HomeMy WebLinkAboutRes 35-25 11/18/2025 Approving A Public Improvements Agreement Between The Village Of Mount Prospect And Tur Ventures LLC For Off-Site Public Improvements Related To The Mount Prospeect Technology CampusRESOLUTION NO. 35-25
A RESOLUTION APPROVING A PUBLIC IMPROVEMENTS AGREEMENT BETWEEN THE VILLAGE OF MOUNT
PROSPECT AND TUR VENTURES LLC FOR OFF -SITE PUBLIC IMPROVEMENTS RELATED TO THE
MOUNT PROSPECT TECHNOLOGY CAMPUS
WHEREAS, Tur Ventures, LLC, a Delaware limited company ("Developer"), is the owner of the property located at
1200 E. Algonquin Road and 1200 Dempster Street in the Village of Mount Prospect, Illinois (the "Property"); and
WHEREAS, pursuant to Ordinance No. 6811 adopted on October 28, 2025 (the "PUD Ordinance"), the Village
granted amended planned unit development ("PUD") approvals for the Mount Prospect Technology Campus
Planned Unit Development on the Property, including approval of a final plat of subdivision and final PUD plans for
the development of a data center campus (the "Project"); and
WHEREAS, in connection with the Project, the Developer is required to construct certain off -site public
improvements and to contribute funds toward the cost of other off -site public improvements, as set forth in the
Public Improvements Agreement ("Agreement") between the Village and the Developer, and
WHEREAS, the Agreement delineates the respective responsibilities of the Village and the Developer regarding
the design, financing, and construction of: (i) roadway, path, crosswalk, and lighting improvements within the
Algonquin Road right-of-way; and (ii) park improvements to be completed at the Mount Prospect Park District's
RecPlexfacility; and
WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect find it to be in the best interests of
the Village and its residents to approve the Agreement in substantially the form attached hereto and made a part
hereof;
NOW THEREFORE BE IT ORDAINED/RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
The Public Improvements Agreement by and between the Village of
Mount Prospect and Tur Ventures, LLC, substantially in the form attached hereto as Exhibit A, is hereby
approved.
The Village Manager is hereby authorized and directed to execute
said Agreement on behalf of the Village, with such minor changes as the Village Manager and Village Attorney
may deem necessary or appropriate, and the Village Clerk is authorized and directed to attest the same
This Resolution shall be in fullforce and effect immediately upon its passage
and approval in the manner provided by law.
AYES: Dante, DiPrima, Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 18th day of Novemb(
ATTEST:
Karen M. Agoranos, illage Clerk
PUBLIC IMPROVEMENTS AGREEMENT
This Public Improvements Agreement ("Agreement") is entered into this 181h day of
November, 2025 ("Effective Date") by and between the Village of Mount Prospect, an Illinois
home rule municipality, ("Village") and Tur Ventures LLC, a Delaware limited liability
company ("Developer").
RECITALS
A. Pursuant to a petition filed by Developer with the Village, and after all required
notices, public hearings, and meetings, the corporate authorities of the Village
adopted Ordinance No. 6811 on October 28, 2025 (the "PUD Ordinance") granting
certain amended development approvals for the property located at 1200 E.
Algonquin Road and 1200 Dempster Street within the Village (the "Property").
B. Specifically, the PUD Ordinance amended Village of Mount Prospect Ordinance 6634
regarding development approvals for the Mount Prospect Technology Campus
Planned Unit Development on the Property, including approval of: (i) a final plat of
subdivision and (ii) a PUD amendment and final PUD plans (the "Approved Plans")
for a data center campus consisting of two data center buildings comprising
approximately 2,172,000 square feet in total, two electrical substations, a
mechanical yard, and other related site improvements on the Property (collectively,
the "Project").
C. Developer is the owner of the Property and proposes to complete the Project in
accordance with the PUD Ordinance and the Approved Plans.
D. In connection with the Project, the Developer (or its successor in title) will construct
certain off -site public improvements shown on the Approved Plans and will make
monetary contributions to the Village to fund certain other off -site public
improvements as set forth in this Agreement.
E. The Village and Developer desire to enter into this Agreement to delineate their
respective responsibilities for the construction and financingof certain off -site public
improvements, as further described below.
In consideration of the covenants and provisions set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby mutually
acknowledged, the parties hereto agree as follows:
1. I ncorporali on + ......... Re .ft 1.. The recitals set forth above are hereby
incorporated herein by reference and are determined to be true and correct.
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2, Off ..,$ikyp.,.rmrrrn.:,- #g wry. Subject to payment by Developer of
the Contributions provided in Section 4 of this Agreement, the Village shall be responsible
for designing, engineering, and constructing or installing: (i) a public path and street lighting
within the Algonquin Road right-of-way from Linneman Road to the western edge of the
Property and crosswalk and signalization improvements at the intersection of Algonquin
Road and Linneman Road (collectively, the "ROW Improvements"), and (ii) a "splash pad"
and related improvements at the RecPlex, which is owned by the Mount Prospect Park
District and is located north of Dempster Street between Linneman Road and Elmhurst Road
(the "Park Improvements," and, collectively with the ROW Improvements, the "Village
Improvements"). The parties acknowledge that the Village intends to complete the Park
Improvements in coordination with the Mount Prospect Park District pursuant to a separate
intergovernmental agreement. Other than payment of the Contributions, as defined in
Section 4, Developer shall have no obligation to construct the Village Improvements or to
furnish any public improvement, maintenance, or construction nuisance abatement
sureties ("Development Sureties") for the Village Improvements.
