The URL can be used to link to this page

Home My WebLink About8.1 Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE AUTHORIZING AN AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR MIA'S CANTINA RESTAURANT AND RESIDENTIAL RENTAL UNITS IN THE PROSPECT AND MAIN TIF DISTRICT FOR THE VILLItem Cover Page Subject Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE AUTHORIZING AN AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR MIA'S CANTINA RESTAURANT AND RESIDENTIAL RENTAL UNITS IN THE PROSPECT AND MAIN TIF DISTRICT FOR THE VILLAGE OF MOUNT PROSPECT, ILLINOIS Meeting January 20, 2026 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Fiscal Impact (Y/N) Y Dollar Amount $2201000 Budget Source Prospect and Main TIF District Category NEW BUSINESS Type Action Item Information Joyco & Aguado, Inc., the owners/operators of Mia's Cantina, are requesting approval of a First Amendment to the existing Redevelopment Agreement (RDA) for the restaurant expansion and second -floor residential rental unit conversion located at 139-143 W. Prospect Avenue in the Prospect & Main TIF District. The project includes (1) an interior and operational expansion of Mia's Cantina and (2) the conversion of the second floor from office space into new market -rate residential rental units, consistent with TIF goals of strengthening downtown dining offerings, increasing building utilization, and adding residential density. The Village entered into the original RDA on February 6, 2024, which authorized performance - based TIF reimbursement not to exceed $176,,500 and established completion deadlines in 2024. Following finalized architectural plans and bid -level construction pricing, the Developer documented substantial cost escalations associated with HVAC, electrical, plumbing, fire suppression, kitchen systems, and interior finishes. Revised project budgets submitted to the Village reflect a total cost of $844,743.37, an increase of approximately $161,000 from the estimate included in the original Exhibit B. The First Amendment therefore proposes (1) an increase in the maximum incentive amount to $220,000, (2) authorization of an early reimbursement of $30,000 within 30 days of ordinance approval for eligible paid costs to assist with cash flow, and (3) replacement of Exhibit B with a revised project budget reflecting current pricing. The Amendment also establishes June 30, 2026 as the unified deadline for completion of both the restaurant expansion and residential units. Mia's Cantina is a longstanding locally owned business and an established destination within the downtown. The project supports ongoing district revitalization by enhancing downtown dining capacity, improving building conditions, increasing residential presence above commercial storefronts, and reinvesting private capital into aging building systems. More than $400,000 in TIF-eligible expenditures have already been documented through lien waivers, demonstrating both construction progress and financial need. Staff finds that the "but -for" condition remains satisfied. Based on construction cost escalation, the project cannot be completed in its intended scope without increased TIF participation. The authorizing ordinance approves the First Amendment, including the updated incentive structure and Revised Exhibit B. Staff finds the Amendment consistent with the purpose and intent of the Prospect & Main TIF District Plan, supports continued small-business reinvestment in the downtown, and maintains the Village's performance -based incentive framework. For these reasons, staff recommends approval of the First Amendment to the Redevelopment Agreement with Joyco & Aguado, Inc. Discussion Alternatives 1. Approve the ordinance authorizing the First Amendment to the Redevelopment Agreement for Mia's Cantina Restaurant and Residential Rental Units. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends that the Village Board approve the ordinance authorizing the First Amendment to the Redevelopment Agreement for Mia's Cantina and Residential Rental Units. Attachments 1. 1 st Amendment to Mias Cantina RDA Ordinance 2. 