 20022478; THENCE SOUTHEASTERLY ALONG SAID
EASTERLY LINE 392.22 FEET TO THE NORTHERLY LINE OF THE 1-90 TOLL ROAD;
THENCE NORTHWESTERLY ALONG SAID NORTHERLY LINE 2,760 FEET, MORE
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4894-8098-0220, v. 2
OR LESS, TO THE NORTH LINE OF OAKTON STREET; THENCE EASTERLY ALONG
SAID NORTH LINE 1,090 FEET, MORE OR LESS, TO THE EAST LINE OF LOT 2 IN
GARLAND C. RICHARDSON'S SUBDIVISION PER DOCUMENT NUMBER 16662336;
THENCE NORTHERLY ALONG SAID EAST LINE 620.7 FEET TO THE NORTHEAST
CORNER OF SAID LOT 2; THENCE WESTERLY ALONG THE NORTH LINE OF SAID
LOT 2 TO THE EASTERLY LINE OF SAID 1-90 TOLL ROAD; THENCE
NORTHWESTERLY ALONG SAID EASTERLY LINE 1,810 FEET, MORE OR LESS, TO
THE SOUTH LINE OF ABACUS CONSOLIDATION OF LOTS 3 AND 4 PER
DOCUMENT NUMBER 08009531; THENCE EASTERLY ALONG SAID SOUTH LINE
AND THE SOUTH LINE OF BUSSE ROAD INDUSTRIAL PARK SUBDIVISION PER
DOCUMENT 904723385 TO THE WEST LINE OF BUSSE ROAD; THENCE
NORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD 3,100 FEET, MORE OR
LESS, TO THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 1 IN PLAZA
UNITED RESUBDIVISION OF LOT 1 PER DOCUMENT NUMBER 96489523; THENCE
THE FOLLOWING (3) COURSES ALONG SAID EXTENSION AND NORTH LINE; (1)
THENCE EAST ALONG SAID EXTENSION AND NORTH LINE 350 FEET, MORE OR
LESS, TO A BEND POINT; (2) THENCE SOUTHEASTERLY 116.13 FEET TO A BEND
POINT; (3) THENCE SOUTHEASTERLY 353.13 FEET TO THE MOST SOUTHERLY
CORNER OF LOT 2 IN SAID PLAZA UNITED RESUBDIVISION; THENCE THE
FOLLOWING (4) COURSES ALONG THE EASTERLY LINE OF SAID LOT 2; (1)
THENCE NORTHEASTERLY 52.09 FEET; (2) THENCE NORTH 170 FEET; (3)
THENCE EASTERLY 39 FEET; (4) THENCE NORTH 250.43 FEET TO THE
NORTHEAST CORNER OF SAID LOT 2; THENCE NORTHERLY ALONG THE
NORTHERLY EXTENSION OF SAID EASTERLY LINE OF LOT 2 TO THE NORTH LINE
OF DEMPSTER STREET; THENCE EASTERLY ALONG SAID NORTH LINE OF
DEMPSTER STREET 2,960 FEET, MORE OR LESS, TO THE NORTHERLY
EXTENSION OF THE EAST LINE OF LOT 1 IN BRIARWOOD BUSINESS CENTER
SUBDIVISION PER DOCUMENT NUMBER 0627931120; THENCE SOUTHERLY
ALONG SAID NORTHERLY EXTENSION AND SAID EAST LINE OF LOT 1 TO THE
SOUTH LINE OF LOT 2 IN LINNEMAN'S DIVISION PER DOCUMENT NUMBER
15716544; THENCE EASTERLY ALONG SAID SOUTH LINE OF LOT 2 TO THE EAST
LINE OF THE WEST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 23;
THENCE NORTHERLY ALONG SAID EAST LINE TO THE SOUTHEAST CORNER OF
THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 14; THENCE
NORTHERLY ALONG THE EAST LINE OF SAID WEST HALF OF THE SOUTHEAST
QUARTER OF SECTION 14 TO THE NORTHEAST CORNER OF PICKWICK
COMMONS SUBDIVISION PER DOCUMENT NUMBER 20563555; THENCE
WESTERLY ALONG THE NORTH LINE OF SAID PICKWICK COMMON SUBDIVISION
AND THE NORTH LINE OF LOT 1 IN SAID LINNEMAN'S DIVISION TO THE WEST
LINE OF SAID WEST HALF OF THE SOUTHEAST QUARTER SECTION 14; THENCE
NORTH ALONG SAID WEST LINE TO THE NORTHERLY LINE OF THE
COMMONWEALTH EDISON'S RIGHT-OF-WAY; THENCE NORTHEASTERLY ALONG
SAID NORTHERLY LINE TO A BEND POINT; THENCE CONTINUING EAST ALONG
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4894-8098-0220, v.2
SAID NORTHERLY LINE TO THE EAST LINE OF SAID SOUTHEAST QUARTER OF
SECTION 14; THENCE SOUTHERLY ALONG SAID EAST LINE TO THE PLACE OF
BEGINNING.
EXCEPTING THEREFROM THE FOLLOWING SIX (6) DESCRIBED PROPERTIES:
LOT 1 IN LAKE CENTER PLAZA NO. 3, A SUBDIVISION OF LOTS 3 TO 7 IN LAKE
CENTER PLAZA, A RESUBDIVISION OF PART OF LOT 4 IN LINNEMAN'S DIVISION
AND OF LOT 2 IN LAKE CENTER PLAZA RESUBDIVISION 2 IN THE EAST HALF OF
THE NORTHEAST QUARTER OF SECTION 23, TOWNSHIP 41 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MERIDIAN ACCORDING TO THE PLAT OF
RESUBDIVISION RECORDED JULY 16, 2009 AS DOCUMENT 0819145106, IN COOK
COUNTY, ILLINOIS.
TOGETHER WITH.-
LOTS
ITH:LOTS 1 AND 2 IN LAKE CENTER PLAZA RESUBDIVISION NO. 4, BEING A
RESUBDIVISION OF LOTS 8, 9, 10 AND 11 IN LAKE CENTER PLAZA, A
RESUBDIVISION NORTHEAST QUARTER OF SECTION 23, TOWNSHIP 41 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN ACCORDING TO THE PLAT
THEREOF RECORDED MARCH 20, 2018 AS DOCUMENT NO. 1807906120, IN COOK
COUNTY, ILLINOIS.
TOGETHER WITH:
LOT 1 IN LAKE CENTER PLAZA RESUBDIVISION NO. 2, OF PART OF THE
NORTHEAST QUARTER OF SECTION 23, TOWNSHIP 41 NORTH, RANGE 11 EAST
OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF
RECORDED JULY 1, 1991, AS DOCUMENT NUMBER 91321871, IN COOK COUNTY,
ILLINOIS.
TOGETHER WITH;
LOT 13 IN LAKE CENTER PLAZA, BEING A SUBDIVISION OF PART OF LOT 4 IN
LINNEMAN'S DIVISION OF THE SOUTH % OF THE EAST HALF OF THE NORTHEAST
QUARTER AND THE WEST HALF OF THE NORTHEAST QUARTER OF SECTION 23,
TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN,
AND OF THE SOUTH 477.78 FEET OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SECTION 14, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED JULY 1,
1988 AS DOCUMENT NUMBER 88291118, IN COOK COUNTY, ILLINOIS.
TOGETHER WITH:
THAT PART OF WALL STREET LYING NORTH OF THE NORTH LINE OF ALGONQUIN
ROAD AND SOUTH OF THE WESTERLY EXTENSION OF THE SOUTH LINE OF
LASALLE STREET, ALL IN THE EAST HALF OF THE NORTHEAST QUARTER OF
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4894-8098-0220, v. 2
SECTION 23, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN COOK COUNTY, ILLINOIS.
TOGETHER WITH:
LOT 1 (EXCEPT THE WEST 130.0 FEET OF LOT 1) IN J.T.BUILDER'S FIRST
INDUSTRIAL SUBDIVISION IN PART OF THE SOUTHWEST QUARTER OF SECTION
23, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN,
IN COOK COUNTY, ILLINOIS.
PARCEL 2:
THOSE PARTS OF SECTIONS 14,15 AND 22, ALL IN TOWNSHIP 41 NORTH, RANGE
8 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS,
DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF NORTHERLY LINE OF THE 1-90 TOLL ROAD
AND THE SOUTH LINE OF ABACUS CONSOLIDATION OF LOTS 3 AND 4 PER
DOCUMENT NUMBER 08009531; THENCE EASTERLY ALONG SAID SOUTH LINE
AND THE SOUTH LINE OF BUSSE ROAD INDUSTRIAL PARK SUBDIVISION PER
DOCUMENT 904723385 TO THE WEST LINE OF BUSSE ROAD; THENCE
NORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD 410 FEET, MORE OR
LESS, TO THE SOUTH LINE OF RICHMOND SUBDIVISION PER DOCUMENT
NUMBER 23984749; THENCE WEST ALONG SAID SOUTH LINE 1066 FEET, MORE
OR LESS, TO THE EASTERLY LINE OF COMMONWEALTH EDISON'S RIGHT-OF-
WAY; THENCE NORTH ALONG SAID EASTERLY LINE 920 FEET, MORE OR LESS,
TO THE NORTHWEST CORNER OF MANSARD LANE CONDOMINIUMS
SUBDIVISION PER DOCUMENT NUMBER 23029108; THENCE EAST ALONG THE
NORTH LINE OF SAID MANSARD LANE CONDOMINIUMS SUBDIVISION TO SAID
WEST LINE OF BUSSE ROAD; THENCE NORTH ALONG SAID WEST LINE 160 FEET,
MORE OR LESS, TO THE SOUTH LINE OF HEWITT'S SUBDIVISION PER
DOCUMENT NUMBER 24781151; THENCE WEST ALONG SAID SOUTH LINE 1066
FEET, MORE OR LESS, TO SAID EASTERLY LINE OF COMMONWEALTH EDISON'S
RIGHT-OF-WAY; THENCE NORTH ALONG SAID EASTERLY LINE 1,850 FEET, MORE
OR LESS, TO THE SOUTHERLY LINE OF ALGONQUIN ROAD; THENCE
SOUTHEASTERLY ALONG SAID SOUTHERLY LINE 208 FEET, MORE OR LESS, TO
THE WEST LINE OF LOT 2 IN MARCO POLO'S SUBDIVISION PER DOCUMENT
NUMBER 21485932; THENCE SOUTH ALONG SAID WEST LINE 200 FEET TO THE
SOUTH LINE OF SAID MARCO POLO'S SUBDIVISION; THENCE SOUTHEASTERLY
ALONG SAID SOUTH LINE TO SAID WEST LINE OF BUSSE ROAD; THENCE
NORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD 500 FEET, MORE OR
LESS, TO THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 1 IN PLAZA
UNITED RESUBDIVISION OF LOT 1 PER DOCUMENT NUMBER 96489523; THENCE
EAST ALONG SAID EXTENSION TO THE EASTERLY LINE OF SAID BUSSE ROAD;
THENCE NORTHERLY ALONG SAID EASTERLY LINE 610 FEET, MORE OR LESS,
12
4894-8098-0220, v. 2
TO THE SOUTHERLY LINE OF COMMONWEALTH EDISON'S RIGHT-OF-WAY;
THENCE NORTHEASTERLY ALONG SAID SOUTHERLY LINE 2,800 FEET, MORE OR
LESS, TO THE WEST LINE OF THE WEST HALF OF THE SOUTHEAST QUARTER OF
SAID SECTION 14; THENCE NORTH ALONG SAID WEST LINE 213 FEET, MORE OR
LESS, TO THE NORTHERLY LINE OF THE COMMONWEALTH EDISON'S RIGHT-OF-
WAY; THENCE SOUTHWESTERLY ALONG SAID NORTHERLY LINE AND
WESTERLY EXTENSION THEREOF 4,000 FEET, MORE OR LESS, TO THE EAST
LINE OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 15;
THENCE SOUTH ALONG SAID EAST LINE 122 FEET, MORE OR LESS, TO THE
NORTH LINE OF SAID ALGONQUIN ROAD; THENCE NORTHWESTERLY ALONG
SAID NORTH LINE TO THE NORTHERLY EXTENSION OF THE EAST LINE OF
BRIARWOOD DRIVE; THENCE SOUTH ALONG SAID EXTENSION AND WEST LINE
OF BRIARWOOD DRIVE TO THE SOUTH LINE OF SAID SOUTHEAST QUARTER OF
SECTION 15; THENCE EAST ALONG SAID SOUTH LINE TO THE NORTHWEST
CORNER OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION
22; THENCE SOUTH ALONG THE WEST LINE OF SAID EAST HALF OF THE
NORTHEAST QUARTER TO THE NORTHWEST CORNER OF THE EAST HALF OF
THE SOUTHEAST QUARTER OF SAID SECTION 22; THENCE SOUTH ALONG THE
WEST LINE OF SAID EAST HALF OF THE SOUTHEAST QUARTER 60 FEET, MORE
OR LESS, TO SAID NORTHERLY LINE OF THE 1-90 TOLL ROAD; THENCE
SOUTHEASTERLY ALONG SAID NORTHERLY LINE TO THE POINT OF BEGINNING.
Parcel Identification Numbers: 0823203035, 0823401005, 0823401028, 0823401030,
0823401023, 0823401007, 0823401019, 0823401045, 0823401047, 0823203009,
0823401050, 0823401013, 0823402010, 0823401037, 0823203039, 0823203045,
0823402016, 0823402015, 0823401011, 0823401022, 0823203017, 0823401049,
0823401016, 0823401038, 0823401046, 0823401036, 0823401026, 0823401012,
0823401008, 0823203040, 0823401048, 0823401014, 0823401035, 0822203037,
0822401059, 0822401066, 0815400042, 0814302009, 0815402023, 0822201002,
0815400085, 0822401060, 0815402011, 0815401004, 0822203030, 0815402021,
0822201009, 0822201008, 0822201007, 0815400068, 0822401068, 0822203040,
0814302006, 0815400050, 0822401065, 0815400019, 0815402022, 0822401067,
0814300005, 0814401011, 0822401061, 0822203041, 0815400084, 0815400048,
0822401017, 0814403010, 0822202004, 0826102016, 0826203007, 0826201003,
0826203003, 0826204009, 0826102035, 0826102026, 0826204002, 0826102032,
0826102038, 0826102049, 0826102048, 0826202005, 0826201005, 0826204015,
0826101006, 0826102051, 0826102044, 0826204008, 0826202003, 0826202006,
0826204012, 0826203006, 0826201008, 0826102043, 0826203004, 0826102027,
0826201006, 0826202001, 0826203008, 0826102029, 0826203005, 0826102050,
0826201009, 0826201004, 0826102039, 0826102042, 0826200012, 0826203009,
0826204011, 0826204003, 0826204007, 0826204001, 0826102047, 0826201007,
0826202002, 0826102046, 0826102019, 0826102025, 0826102018, 0826203002,
0822401019, 0823100012, 0823100018, 0823100020, 0823100021, 0823101009,
0823101014, 0823101015, 0823101016, 0823101017, 0823101020, 0823101024,
13
4894-8098-0220, v.2
0823101026, 0823101032, 0823101033, 0823101034, 0823101035, 0823101036,
0823101037, 0823101038, 0823101041, 0823101044, 0823101045, 0823101046,
0823101047, 0823101048, 0823101051, 0823101052, 0823101055, 0823101056,
0823101057, 0823101058, 0823101059, 0823101060, 0823101061, 0823101062,
0823101063, 0823101064, 0823102005, 0823102006, 0823102007, 0823102008,
0823102009, 0823102011, 0823200051, 0823200052, 0823202007, 0823202008,
0823202009, 0823202013, 0823202017, 0823202022, 0823202023, 0823202024,
0823202025, 0823202032, 0823202034, 0823202035, 0823202036, 0823202037,
0823202038, 0823202039, 0823202041, 0823202042, 0823202044, 0823202046,
0823202047, 0823202050, 0823300006, 0823300007, 0823300017, 0823300018,
0823300022, 0823300023, 0823300024, 0823300025, 0823300026, 0823300027,
0823300028, 0823300029, 0823300036, 0823300047, 0823300049, 0823300050,
0823300051, 0823300053, 0823300054, 0823300055, 0823300057, 0823300058,
0823301003, 0823301006, 0823301007, 0823301008, 0823301009, 0823400004,
0823400008, 0823400009, 0823400010, 0823400011, 0823400015, 0823400016,
0823400017, 0823400018, 0823400019, 0823400020, 0823400021, 0823400022,
0823401004, 0823401033, 0823300030, 0814401018, 0814401019, 0814403015,
0814403016, 0814403021, 0814403024, 0814403029, 0814403030, 0823201007,
0823201018, 0823201020, 0823201080, 0823201081, 0823201082, 0823201083,
0823201084, and 0823203042
14
4894-8098-0220, v.2
EXHIBIT C
N
I (
--------------
(
1 'N
1 P,
L... ...,...—...,_....—_...---
r, "I ,.
Original RPA Parcel Expansion Area 1 Parcels
I Expansion Area Boundary Expansion Area 2 Parcels
Village of Mt Prospect Expansion Area 3 Parcels
r
15
4894-8098-0220, v. 2
l
Pakton Street
g
16
4894-8098-0220, v. 2
Expansion Area 2 Parcels
ufu
Expansion Area 3 Parcels
EXHIBIT D
Amended TIF Plan
(attached)
17
4894-8098-0220, v. 2
VILLAGE OF MOUNT PROSPECT,
South Mount Prospect Redevelopment
Project, Area
Tax Increment Financing District
Amendment No. 1
FINAL REPORT I October 311, 2024
k f p
VILLAGE OF MOUNT PROSPECT, IL
South cunt Prospect
Redevelopment, "reject Area
Tax Increment Financing District
Amendment No.1
October 3`d, 2024
SB FRIEDMAN DEVELOPMENT ADVISORS, LLC
70 W. Madison St, Suite 3700, Chicago, IL 60602
T: 312.424.4250 F: 312.424.4262 E: info@sbfriedman.com
Contact: Geoffery Dickinson
T: 312.384.2404 E: gdickinson@sbfriedman.com
B, V rif ch'u•ua n V)(.veVr,)prwnr Adviiswf, LLC
MOUNT PROSPECT, IL
South Mount Prospect Redevelopment Project Area
Tax Increment Financing District
Amendment No. 1
Table of Contents
SECTION PAGE
1. Introduction to Amendment No. 1............................................................................................................................3
2. Modifications to the Original Plan ...................«...... ..................... , ......... ......... ...........4
ATTACHMENTS
PAGE
AttachmentA: Amended Maps ............. ..................................... ......... .. . ......... ........ . _..... ... .,.,......13
Attachment B: Eligibility Report for the Expansion Area of the Amended RPA.........................................19
Attachment C: Boundary Legal Description, as Amended.......................................................................«.«.29
Attachment D: Expansion Area PIN List ...................... ......... ............. ..... ......«. ..........---- ,............. ...'.)-+
Attachment E: Original South Mount Prospect Redevelopment Project and Plan.....................................37
SB FRIEDMAN DEVELOPMENT ADVISORS, LLC
70 W. Madison St, Suite 3700, Chicago, IL 60602
T: 312.424.4250 F: 312.424.4262E: ned, rna. �, am
www,sbfriedman.com
"ale G riedirnan Arhfi ors, 11 I!,.0
1. Introduction to Amendment No. 1
To induce redevelopment, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1
et seq., as amended from time to time (the "Act"), the Village Board of the Village of Mount Prospect (the
"Village") adopted three ordinances on May 3, 2022, resulting in the approval of the South Mount Prospect
Redevelopment Project Area Tax Increment Financing Redevelopment Plan & Project (the "Original Plan"),
designation of the South Mount Prospect Redevelopment Project Area (the "Original Project Area" or "Original
RPA") as a redevelopment project area under the Act, and adoption of tax increment allocation financing for
the Original Project Area. The Village established the Original RPA to facilitate the physical improvement and
rehabilitation of existing structures, support goals and objectives of overlapping planning efforts, and facilitate
the replacement, repair and improvement of public infrastructure throughout the Original RPA.