3. Offnsite[Irr p iv trtl. l f _- N p t Woy Developer shall be responsible
for constructing or installing, at its sole cost and expense, the Developer Improvements. As
used herein, the term "Developer Improvements" shall mean those off -site public
improvements depicted on the Approved Plans that are not Village Improvements. The
Developer Improvements shall be subject to all applicable Development Surety
requirements as set forth in the Village Code.
4. �..„+t_ �.�tift1N.. Developer agrees to make the following cash
contributions to the Village for purposes of defraying costs to complete the Village
Improvements (collectively, "Contributions"):
a. Within 60 days afterthe laterto occur of: (i) the date on which Developer or its
successor in title has secured financing for construction of the first data
center building to be constructed on the Property (as evidenced by
recordation of a mortgage for a senior construction loan), and (ii) the date on
which the Village has issued (and Developer or its successor in interest has
received) a building permit for vertical construction of such building,
Developer shall deposit the following amounts with the Village:
i. $1,000,000, to be held in escrow by the Village for payment of costs
incurred in completion of the ROW Improvements; and
ii. $1,200,000, to be held in escrow by the Village for payment of costs
incurred in completion of the Park Improvements.
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b. Two years after Developer pays the first contribution for Park Improvements
pursuant to Section 4(a)(ii), Developer shall deposit an additional $800,000
with the Village, to be held in escrow by the Village for payment of costs
incurred in completion of the Park Improvements.
Developer shall notify the Village when Developer or its successor in title has obtained
construction financing for construction of the first data center building on the Property.
Developer shall provide such notice in writing within 14 days after recording a mortgage for
a senior construction loan on the Property.
5. '�.lg+ _ ...r.wnrea F.wnud.
a. The Village shall hold and maintain the Contributions in a segregated fund or
account forthe sole purpose of paying actual costs incurred bythe Village (or,
for the Park Improvements, by the Mount Prospect Park District) in the design,
engineering, construction, and installation of the Village Improvements as
provided in Section 4 of this Agreement. The Village shall be entitled to draw
upon each of the escrowed Contributions, without prior notice to or consent
of Developer, for the purpose of paying consultant and contractor invoices and
other eligible costs incurred in completion of the applicable Village
Improvements.
b. Within 60 days after Village approval of the final contractor pay request for the
ROW Improvements, the Village shall provide an accounting to the Developer,
with supporting invoices or similar documentation, identifying with
reasonable specificity all disbursements made from the Developer's
Contribution for ROW Improvements pursuant to Section 4(a)(i).
c. Within 60 days after final completion of the Park Improvements, the Village
shall provide an accounting to the Developer, with supporting invoices or
similar documentation, identifying with reasonable specificity all
disbursements made from the Developer's Contributions for Park
Improvements pursuant to Sections 4(a)(ii) and 4(b). If the Park Improvements
are completed prior to payment of the second Park Improvements
Contribution pursuant to Section 4(b), then the Village may use such
Contribution to reimburse itself for costs previously incurred (without accrual
of interest) and shall provide an accountingtothe Developer of the reimbursed
costs.
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d. Any unused Contributions will be returned to Developer upon the earlier of: (i)
the Village's completion of the Village Improvements and delivery of final
accountings to Developer in accordance with this Agreement; or (ii) five years
after the Effective Date.
e. Developer shall be entitled, upon reasonable notice, to inspect the Village's
books and records related to the accounting and use of the Contributions.
a. -. Qp.. l.i.. . The Parties will cooperate in the performance of this Agreement
and the design, engineering, construction, and installation of the Village
Improvements and other public and private improvements to be completed by
Developer in connection with the Project, including by sharing engineering
data and information regarding the design and construction of driveways and
right-of-way improvements.
b. SeverabAity. If any provision of this Agreement is held invalid by a court of
competent jurisdiction, after exhaustion of all appeals or periods for such,
then such provision shall be deemed to be excised, and the invalidity thereof
shall not affect any of the other provisions contained herein, and such
judgment or decree shall relieve the Village and/or Developer, as applicable,
from performance under such invalid provision of this Agreement.
c. This Agreement shall be binding on the
parties and their respective successors, assigns, heirs, and legal
representatives.
[SIGNATURES ON FOLLOWING PAGE(S)]
CI
Dated this 18"' day of November, 2025.
VILLAGE OF MOUNT PROSPECT
Its: t 4
A
TUR VENTURES RES I ' C
By:
Its: Authorized Signatory :.....
ATTEST.
Dated this 18th day of November, 2025.
VILLACZZO� MOUNT PROSPECT TUR VENTURES LLC
Its: .. �... Its:....... -
ATTEST: ATTEST:
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..- - ---
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