1 st Amendment to Mia's Cantina RDA 3. Mia's Original TIF Request Information ORDINANCE NO. AN ORDINANCE AUTHORIZING AN AMENDMENTTO THE REDEVELOPMENT AGREEMENT FOR MIA'S CANTINA RESTAURANTAND RESIDENTIAL RENTAL UNITS IN THE PROSPECTAND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS WHEREAS, the Village of Mount Prospect ("Village") is a home rule municipality pursuant to section 6 of Article VII of the Constitution of the State of Illinois; and WHEREAS, the State of Illinois has adopted tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended from time to time ("TIFAct"); and WHEREAS, pursuant to its powers and in accordance with the TIF Act, and pursuant to Ordinance Nos. 6293, 6294, and 6295, adopted January 17, 2017, the Prospect and Main Tax Increment Financing District ("TIF District") was formed as a TIF district, for a twenty-three (23) year period; and WHEREAS, in furtherance of the objectives of the abovementioned Ordinances, the Village entered into a "Redevelopment Agreement for Mia's Cantina Restaurant and Residential Rental Units in the Prospect and Main TIF District of the Village of Mount Prospect, Illinois," dated February 6, 2024, between the Village and Joyco & Aguado, Inc. ("Developer"), which sets forth the terms and conditions pursuant to which the Developer will proceed with, develop, and operate, the Project on the Property ("Redevelopment Agreement"), which terms and conditions include the construction of new residential rental units in a converted office space on the second floor located at 139 -143 W Prospect Avenue and the expansion of the existing restaurant. The Agreement provides for the reimbursement of eligible redevelopment project costs through tax increment financing incentives in an amount not to exceed $176,500; and WHEREAS, the Parties desire to amend the Redevelopment Agreement to (i) increase the maximum incentive amount to $220,000, (ii) authorize an early reimbursement of $30,000 as part of such incentive amount, payable within thirty (30) days following approval of this Ordinance, (iii) establish June 30, 2026 as the deadline for completion of the Project and issuance of a Certificate of Project Completion, and (iv) replace the original Exhibit B with a Revised Exhibit B reflecting updated Project budget information based on current cost estimates provided by the Developer; and WHEREAS, the Village Board finds that approval of the First Amendment to the Redevelopment Agreement, including a Revised Exhibit B, furthers the objectives of the TIF Plan and is in the best interests of the Village. NOW, THEREFORE, BE IT ORDAINED, by the Mayor and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: SECTION 1: The foregoing recitals are incorporated herein as findings of the Village Board of Trustees. SECTION 2: The First Amendment to the Redevelopment Agreement between the Village of Mount Prospect and Joyco & Aguado, Inc., including a Revised Exhibit B reflecting updated Project budget cost information, substantially in the form attached hereto and made a part hereof, is hereby approved. SECTION 3: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. ADOPTED this 201" day of January 2026 pursuant to a roll call vote as follows: AYES: NAYS: ABSENT: APPROVED this 201" day of January 2026, by the Village Mayor of the Village of Mount Prospect, and attested by the Village Clerk, on the same day. Village Mayor APPROVED and FILED in my office this 20t"day ofJanuary 2026and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. ATTEST: Village Clerk FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT FOR THE MIA'S CANTINA RESTAURANT AND RESIDENTIAL RENTAL UNITS COMPRISING A PART OF THE PROSPECTAND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS This First Amendment dated this day of January, 2026, amends that certain Redevelopment Agreement for the Mia's Cantina Restaurant and Residential Rental Units Comprising A Part of The Prospect And Main TIF District of The Village Of Mount Prospect, Illinois (the "Agreement") is made and entered into as of the 61" day of February, 2024, between the Village of Mount Prospect, Illinois, and an