In February 2024, the Village re-engaged SB Friedman Development Advisors, LLC ("SB Friedman" or "consultant")
to evaluate whether three (3) subareas (collectively, the "Expansion Areas") would qualify as "blighted areas" or
"conservation areas" under the Act, in order to be incorporated into the Original Project Area.
SB Friedman conducted a tax increment financing (TIF) eligibility study for the Expansion Areas, finding that each
Expansion Area was eligible, thus supporting its designation as a redevelopment project area under the Act. The
results of the eligibility study are presented in Section 2. Modifications to the Original Plan. The combined
Original Project Area together and Expansion Areas are referred to in the remainder of this document as the
"South Mount Prospect RPA" or the "RPA." Any references to the "South Mount Prospect RPA," "proposed RPA,"
"Project Area" or "RPA" in the Original Plan should be understood to refer to the RPA, as amended, unless noted
otherwise. The Redevelopment Plan and Project, as amended, is referred to in the remainder of this document
as the "Redevelopment Plan."
The Original Plan is being amended through this document ("Amendment No. 1") to
1. Include three (3) Expansion Areas in the RPA;
2. Update the land use plan for the RPA;
3. Update the budget;
4. Revise the legal description for the RPA; and
5. Revise the PIN list for the RPA.
Amendment No. 1 summarizes the analyses and findings of the consultant's work, which, unless otherwise
noted, is the responsibility of the consultant, SB Friedman. The Village is entitled to rely on the findings and
conclusions of Amendment No. 1 in amending the Original Plan under the Act. The consultant has prepared
Amendment No.1 with the understanding that the Village would rely on: 1) the previous eligibility findings and
conclusions of the Original Plan; and 2) the fact that the Original Plan contains the necessary information to
be compliant with the Act.
SEE iFNtiedrraan 9Deve�csp:arvrent Ar:iy✓rrors, N....9....Cn
2. Modifications to the Original Plan
The following amendments are made to the Original Plan. All other sections of the Original Plan not mentioned
remain unchanged. This report uses a numbering system to track 51 total modifications. These numbers should
not be included in the Amended South Mount Prospect Redevelopment Plan. The synthesis of the Original
Redevelopment Plan and the 2024 Plan Revisions results in the Amended South Mount Prospect
Redevelopment Plan.
1) Introduction
1) Under Section 1, in the last sentence of the first paragraph, replace the phrase "the Redevelopment Plan"
with the following:
"the Original Redevelopment Plan"
2) Under Section 1, at the end of the first paragraph, insert the following text.,
"In February 2024, the Village re-engaged SB Friedman to evaluate whether three (3) subareas
(collectively, the "Expansion Areas") would qualify as "blighted areas" or "conservation areas" under
the Act, in order to be incorporated into the Original Project Area. SB Friedman conducted a tax
increment financing (TIF) eligibility study for the Expansion Areas, finding that each Expansion Area
was eligible, thus supporting its designation as a redevelopment project area under the Act."
3) Under Section 1, in the first sentence of the second paragraph, replace the phrase "document" with the
following:
"Redevelopment Plan and Project, as amended (the "Redevelopment Plan")"
4) Under Section 1, in the first sentence of the second paragraph, replace the phrase "South Mount Prospect
Redevelopment Project Area" with the following:
"South Mount Prospect Redevelopment Project Area, as amended"
5) Under Section 1, after the first sentence of the second paragraph, delete the remaining text from the
paragraph and insert the text:
"The Report is structured as follows:
• Section 1 of the Report introduces the Original RPA and Expansion Areas.
• Section 2A of the Report, the Original RPA Eligibility Report, details the eligibility factors
found within the Original RPA in support of its designation as a "conservation area" for
improved land, within the definitions set forth in the Illinois Tax Increment Allocation
Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended (the "Act").
Section 2B of the Report, the Expansion Area Eligibility Report, details the eligibility factors
found within the proposed Expansion Areas in support of its designation as a "conservation
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DCiVllaa
�e Of NIOLVIt Prrrr;�PFro (:D / SO�o.Ah Mount Prosper . RI:,roA ._ Anroendrruerr�V NoJ
area" for improved land and "blighted area" for vacant land, within the definitions set forth in
the Act.
Section 3 of this Report, the Redevelopment Plan, outlines the comprehensive program to
revitalize the proposed RPA, as required by the Act."
Redevelopment Project Area
6) Under Section 1, under the subsection "Redevelopment Project Area," replace the title "Map 1" and
associated map with the following title and associated amended map provided in the Attachments section
of Amendment No. 7.-
"Map
:
"Map 1: Amended Context Map"
7) Under Section 1, under the subsection "Redevelopment Project Area" after the first sentence of the first
paragraph, add the following subheader:
"THE ORIGINAL RPA"
8) Under Section 1, under the new subheader "THE ORIGINAL RPA," replace all references of 'proposed South
Mount Prospect RPA" or "proposed RPA" to:
"Original RPA"
9) Under Section 1, under the subsection "Redevelopment Project Area," replace the title "Map 2" and
associated map with the following title and associated amended map provided in the Attachments section
of Amendment No. 1:
"Map 2: Amended RPA Boundary"
10) Under Section 1, under the subsection "Redevelopment Project Area," replace the title "Map 3" and
associated map with the following title and associated map provided in the Attachments section of
Amendment No. 1:
"Map 3A: Existing Land Use of the Original RPA"
11) Under Section 1, under the Redevelopment Project Area subsection, after "THE ORIGINAL RPA"
subsection, insert the following subheader and text.-
"EXPANSION
ext:
"EXPANSION AREAS
In February 2024, the Village re-engaged SB Friedman to evaluate whether three (3) Expansion Areas,
as illustrated in Map 2, would qualify as "blighted areas" or "conservation areas" under the Act,
described below:
• Expansion Area 1. Expansion Area 1 adds 72 acres of land and includes 34 parcels, all of which
are improved. Expansion Area 1 has 17 primary structures and currently consists primarily of a
mix of industrial, commercial, utility and park/open space. Expansion Area 1 is roughly
SH F'rNedrroan IDev0o-,urruerk Advivors, LILr: 5
Vfflage of Mount IProwsp:.. ce.ct /" 5oru01 G1rucrunt IPrc,rrrllrect RPA .. AfflendIrnent: VNr: l
bounded by Elmhurst Road to the East, Knights Bridge Drive to the North, Briarwood Drive to
the West, and 1-90 to the South.
• Expansion Area 2. Expansion Area 2 adds 59 acres of land and includes 33 parcels (1 vacant
and 32 improved). Expansion Area 2 has 34 primary structures and currently consists primarily
of a mix of vacant, industrial, office, commercial and public institutional land. Expansion Area
2 is roughly bounded by Elmhurst Road to the East, Montgomery Street to the North, South
Lexington Drive to the West, and W. Enterprise Drive to the South.
o Expansion Area 3. Expansion Area 3 adds 43 acres of land and includes 51 parcels, all of which
are improved. Expansion Area 3 has 53 primary structures and currently consists primarily of a
mix of industrial, commercial, residential, right-of-way and park/open space. Expansion Area
3 is roughly bounded by Oakton Street to the North and 1-90 to the South and West.
The existing land use of the Expansion Areas is illustrated in Map 3113: Existing Land Use of the
Expansion Areas."
12) Under Section 1, after the subsection "Expansion Areas," insert Map 38: Existing Land Use of the
Expansion Areas with the associated map with the following title provided in the Attachments section of
Amendment No. 1:
"Map 3113: Existing Land Use of the Expansion Areas"
Determination of Eligibility
13) Under Section 1, in the subsection" Determination of Eligibility" rename the title of the subsection to:
"Determination of Eligibility of the Original RPA"
14) Under Section 1, within the "Determination of Eligibility of the Original RPA" subsection, replace all
references to the 'proposed RPA" or "proposed South Mount Prospect RPA" to the following:
"the Original South Mount Prospect RPA" or "the Original RPA."
15) Under Section 1, after the "Determination of Eligibility of the Original RPA" subsection, insert a new
subsection, as follows:
"Determination of Eligibility for the Expansion }areas
This Report concludes that the following Expansions Areas of the Amended South Mount Prospect
RPA are eligible per the Act, as follows:
• Expansion Area 1 is eligible for designation as a "conservation area" for improved land;
• Expansion Area 2 is eligible for designation as a "conservation area" for improved land and as
a "blighted area" for vacant land; and
• Expansion Area 3 is eligible for designation as a "conservation area" for improved land.
Additional detail on SB Friedman's eligibility findings is included in Section 2A of the Report."
8 F, s idrra:mrii Y)ewrrrVq:m 'rot AcM ors, 1..,0..x.: 6
t?pllsgEl Of VM OLJIut Pros .,ie^d / South Mount Proslpe ct RIG7A -- Amendment Gaol
Redevelopment Plan Goal, Objectives and Strategy
16) Under Section 1, under the subsection titled "Redevelopment Plan Goal, Objectives and Strategy," under
the "GOALS" subheader, replace the first sentence with the following text:
"The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that
qualify the proposed RPA as a "conservation area" for improved land and "blighted area" for vacant
land and to provide the direction and mechanisms necessary to redevelop the proposed RPA as a
vibrant industrial mixed-use district."
17) Under Section 1, under the subsection titled "Redevelopment Plan Goal, Objectives and Strategy," under
the "OBJECTIVES" subheader, replace the phrase "five (5) objectives" with the following text:
"six (6) objectives"
18) Under Section 1, under the subsection titled "Redevelopment Plan Goal, Objectives and Strategy," under
the "OBJECTIVES" subheader, insert the following text after objective #3 and then renumber the remaining
objectives, as follows:
"4- Facilitate the renovation or construction of stormwater management systems and flood control
within the RPA;"
Financial Nolan
19) Under Section 1, under the subsection titled "Financial Plan," under the "Estimated Redevelopment
Project Costs" subheader, in the first sentence, replace 1145 million" with the following text:
1170 million"
20) Under Section 1, under the subsection titled "Financial Plan," under the "Equalized Assessed Value of
Properties in the Proposed RPA" subheader, in the first sentence, replace the phrase "proposed RPA" with
the following text:
"Original RPA"
21) Under Section 1, under the subsection titled "Financial Plan," under the "Equalized Assessed Value of
Properties in the Proposed RPA" subheader, after the first sentence, add the following text:
"At the time of Amendment No. 1, 2023 was the most recent year in which assessed values and the
equalization factor were available. Thus, Expansion Area 1 has a 2023 EAV of $16,628,292, Expansion
Area 2 has a 2023 EAV of $31,257,280, and Expansion Area 3 has a 2023 EAV of $25,097,061."
22) Under Section 1, under the subsection titled "Financial Plan," under the "Equalized Assessed Value of
Properties in the Proposed RPA" subheader, in the last sentence, replace "$268 million " with the following
text:
1370 million"
SIS F'�o"Cuadrnain Dove llop:arr-ueint A(JvVscars, LIC
Vfhgez Of MOUM Prospect / South IMouint Prospect RPA ... Amendment No I
Required Tests and Findings
23) Under Section 1, under the subsection titled "Required Texts and Findings," in the first finding of the
numbered list, replace the phrase "505 acres" with the following text:
"679 acres"
2. Eligibility Report
24) In Section 2, replace the title of Section 2 from '2. Eligibility Report" to:
"2A. Eligibility Report for the Original RPA."
25) Under Section 2, replace all references to "the Proposed RPA," "proposed South Mount Prospect RPA" or
"the RPA" to:
"the Original RPA"
26) Under Section 2, replace the map titles "Map 4A through 5C" with the following map titles, respectively:
"Map 4A: Improved Land Factor: Age of Structures of the Original RPA"
"Map 46: Improved Land Factor: Deterioration of the Original RPA"
"Map 4C: Improved Land Factor: Presence of Structures below Minimum Code Standards of the
Original RPA"
"Map 4D: Improved Land Factor: Inadequate Utilities of the Original RPA"
27) After Section 2, after "Map 41): Improved Land Factor: Inadequate Utilities of the Original RPA" insert
a page break and new section titled:
"26. Eligibility Report for the Expansion Areas of the Amended RPA"
28) Under the new Section 2B, insert Eligibility Report for the Expansion Area of the Amended RPA provided in
Attachment B.
3. Redevelopment Plan and Project
29) Under Section 3, replace all references to the "Redevelopment Project Area" or "RPA" to the following, unless
otherwise noted:
"amended RPA"
30) Under Section 3, under the subsection titled "Redevelopment Needs of the Proposed RPA," under the
"GOALS, OBJECTIVES AND STRATEGY" subheader, replace the first sentence with the following text.
` bl p:,:irk do -m in k:;tevw°re� C� r.:rmmmenf. Af...1visors,. II.,p.C::
VoHage of Mount Prospect / Soutlh MOU nt h r'osspect,. IPPA .... Anne ncfirvn(,.�vn No
"The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that
qualify the proposed RPA as a "conservation area" for improved land and "blighted area" for vacant
land and to provide the direction and mechanisms necessary to redevelop the proposed RPA as a
vibrant industrial mixed-use district."
31) Under Section 3, under the subsection titled "Redevelopment Needs of the Proposed RPA," under the
subheader titled "OBJECTIVES", replace the phrase "five (5) objectives" with the following text.
"six (6) objectives"
32) Under Section 3, under the subsection titled "Redevelopment Needs of the Proposed RPA," under the
subheader titled "OBJECTIVES" insert the following text after objective #3 and then renumber the remaining
objectives, as follows:
"4. Facilitate the renovation or construction of stormwater management systems and flood control
within the RPA;"
Proposed Future Land Use
33) Under Section 4, under the subsection "Proposed Future Land Use," replace the title "Map 5: Proposed
Future Land Use" and associated map with the following title and associated amended map provided in the
Attachments section of Amendment No. 7:
"Map 5: Proposed Future Land Use of the Amended RPA"
34) Under Section 4, under the "Proposed Land Use" subsection, replace the last sentence of the first paragraph
with the following text:
"The mixed-use designation allows for the following land uses within the RPA, as amended:"
35) Under Section 4, under the 'Proposed Land Use" subsection, after the final bullet add the following bullet:
• Utility"
Financial Plan
36) Under Section 4, under the Financial Plan subsection, under the "Estimated Redevelopment Project
Costs" subheader, replace Table 7: Estimated TIF -Eligible Redevelopment Project Costs with the following
table:
H, Friedman G: e r(.tuo- ,.tiirr e nt Acivis ors, LLC 9
ttuHage of Mou.unt. Prospect / Souittm Mount IPirosp. ect R..I@A--Airendmrrment No.]
37) Under Section 4. Redevelopment Plan and Project, under the Financial Plan subsection, under the "MOST
RECENT EQUALIZED ASSESSED VALUE OF PROPERTIES IN THE RPA, AS AMENDED "subheader, replace
the first paragraph with the following.
"The 2020 EAV (the most recent year in which assessed values and the equalization factor were
available) of all taxable parcels in the Original RPA is approximately $152,173,065. At the time of
Amendment No. 1, 2023 was the most recent year in which assessed values and the equalization factor
were available. Thus, Expansion Area 1 has a 2023 EAV of $16,628,292, Expansion Area 2 has a 2023
EAV of $31,257,280, and Expansion Area 3 has a 2023 EAV of $25,097,061."
38) Under Section 4. Redevelopment Plan and Project, under the Financial Plan subsection, under the
'ANTICIPATED EQUALIZED ASSESSED VALUE" subheader, in the first sentence, replace "$268 million "
with the following text.-
1370
ext:
1370 million"
Required Tests and Findings
39) Under Section 4. Redevelopment Plan and Project, under the Required Tests and Findings subsection,
replace all references to the "Redevelopment Project Area," "RPA" or "proposed RPA" to the following, unless
otherwise noted:
"amended RPA"
S8 If:rued mr,an DeveBOPI[Tlerat /t,dvlw isvms, i..d...C: 10
ViBBage Of I'v"lcrUM Iflirrrvec.t / S.ou.ath MountProspect RFIA Arnencliment No I
40) Under Section 4. Redevelopment Plan and Project, under the Required Tests and Findings subsection,
replace all references to the "Redevelopment Plan" or "Redevelopment Plan and Project" to the following,
unless otherwise noted:
"Redevelopment Plan, as amended"
41) Under Section 4. Redevelopment Plan and Project, under the Required Tests and Findings subsection,
under Finding 1: Lack of Growth and Development Through Private Investment, replace the title of the
first bullet to the following title:
"ORIGINAL RPA - LIMITED CONSTRUCTION -RELATED PERMIT ACTIVITY."
42) Under Section 4. Redevelopment Plan and Project, under the Required Tests and Findings subsection,
under Finding 1: Lack of Growth and Development Through Private Investment, insert the following
bullets after the first bullet:
"EXPANSION AREA 1. Building permit data provided by the Village indicates that there has been
limited new construction and building permit activity in Expansion Area 1 over the past six years. A
review of Village permit data indicates that there has been a total of $147,000 in building permit value
since 2018 in Expansion Area 1, including interior and exterior remodels and commercial electrical
work. These building permits do not include improvements to Utility parcels which may have been
necessary improvements rather than voluntary private investment. There has been no new
construction in Expansion Area 1 during the same period. Additionally, Expansion Area 1 has had
limited EAV growth in the past three years (2020-2023) and has not kept up with the growth in the
CPI. Thus, the Expansion Area 1 has not been subject to growth and development through investment
by private enterprise.
EXPANSION AREA 2. Building permit data provided by the Village indicates that there has been
limited new construction and building permit activity in Expansion Area 2 over the past six years. A
review of Village permit data indicates that there has been approximately $1.3 million in permit activity
on 5 parcels in Expansion Area 2 since 2016, with an annual average of $210,000. This permit activity
has included interior remodels and additions. Despite this permit activity, parcels in Expansion Area 2
have had limited EAV growth in the past three years (2020-2023) and property values have not kept
up with growth in the CPI, indicating that Expansion Area 2 has not been subject to growth through
private investment.
