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HomeMy WebLinkAboutRes 50-98 11/04/1998 Resolution No. 50-98 A RESOLUTION AUTHORIZING THE EXECUTION OF AN INCENTIVE AGREEMENT FOR THE SALE AND REDEVELOPMENT OF LAND WHEREAS, the Corporate Authorities of the Village of Mount Prospect, Cook County, Illinois, previously entered into an Agreement for the Sale and Redevelopment of Land dated January 25, 1994 as Resolution 7-94; and WHEREAS, it has become necessary to amend that Agreement to assure completion of the contemplated development; NOW, THEREFORE, be it therefore resolved by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: SECTION l: The President and Board of Trustees of the Village of Mount Prospect find that it is in the best interests of the Village of Mount Prospect and its residents that this Incentive Agreement be entered into and executed by the Village of Mount Prospect. The Incentive Agreement is in the attached form and is made a part of this Resolution as Exhibit "A". SECTION 2: The President and Clerk of the Village of Mount Prospect, Cook County, Illinois, are authorized to execute on behalf of the Village of Mount Prospect the Incentive Agreement after all of the other parties to the Agreement have properly signed and executed the same. SECTION 3: The Village Clerk is hereby directed and ordered to publish this Resolution in pamphlet form and to record the Agreement with the Recorder of Deeds of Cook County, Illinois. SECTION 4: This Resolution shall take effect from and after its passage, approval and publication in the manner provided by law. PASSED this 4-1;h day of November ,1998, by the Corporate Authorities of the Village of Mount Prospect, on a mil call vote as follows: AYES: Clowes, Hoefert, Lohrstorfer, Nocchi, Wilks NAYS: None ABSENT: Corcoran APPROVED this 41;h day of November , 1998, by the President of the Village of Mount Prospect ~ Gerald L. Farley, ~illage Presi/d~nt ATTEST: / Velrr~ W. Lowe, Village Clerk H:\CDADMIN\l~lLL\CtowedncenUve.doc INCENTIVE AGREEMENT WHEREAS, the Village of Mount Prospect (the "Village") on January 25, 1994 approved an Agreement for the Sale and Redevelopment of Land (the "Agreement") for the real property legally described in Exhibit "A" to this Incentive Agreement; and WHEREAS, the Project (as defined in the Agreement) was not completed pursuant to that Agreement; and WHEREAS, the Village of Mount Prospect has now approved an Amendment to the Agreement for the Sale and Redevelopment of Land, which is attached to and made a part of this Incentive Agreement as Exhibit ~B'; and WHEREAS, pursuant to such amendment, the Project is to be completed by Clocktower Development, L.L.C., an Illinois Limited Liability Company, located at 7458 N. Harlem, Chicago, Illinois 60631 ("Clocktower Development"); and WHEREAS, both the Village and Clocktower Development have agreed that it is in the mutual best interests of the parties to provide for certain incentives to Clocktower Development to undertake and complete this Project; IT IS THEREFORE AGREED AS FOLLOWS: 1. The foregoing preambles are incorporated into this agreement. 2. Upon proof of the closing of the acquisition of Lot 2 in Clock Tower Place Resubdivision ("Lot 2") by Clocktower Development and the application by Clocktower Development for a building permit for the residential structure, the Village of Mount Prospect shall waive all development and impact fees required by Section 16.610 of the Mount Prospect Village Code and conditionally waive all building permit fees. Further, the Village of Mount Prospect shall become conditionally responsible for payment of a $100,000 cash incentive ("Cash ineentiVei~) to Ci0cktoWer Development subject to the following: a. If Clocktower Development has not completed the installation of the foundation for Lot 2 by May 1, 1999, then the Village's obligation for payments of the Cash Incentive shall be reduced by the amount of the building permit fees which would have been due (currently estimated at about $75,000). If Clocktower Development completes the installation of the foundation; according to the Village Code, for the residential structure by May 1, 1999, the waiver of the building permit fees shall become final. b. If Clocktower Development is not eligible for an initial temporary occupancy permit by December 31, 1999, or if the overhead power lines identified on Exhibit "C' have not been buried, then Clocktower Development shall forfeit $50,000 of the Cash Incentive, or if the Village has already reduced the additional $100,000 by the amount of the permit fees pursuant to 2(a), then Clocktower Development shall forfeit its right to be paid whatever remains of the Cash Incentive. If Clocktower Development has applied for and the residential structure is eligible for an initial temporary occupancy permit by December 31, 1999, and the overhead power lines identified on Exhibit "C" have been buried, then Clocktower Development shall be entitled to one of the following, whichever is then applicable: (i) If the Village is obligated to pay the full Cash Incentive because Clocktower Development finished the foundation as set forth in 2(a) above, then the Village shall pay $50~000 to Clocktower Development no later than thirty (30) days after the initial temporary occupancy permit is issued; or (ii) If the Village's obligation has been reduced by the amount of the building permit fees because Clocktower Development failed to complete the foundation work as set forth in 2(a) above, then the Village shall pay the amount remaining of Cash Incentive to Clocktower Development. c. If Clocktower Development has met both the May 1, 1999 and December 31, 1999 deadlines as set forth above, so that a full $50,000 remains of the Cash Incentive, then upon issuance of the final and permanent Certificate of Occupancy, Clocktower Development shall be paid the remaining $50,000 of the Cash Incentive. 3. Whether the foundation is complete, whether the building is eligible for an initial temporary occupancy permit and whether the building is eligible for a final Certificate of Occupancy shall be determined by the requirements of the Mount Prospect Village Code in light of prevailing standards in the building industry. Dated: fl-/7*/- ~'~ VILLAGE OF MOUNT PROSPECT, an Illinois ././~cipal Corpora~ / CLOCKTOWER DEVELOPMENT, L.L.C. By: NORWOOD BUILDERS, INC.