EXPANSION AREA 3. Building permit data provided by the Village indicates that there has been a
total of $13,000 in rehabilitation projects over the past six years in Expansion Area 3. This investment
has primarily been in the form of interior remodels and commercial electric work, and has only
occurred in two parcels of the Expansion Area. Additionally, there has been no new construction within
the expansion area between since 2018. Therefore, Expansion Area 3 has not been subject to growth
and private investment."
43) Under Section 4. Redevelopment Plan and Project, under the Required Tests and Findings subsection,
under Finding 5: Housing Impact and Related Matters replace the paragraph leading with "Finding" with
the following text:
"SB Friedman found that there are approximately five (5) housing units within the Original RPA and
one (1) housing unit within Expansion Area 2. The Village hereby certifies that the Redevelopment Plan,
S8 Fii-yedrn,nn Development Acior Mors, L.i...0 11
VcHage Of MOvravlt P1rcrr5VreNA / SOL1tlh Mount Prospect RPA ..... Amendment Nol
as amended, will not result in the displacement of residents from 10 or more inhabited residential units
as a result of activities pursuant to this Redevelopment Plan, as amended. Therefore, a Housing Impact
Study is not required under the Act."
44) Under Section 4. Redevelopment Plan and Project, under the Required Tests and Findings subsection,
under Finding 6: Estimated Dates of Completion, remove the following text from the last sentence in the
final paragraph:
"if the ordinances establishing the proposed RPA are adopted during 2022."
Appendix 1: Limitations of the Eligibility Report and Consultant
Responsibilities
45) Under Appendix 1: Limitations of the Eligibility Report and Consultant Responsibilities, replace the
first sentence of the first paragraph with the following text:
"The Eligibility Report covers events and conditions that were determined to support the designation of the
proposed Redevelopment Project Area, as amended ("RPA" or 'TIF District') as a "conservation area" or
"blighted area" under the Act at the completion of our field research and not thereafter."
Appendix 2: Glossary
46) Under Appendix 2: Glossary, under the Factors for Improved Land subsection, after the last paragraph,
insert the following subsection title and text:
"Factors for Vacant Land — One Factor Test
Under the provisions of the "blighted area" section of the Act, if the land is vacant, an area qualifies as
"blighted" if one (1) or more of the following factors is found to be present to a meaningful extent.
• The area contains unused quarries, strip mines or strip mine ponds;
• The area contains unused rail yards, rail track, or railroad rights-of-way;
• The area, prior to its designation, is subject to or contributes to chronic flooding;
• The area contains unused or illegal dumping sites;
• The area was designated as a town center prior to January 1, 1982, is between 50 and 100
acres, and is 75% vacant land; or
• The area qualified as blighted prior to becoming vacant."
47) Under Appendix 3: Boundary Legal Description, replace appendix title with the following text:
"Appendix: Boundary Legal Description, as Amended"
SB N edrrr"ain De ve k)prrAeint A,clvr ors, i...11...0 12
Vdlltncpe of Ot1lc:nunt. Pirc:q:pect: /So jj hi Mouno ProsIO ed RIPA —A mendrnent 6Ao.'p
48) Under Appendix 3: Boundary Legal Description, replace the original boundary legal description with the
amended boundary legal description, included in Attachment C of Amendment No. 1.
49) Under Appendix 4: List of PINs in Proposed South Mount Prospect RPA, replace appendix title with the
following text:
"Appendix: Summary of EAV (by PIN), as Amended"
50) Under Appendix 4: List of PINs in Proposed South Mount Prospect RPA, remove the following PIN and
associated 2020 EAV data from the table:
"0823300031"
51) Under Appendix 4: List of PINS in Proposed South Mount Prospect RPA, after the original PIN list and
EAV data table, add Expansion Area PIN list and EAV data, included in Attachment D of Amendment No. 1.
Sia p::nledr »main b:Sevellojj.-..roTien t AdOuorn;o L.L.C. 13
Mao 1: Amended Community Context
Whge of Mm,wtLlra,,Pecl / Soufl-� �Mmirl� Dru",p-r-A R'111A - No �
Attachment A: Amended Maps
VILLAGE OF MOUNT
PROSPECT
-------------- 4
I
A
N
L....----__— — — — — ---- —I
EDOriginal RPA Parcel Expansion Area 1 Parcels
1 Expansion Area Boundary Expansion Area 2 Parcels
Village of Mt. Prospect Expansion Area 3 Parcels
I % I � I-,
/ C, r
14
Map Z Amended RPA Boundary
~ |
0.4 Miles —
Original RPA Boundary Expansion Area ZParcels
' ExpansionA��8oundary N��� Expansion Area ] Parcels.��
Expansion Area Parcels
ls
So Fhe,�
edman DevopmcAdba L�
vorC
Wage of Mount Prospea / South Wunt Amped RPA ArnerWmmn No �
Map W Existing Land Use of the Original RPA
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S13, Fe`uerkr�airu Dcvok)pmoot AdOars, @ LC 16
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V'Hage of Mowflo Prospect / South Ndount ProspeU RPti A rn v z (J Y -n e � i t N o, �
Utility / ROW
Vacant
Open Space
I/N
rJ
E
LU
S81 Friednnan Devefloprricnt Advisoi-, 17
Oakto'n Street
0.4 Miles
Original RPA Parcels
Commercial
r
_I
Expansion Area Boundary
Institutional
Industrial
M
Residential
Utility / ROW
Vacant
Open Space
I/N
rJ
E
LU
S81 Friednnan Devefloprricnt Advisoi-, 17
Village Of MOUIlt Prospect ./ South Mount Prospect RPA — Amendment No,11
Map Amended Proposed Future Land Use
777-7,7
�0
AOakton Street
0.4 Miles
Original RPA Boundary
II Expansion Area Boundary
Future Mixed Use
,, �V, S,, h' - r' -1 -a a y - c M c n P r u c ec-,
S C r C 2 C C 0 K -- 0 � I F _ e� ,
SP, Friker �or, LIC 18
1 , Jwan Develor)rnpnt Advv.
0
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1 , Jwan Develor)rnpnt Advv.
o0uu�ac. c of f'0(ue.iPlt PNOSp)E�Ct / Soaedt IMou nt Prosped RPA .. Air�neuidrn e nt Vi°to.t
Attachment B: Eligibility Report for the Expansion
Area of the Amended RPA
This report concludes that the following Expansions Areas of the South Mount Prospect RPA are eligible per
the Act, as follows:
• Expansion Area 1 is eligible for designation as a "conservation area" for improved land;
• Expansion Area 2 is eligible for designation as a "conservation area" for improved land and as a
"blighted area" for vacant land; and
• Expansion Area 3 is eligible for designation as a "conservation area" for improved land.
Provisions of the Illinois Tax Increment Allocation Redevelopment AeO
Under the Act, two (2) primary avenues exist to establish eligibility for an area to permit the use of TIF for
redevelopment: declaring an area as a "blighted area" and/or as a "conservation area." "Blighted areas" are
those improved or vacant areas with blighting influences that are impacting the public safety, health, morals,
or welfare of the community, and are substantially impairing the growth of the tax base in the area.
"Conservation areas" are those improved areas that are deteriorating and declining and soon may become
blighted. A description of the statutory provisions of the Act is provided below.
According to the Act, "blighted areas" for improved land must demonstrate at least five (5) of the following
eligibility factors, which threaten the health, safety, morals or welfare of the proposed district. "Conservation
areas" must have a minimum of 50% of the total structures within the area aged 35 years or older, plus a
combination of three (3) or more additional eligibility factors that are detrimental to the public safety, health,
morals or welfare, and that could result in such an area becoming a "blighted area." The following are eligibility
factors for improved areas:
• Dilapidation
• Obsolescence
• Deterioration
• Presence of Structures below Minimum Code Standards
• Illegal Use of Individual Structures
• Excessive Vacancies
• Lack of Ventilation, Light or Sanitary Facilities
• Inadequate Utilities
• Excessive Land Coverage and Overcrowding of Structures and Community Facilities
• Deleterious Land Use or Layout
• Environmental Clean -Up
• Lack of Community Planning
• Lack of Growth in EAV
S13 ar'ea8rrroain Devc.doprnont AaMsors, LIC, 19
Factors for Vacant Land
According to the Act, there are two ways by which vacant land can be designated as "blighted." One way is to
find that at least two (2) of six (6) factors from the "Two -Factor Test" are present to a meaningful extent and
reasonably distributed throughout the proposed RPA. The second way is to find at least one (1) of the six (6)
factors under the "One -Factor Test" is present to a meaningful extent and reasonably distributed throughout
the proposed RPA.
TWO -FACTOR TEST
Under the provisions of the "blighted area" section of the Act, if the land is vacant, an area qualifies as "blighted'
if a combination of two (2) or more of the following factors may be identified, which combine to impact the
sound growth of the proposed RPA.
• Obsolete Platting of Vacant Land
• Diversity of Ownership
• Tax and Special Assessment Delinquencies
• Deterioration of Structures or Site Improvements in Neighboring Areas adjacent to the Vacant Land
• Environmental Contamination
• Lack of Growth in EAV
ONE -FACTOR TEST
Under the provisions of the "blighted area" section of the Act, if the land is vacant, an area qualifies as "blighted"
if one (1) or more of the following factors is found.
• The area contains unused quarries, strip mines or strip mine ponds,-
The
onds;The area contains unused rail yards, rail track or railroad rights-of-way;
The area, prior to its designation, is subject to or contributes to chronic flooding;
• The area contains unused or illegal dumping sites,-
The
ites;The area was designated as a town center prior to January 1, 1982, is between 50 and 100 acres, and
is 75% vacant land; or
• The area qualified as blighted prior to becoming vacant.
A definition of each factor is provided in Appendix 2.
Methodology Overview
SB Friedman conducted the following analyses to determine whether the proposed South Mount Prospect RPA
Expansion Areas are eligible for designation as a "conservation area" for improved land, per the Act:
• Parcel -by -parcel field observations and photography documenting external property conditions;
• Review of building age data from the Cook County Assessor's Office and historic aerials;
• Review of parcel -level GIS shapefile data provided by the County;
• Review of municipal and county codes, building permit records (2019-2024), and code violation
records as of July 2024;
SIf$ Fi-Vedrnain Dev.wbpment Advisors
20
• Review of a memorandum prepared by Gewalt Hamilton Associates, Inc, dated September 11, 2024,
related to flooding conditions and water runoff for vacant parcels; and
• Review of a utility memorandum, dated July 30th, 2024, provided by the Village regarding locations,
ages and conditions of water, stormwater and sanitary sewer infrastructure.
SB Friedman examined all parcels within each Expansion Area for qualification factors consistent with the
requirements of the Act. SB Friedman analyzed the presence or absence of each eligibility factor on a building -
by -building, parcel -by -parcel and/or aggregate basis as applicable. Building and parcel data were then plotted
on maps of the proposed Expansion Areas, as applicable, to determine which factors were present to a
meaningful extent and reasonably distributed throughout each of the proposed Expansion Areas.
Based upon the conditions found within the Expansion Areas at the completion of SB Friedman's research, it
has been determined that the proposed Expansion Areas meet the eligibility requirements of the Act. SB
Friedman's research indicates that the following factors are present to a meaningful extent and reasonably
distributed throughout the proposed RPA:
Table 1. Elicsibiiity Findincis
Conservation Area Findings: Improved Parce'
Per SB Friedman's analysis, the improved portions of the Expansion Areas are eligible to be designated as a
"conservation area" per the Act.
S"BI FJedrylain Aa sur, 21
7Age
Improved
Yes
Yes
Yes
wthin
Improved
Yes
Yes
No
Deterioration
Improved
Yes
Yes
Yes
Inadequate Utility
Improved
No
_....
Yes
.... _....__. ._...
Yes
Structures Below
Code
Improved
Yes
Yes
Yes
Flooding
Vacant
N/A
Yes
N/A
"Conservation area"
"Conservation
"Conservation area"
for improved parcels
area" for
Finding
for improved parcels
and "blighted area"
improved parcels
for vacant parcels
Maps A through C illustrate
the distribution of those eligibility
factors found to be reasonably distributed on
a building -by -building
and/or parcel -by -parcel basis within
each of the proposed
Expansion Areas by
highlighting each parcel or building where the respective factors were found to be present
to a meaningful
degree.
Conservation Area Findings: Improved Parce'
Per SB Friedman's analysis, the improved portions of the Expansion Areas are eligible to be designated as a
"conservation area" per the Act.
S"BI FJedrylain Aa sur, 21
1. BUILDING AGE
SB Friedman's review of building age data from the Cook County Assessor's Office indicated that over 50% of
primary structures in each Expansion Area are 35 years of age or older, as they were constructed before 1989.
SB Friedman's research indicates that the age factor is present to a meaningful extent and reasonable
distributed throughout each Expansion Area as follows:
Expansion Area 1. Of the 17 primary structures in Expansion Area 1, 15 structures (88%) are 35 years
of age or older.
Expansion Area 2. Of the 34 primary structures in Expansion Area 2, 24 structures (71%) are 35 years
of age or older.
Expansion Area 3. Of the S3 primary structures in Expansion Area 3, 49 structures (92%) are 35 years
of age or older.
Map A shows the location of primary structures that are 35 years or older.
2. LACK OF GROWTH IN EQUALIZED ASSESSED VALUE
The Act defines lack of growth in EAV as having the total EAV of the improved portion of the proposed RPA
under evaluation either decline for at least three (3) of the last five (5) year-to-year periods; or increase at an
annual rate that was less than the balance of the Village for at least three (3) of the past five (5) year-to-year
periods; or increase at an annual rate that was less than the Consumer Price Index for at least three (3) of the
past (5) year-to-year periods. A full definition is provided in Appendix 2.
SB Friedman tabulated the EAV history of all proposed improved Expansion Area tax parcels by Expansion Area
for the previous five year-to-year periods using EAV data provided by the Cook County Assessor. The most
recent year for which final information was available was 2023. SB Friedman's analysis identified a lack of EAV
growth within the proposed Expansion Areas as follows:
Expansion Area 1. The EAV growth rate for parcels in Expansion Area 1 has been less than the growth
rate of the Consumer Price Index for three (3) of the last five (5) year-to-year periods.
Expansion Area 2. The EAV growth rate for improved parcels in Expansion Area 2 has been less than
the growth rate of the Consumer Price Index for three (3) of the last five (5) year-to-year periods.
This eligibility factor is present to a meaningful extent and assessed area -wide throughout Expansion Area 1
and area -wide throughout the improved portion of Expansion Area 2. A summary of SB Friedman's findings is
presented in Table 2.
22
[11 Consumer Price Index for all urban consumers and all items, in the Chicago -Naperville -Elgin area, not seasonaiiy aqusiea,
Source: Cook County Assessor, SB Friedman; U.S. Bureau of Labor Statistics CPI data for Chicago -Naperville -Elgin, IL -IN -WI
metropolitan area
3. DETERIORATION
The Act defines deterioration as defects including, but not limited to, major defects in the secondary building
components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface
improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface
storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes,
depressions, loose paving material, and weeds protruding through paved surfaces.
• Expansion Area 1. Physical deterioration was observed on 22 of 34 improved parcels (65% of
improved parcels). The most common form of deterioration was on surface improvements, including
streets, parking lots and sidewalks. Catalogued surface improvement deterioration included cracks in
infrastructure, protruding weeds on paved surfaces, and potholes. Building deterioration included
stairstepping in brick and cinderblock, missing or splitting fascia, and cracked building foundations.
• Expansion Area 2. Physical deterioration was observed on 28 of 32 improved parcels (88% of
improved parcels). The most common form of deterioration was on surface improvements, including
streets and parking lots. Catalogued surface improvement deterioration included cracks in
infrastructure, and potholes. Building deterioration included stairstepping in brick and cinderblock,
cracked foundations and water damage.
• Expansion Area 3. Physical deterioration was observed on 43 of 51 improved parcels (84% of
improved parcels). The most common form of deterioration was on surface improvements, including
streets, and parking lots. Catalogued surface improvement deterioration included cracks in
infrastructure and significant potholes. Building deterioration included stairstepping in brick and
cinderblock, peeling fascia, cracked foundations as well as rust and water damage.
Deterioration of buildings and surface improvements can make it appear as though the proposed Expansion
Areas lack investment and can make it more difficult to attract new businesses or consumers. This factor was
found to be meaningfully present and reasonably distributed throughout the proposed Expansion Area 1,
improved parcels in Expansion Area 2, and Expansion Area 3, as shown on Map B.
SB R Irmdmaan t: �er+Ooperreeint AdvJ cors 23
4. INADEQUATE UTILITIES
The Act defines inadequate utilities as underground and overhead utilities, such as storm sewers and storm
drainage, sanitary sewers, water lines, and gas, telephone and electrical services, which are:
1. Of insufficient capacity to serve the uses in the RPA;
2. Deteriorated, antiquated, obsolete or in disrepair; or
3. Lacking within the redevelopment project area.
SB Friedman reviewed a memorandum provided by the Village's Public Works Department dated July 30, 2024,
which indicated the following:
a Expansion Area 2. The current stormwater distribution system in Expansion Area 2 is of insufficient
capacity and requires improvements to the drainage ditch that drains portions of Malmo Drive and
Linneman Road within Expansion Area 2. Channel capacity and design defects have resulted in
surcharge events and surface flooding that impacts adjacent properties within Expansion Area 2.
• Expansion Area 3. Water distribution in Expansion Area 3 is currently provided by privately -owned,
shallow groundwater wells which are primarily owned, operated and maintained by individual property
owners. While Village Code allows for groundwater wells if installed prior to May 21, 1985, it also
requires connection to the Village water main in the event an existing well becomes unusable or
inoperable. Thus, the water distribution system is lacking in Expansion Area 3 and redevelopment
would require extension of the Village -owned water distribution system to service the Expansion Area,
which would provide access to treated Lake Michigan water and avail property owners to improved
fire protection.
Based on these conditions, the inadequate utilities factor was found to be present to a meaningful extent and
reasonably distributed throughout Expansion Area 2 and Expansion Area 3.
5. PRESENCE OF STRUCTURES BELOW MINIMUM CODE STANDARDS
Per the Act, structures below minimum code standards are those that do not meet applicable standards of
zoning, subdivision, building, fire and other governmental codes. The principal purpose of such codes is to
protect the health and safety of the public, including building occupants, pedestrians and occupants of
neighboring structures.
SB Friedman reviewed building age data and building permit data for structures within the proposed Expansion
Areas to determine which structures were constructed prior to the adoption of the Village's current Building
Codes in 2022.
• Expansion Area 1. Based on Cook County Parcel Data, 100% of the buildings in Expansion Area 1 were
built prior to the adoption of the Village's current Building Code in 2022 and thus do not meet at least
one current code standard. Village permit data indicates that there has not been any building permit
activity since 2022 that would have triggered the need to bring building improvements up to all current
codes. Based on this analysis, a minimum of 17 of 17 primary structures in Expansion Area 1 have not
been updated to current code, or 100% of all primary structures.
• Expansion Area 2. Based on Cook County Parcel Data, 100% of buildings in Expansion Area 2 were
built prior to the adoption of the Village's current Building Code in 2022 and thus do not meet at least
one current code standard. While Village permit data indicates that 9 buildings have had building
C k eon tA�u°uarr'n tl�c� *fir T"sui�oow, �ck��a'�ors 24
permit activity since 2022, investment appears to be fairly limited and may not have required buildings
and properties to remodel to meet all current code standards. However, SB Friedman conservatively
estimates that a minimum of 23 buildings out of 34 total buildings in Expansion Area 2, or 74% of
buildings have not been updated to current code.
Expansion Area 3. Based on Cook County Parcel Data, 100% of buildings in Expansion Area 3 were
built prior to the adoption of the Village's current Building Code in 2022 and thus do not meet at least
one current code standard. Village permit data indicates that no buildings have had building permit
activity since 2022. Therefore, 100% of primary structures in Expansion Area 3 are below minimum
code standards.
Although the development of these properties predates current codes and standards of the Village, the
buildings may not be in direct violation of all ordinances, as they may have been "grandfathered in" or received
a sufficient level of upgrades and improvements since being constructed. However, those structures that do
not meet current development standards may present a health or safety hazard. The presence of structures
below minimum code standards, and the cost to upgrade "grandfathered" structures to meet modern codes
may also reduce the overall competitiveness and economic viability of the area. Based on information provided
by the Village, this factor was found to be present to a meaningful extent and reasonably distributed
throughout the proposed Expansion Areas.
The presence of structured below minimum code standards can be found in Map C: Presence of Structures
below Minimum Code Standards of Expansion Areas.
Blighted Area Findings: Parcels
Per SB Friedman's analysis, the vacant portion of Expansion Area 2 is eligible to be designated as a "blighted
area" per the one -factor test.
ONE -FACTOR BLIGHTED FINDING
SB Friedman reviewed a memorandum prepared by Gewalt Hamilton Associates, Inc., a third -party engineer
engaged by the Village, that indicated that runoff from 100% of the vacant portion of the proposed Expansion
Area 2 contributes to flooding within Zone AE areas of the Des Plaines River watershed. This factor is found to
be present to a meaningful extent and reasonably distributed throughout the vacation portion of Expansion
Area 2.
SB Friedman has found that all three proposed Expansion Areas qualify, per the Act, as follows:
• Expansion Area 1 is eligible for designation as a "conservation area" for improved land;
• Expansion Area 2 is eligible for designation as a "conservation area" for improved land and as a
"blighted area" for vacant land; and
• Expansion Area 3 is eligible for designation as a "conservation area" for improved land.
SDS 8:::ruedrnairs Deve�trpns: nt Advisors 25
�4�wLs ~_
ED Original gogina|RPABoundary Primary Structure m
35+Yea
'—` F--�
|_ _x Expansion Area Boundary L� Primary Structure Aged «35 Years
� U
Original RPA Parcels
Lt
TF
26S8FhedmnmQeveopmentAdvso�
Map B: Improved Land Factor: Deterioration of Expansion Areas
-Sl:i 27
VA.
UJI,
w.
SH "Ji
11 oil
tWww/
-Sl:i 27
Man C- Presence of Structures Below Minimum Code Standards of Expansion Areas
Source: Cook County, Esri, SB Friedman, Village of Mount Prospect
`;b8 Frie2.➢maro De,,,,dopmcr rt C. Advisors 28
Attachment C: Boundary Legal Description, as
Amended
REVISED SEPTEMBER 24, 2024
REVISED OCTOBER 1, 2024
MOUNT PROSPECT TIF LEGAL DESCRIPTION
PARCEL 1:
THOSE PARTS OF SECTIONS 14, 22, 23, 24 AND 26, ALL IN TOWNSHIP 41 NORTH, RANGE
8 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, DESCRIBED
AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF SAID
SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID NORTHEAST
QUARTER TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF DEMPSTER STREET;
THENCE WESTERLY ALONG SAID EXTENSION AND SAID SOUTH LINE TO THE EAST LINE
OF THE WEST 479.60 FEET OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SAID
NORTHEAST QUARTER OF SECTION 23; THENCE SOUTH ALONG SAID EAST LINE TO THE
NORTH LINE OF LOT 2 IN LAKE CENTER, PLAZA RESUBDIVISION PER DOCUMENT
NUMBER 0819145106; THENCE EASTERLY ALONG SAID NORTH LINE TO THE
NORTHEAST CORNER OF SAID LOT 2; THENCE EAST ALONG THE NORTH LINE OF LOT 4
IN LINNEMAN'S DIVISION OF PART OF SAID NORTHEAST QUARTER OF SECTION 23, A
DISTANCE OF 822 FEET, MORE OR LESS, TO SAID EAST LINE OF THE NORTHEAST
QUARTER OF SECTION 23; THENCE SOUTH ALONG SAID EAST LINE TO A POINT 803.01
FEET SOUTH OF SAID NORTHEAST CORNER OF THE NORTHEAST QUARTER OF
SECTION 23; THENCE EAST 50 FEET; THENCE SOUTH ALONG A LINE 50 FEET EAST OF
AND PARALLEL WITH SAID EAST LINE OF THE NORTHEAST QUARTER 1635 FEET, MORE
OR LESS, TO THE EASTERLY EXTENSION OF THE NORTH LINE OF LOT 1 IN SHELL OIL
COMPANY RESUBDIVISION PER DOCUMENT NUMBER 87339994; THENCE WESTERLY
ALONG SAID EASTERLY EXTENSION AND NORTH LINE 290 FEET, MORE OR LESS, TO
THE NORTHWEST CORNER OF SAID LOT 1; THENCE SOUTH ALONG THE WEST LINE OF
SAID LOT 1, A DISTANCE OF 200 FEET TO THE NORTH LINE OF ALGONQUIN ROAD;
THENCE EAST ALONG SAID NORTH LINE AND EASTERLY EXTENSION THEREOF 290
FEET, MORE OR LESS, TO THE NORTHERLY EXTENSION OF A LINE BEING 50 FEET
EASTERLY OF AND PARALLEL WITH THE EAST LINE OF THE SOUTHEAST QUARTER OF
SAID SECTION 23; THENCE SOUTH ALONG SAID EXTENSION AND PARALLEL LINE 1660
FEET, MORE OR LESS, TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF MIDWAY
DRIVE; THENCE WEST ALONG SAID EASTERLY EXTENSION AND SOUTH LINE THEREOF
515 FEET, MORE OR LESS, TO THE NORTHWEST CORNER OF LOT 1 IN NORTHWAY
INVESTMENT SUBDIVISION PER DOCUMENT NUMBER T2902421; THENCE SOUTH
ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF 192 FEET, MORE OR LESS, TO
THE SOUTHEAST CORNER OF LOT 1 IN VAVRUS SUBDIVISION PER DOCUMENT NUMBER
T3194655; THENCE WEST ALONG THE SOUTH LINE OF SAID LOT 1, A DISTANCE OF
466.35 FEET TO THE SOUTHWEST CORNER OF SAID LOT 1; THENCE NORTH ALONG THE
WEST LINE OF SAID LOT 1, A DISTANCE OF 480 FEET TO THE SOUTH LINE OF LOT 8 IN
SB Friedman Development Advisors 29
ELMHURST-ALGONQUIN INDUSTRIAL PARK -UNIT NUMBER 2 SUBDIVISION PER
DOCUMENT NUMBER 20409121; THENCE WEST ALONG SAID SOUTH LINE 17 FEET,
MORE OR LESS, TO THE SOUTHWEST CORNER OF SAID LOT 8; THENCE NORTH ALONG
THE WEST LINE OF SAID LOT 8, A DISTANCE OF 354 FEET, MORE OR LESS, TO THE
SOUTH LINE OF CARBOY ROAD; THENCE WEST ALONG SAID SOUTH LINE 146 FEET TO
THE NORTHEAST CORNER OF LOT 10 IN SAID ELMHURST-ALGONQUIN INDUSTRIAL
PARK -UNIT NUMBER 2 SUBDIVISION; THENCE SOUTH ALONG THE EAST LINE OF SAID
LOT 10, A DISTANCE OF 354 FEET TO THE SOUTHEAST CORNER OF SAID LOT 10;
THENCE WEST ALONG THE SOUTH LINE OF SAID LOT 10 AND WESTERLY EXTENSION
THEREOF 236 FEET TO THE SOUTHERLY EXTENSION OF THE EAST LINE OF LOT 1 IN
DENNES RESUBDIVISION PER DOCUMENT NUMBER 25198789; THENCE NORTH ALONG
SAID SOUTHERLY EXTENSION AND EAST LINE THEREOF 510 FEET, MORE OR LESS, TO
THE NORTHEAST CORNER OF SAID LOT 1; THENCE WEST ALONG THE NORTH LINE OF
SAID LOT 1, A DISTANCE OF 338 FEET, MORE OR LESS, TO THE NORTHWEST CORNER
OF SAID LOT 1; THENCE SOUTHERLY ALONG THE WEST LINE OF SAID DENNES
RESUBDIVISION 1110.85 FEET TO THE SOUTHWEST CORNER OF LOT 2 IN SAID DENNES
SUBDIVISION; THENCE EASTERLY ALONG THE SOUTH LINE OF SAID LOT 2, A DISTANCE
OF 339.52 FEET TO THE EAST LINE OF THE WEST HALF OF THE SOUTHEAST QUARTER
OF SAID SECTION 23; THENCE SOUTHERLY ALONG SAID EAST LINE OF THE WEST HALF
695 FEET, MORE OR LESS, TO THE NORTH LINE OF OAKTON STREET; THENCE EAST
ALONG SAID NORTH LINE 653 FEET, MORE OR LESS, TO THE NORTHERLY EXTENSION
OF THE EAST LINE OF THE WEST 653.3 FEET OF THE NORTH HALF OF THE NORTHEAST
QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 26; THENCE SOUTH ALONG
SAID EXTENSION AND EAST LINE THEREOF 710 FEET, MORE OR LESS, TO THE SOUTH
LINE OF SAID NORTH HALF OF THE NORTHEAST QUARTER OF THE NORTHEAST
QUARTER; THENCE WEST ALONG SAID SOUTH LINE 653 FEET, MORE OR LESS, TO THE
EAST LINE OF LOT 22 IN HIGGINS INDUSTRIAL PARK UNIT THREE SUBDIVISION PER
DOCUMENT NUMBER 20022477; THENCE SOUTH ALONG SAID EAST LINE TO THE
SOUTHEAST CORNER OF SAID LOT 22; THENCE THE FOLLOWING (2) COURSES ALONG
THE SOUTHERLY LINE OF SAID LOT 22; (1) THENCE WESTERLY 272.78 FEET TO A BEND
POINT; (2) THENCE NORTHWESTERLY 40.29 FEET TO A POINT ON A CURVE ON THE
SOUTHERLY LINE OF WEILER ROAD; THENCE THE FOLLOWING 2 COURSES ALONG SAID
SOUTHERLY LINE; (1) THENCE SOUTHWESTERLY ALONG THE ARC OF A CURVE
CONCAVE NORTHERLY, HAVING A RADIUS OF 91.0 FEET FOR AN ARC LENGTH OF 71.47
FEET; (2) THENCE WESTERLY 155.85 FEET TO THE EASTERLY LINE OF LOT 11 IN
HIGGINS INDUSTRIAL PARK UNIT 2 PER DOCUMENT NUMBER 20022478; THENCE
SOUTHEASTERLY ALONG SAID EASTERLY LINE 392.22 FEET TO THE NORTHERLY LINE
OF THE 1-90 TOLL ROAD; THENCE NORTHWESTERLY ALONG SAID NORTHERLY LINE
2,760 FEET, MORE OR LESS, TO THE NORTH LINE OF OAKTON STREET; THENCE
EASTERLY ALONG SAID NORTH LINE 1,090 FEET, MORE OR LESS, TO THE EAST LINE OF
LOT 2 IN GARLAND C. RICHARDSON'S SUBDIVISION PER DOCUMENT NUMBER 16662336;
THENCE NORTHERLY ALONG SAID EAST LINE 620.7 FEET TO THE NORTHEAST CORNER
OF SAID LOT 2; THENCE WESTERLY ALONG THE NORTH LINE OF SAID LOT 2 TO THE
EASTERLY LINE OF SAID 1-90 TOLL. ROAD; THENCE NORTHWESTERLY ALONG SAID
EASTERLY LINE 1,810 FEET, MORE OR LESS, TO THE SOUTH LINE OF ABACUS
CONSOLIDATION OF LOTS 3 AND 4 PER DOCUMENT NUMBER 08009531; THENCE
EASTERLY ALONG SAID SOUTH LINE AND THE SOUTH LINE OF BUSSE ROAD
INDUSTRIAL PARK SUBDIVISION PER DOCUMENT 904723385 TO THE WEST LINE OF
BUSSE ROAD; THENCE NORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD 3,100
FEET, MORE OR LESS, TO THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 1
IN PLAZA UNITED RESUBDIVISION OF LOT 1 PER DOCUMENT NUMBER
5B Friedman Development Advisors 30
96489523; THENCE THE FOLLOWING (3) COURSES ALONG SAID EXTENSION AND NORTH
LINE; (1) THENCE EAST ALONG SAID EXTENSION AND NORTH LINE 350 FEET, MORE OR
LESS, TO A BEND POINT; (2) THENCE SOUTHEASTERLY 116.13 FEET TO A BEND POINT„
(3) THENCE SOUTHEASTERLY 353.13 FEET TO THE MOST SOUTHERLY CORNER OF LOT
2 IN SAID PLAZA UNITED RESUBDIVISION; THENCE THE FOLLOWING (4) COURSES
ALONG THE EASTERLY LINE OF SAID LOT 2; (1) THENCE NORTHEASTERLY 52,09 FEET;
(2) THENCE NORTH 170 FEET; (3) THENCE EASTERLY 39 FEET,. (4) THENCE NORTH
250.43 FEET TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE NORTHERLY ALONG
THE NORTHERLY EXTENSION OF SAID EASTERLY LINE OF LOT 2 TO THE NORTH LINE
OF DEMPSTER STREET; THENCE EASTERLY ALONG SAID NORTH LINE OF DEMPSTER
STREET 2,960 FEET, MORE OR LESS, TO THE NORTHERLY EXTENSION OF THE EAST
LINE OF LOT 1 IN BRIARWOOD BUSINESS CENTER SUBDIVISION PER DOCUMENT
NUMBER 0627931120; THENCE SOUTHERLY ALONG SAID NORTHERLY EXTENSION AND
SAID EAST LINE OF LOT 1 TO THE SOUTH LINE OF LOT 2 IN LINNEMAN'S DIVISION PER
DOCUMENT NUMBER 15716544; THENCE EASTERLY ALONG SAID SOUTH LINE OF LOT 2
TO THE EAST LINE OF THE WEST HALF OF THE NORTHEAST QUARTER OF SAID
SECTION 23; THENCE NORTHERLY ALONG SAID EAST LINE TO THE SOUTHEAST
CORNER OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 14;
THENCE NORTHERLY ALONG THE EAST LINE OF SAID WEST HALF OF THE SOUTHEAST
QUARTER OF SECTION 14 TO THE NORTHEAST CORNER OF PICKWICK COMMONS
SUBDIVISION PER DOCUMENT NUMBER 20563555; THENCE WESTERLY ALONG THE
NORTH LINE OF SAID PICKWICK COMMON SUBDIVISION AND THE NORTH LINE OF LOT
1 IN SAID LINNEMAN'S DIVISION TO THE WEST LINE OF SAID WEST HALF OF THE
SOUTHEAST QUARTER SECTION 14; THENCE NORTH ALONG SAID WEST LINE TO THE
NORTHERLY LINE OF THE COMMONWEALTH EDISON'S RIGHT-OF-WAY; THENCE
NORTHEASTERLY ALONG SAID NORTHERLY LINE TO A BEND POINT; THENCE
CONTINUING EAST ALONG SAID NORTHERLY LINE TO THE EAST LINE OF SAID
SOUTHEAST QUARTER OF SECTION 14; THENCE SOUTHERLY ALONG SAID EAST LINE
TO THE PLACE OF BEGINNING.
EXCEPTING THEREFROM THE FOLLOWING SIX (6) DESCRIBED PROPERTIES:
LOT 1 IN LAKE CENTER PLAZA NO. 3, A SUBDIVISION OF LOTS 3 TO 7 IN LAKE CENTER
PLAZA, A RESUBDIVISION OF PART OF LOT 4 IN LINNEMAN'S DIVISION AND OF LOT 2 IN
LAKE CENTER PLAZA RESUBDIVISION 2 IN THE EAST HALF OF THE NORTHEAST
QUARTER OF SECTION 23, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN ACCORDING TO THE PLAT OF RESUBDIVISION RECORDED JULY
16, 2009 AS DOCUMENT 0819145106, IN COOK COUNTY, ILLINOIS.
TOGETHER WITH:
LOTS 1 AND 2 IN LAKE CENTER PLAZA RESUBDIVISION NO. 4, BEING A RESUBDIVISION
OF LOTS 8, 9, 10 AND 11 IN LAKE CENTER PLAZA, A RESUBDIVISION NORTHEAST
QUARTER OF SECTION 23, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN ACCORDING TO THE PLAT THEREOF RECORDED MARCH 20, 2018
AS DOCUMENT NO. 1807906120, IN COOK COUNTY, ILLINOIS.
TOGETHER WITH:
LOT 1 IN LAKE CENTER PLAZA RESUBDIVISION NO. 2, OF PART OF THE NORTHEAST
QUARTER OF SECTION 23, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
S6 Friedman Development Advisors 31
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED JULY 1, 1991,
AS DOCUMENT NUMBER 91321871, IN COOK COUNTY, ILLINOIS.
TOGETHER WITH:
LOT 13 IN LAKE CENTER PLAZA, BEING A SUBDIVISION OF PART OF LOT 4 IN LINNEMAN'S
DIVISION OF THE SOUTH % OF THE EAST HALF OF THE NORTHEAST QUARTER AND THE
WEST HALF OF THE NORTHEAST QUARTER OF SECTION 23, TOWNSHIP 41 NORTH,
RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, AND OF THE SOUTH 477.78 FEET
OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SECTION 14, TOWNSHIP 41
NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE
PLAT THEREOF RECORDED JULY 1, 1988 AS DOCUMENT NUMBER 88291118, IN COOK
COUNTY, ILLINOIS.
TOGETHER WITH:
THAT PART OF WALL STREET LYING NORTH OF THE NORTH LINE OF ALGONQUIN ROAD
AND SOUTH OF THE WESTERLY EXTENSION OF THE SOUTH LINE OF LASALLE STREET,
ALL IN THE EAST HALF OF THE NORTHEAST QUARTER OF SECTION 23, TOWNSHIP 41
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS.
TOGETHER WITH:
LOT 1 (EXCEPT THE WEST 130.0 FEET OF LOT 1) IN J.T.BUILDER'S FIRST INDUSTRIAL
SUBDIVISION IN PART OF THE SOUTHWEST QUARTER OF SECTION 23, TOWNSHIP 41
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS.
PARCEL 2:
THOSE PARTS OF SECTIONS 14,15 AND 22, ALL IN TOWNSHIP 41 NORTH, RANGE 8 EAST
OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, DESCRIBED AS
FOLLOWS:
BEGINNING AT THE INTERSECTION OF NORTHERLY LINE OF THE 1-90 TOLL ROAD AND
THE SOUTH LINE OF ABACUS CONSOLIDATION OF LOTS 3 AND 4 PER DOCUMENT
NUMBER 08009531; THENCE EASTERLY ALONG SAID SOUTH LINE AND THE SOUTH LINE
OF BUSSE ROAD INDUSTRIAL PARK SUBDIVISION PER DOCUMENT 904723385 TO THE
WEST LINE OF BUSSE ROAD; THENCE NORTHERLY ALONG SAID WEST LINE OF BUSSE
ROAD 410 FEET, MORE OR LESS, TO THE SOUTH LINE OF RICHMOND SUBDIVISION PER
DOCUMENT NUMBER 23984749; THENCE WEST ALONG SAID SOUTH LINE 1066 FEET,
MORE OR LESS, TO THE EASTERLY LINE OF COMMONWEALTH EDISON'S RIGHT-OF-
WAY; THENCE NORTH ALONG SAID EASTERLY LINE 920 FEET, MORE OR LESS, TO THE
NORTHWEST CORNER OF MANSARD LANE CONDOMINIUMS SUBDIVISION PER
DOCUMENT NUMBER 23029108; THENCE EAST ALONG THE NORTH LINE OF SAID
MANSARD LANE CONDOMINIUMS SUBDIVISION TO SAID WEST LINE OF BUSSE ROAD;
THENCE NORTH ALONG SAID WEST LINE 160 FEET, MORE OR LESS, TO THE SOUTH
LINE OF HEWITT'S SUBDIVISION PER DOCUMENT NUMBER 24781151; THENCE WEST
ALONG SAID SOUTH LINE 1066 FEET, MORE OR LESS, TO SAID EASTERLY LINE OF
SS Friedman Development Advisors 32
COMMONWEALTH EDISON'S RIGHT-OF-WAY; THENCE NORTH ALONG SAID EASTERLY
LINE 1,850 FEET, MORE OR LESS, TO THE SOUTHERLY LINE OF ALGONQUIN ROAD;
THENCE SOUTHEASTERLY ALONG SAID SOUTHERLY LINE 208 FEET, MORE OR LESS,
TO THE WEST LINE OF LOT 2 IN MARCO POLO'S SUBDIVISION PER DOCUMENT NUMBER
21485932; THENCE SOUTH ALONG SAID WEST LINE 200 FEET TO THE SOUTH LINE OF
SAID MARCO POLO'S SUBDIVISION; THENCE SOUTHEASTERLY ALONG SAID SOUTH
LINE TO SAID WEST LINE OF BUSSE ROAD; THENCE NORTHERLY ALONG SAID WEST
LINE OF BUSSE ROAD 500 FEET, MORE OR LESS, TO THE WESTERLY EXTENSION OF
THE NORTH LINE OF LOT 1 IN PLAZA UNITED RESUBDIVISION OF LOT 1 PER DOCUMENT
NUMBER 96489523; THENCE EAST ALONG SAID EXTENSION TO THE EASTERLY LINE OF
SAID BUSSE ROAD; THENCE NORTHERLY ALONG SAID EASTERLY LINE 610 FEET, MORE
OR LESS, TO THE SOUTHERLY LINE OF COMMONWEALTH EDISON'S RIGHT-OF-WAY;
THENCE NORTHEASTERLY ALONG SAID SOUTHERLY LINE 2,800 FEET, MORE OR LESS,
TO THE WEST LINE OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID
SECTION 14; THENCE NORTH ALONG SAID WEST LINE 213 FEET, MORE OR LESS, TO
THE NORTHERLY LINE OF THE COMMONWEALTH EDISON'S RIGHT-OF-WAY; THENCE
SOUTHWESERTLY ALONG SAID NORTHERLY LINE AND WESTERLY EXTENSION
THEREOF 4,000 FEET, MORE OR LESS, TO THE EAST LINE OF THE WEST HALF OF THE
SOUTHEAST QUARTER OF SAID SECTION 15; THENCE SOUTH ALONG SAID EAST LINE
122 FEET, MORE OR LESS, TO THE NORTH LINE OF SAID ALGONQUIN ROAD; THENCE
NORTHWESTERLY ALONG SAID NORTH LINE TO THE NORTHERLY EXTENSION OF THE
EAST LINE OF BRIARWOOD DRIVE; THENCE SOUTH ALONG SAID EXTENSION AND WEST
LINE OF BRIARWOOD DRIVE TO THE SOUTH LINE OF SAID SOUTHEAST QUARTER OF
SECTION 15; THENCE EAST ALONG SAID SOUTH LINE TO THE NORTHWEST CORNER OF
THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 22; THENCE SOUTH
ALONG THE WEST LINE OF SAID EAST HALF OF THE NORTHEAST QUARTER TO THE
NORTHWEST CORNER OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SAID
SECTION 22; THENCE SOUTH ALONG THE WEST LINE OF SAID EAST HALF OF THE
SOUTHEAST QUARTER 60 FEET, MORE OR LESS, TO SAID NORTHERLY LINE OF THE I-
90 TOLL ROAD; THENCE SOUTHEASTERLY ALONG SAID NORTHERLY LINE TO THE
POINT OF BEGINNING.
N3 �hrirdr,:Vu'na n IDcrvo,k),prrwm Adllorosoiirs 33
Attachment D: Expansion Area PIN Lists
34
1
1
0814300005
$101,140
2
1
0814302006
$3,176
_.._
3
1
.........
0814302009
_ $98,618
4
1
0814401011
$106,478
5
1
0814403010
$105,613
6
1
0815400019 .......
$675,160
.. ....._
7
1
.... ................
0815400042
$943,725
8
....... ......
1
......... ........
0815400048
$682,893
9
1
0815400050
$745,086
10
1
0815400068
$341,943
11
1
0815400084
$1,062
12
1
0815400085
$103,145
13
1
0815401004
$4,654
14
....-
1
.
0815402011
$2,742
_
15
.....
1
0815402021
$1,884,762
16
1
0815402022
$291,999
17
1
0815402023
$355,697
18
1
0822201002
$322,370
19
1
0822201007 ...._
$852,802
20
1
0822201008
$553,865
.
_.
21
............ .
1
_....._.
0822201009
$625,089
22
1
0822202004
$0
23
1
0822203030
$1,472,196
24
_......�. _.........
1
0822203037
$84,369
25
1
0822203040
$374,778
26
1
0822203041
$2,572,096
27
1
0822401017
$5,318
28
1
0822401059
$773,928
29
1
0822401060
$45,594
..._._.........
30
.........
1
0822401061
$1,265,284
....
31
.... . .......
1
0822401065
$1,662
32
_...... .............
1
-----
0822401066
$965
33
. .........
1
....
0822401067
$21,530
.
_..._
34
. . .....
1
. ._.... .
0822401068
$1,208,553
35
......-
2
.........
0823203009
$992,610
36
2
0823203017
$466,067
37
2
....
0823203035
$7,468
SB & race unain l
beaAOrrpu"ttnent Adtirosos
34
382
_IT.
39
2
..............
0823203039
.... ..... . . ..........
0823203040
$4,655,026
$1,832,411
40
2
0823203045
$220,063
41
2
0823401005
$1,181,068
42
2
0823 401007
$568,078
43
2
0823401008
$246,429
44
2
0823401011 ......
$850,524
. .. .....
45
2
. ......
0823401012
--
$391,543
--------
46
2
0823401013
$850,271
.
47
. .....
2
0823401014
f825,715
. ........ . .
.
. ... .
48
. ......
2
..... .
0823401016
....
49
2
0823401019
$528,972
50
2
0823401022
$729,948
51
2
0823401023
$602,720
52
2i8
3401026
6,48
53
..... .
2
. .....
0823401028
$1,072,723
--$1J45,060
54
2
.. .. . .. ......
0823401030
55
2
0823401035
$2,153,068
. . ...... -- 56 .
. ..... 2
. . . . ......
0823401036
$469,671
...... .........
57
2
0823401037
$433,599
58 ...... .
. ......... 2
0 .. 823401OE8�
$1,439,816
. . ...... .. .....
59
2"
-�
823,;i01045
$602,424
. ... . .......
60
2
. ..... . .....
0823401046
$1,483,151
-$1,733,000
61
2
0823401047
- -- -----
62
2
--
0823401048
$466,519
. .... .
63
......
2
0823401049
$701,519
-..i865,983
................ .
64
........ . ......
2
0823401050
65
. .............. .
2
.... .....
0823402010
$0
.... -
66
................ . ...... .
2
. ..... . .....
0823402015
$2,241,014
- .-
67
........ ..... . . .............
2
0823402016
$1,221,985
68
3
0826101006
$3,206
. . . .. . .....
69
3
.....
0826102016
$813,478
70
=
......... .... . .
3
. ...... . . ..... .
0826102018
$289,399
701
3
.
..... ...
0826102019
$632,042
72
3
0826102025
$360,234
. . .......... .
73
3
0826102026
$501,677
74
. ..........
3
..........
0826102027
$218,118
75
3
0826102029----i7330550
.........
76
.
3
. .. .
0826102032
$59,732
77
3
0826102035
$0
$ 0
78f
3�08
6102038
$395,229
35
79
. ...... .
3
..........
0826102039
$203,760
. .......
80
............ .......
. .
3
0826102042
$479,917
. ...... -
"I
81
-.- . ... . ..... .
3
0826102043
$277,557
. ..........
82
3
0826102044
$102,642
83
3
...........
0826102046
$376,823
84
. .............. -
3
-... . .....
0826102047 .....
$606,110
85
..........
3
............... .
0826102048
$602,829
86
.. ..... T
3
- ----...
- -
0826102049
$18,879
87
3
0826102050
�$2O731
88
3
. . . .............
0826102051
$360,964
89
3
0826200012
$105,184
90
3
0826201003
$758,566
91
$669,217.
92
3
0826201005
$732,104
93
3
0826201006
$466,733
94
................
3
.....
. ..... . ..
0826201007
$517,428
",--
9 5
- --------------------
3
0826201008
$674,496
96
3
0826201009
$123,563
97
3
0826202001
$804,314
. ......... ---
98
3
.
. .
0826202002 .
$421,902
. . . ........... . ..... ..99
3
. ......... --- ..........
0826202003
$476,506
. .......... -
100
3
. . .
0826202005
$97,849
101
..W_.
310826202006
.......... .
$527,952
1023
. . . ......... -._
0826203002
$180,085
I. .......... .
103
3
. .. ......... . ..
0826203003
$513,094
104
3
0826203004
$551,449
105
3
.. ..... . .......
0826203005 ..... -
$334,010
-.-
mmmm........
106
. .
.3
. . . ..... .
0826203006
$1,001,740
107
3
0826203007
$552,459
108
3
0826203008
$329,914
. .........
109
3
0826203009
$11,857
110
.......... 3
. 0826204001
$872,395
111
3
0826204002
$988,990
112
3
0826204003 .......
$234,719
........-
113
- --------------- -
3
- - - -------------- .
0826204007
$1,151,521
. . . . ............
114
3
0826204008
$1,044,530
115
3
0826204009
$599,493
116
3
. . ... ........
.
0826204011
-"'
$600,382
"--TI,280,151
.
117
..... ....
3
0826204012
.
. .......... 118
. ..........
3
. ........... ..... .
0826204015
-
$1,632,578
SIB Firuedinan Dev601r)IMErM. A(Msors 36
Attachment E: Original Plan
SIBI Fdechrian Develol,-.)rnent A&Asms 37
R,
Mount Prospect, IL
wuw. SuVO
South Mount Prospect
Redevelopment
Tax Increment Financing District
Eligibility Report and Redevelopment Plan and Project
February 28, 2022
REVISED I April 28, 2022
Mount Prospect, IL
Tax Increment Financing District
Eligibility Report and Redevelopment Plan and Project
February 28, 2022
REVISED I April 28, 2022
S. B. FRIEDMAN & COMPANY
221 N. LaSalle St. Suite 820 Chicago, IL 60601
T: 312.424.4250 F: 312.424.4262 E: info@sbfriedman.com
Contact: Geoff Dickinson
T: 312.384.2404 E: gdickinson@sbfriedman.com
kill F:i:J, dIli o De vill ^Ilo)p licl1t A,,dvuu,U'S
Mount Prospect, IL
South Mount Prospect Redevelopment Project Area
Tax Increment Financing District
Eligibility Report and Redevelopment Plan and Project
TaWe of Contents
SECTION PAGE
1. Introduction ...............................................................................................................................1
2. Eligibility Report, ... ............. .........., ............... ....,............ ........ ...... ...... ............. .......... 8
3. Redevelopment Plan and Project..............................................................................................................................................16
Appendix 1: Limitations of the Eligibility Report and Consultant Responsibilities...................................................... 28
Appendix 2: Glossary. ................. ...... ,................ .... 29
Appendix 3: South Mount Prospect RPA Boundary Legal Description............................................................................ 31
Appendix 4: List of PINs in South Mount Prospect RPA....................................................................................................... 33
LIST OF MAPS PAGE
Map1: Community Context...............................................................................................................................................................5
Map2: Proposed RPA Boundary.....................................................................................................................................................6
Map3: Existing Land Use....................................................................................................................................................................7
Map4: Age of Structures..................................................................................................................................................................12
Map5A: Deterioration.......................................................................................................................................................................13
Map 513: Presence of Structure Below Minimum Code Standards......................................................................................14
Map5C: Inadequate Utilites..............................................................................................................................................................15
Map6: Proposed Future Land Use..............................................................................._.......,,..,..............,...,.............,...............
,....,18
S. B. FRIEDMAN & COMPANY
221 N. LaSalle St. Suite 820 Chicago, IL 60601
T: 312.424.4250 F: 312.424.4262 E: info@sbfriedman.com
www.sbfriedman.com
SSR RrIErdrnan Devello�,affre t Advisors
1. Introduction
The Village of Mount Prospect (the "Village") seeks to establish a tax increment financing ("TIF") district to serve
as an economic development tool and promote the revitalization of land in the southern portion of the Village.
The Village engaged SB Friedman Development Advisors ("SB Friedman") in October 2021 to conduct a
Redevelopment Project Area feasibility study and prepare a Redevelopment Plan and Project (the
"Redevelopment Plan").
This document serves as the Eligibility Report and Redevelopment Plan (together, the "Report") for the
proposed South Mount Prospect Redevelopment Project Area ("South Mount Prospect RPA" or the "RPA").
Section 2 of the Report, the Eligibility Report, details the eligibility factors found within the proposed RPA in
support of its designation as a "conservation area" for improved land, within the definitions set forth in the
Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4--1 et seq., as amended (the "Act").
Section 3 of this Report, the Redevelopment Plan, outlines the comprehensive program to revitalize the
proposed RPA, as required by the Act.
The proposed South Mount Prospect RPA is located within the Village in Cook County (the "County"), as shown
on Map 1. The proposed South Mount Prospect RPA consists of approximately 129 tax parcels (127 improved
parcels and 2 right-of-way parcels) and 81 primary structures. It comprises approximately 505 acres of land,
including 462 improved acres, and approximately 43 acres of right-of-way. The parcels included in the
proposed RPA are roughly bounded by Kopp Park, Busse Road, Oakton Street, and Elmhurst Road as illustrated
in Map 2. Based upon SB Friedman's research, the proposed RPA currently consists primarily of a mix of
industrial, commercial, residential, public institutional, and park/open space, as shown in Map 3. In instances
where there was common ownership, parcels that are primarily used for parking were assigned the land use
of the parcel that the parking serviced.
- s •
This Report concludes that the proposed South Mount Prospect RPA is eligible for designation as a
"conservation area" for improved land, per the Act. For the purposes of analysis, in a previously developed
area, parcels that include side yards, undeveloped lots, or parking lots related to an adjacent primary structure
are considered improved.
IMPROVED PARCELS: CONSERVATION AREA FINDINGS
Assessor data from Cook County indicated that 74% of primary structures are aged 35 years or older. This
satisfies the requirement that 50% or more of the structures in the area have an age of 35 years or more.
Further, the following four (4) eligibility factors have been found to be present to a meaningful extent and
reasonably distributed throughout the proposed RPA:
1. Deterioration;
2. Presence of Structures below Minimum Code Standards;
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3. Inadequate Utilities; and
4. Lack of Community Planning.
These factors are defined under the Act at 65 ILCS 5/11-74.4-3-(a) and (b) and are more fully described in
Appendix 2.
Based on the age of primary structures in the proposed RPA and the presence of four eligibility factors, the
proposed RPA qualifies under a "conservation area" finding (age of structures plus at least three (3) eligibility
factors).
SUMMARY OF ELIGIBILITY FINDINGS
SB Friedman has found that the proposed RPA qualifies as a "conservation area" with 74% of the primary
structures within the proposed RPA at least 35 years of age or older, and four (4) of the thirteen (13) eligibility
factors were found to be present to a meaningful extent and reasonably distributed within the proposed RPA.
These conditions hinder the potential to redevelop the proposed RPA and capitalize on its unique attributes.
The proposed RPA will benefit from a strategy that addresses the aged buildings, deterioration, presence of
structures below minimum code, inadequate utilities, and lack of community planning to facilitate the overall
improvement of its physical condition.
Redevelopment Plan Goal, O�jectives and Strategy
GOAL. The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that qualify
the proposed RPA as a "conservation area" and to provide the direction and mechanisms necessary to
redevelop the proposed RPA as a vibrant industrial mixed-use district. Redevelopment of the proposed RPA is
intended to revitalize the area, strengthen the economic base, and enhance the Village's overall quality of life.
OBJECTIVES. The following five (5) objectives support the overall goal of revitalization of the proposed RPA:
1. Facilitate the physical improvement and/or rehabilitation of existing structures and facades within
the proposed RPA, and encourage the construction of new commercial, industrial, residential,
public, civic/cultural and recreational development, where appropriate,-
2.
ppropriate;
2. Foster the replacement, repair, construction and/or improvement of public infrastructure, where
needed, to create an environment conducive to private investment;
3. Facilitate the assembly and preparation, including demolition and environmental clean-up, where
necessary, and marketing of available sites in the proposed RPA for redevelopment and new
development by providing resources as allowed by the Act;
4. Support the goals and objectives of other overlapping plans, including the Village of Mount
Prospect Comprehensive Plan published in 2017 (the "2017 Comprehensive Plan"), Connect South
Mount Prospect Sub -Area Plan (2020), the Mount Prospect Bicycle Plan (2012), the Public
Transportation System Plan (2009), and subsequent plans;
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5. Coordinate available federal, state and local resources to further the goals of this Redevelopment
Plan and Project.
STRATEGY. Redevelopment of the proposed RPA is to be achieved through an integrated and comprehensive
strategy that leverages public resources to stimulate additional private investment. The underlying strategy is
to use TIF, as well as other funding sources, to reinforce and encourage private investment.
ELIGIBLE COSTS. The Act outlines categories of expenditures that can be funded using incremental property
taxes. These expenditures, referred to as eligible redevelopment project costs, include all reasonable or
necessary costs incurred or estimated to be incurred and any such costs incidental to this Redevelopment Plan
pursuant to the Act.
ESTIMATED REDEVELOPMENT PROJECT COSTS. The estimated redevelopment project costs of this
Redevelopment Plan are $145 million'. The total of redevelopment project costs provides an upper limit on
expenditures that are to be funded using incremental property tax revenues, exclusive of capitalized interest,
issuance costs, interest and other financing costs.
EQUALIZED ASSESSED VALUE OF PROPERTIES IN THE PROPOSED RPA. The 2020 EAV (the most recent
year in which assessed values and the equalization factor were available) of all taxable parcels in the proposed
RPA is approximately $152,173,065. By tax year 2045 (collection year 2046), the total taxable EAV for the
proposed RPA is anticipated to be approximately $268 million.
The required conditions for the adoption of this Redevelopment Plan and Project are found to be present
within the proposed South Mount Prospect RPA:
1. The proposed RPA is 505 acres in size and thus satisfies the requirement that it be at least 1.5
acres;
2. Limited private investment has occurred in the proposed South Mount Prospect RPA over the last
five years;
3. Without the support of public resources, the redevelopment objectives for the proposed RPA
would most likely not be realized. Accordingly, "but for" the designation of a TIF district, these
projects would be unlikely to occur on their own;
' As noted below in "Estimated Redevelopment Project Costs," this amount is expressed in 2022 dollars and
may be increased as allowed under the Act by 5% after adjusting for annual inflation reflected in the Consumer
Price Index (CPI), published by the U.S. Department of Labor
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ViNV:urte Of Mount Prospect/ South Mount 1Prrar.p�ed RPA EHqVNhty Itelroid arv] I1,1Pan
4. The proposed South Mount Prospect RPA includes only those contiguous parcels of real property
that are expected to benefit substantially from the proposed Redevelopment Plan and Project;
5, The Redevelopment Plan conforms to and proposes land uses that are consistent with the 2017
Comprehensive Plan, and Connect South Mount Prospect Sub -Area Plan (2020);
6. The Village certifies that the Redevelopment Plan will not result in the displacement of 10 or more
inhabited residential units as a result of activities pursuant to this Redevelopment Plan. Therefore,
a Housing Impact Study is not required under the Act; and
7. The Redevelopment Plan is estimated be completed, and all obligations issued to finance
redevelopment costs shall be retired no later than December 31, 2046, if the ordinances
establishing the proposed RPA are adopted during 2022.
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Mao 1: Community Context
tA
VILLAGE OF
MOUNT PROSPECT
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Map 2. Proposed RPA Boundary
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2. Eligibility Report
This report concludes that the proposed South Mount Prospect RPA is eligible for designation as a
"conservation area" for improved land, per the Act.
• ons of - Allocation Redevelopment Act
Under the Act, two (2) primary avenues exist to establish eligibility for an area to permit the use of TIF for
redevelopment: declaring an area as a "blighted area" and/or a "conservation area". "Blighted areas" are those
improved or vacant areas with blighting influences that are impacting the public safety, health, morals, or
welfare of the community, and are substantially impairing the growth of the tax base in the area. "Conservation
areas" are those improved areas that are deteriorating and declining and soon may become blighted. A
description of the statutory provisions of the Act is provided below.
Factors.r Improved Areas
According to the Act, "blighted areas" for improved land must demonstrate at least five (5) of the following
eligibility factors, which threaten the health, safety, morals or welfare of the proposed district. "Conservation
areas" must have a minimum of 50% of the total structures within the area aged 35 years or older, plus a
combination of three (3) or more additional eligibility factors that are detrimental to the public safety, health,
morals or welfare, and that could result in such an area becoming a "blighted area." The following are eligibility
factors for improved areas:
• Dilapidation
• Obsolescence
• Deterioration
• Presence of Structures below Minimum
Code Standards
• Illegal Use of Individual Structures
• Excessive Vacancies
• Lack of Ventilation, Light or Sanitary
Facilities
A definition of each factor is provided in Appendix 2.
• Inadequate Utilities
• Excessive Land Coverage and
Overcrowding of Structures and
Community Facilities
• Deleterious Land Use or Layout
• Environmental Clean -Up
• Lack of Community Planning
• Lack of Growth in EAV
SB Friedman conducted the following analyses to determine whether the proposed South Mount Prospect RPA
is eligible for designation as a "conservation area" for improved land, per the Act:
• Parcel -by -parcel field observations and photography documenting external property conditions;
• Review of building age data from the Cook County Assessor's Office;
• Review of parcel -level GIS shapefile data provided by the County;
• Review of municipal and county codes, building permit records (2016-2021), and code violation records
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as of November 2021;
a Review of a utility memorandum provided by the Village regarding locations, ages and conditions of
water, stormwater and sanitary sewer infrastructure;
• Review of current and prior comprehensive plans provided by the Village (from 1965, 2007, and 2017),
as well as the Connect South Mount Prospect Sub -Area Plan (2020), the Mount Prospect Bicycle Plan
(2012), and the Public Transportation System Plan (2009).
SB Friedman examined all parcels for qualification factors consistent with requirements of the Act.
SB Friedman analyzed the presence or absence of each eligibility factor on a building -by-building, parcel -by -
parcel basis and/or aggregate basis as applicable. Building and parcel data were then plotted on maps of the
proposed RPA, as applicable, to determine which factors were present to a meaningful extent and reasonably
distributed throughout the proposed RPA.
Based upon the conditions found within the proposed RPA at the completion of SB Friedman's research, it has
been determined that the proposed RPA meets the eligibility requirements of the Act as a "conservation area."
Of the 81 primary structures in the proposed RPA, at least 60 structures (74%) are 35 years of age or older, as
they were constructed before 1985. Map 4 shows the location of primary structures that are 35 years or older.
SB Friedman's research indicates that the following four (4) factors are present to a meaningful extent and
reasonably distributed throughout the proposed RPA:
1. Deterioration
2. Presence of Structures below Minimum Code Standards
3. Inadequate Utilities
4. Lack of Community Planning
Each eligibility factor that was found to be present to a meaningful extent and reasonably distributed
throughout the proposed RPA is summarized below. Maps 5A through 5C illustrate the distribution of those
eligibility factors found to be reasonably distributed on a building -by -building and/or parcel -by -parcel basis
within the proposed RPA by highlighting each parcel or building where the respective factors were found to
be present to a meaningful degree.
1. DETERIORATION
The Act defines deterioration as defects including, but not limited to, major defects in the secondary building
components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface
improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface
storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes,
depressions, loose paving material, and weeds protruding through paved surfaces.
Physical deterioration was observed on 85 parcels of 127 improved parcels (approximately 67% of improved
parcels). The most common form of deterioration was on surface improvements, including streets, parking lots
and alleys. Catalogued surface improvement deterioration included cracks in infrastructure, and potholes.
Building deterioration included stairstepping in brick and cinderblock, cracked foundations and water damage.
Deterioration of buildings and surface improvements can make it appear as though the proposed RPA lacks
SIB Frd,Arnan Dev(,Inr'aauiont, Arhku.Oiru!'b 9
Vtillage of Mount Prospect / Prralposed Sr.:rUth h"✓ CKPIt Prosg:iect RPA ..... tall:14bifity Report and Redevelopment Han
investment and can make it more difficult to attract new businesses or consumers. This factor was found to be
meaningfully present and reasonably distributed throughout the proposed RPA.
2. INADEQUATE UTILITIES
The Act defines inadequate utilities as underground and overhead utilities, such as storm sewers and storm
drainage, sanitary sewers, water lines, and gas, telephone and electrical services, which are:
1. Of insufficient capacity to serve the uses in the RPA;
2. Deteriorated, antiquated, obsolete or in disrepair; or
3. Lacking within the redevelopment project area.
Based on the memorandum provided by the Village's Public Works Department and a follow-up interview with
the Village's Public Works Department, the water mains serving the RPA south of Dempster Street do not have
sufficient capacity to service parcels in the area. Insufficient capacity has resulted in low water pressure
throughout the RPA and weak water velocity at fire hydrants which the Village plans to address by constructing
an elevated tank in the area. Thus inadequate utility lines (or no utility lines) serve 119 of the proposed RPA's
127 improved parcels (94%). Based on these conditions, the inadequate utilities factor was found to be present
to a meaningful extent and reasonably distributed throughout the proposed RPA.
3. PRESENCE OF STRUCTURES BELOW MINIMUM CODE STANDARDS
Per the Act, structures below minimum code standards are those that do not meet applicable standards of
zoning, subdivision, building, fire and other governmental codes. The principal purpose of such codes is to
protect the health and safety of the public, including building occupants, pedestrians and occupants of
neighboring structures.
According to a review of building age data, building permit data for structures within the RPA, and a
memorandum prepared by the Village's Public Works Department, all of the structures in the proposed RPA
were constructed prior to the adoption of the Village's current Building Code in 2022. Although the
development of these properties predates current codes and standards of the Village, the buildings may not
be in direct violation of all ordinances, as they may have been "grandfathered in" or received a sufficient level
of upgrades and improvements since being constructed.
A memorandum from the Village staff indicates that all 81 primary structures in the proposed RPA (100%) do
not meet at least one current code. The presence of structures below minimum code standards, and the cost
to upgrade "grandfathered" structures to meet modern codes may also reduce the overall competitiveness
and economic viability of the area. Based on information provided by the Village, this factor was found to be
present to a meaningful extent and reasonably distributed throughout the proposed RPA.
4. LACK OF COMMUNITY PLANNING
Lack of community planning within the proposed RPA is an area -wide factor not necessarily attributable to any
one parcel. The Act provides that "Lack of Community Planning" can be found in areas that have been
developed without the benefit of a comprehensive plan, and as a result, have seen negative consequences.
Examples of negative consequences include: incompatible land use relationships, inadequate street layout,
SB Fr� edirnan r»na=veiqanent Advd sores 10
M ll:nc, e of Mount Pira eµ�r�ed / Proposed South Mlouauu�t Prospect RPA F igab Niity Report aim"! Rhe derueP¢alpurrne nt Pan
improper subdivision, parcels of inadequate shape and size to meet contemporary development standards, or
other related conditions.
85% of primary structures in the RPA (69 of 81) were constructed in unincorporated Cook County prior to
annexation into the Village, according to Village staff. Cook County produced its first Comprehensive Plan,
Cook County Comprehensive Land Use and Policies Plan, in 1976, at which point 78% of the primary structures
in the previously unincorporated portion of the proposed RPA had already been constructed. Consequently,
the majority (67%) of primary structures in the RPA (54 of 81 primary structures) were constructed without
benefit of a comprehensive plan. The adverse effects of this development are: incompatible land use
relationships, inadequate street layout, and street and parcel layouts that do not meet contemporary
development standards. Examples include:
• Incompatible land use relationships with single-family residential lots fronting highly trafficked roads
and single-family residential lots adjacent to industrial land uses.
• The two arterials serving the RPA are Oakton Street and Busse Road. Both streets are characterized by
numerous curb cuts and infrequent signalization. These conditions result in roads that fail to effectively
accommodate turning vehicles and the movement of freight. Data from the Village police department
reveals that intersections along both roads are common places for motor vehicle crashes.
• Current parcel shapes and sizes throughout the RPA do not meet contemporary standards for
development. These parcel shapes and size thus, make the area difficult to redevelop on a planned
basis.
• In addition, the platting in some parts of the Study Area failed to create rights-of-way for streets
adjacent to parcels, leaving several parcels without direct access to rights-of-way. This condition
further challenges redevelopment.
This factor is evaluated area -wide and is found to be present to a meaningful extent throughout the proposed
RPA.
Summary of Findings
SB Friedman has found that the proposed RPA qualifies as a "conservation area" for improved land, with 74%
of the structures within the proposed RPA at least 35 years of age or older, and four (4) of the thirteen (13)
eligibility factors present to a meaningful extent and reasonably distributed within the proposed RPA.
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Map 4: Improved Land Factor: Age of S�.iructures
Dempster Street
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Map 5A: Improved Land Factor: Detericu'ation
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Map 513: Improved Land Factor: Presence of Structures, below Minimum Code Standards
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3. Redevelopment Plan and Project
This document describes the comprehensive redevelopment program proposed to be undertaken by the
Village to create an environment in which private investment can reasonably occur. The redevelopment
program will be implemented over the 23 -year life of the proposed RPA. If a redevelopment project is
successful, various new projects will be undertaken that will assist in alleviating blighting conditions and
promoting rehabilitation and development in the proposed RPA.
Redevelopment Needs of the Proposed RPA
Currently, the proposed RPA is comprised of aged buildings that are characterized by a failure to meet current
code standards, building and surface deterioration, inadequate utilities, and a lack of community planning.
These conditions reduce the value of the properties in the area and make the proposed RPA less competitive,
overall, with property in other communities, thus limiting local area employment and development
opportunities, and contributing to the lack of new investment in the proposed RPA.
The existing conditions for the proposed RPA suggest five (5) major redevelopment needs:
1. Capital improvements that further the objectives set forth in this Redevelopment Plan;
2. Site preparation, environmental remediation and stormwater management;
3. Redevelopment of underutilized parcels;
4. Rehabilitation of existing buildings; and
5. Resources for redevelopment and rehabilitation of a mix of commercial, residential, public
institutional, park/open space, and vacant land uses.
The goals, objectives and strategies discussed below have been developed to address these needs and
facilitate the sustainable redevelopment of the proposed RPA.
GOAL, OBJECTIVES AND STRATEGY
GOAL. The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that qualify
the proposed RPA as an improved "conservation area", and to provide the direction and mechanisms necessary
to redevelop the proposed RPA as a vibrant industrial mixed-use district. Redevelopment of the proposed RPA
is intended to revitalize the area, strengthen the economic base, and enhance the Village's overall quality of
life.
OBJECTIVES. The following five (5) objectives support the overall goal of revitalization of the proposed RPA:
1. Facilitate the physical improvement and/or rehabilitation of existing structures and fagades within
the proposed RPA, and encourage the construction of new commercial, industrial, residential,
public, civic/cultural and recreational development, where appropriate,-
2.
ppropriate;
2. Foster the replacement, repair, construction and/or improvement of public infrastructure, where
needed, to create an environment conducive to private investment;
SS Friec9rr+an IDevr;:VopmeintAr.Avisors 16
VRHage a:.lif Mount Prospect l .`»:W10 MoWnt Prospect R IPA I fRa;fHtiAiy R per rll and R e devOopmr¢ent Pan
3. Facilitate the assembly and preparation, including demolition and environmental clean-up, where
necessary, and marketing of available sites in the proposed RPA for redevelopment and new
development by providing resources as allowed by the Act;
4. Support the goals and objectives of other overlapping plans, including the Village of Mount
Prospect Comprehensive Plan published in 2017 (the "2017 Comprehensive Plan"), Connect South
Mount Prospect Sub -Area Plan (2020), the Mount Prospect Bicycle Plan (2012), the Public
Transportation System Plan (2009), and subsequent plans;
5. Coordinate available federal, state and local resources to further the goals of this Redevelopment
Plan and Project.
STRATEGY. Redevelopment of the proposed RPA is to be achieved through an integrated and comprehensive
strategy that leverages public resources to stimulate additional private investment. The underlying strategy is
to use TIF, as well as other funding sources, to reinforce and encourage private investment.
Y,,roposed Future Land Use
The proposed future land use of the proposed RPA, as shown in Map 5, reflects the objectives of this
Redevelopment Plan. For the purposes of this plan, the mixed-use designation is meant to allow for a variety
of uses throughout the proposed RPA, in a manner that is in conformance with the Comprehensive Plan and
Connect South Mount Prospect Sub -Area Plan (2020). The Future Land Use Plan establishes long-term targets
for development in the Village, which are consistent with the community's vision for the future. The plan can
help guide day-to-day development decisions, infrastructure improvements, and public and private
investment. The mixed-use designation promotes corridor and streetscape improvements, additional open
space and access to recreation, convenient vehicular site access while minimizing the impact on traffic
congestion, walkability and safe connections, thoughtful corridor signage, and several development
opportunities. The designation also for the following land uses within the proposed RPA:
• Commercial
• Industrial
• Residential
• Recreational
• Hospitality
• Civic
S8 R Jcccjir n,j n C.:)m>v6o[,,)cr ent An:9v`rsors 17
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Map 6: Proposed Future Land Use
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ELIGIBLE COSTS
The Act outlines several categories of expenditures that can be funded using tax increment revenues. These
expenditures, referred to as eligible redevelopment project costs, include all reasonable or necessary costs
incurred or estimated to be incurred, and any such costs incidental to this Redevelopment Plan pursuant to
the Act. The Village may also reimburse private entities for certain costs incurred in the development and/or
redevelopment process. Such costs may include, without limitation, the following:
Costs of studies, surveys, development of plans and specifications, and implementation and
administration of the Redevelopment Plan including, but not limited to, staff and professional service
costs for architectural, engineering, legal, financial, planning or other services (excluding lobbying
expenses), provided that no charges for professional services are based on a percentage of the tax
increment collected, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(1).
2. The costs of marketing sites within the RPA to prospective businesses, developers and investors.
3. 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, site preparation, site improvements
that serve as an engineered barrier addressing ground -level or below -ground environmental
contamination, including, but not limited to parking lots and other concrete or asphalt barriers, and
the clearing and grading of land as more fully set forth in 65 ILCS 5/11-74.4-3(q)(2).
4. Costs of rehabilitation, reconstruction, or repair or remodeling of existing public or private buildings,
fixtures and leasehold improvements, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(3); and the costs
of replacing an existing public building if pursuant to the implementation of a redevelopment project,
the existing public building is to be demolished to use the site for private investment or devoted to a
different use requiring private investment.
5. Costs of the construction of public works or improvements, subject to the limitations in Section 11-
74.4-3(q)(4) of the Act.
6. Costs of job training and retraining projects, including the costs of "welfare to work" programs
implemented by businesses located within the RPA, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(5).
7. Financing costs, including but not limited to all necessary and incidental expenses related to the
issuance of obligations and which may include payment of interest on any obligations issued
hereunder including interest accruing during the estimated period of construction of any
redevelopment project for which such obligations are issued and for not exceeding 36 months
thereafter and including reasonable reserves related thereto.
8. To the extent the municipality by written agreement accepts and approves the same, all or a portion
of a taxing district's capital costs resulting from the redevelopment project necessarily incurred or to
be incurred within a taxing district in furtherance of the objectives of this Redevelopment Plan.
`a .,,fruruc:oman PJC,VeI al,aar P� It Advisor; 19
r8,11age of Mount PrOSz .:rere:t /SOLAffi 6VRcaiiroq Prospect RID FBMgiiN-Oiity Report and IRederovde';Ip neat Flain�
9, An elementary, secondary or unit school district's increased per pupil tuition costs attributable to net
new pupils added to the district living in assisted housing units will be reimbursed, as further defined
in the Act.
10. A library district's increased per patron costs attributable to net new persons eligible to obtain a library
card living in assisted housing units, as further defined in the Act.
11. Relocation costs to the extent that the municipality determines that relocation costs shall be paid or is
required to make payment of relocation costs by federal or state law, or by Section 11-74.4-3(n)(7) of
the Act.
12. Payment in lieu of taxes, as defined in the Act.
13. Costs of job training, retraining, advanced vocational education or career education, including, but
not limited to, courses in occupational, semi -technical or technical fields leading directly to
employment, incurred by one or more taxing districts, as more fully set forth in 65 ILCS 5/11-74.4-
3 (q)(10).
14. Interest costs incurred by a developer, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(11), related to
the construction, renovation or rehabilitation of a redevelopment project provided that:
a. Such costs are to be paid directly from the special tax allocation fund established, pursuant
to the Act;
b. Such payments in any one year may not exceed thirty percent (30%) of the annual interest
costs incurred by the developer with regard to the development project during that year;
C. If there are not sufficient funds available in the special tax allocation fund to make the payment
pursuant to this provision, then the amounts so due shall accrue and be payable when
sufficient funds are available in the special tax allocation fund;
d. The total of such interest payments paid, pursuant to the Act, may not exceed thirty percent
(30%) of the total of: (i) cost paid or incurred by the developer for the redevelopment project,
and (ii) redevelopment project costs excluding any property assembly costs and any
relocation costs incurred by the municipality, pursuant to the Act;
e, For the financing of rehabilitated or new housing for low-income households and very low-
income households, as defined in Section 3 of the Illinois Affordable Housing Act, the
percentage of seventy-five percent (75%) shall be substituted for thirty percent (30%) in
subparagraphs 14b and 14d above; and
f. Instead of the interest costs described above in paragraphs 14b and 14d, a municipality may
pay from tax incremental revenues up to fifty percent (50%) of the cost of construction,
renovation and rehabilitation of new housing units (for ownership or rental) to be occupied
by low-income households and very low-income households, as defined in Section 3 of the
Illinois Affordable Housing Act, as more fully described in the Act. If the units are part of a
residential redevelopment project that includes units not affordable to low- and very low -
SS, F6e cirran Advisors 20
aiBV,nge o• VlvlowO II'11'osipim I , rvol.litlln P✓k)11i.,uu,i O'uo,��lect IlroirA, - II lik"011b0itl V Report and Raikr �asc�lopnlmaon1: Plan
income households, only the low- and very low-income units shall be eligible for this benefit
under the Act.
Unless explicitly provided in the Act, the cost of construction of new privately -owned buildings shall not be an
eligible redevelopment project cost.
If a Special Service Area is established pursuant to the Special Service Area Tax Act, 35 ILCS 235/0.01 et seq.,
then any tax increment revenues derived from the tax imposed pursuant to the Special Service Area Tax Act
may be used within the RPA for the purposes permitted by the Special Service Area Tax Act as well as the
purposes permitted by the Act.
ESTIMATED REDEVELOPMENT PROJECT COSTS
The total eligible redevelopment project costs define an upper expenditure limit that may be funded using tax
increment revenues, exclusive of capitalized interest, issuance costs, interest, and other financing costs. The
totals of line items are not intended to place a limit on the described expenditures. Adjustments to the
estimated line -item costs are expected and may be made administratively by the Village without amendment
to this Redevelopment Plan, either increasing or decreasing line item costs because of changed redevelopment
costs and needs. Each individual project cost will be re-evaluated in light of projected private development
and resulting incremental tax revenues as it is considered for public financing under the provisions of the Act.
The estimated eligible costs of this Redevelopment Plan are shown in Table 1.
Additional funding in the form of state and federal grants, private developer contributions, and other outside
sources may be pursued bythe Village as a means of financing improvements and facilities within the proposed
RPA.
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Each private project within the proposed RPA receiving TIF benefits shall be governed by the terms of a written
redevelopment agreement entered into by a designated developer and the Village of Mount Prospect. This
Redevelopment Plan is estimated to be completed, and all obligations issued to finance redevelopment costs
are estimated to be retired, no later than December 31 of the year in which the payment to the Village provided
in the Act is to be made with respect to ad valorem taxes levied in the twenty-third calendar year following the
year in which the ordinance approving this proposed RPA is adopted. This Redevelopment Plan is estimated
to be completed, and all obligations issued to finance redevelopment costs shall be retired no later than
December 31, 2046, if the ordinances establishing the proposed RPA are adopted during 2022.
SOURCES OF FUNDS TO PAY COSTS
Funds necessary to pay for redevelopment project costs and/or municipal obligations, which may be issued or
incurred to pay for such costs, are to be derived principally from tax increment revenues and/or proceeds from
municipal obligations, which have as a repayment source tax increment revenue. To secure the issuance of
these obligations and the developer's performance of redevelopment agreement obligations, the Village may
require the utilization of guarantees, deposits, reserves, and/or other forms of security made available by
private sector developers. The Village may incur redevelopment project costs that are paid from the funds of
the Village other than incremental taxes, and the Village then may be reimbursed for such costs from
incremental taxes.
The tax increment revenue, which will be used to fund tax increment obligations and eligible redevelopment
project costs, shall be the incremental property tax revenues. Incremental property tax revenue is attributable
to the increase of the current EAV of each taxable lot, block, tract or parcel of property in the proposed RPA
over and above the certified initial EAV of each such property.
Other sources of funds, which may be used to pay for development costs and associated obligations issued or
incurred, include land disposition proceeds, state and federal grants, investment income, private investor and
financial institution funds, and other sources of funds and revenues as the municipality and developer may
deem appropriate.
The proposed RPA may be or become contiguous to or be separated only by a public right-of-way from, other
redevelopment areas created under the Act (65 ILCS 5/1174.4 4 et. seq.). The Village may utilize net incremental
property tax revenues received from the proposed RPA to pay eligible redevelopment project costs, or
obligations issued to pay such costs, in other contiguous redevelopment project areas, or those separated only
by a public right-of-way, and vice versa. The amount of revenue from the proposed RPA made available to
h11, I li kra Vo nan yW v0ru[)VU(NIy0rkdsor, 22
uIB aa.�gr,'^ anf' N�:�G.aiirro Prospect � cs�up:0o f 1eaa.uun6� n�" e �sp.y; r'a Ip f� 8�..figil�; hty Report and Re cje����G�21or.)me:rnt �'��V��an
support such contiguous redevelopment project areas, or those separated only by a public right-of-way, when
added to all amounts used to pay eligible redevelopment project costs within the proposed RPA, shall not at
any time exceed the Total Redevelopment Project Costs described in Table 1 of this Redevelopment Plan.
ISSUANCE OF OBLIGATIONS
To finance project costs, the Village may issue bonds or obligations secured by the anticipated tax increment
revenue generated within the proposed RPA, or such other bonds or obligations as the Village may deem as
appropriate. The Village may require the utilization of guarantees, deposits or other forms of security made
available by private sector developers to secure such obligations. In addition, the Village may provide other
legally permissible credit enhancements to any obligations issued pursuant to the Act.
All obligations issued by the Village pursuant to this Redevelopment Plan and the Act shall be retired within
the timeframe described under "Phasing, Scheduling of the Redevelopment, and Estimated Dates of
Completion" above. Also, the final maturity date of any such obligations that are issued may not be later than
20 years from their respective dates of issue. One or more of a 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 and
interest on all obligations issued by the Village shall not exceed the amounts available from tax increment
revenues, or other sources of funds, if any, as may be provided by ordinance. Obligations may be of parity or
senior/junior lien nature. Obligations issued may be serial or term maturities, and may or may not be subject
to mandatory, sinking fund or optional redemptions.
In addition to paying redevelopment project costs, tax increment revenues may be used for the scheduled
and/or early retirement of obligations, and for reserves and bond sinking funds.
MOST RECENT EQUALIZED ASSESSED VALUE OF PROPERTIES IN THE PROPOSED RPA
The purpose of identifying the most recent EAV of the proposed RPA is to provide an estimate of the initial
EAV for the purpose of annually calculating the incremental EAV and incremental property taxes of the
proposed RPA. The 2020 EAV (the most recent year in which final assessed values and equalization factor were
available) of all taxable parcels in the proposed RPA is $152,173,065. This total EAV amount by property index
number ("PIN") is summarized in Appendix 4. The EAV is subject to verification by the Cook County Assessor's
Office. After verification, the final figure shall be certified by the Cook County Clerk and shall become the
"Certified Initial EAV" from which all incremental property taxes in the proposed RPA will be calculated by the
County.
ANTICIPATED EQUALIZED ASSESSED VALUE
By tax year 2045 (collection year 2046), the total taxable EAV for the proposed RPA is anticipated to be
approximately $268 million.
Impact of the Redevelopment Project
This Redevelopment Plan is expected to have short and long-term financial impacts on the affected taxing
districts. During the period when TIF is utilized, real estate tax increment revenues from the increases in EAV
over and above the Certified Initial EAV (established at the time of adoption of this document) may be used
:afB 6 rpedniawi li;men°dop rnen t Adv�sors 23
vW g'-' of Mount P ruspect f South Mr, LMI R'0.5prz 0 IfUA, - d Ilu(j'ol' dity Report and Irempev^dopirnent IMan
to pay eligible redevelopment project costs for the proposed RPA. To the extent that property tax increment
is not required for such purposes, revenues shall be declared surplus and become available for distribution
annually to area taxing districts in the manner provided by the Act. At the time when the proposed RPA is no
longer in place under the Act, the real estate tax revenues resulting from the redevelopment of the proposed
RPA will be distributed to all taxing district levying taxes against property located in the proposed RPA. These
revenues will then be available for use by the affected taxing districts.
DEMAND ON TAXING DISTRICT SERVICES AND PROGRAMS TO ADDRESS FINANCIAL AND SERVICE
IMPACT
In 1994, the Act was amended to require an assessment of any financial impact of a redevelopment project
area on, or any increased demand for service from, any taxing district affected by the redevelopment plan, and
a description of any program to address such financial impacts or increased demand.
Replacement of underutilized buildings and sites with active and more intensive uses may result in additional
demands on services and facilities provided by the districts. Given the preliminary nature of this Redevelopment
Plan, specific fiscal impacts on the taxing districts and increases in demand for services provided by those
districts cannot accurately be assessed within the scope of this Plan. At this time, no special programs are
proposed for these taxing districts. The Village intends to monitor development in the area and should demand
increase, the Village intends to work with the affected taxing districts to determine what, if any, program is
necessary to provide adequate services.
The following taxing districts presently levy taxes on properties within the proposed RPA
• Cook County
• Consolidated Elections
• Cook County Forest Preserve District
• Elk Grove Township
• Elk Grove General Assistance
• Elk Grove Road Fund
• Elk Grove Rural Fire Protection District
• Cook County School District 59
• Arlington Heights Township HS 214
• Harper Community College District 512
• Mount Prospect Park District
• Greater Chicago Metro Water Reclamation District
• Northwest Mosquito Abatement district
• Village of Mount Prospect
• Village of Mount Prospect Library Fund
• Village of Mount Prospect Special Service Area 5
Srt t�)Icu di rna n Development Aat+m sore 24
V01111ag ,= of hmouni Pi rpawpem.d / South Mount Prospect RPA . FSfimjuP Oily Report a ncl Okt.c.Peveekip irne.nt Nan
Required Tests and f=indings
As a part of establishing the proposed RPA, the following additional findings must be made:
FINDING 1: LACK OF GROWTH AND DEVELOPMENT THROUGH PRIVATE INVESTMENT
The Village is required to evaluate whether the proposed RPA has been subject to growth and development
through private investment and must substantiate a finding of lack of such investment. Limited private
investment has occurred in the proposed South Mount Prospect RPA during the past six years (2016-2021), as
demonstrated by the following:
o LIMITED CONSTRUCTION -RELATED PERMIT ACTIVITY. Building permit data provided by the Village
indicates that there has been an annual average investment of approximately $950,000 each year over
the past six years from 2016 to 2021. This investment has included interior remodeling of commercial
spaces, plumbing and electrical work, but only six instances of building exterior or facade remodels,
three instances of commercial additions or expansions. There has been no new construction. Thus, the
proposed RPA has not been subject to growth and development through investment by private
enterprise.
Finding: The proposed RPA, on the whole, has not been subject to growth and development through investment
by private enterprise.
FINDING 2: "BUT FOR..." REQUIREMENT
The Village is required to find that the proposed RPA would not reasonably be anticipated to be developed
without the adoption of this Redevelopment Plan.
Without the support of public resources, the redevelopment objectives for the proposed RPA would most likely
not be realized. The investments required to update and maintain buildings exhibiting deterioration,
inadequate utilities, a lack of planning, and that are below minimum code throughout the proposed South
Mount Prospect RPA are extensive and costly, and the private market, on its own, has shown little ability to
absorb all of these costs. Public resources to assist with public improvements and project -specific development
costs are essential to leverage private investment and facilitate area -wide redevelopment.
Finding: But for the adoption of this Redevelopment Plan, critical resources will be lacking to support the
redevelopment of the proposed RPA, and the proposed RPA would not reasonably be anticipated to be
redeveloped.
FINDING 3: CONTIGUITY
No RPA can be designated unless a plan and project are approved prior to the designation of the area; and
the area can only include those contiguous parcels that are to be substantially benefited by the proposed
redevelopment project improvements.
Finding: The proposed RPA includes only those contiguous parcels of real property that are expected to benefit
substantially from the proposed Redevelopment Plan and Project.
SBI 0=oua-dm xq D evexVablprne nt d",.o-MSOTS 25
ulld'<ae cs fi � aargt V'�ra:a a �x o(jt'.[4 Vtrlloa.n'ut Prospe.ct. Ba FIA V:A' gHL)��My Report and m� c evrlOraP:rivrent �Nan
FINDING 4: CONFORMANCE TO THE PLANS OF THE VILLAGE
The Redevelopment Plan and Project must conform to the comprehensive plan for the development of the
municipality as a whole.
The 2017 Comprehensive Plan identifies the proposed RPA as a "Mixed -Use District" for the Village, as indicated
in the Growth, Preservation, and Opportunities section of the 2017 Comprehensive Plan. The Connect South
Mount Prospect Sub -Area Plan also identified most of the proposed RPA as a "Mixed -Use District". Areas of
the RPA excluded from the "Mixed -Use District" include the existing commercial and park land uses north of
Dempster Street as well as the existing commercial land uses in the northwest corner of the RPA along Busse
Road and Dempster Street. These areas will remain their current land uses. Additionally, the 2017
Comprehensive Plan and Connect South Mount Prospect Sub -Area Plan (2020) contemplate converting
existing single family lots along Dempster Street to accommodate multi -family housing.
All aspects of this Redevelopment Plan are in agreement with, but subservient to, plans made in the Village's
2017 Plan and the Connect South Mount Prospect Sub -Area Plan (2020).
Finding: The South Mount Prospect Redevelopment Pian conforms to and proposes predominant land uses that
are consistent with the Comprehensive Plan,
FINDING 5: HOUSING IMPACT AND RELATED MATTERS
As set forth in the Act, if a redevelopment plan for a redevelopment project area would result in the
displacement of residents from 10 or more inhabited residential units, or if the redevelopment project area
contains 75 or more inhabited residential units and a municipality is unable to certify that no displacement will
occur, the municipality must prepare a Housing Impact Study and incorporate the study into the
Redevelopment Plan and Project document.
Finding: SB Friedman found that there are approximately 5 housing units within the proposed RPA. The Village
hereby certifies that the Redevelopment Plan will not result in the displacement of residents from 10 or more
inhabited residential units as a result of activities pursuant to this Redevelopment Plan. Therefore, a Housing
Impact Study is not required under the Act.
FINDING 6: ESTIMATED DATES OF COMPLETION
As set forth in the Act, the redevelopment plan must establish the estimated dates of completion of the
redevelopment project and retirement of obligations issued to finance redevelopment project costs.
Finding: The estimated dates of completion of the project and retirement of obligations are described in "Phasing
and Scheduling of the Redevelopment" above. This Redevelopment Plan is estimated to be completed, and all
obligations issued to finance redevelopment costs shall be retired no later than December 31, 2046, if the
ordinances establishing the proposed RPA are adopted during 2022.
SIt G riednni an II[)evr;A0Paar ent Pmdvi nese 26
VlNege of Mount Prospec /South Mount prospect RPA-E|igibdity Report and RedevdopirnerO Non
This Redevelopment Plan and Project document may be amended pursuant to the provisions of the Act.
Commitment to Fair Employment Practices and an Affirmative Action Plan
The Village mfMount Prospect hereby affirms its commitment to fair employment practices and an affirmative
action plan.
27
Appendix 1: Limitations of the Eligibility Report and
Consultant Responsibilities
The Eligibility Report covers events and conditions that were determined to support the designation of the
proposed Redevelopment Project Area ("RPA" or "TIF District") as a "conservation area" under the Act at the
completion of our field research in November -December 2021 and not thereafter. These events or conditions
include, without limitation, governmental actions and additional developments.
This Eligibility Report, Redevelopment Plan and Project, (the "Report") summarizes the analysis and findings of
the consultant's work, which, unless otherwise noted, is solely the responsibility of SB Friedman. The Village is
entitled to rely on the findings and conclusions of the Report in designating the proposed RPA as a
redevelopment project area under the Act. SB Friedman has prepared the Report with the understanding that
the Village would rely: (1) on the findings and conclusions of this Redevelopment Plan in proceeding with the
designation of RPA and the adoption and implementation of this Redevelopment Plan; and (2) on the fact that
SB Friedman has obtained the necessary information including, without limitation, information relating to the
equalized assessed value of parcels comprising the proposed RPA, so that the Report will comply with the Act
and that the proposed RPA can be designated as a redevelopment project area in compliance with the Act.
The Report is based on estimates, assumptions and other information developed from research of the market,
knowledge of the industry, and meetings during which we obtained certain information. The sources of
information and bases of the estimates and assumptions are stated in the Report. Some assumptions inevitably
will not materialize, and unanticipated events and circumstances may occur. Therefore, actual results achieved
will necessarily vary from those described in our Report, and the variations may be material.
The terms of this engagement are such that we have no obligation to revise the Report to reflect events or
conditions which occur subsequent to the date of the Report. These events or conditions include, without
limitation, economic growth trends, governmental actions, additional competitive developments, interest rates
and other market factors. However, we will be available to discuss the necessity for revision in view of changes
in economic or market factors.
Preliminary Tax Increment Financing (TIF) projections were prepared for the purpose of estimating the
approximate level of increment that could be generated by proposed projects and other properties within the
proposed TIF District boundary and from inflationary increases in value. These projections were intended to
provide an estimate of the final equalized assessed value (EAV) of the proposed TIF District.
As such, our report and the preliminary projections prepared under this engagement are intended solely for
the Village's information, for the purpose of establishing a TIF District. These projections should not be relied
upon for purposes of evaluating potential debt obligations or by any other person, firm or corporation, or for
any other purposes. Neither the Report nor its contents, nor any reference to our Firm, may be included or
quoted in any offering circular or registration statement, appraisal, sales brochure, prospectus, loan or other
agreement or document intended for use in obtaining funds from individual investors, without prior written
consent.
SB 28
Appendix 2: Glossary
Factors for Improved Land
Dilapidation. An advanced state of disrepair or neglect of necessary repairs to the primary structural
components of buildings or improvements in such a combination that a documented building condition
analysis determines that major repair is required or the defects are so serious and so extensive that the
buildings must be removed.
Obsolescence. The condition or process of falling into disuse. Structures have become ill-suited for the original
use.
Deterioration. With respect to buildings, defects including but not limited to, major defects in the secondary
building components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to
surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and
surface storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes,
depressions, loose paving material and weeds protruding through paved surfaces.
Presence of Structures below Minimum Code Standards. All structures that do not meet the standards of
zoning, subdivision, building, fire and other governmental codes applicable to property, but not including
housing and property maintenance codes.
Illegal Use of Individual Structures. The use of structures in violation of the applicable federal, state or local
laws, exclusive of those applicable to the Presence of Structures below Minimum Code Standards.
Excessive Vacancies. The presence of buildings that are unoccupied or underutilized and that represent an
adverse influence on the area because of the frequency, extent or duration of the vacancies.
Lack of Ventilation, Light or Sanitary Facilities. The absence of adequate ventilation for light or air circulation
in spaces or rooms without windows, or that require the removal of dust, odor, gas, smoke, or other noxious
airborne materials. Inadequate natural light and ventilation means the absence of skylights or windows for
interior spaces or rooms and improper window sizes and amounts by room area to window area ratios.
Inadequate sanitary facilities refers to the absence or inadequacy of garbage storage and enclosure, bathroom
facilities, hot water and kitchens, and structural inadequacies preventing ingress and egress to and from all
rooms and units within a building.
Inadequate Utilities. Underground and overhead utilities, such as storm sewers and storm drainage, sanitary
sewers, water lines, and gas, telephone, and electrical services that are shown to be inadequate. Inadequate
utilities are those that are: (i) of insufficient capacity to serve the uses in the redevelopment project area, (ii)
deteriorated, antiquated, obsolete, or in disrepair, or (iii) lacking within the redevelopment project area.
Excessive Land Coverage and Overcrowding of Structures and Community Facilities. The over -intensive
use of property and the crowding of buildings and accessory facilities onto a site. Examples of problem
"sir$ Furr dirnn.' 'r Acki cors 29
Al,mape of IMol"Int "rosp: eo / Sow[, mea,,i, "r'1A - Elityiiyz hty^ R013�od, and d''"edew-flopmnme,rnt 1Man
conditions warranting the designation of an area as one exhibiting excessive land coverage are: (i) the presence
of buildings either improperly situated on parcels or located on parcels of inadequate size and shape in relation
to present-day standards of development for health and safety, and (ii) the presence of multiple buildings on
a single parcel. For there to be a finding of excessive land coverage, these parcels must exhibit one or more of
the following conditions: insufficient provision for light and air within or around buildings, increased threat of
spread of fire due to the close proximity of buildings, lack of adequate or proper access to a public right-of-
way, lack of reasonably required off-street parking, or inadequate provision for loading and service.
Deleterious Land Use or Layout. The existence of incompatible land use relationships, buildings occupied by
inappropriate mixed -uses, or uses considered to be noxious, offensive or unsuitable for the surrounding area.
Environmental Clean -Up. The proposed redevelopment project area has incurred Illinois Environmental
Protection Agency or United States Environmental Protection Agency remediation costs for, or a study
conducted by an independent consultant recognized as having expertise in environmental remediation has
determined a need for, the clean-up of hazardous waste, hazardous substances, or underground storage tanks
required by state or federal law, provided that the remediation costs constitute a material impediment to the
development or redevelopment of the redevelopment project area.
Lack of Community Planning. The proposed redevelopment project area was developed prior to or without
the benefit or guidance of a community plan. This means that the development occurred prior to the adoption
by the municipality of a comprehensive or other community plan, or that the plan was not fol lowed at the time
of the area's development. This factor must be documented by evidence of adverse or incompatible land use
relationships, inadequate street layout, improper subdivision, parcels of inadequate shape and size to meet
contemporary development standards, or other evidence demonstrating an absence of effective community
planning.
Lack of Growth in Equalized Assessed Value. The total equalized assessed value of the proposed
redevelopment project area has declined for three (3) of the last five (5) calendar years prior to the year in
which the redevelopment project area is designated; or is increasing at an annual rate that is less than the
balance of the municipality for three (3) of the last five (5) calendar years for which information is available; or
is increasing at an annual rate that is less than the Consumer Price Index for All Urban Consumers published
by the United States Department of Labor or successor agency for three (3) of the last five (5) calendar years
prior to the year in which the redevelopment project area is designated.
SB d:,iJodyn ,-iim Advisor,, 30
Appendix 3: Proposed South Mount Prospect RPA
Boundary Legal Description
OF PROPERTY DESCRIBED AS:
THOSE PARTS OF SECTIONS 14, 22, 23 AND 26, ALL IN TOWNSHIP 41 NORTH, RANGE 8 EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS;
BEGINNING AT THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 23;
THENCE SOUTHERLY ALONG THE EAST LINE OF SAID NORTHEAST QUARTER TO THE EASTERLY
EXTENSION OF THE SOUTH LINE OF DEMPSTER STREET; THENCE WESTERLY ALONG SAID
EXTENSION AND SAID SOUTH LINE TO THE EAST LINE OF THE WEST 479.60 FEET OF THE NORTH
HALF OF THE NORTHEAST QUARTER OF SAID NORTHEAST QUARTER OF SECTION 23; THENCE
SOUTH ALONG SAID EAST LINE TO THE NORTH LINE OF LOT 2 IN LAKE CENTER, PLAZA
RESUBDIVISION PER DOCUMENT NUMBER 0819145106; THENCE EASTERLY ALONG SAID NORTH
LINE TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE SOUTHERLY THE FOLLOWING (4)
COURSES ALONG THE EASTERLY LINE OF SAID LOT 2; (1) THENCE SOUTH 270.28 FEET TO A
BEND POINT; (2) THENCE WESTERLY 20.07 FEET TO A BEND POINT; () THENCE SOUTH 397.41
FEET TO A POINT OF CURVATURE; (4) THENCE SOUTHERLY ALONG A CURVE CONCAVE
WESTERLY HAVING A RADIUS OF 466.07 FEET, AN ARC LENGTH OF 71.51 FEET TO THE
SOUTHEAST CORNER OF SAID LOT 2; THENCE WESTERLY ALONG THE SOUTH LINE OF SAID LOT
2, A DISTANCE OF 422.28 FEET TO THE NORTHWEST CORNER OF LOT 1 IN SAID LAKE CENTER,
PLAZA RESUBDIVISION; THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF
980.71 FEET TO THE NORTHWEST CORNER OF LOT 1 IN LAKE CENTER PLAZA RESUBDIVISION
NO. 2 PER DOCUMENT NUMBER 91321871; THENCE SOUTHERLY ALONG THE WESTERLY LINE
OF SAID LOT 1, A DISTANCE OF 187.19 FEET TO THE NORTH LINE OF ALGONQUIN ROAD; THENCE
SOUTHWESTERLY TO THE NORTHEAST CORNER OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SAID SECTION 23; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID WEST
HALF 289.0 FEET TO THE EASTERLY EXTENSION OF THE NORTH LINE OF LOT 15 IN ELMHURST-
ALGONQUIN INDUSTRIAL PARK -UNIT NO. 8 SUBDIVISION PER DOCUMENT NUMBER 20409121;
THENCE WESTERLY ALONG SAID EASTERLY EXTENSION AND NORTH LINE OF SAID LOT 15, A
DISTANCE OF 341.54 FEET TO THE NORTHWEST CORNER OF SAID LOT 15; THENCE SOUTHERLY
ALONG THE WEST LINE OF SAID ELMHURST-ALGONQUIN INDUSTRIAL PARK -UNIT NO. 8
SUBDIVISION 539.36 FEET TO THE NORTH LINE OF THE SOUTH 1175.0 FEET OF THE NORTH
THREE-QUARTERS OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 23;
THENCE EAST ALONG SAID NORTH LINE 4.0 FEET TO THE NORTHWEST CORNER OF DENNES
RESUBDIVISION PER DOCUMENT NUMBER 25198789; THENCE SOUTHERLY ALONG THE WEST
LINE OF SAID DENNES RESUBDIVISION 1110.85 FEET TO THE SOUTHWEST CORNER OF LOT 2 IN
SAID DENNES SUBDIVISION; THEN EASTERLY ALONG THE SOUTH LINE OF SAID LOT 2, A
DISTANCE OF 339.52 FEET TO SAID EAST LINE OF THE WEST HALF OF THE SOUTHEAST
QUARTER; THENCE SOUTHERLY ALONG SAID EAST LINE OF THE WEST HALF TO THE SOUTH
LINE OF OAKTON STREET; THENCE WESTERLY ALONG SAID SOUTH LINE OF OAKTON STREET
TO THE SOUTHERLY EXTENSION OF THE EAST LINE OF LOT 2 IN GARLAND C. RICHARDSON'S
SUBDIVISION PER DOCUMENT NUMBER 16662336; THENCE NORTHERLY ALONG SAID
EXTENSION AND SAID EAST LINE OF LOT 2 TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE
WESTERLY ALONG THE NORTH LINE OF SAID LOT 2 TO THE EASTERLY LINE OF SAID 1-90 TOLL
ROAD; THENCE NORTHWESTERLY ALONG SAID EASTERLY LINE TO THE SOUTH LINE OF ABACUS
CONSOLIDATION OF LOTS 3 AND 4 PER DOCUMENT NUMBER 08009531; THENCE EASTERLY
ALONG SAID SOUTH LINE AND THE SOUTH LINE OF BUSSE ROAD INDUSTRIAL PARK
SUBDIVISION PER DOCUMENT 904723385 TO THE WEST LINE OF BUSSE ROAD; THENCE
If ircara::Ux���uan 4De�rc�6 Djprr�ent .��kdviisoirs 31
vijll arj�3 of I'Ya��nmt Diro,,poct /'aouth Mrrr. M Prospect R1'PA, �'iV:roOiG,� 1��,�i,:a��!s�� �i�or�R Rea rwc�kgjrruent Man
NORTHERLY ALONG SAID WEST LINE OF BUSSE ROAD TO THE WESTERLY EXTENSION OF THE
NORTH LINE OF LOT 1 IN PLAZA UNITED RESUBDIVISION OF LOT 1 PER DOCUMENT NUMBER
96489523; THENCE THE FOLLOWING (3) COURSES ALONG SAID EXTENSION AND NORTH LINE;
(1) THENCE EAST ALONG SAID EXTENSION AND NORTH LINE TO A BEND POINT; (2) THENCE
SOUTHEASTERLY 116.13 FEET TO A BEND POINT; (3) THENCE SOUTHEASTERLY 353.13 FEET TO
THE MOST SOUTHERLY CORNER OF LOT 2 IN SAID PLAZA UNITED RESUBDIVISION; THENCE THE
FOLLOWING (4) COURSES ALONG THE EASTERLY LINE OF SAID LOT 2; (1) THENCE
NORTHEASTERLY 52.09 FEET; (2) THENCE NORTH 170 FEET; (3) THENCE EASTERLY 39 FEET; (4)
THENCE NORTH 250.43 FEET TO THE NORTHEAST CORNER OF SAID LOT 2; THENCE NORTHERLY
ALONG THE NORTHERLY EXTENSION OF SAID EASTERLY LINE OF LOT 2 TO THE NORTH LINE OF
DEMPSTER STREET; THENCE EASTERLY ALONG SAID NORTH LINE OF DEMPSTER STREET TO
THE NORTHERLY EXTENSION OF THE EAST LINE OF LOT 1 IN BRIARWOOD BUSINESS CENTER
SUBDIVISION PER DOCUMENT NUMBER 0627931120; THENCE SOUTHERLY ALONG SAID
NORTHERLY EXTENSION AND SAID EAST LINE OF LOT 1 TO THE SOUTH LINE OF LOT 2 IN
LINNEMAN'S DIVISION PER DOCUMENT NUMBER 15716544; THENCE EASTERLY ALONG SAID
SOUTH LINE OF LOT 2 TO THE EAST LINE OF THE WEST HALF OF THE NORTHEAST QUARTER OF
SAID SECTION 23; THENCE NORTHERLY ALONG SAID EAST LINE TO THE SOUTHEAST CORNER
OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 14; THENCE NORTHERLY
ALONG THE EAST LINE OF SAID WEST HALF OF THE SOUTHEAST QUARTER OF SECTION 14 TO
THE NORTHEAST CORNER OF PICKWICK COMMONS SUBDIVISION PER DOCUMENT NUMBER
20563555; THENCE WESTERLY ALONG THE NORTH LINE OF SAID PICKWICK COMMON
SUBDIVISION AND THE NORTH LINE OF LOT 1 IN SAID LINNEMAN'S DIVISION TO THE WEST LINE
OF SAID WEST HALF OF THE SOUTHEAST QUARTER SECTION 14; THENCE NORTH ALONG SAID
WEST LINE TO THE SOUTHERLY LINE OF THE COMMONWEALTH EDISON'S RIGHT-OF-WAY;
THENCE NORTHEASTERLY ALONG SAID SOUTHERLY LINE TO A BEND POINT; THENCE
CONTINUING EAST ALONG SAID SOUTHERLY LINE TO THE EAST LINE OF SAID SOUTHEAST
QUARTER OF SECTION 14; THENCE SOUTHERLY ALONG SAID EAST LINE TO THE PLACE OF
BEGINNING.
S13 Friedman 32
Appendix 4: List of PINS in
Proposed South Mount Prospect RPA
S'.1, Rlakinan Devcdoprnent AcMsors 33
1
73
0823 10001 8
7�82320005
$20,013,623
7
2
1
$4,686,882
10101
23 4
0 , 09
$1,240,509
4
0823200052
$1,76..5,079
5
0823101015
$987,166
6
0823101016
$443.,353
7
0823101017
$634,800
. ......... . ..... -
8
...... .
0823101020
$431,936
90823101024
$352,279
10
. .........
082.3101032
$483,510
11
0823101033
$632,592
12
0823101034
$377,138
13
0823101036
$1,448,077
14
0823101037
$566,548
15
0823101038
$439,188
16
0823101041
$185,346
17
0823300047
$551,740
18
0823100012
$2,187,112
..........
19
0823101044
$115,804
20
0823101045
$3,294,553
21
0823100020$141,066,918
22
0823101047
$664,020
23
0823101051
$728,292
24,
0823101055
$1,879,239
25
0823101058
$742,517
26
0823100021
$3,213,727
27
0823101059
$625,365
28
0823101062
$2,141,189
29
0823300007
$1,178,736
30
0823102005
.... $5.1262,055
31
0823202050
$5"802,120 '
32
0823102006
$4,694,295
33
0823102007
$2,094,910
340=823102009
$3,198,138 J
S'.1, Rlakinan Devcdoprnent AcMsors 33
a ge of mouin I 6 I ro,q-,Iect / Soultl ll/oul It I I rospect RPA - FlqlibI! ty R(� I!-) oll I -I ild I I edevekipmen Pkill,
34
SIF, Fricrlrnan Dev6olpmon, Axlvi,rors
0823202008
$1,054,049
35
36
0823202009
$785,704
37I
0823202013
$1,447,722
38
0823202017
$1,145,197
39
0823202022
$1,305,480
40
082.3202023
$406,052
41
0823202024
$288,269
42
0823202025
$647,442
43
0823202032
$1,973,530
44
0823300006
$921,796
45
0823 202034
$1,306,683
46
0823.300051
$549,..612
47
0823202035
$662,879
48
0823202036
$754,327
49
0823202037
$425,995
. ......... 1
50
. ..... . . .
0823202038
$241,755
51
0823202042
$2,.3.06,475--.
52
0823101060
$294,967
53
0823202044
$1,156,098
. ..... ........-W_ -
54
0823300017
$680,134
55
0822401019
$643,890
56
0823300018
...............
$545,751
57
0823300024
$247,419
58
0823300025
$402,880
59
0823300026
$483,510
60
0823101052
$615,070
61
10823300027
$283,218
62
0823300028
$283,782
63
0823300029
$1,514,992
64
0823300030
$293,304
65
0823300031
$30,287
66
0823300036
$1,435,154
67
0823300049
-
$1,590,687
- ------- -
68
. . ......... -
0823300053
$518,052
69
0823300054
$1,607,242
. ...........
70
0823301003
$2,958,875
71
0823301006
$718,741
72
0823301007
$1,598,810
73
0823301008
$1,708,205
74
..... ......
.
1 0823301009
$851,400
34
SIF, Fricrlrnan Dev6olpmon, Axlvi,rors
VHlage of Mount Pro"pect / Sojthj M� ..mnt Praq)ecl, RPA - VHrO)ONtyRep(-j 311,j�j 'wc&svc^ c�jjrnent Nan
S8 Filpdw,wIDE�VrOloprnent Advi,,oirs 35
75
0823202041
9
. ...... $1,173,904
76
08234000..904
$1,274,845
77
77
n22 400no,
0823400008
$3,305171
78
0823101035
$502,850
79
0823400015
$1,753,539
80
0823400011
$275,646
81
0823400016
$615,669
82
0823400017
$1,916,041
83
0823300055
$275,085
84
0823400009
$254,368
85
082340.0018
$431,707
86
0823400019
$2,349,855
87
0823400020
$867,091
88
0823101048
$244,534
. ....
89
0823400021
$473,656
90
0823400022
$2,807,894
91
0823300023
$283,898
92
0823101064
$456,005
93
0823101061
$400,765
94
0823102011
$137,143
95
0823300058 --.--$75,476
96
0823202046 .....
$109,644
97
... ......
0823202047
$87,712
98
.
...... . ....
0823400010
$69,635
99
0823401004
$59,620
100
...............
0823101026 . .
. ....... . .... $.509,294
101
08233..00057
$35,754
102
0823101009
$41,543
103
0823101057
$35,490
104
08231010 56
.......... ......
.......... $33,394
105
..... . . .
0823300022
$30,181
106
0823102008
$3,584
107
0823101046
$0
108
0823202039
$0
109
0823202007
$2,202
110
0823401033
$570,687
111
0823300050
$695,088
112
.... . ....
0823101063
$392,987
113
0823201007
$93,717
L_1.14
0823201018
$96,370
S8 Filpdw,wIDE�VrOloprnent Advi,,oirs 35
VdHage of Mount Flirosi--)ect / soutl�j �\Ijotj�-�t Prospect RIPA -- I!". fiq�bMty Report and RedCIVC,!�O[WWIE�r�t N�V�
Source: Cook County, SB Friedman
36
115
0823201020
$96,080
116
0823201080
�$7 7, 2
117
0823201081
$97,598
118
0823201082
$70,557
119
0823201083
$77,926
120
0823201084
$147,264
121
0814401018
$0
12
0814401019
$0
123
0814403015
$0
124
0814403016
$ 0
125
0814403021
$840,502
126
0814403024
$499,627
127
0814403029
$501,638
128
0814403030
$148,054
129
0823203042
$3,060,348
Total
$152,173,065
Source: Cook County, SB Friedman
36