Illinois home rule municipal corporation (the "Village") and Joyco & Aguado, Inc. (the "Developer") (the Village and the Developer are sometimes referred to herein individually as a "Party," and collectively as the "Parties"). WITNESSETH: IN CONSIDERATION of the Preliminary Statements, the mutual covenants herein contained, and other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the Parties hereto agree as follows: I. AMENDMENT TO SECTION V.A-APPROVALS, PERMITS, CONSTRUCTION AND COMPLETION Section V.A (Development of the Project) of the Agreement is hereby amended and restated to read, in relevant part, as follows: Both the Mia's Cantina Restaurant and the Residential Rental Units shall complete construction and obtain a Certificate of Project Completion on or before June30, 2026, subject to extensions expressly permitted under the Agreement. II. AUTHORIZATION OF EARLY INCENTIVE PAYMENT Notwithstanding any provision of the Agreement to the contrary, the Village shall reimburse the Developer in an amount not to exceed Thirty Thousand and No/100 Dollars ($30,000) as part of the total tax increment financing assistance authorized herein, for eligible redevelopment project costs within thirty (30) days following approval of the ordinance authorizing this amendment, subject to submission of paid invoices and other documentation required under the Agreement. All remaining incentive payments shall be made in accordance with the terms of the Agreement, as amended. III. AMENDMENT TO SECTION V.B INCENTIVE AMOUNT Section V.B (Incentive Amount) of the Agreement (Financial Assistance / TIF Incentives) is hereby amended to provide that the total amount of tax increment financing assistance, 561481_1 including the Early Incentive Payment authorized herein, shall not exceed Two Hundred Twenty Thousand and No/100 Dollars ($220, 000). Subject to compliance with the Agreement: 1. One Hundred Thousand and No/100 Dollars ($100,000) shall be paid after the Mia's Cantina restaurant expansion has been completed and is open and operating; and 2. Ninety Thousand and No/100 Dollars ($90,000) shall be paid after the residential rental units conversion has been completed. IV. REVISED EXHIBIT B - PROJECT BUDGET The original Exhibit B to the Agreement is hereby deleted in its entirety and replaced with Revised Exhibit B, attached hereto and made a part hereof. Revised Exhibit B reflects updated Redevelopment Project budget information provided by the Developer, including increased construction, labor, and material costs associated with both (i) the expansion of the Mia's Cantina restaurant, and (ii) the conversion of the second - floor office space into residential rental units, and is based upon the Developer's spreadsheet cost schedules dated January 9, 2026, including the document labeled "Rest Schedule", consisting of a First Floor Budget and Second Floor Budget, which are incorporated herein by reference. V. RATIFICATION Except as expressly amended by this First Amendment, all terms and provisions of the Redevelopment Agreement shall remain in full force and effect and are hereby ratified and confirmed. EXECUTION VILLAGE OF MOUNT PROSPECT By: Name: Village Manager Date: JOYCO & AGUADO, INC. in Name: Authorized Officer , 2026 Date: , 2026 561481_1 REVISED EXHIBIT B DESCRIPTION PAID IN FULL PENDING PAYMENT FIRST FLOOR (BELOW) CYNTHIA BROWN INTERIOR DESIGN ARCHITECT STUDIO 21 RONY CONSTRUCTION LLC FRAMING 2 BATHS BAR B U I LDO UT DEMOLITION FRAMING LARGE STRUCTURAL WALL INSTALL DRYWALL ENTIRE BAR SPACE COOLER ROOM - DEMO - PREP - WALL OPENING FRP KITCHEN, BACK STORAGE, BASEMENT REMOVE KITCHEN TILE WALLS & FLOOR INSTALL QUARRY TILE KITCHEN FLOOR REMOVE OFFICE WALLS FOR COOLER, PATCH, PAINT REMOVED AND INSTALLED NEW SIDE DOOR/OUTSIDE EPDXY KITCHEN FLOOR - COOLER ROOM - BASEMENT JR HERMINO CARPENTRY LOWER BACK BAR UPPER BAR BOOTH 1 LARGE FLOOR TILE BATHROOM FLOOR TILE BACK BAR TILE BRICK UNDER WINDOW 1 ROGELIO - BAR SIDE FINISHED INCOMPLETE DRYWALL INSTALL TAPE AND SAND DRYWALL PRIME DRYWALL CEILING PAINT DRYFALL BLACK PAINT BATHROOM (2) WALL TILE BATH ROOM (2) PAINT ALL TEAL PAINT (1) WALL PAINT COTTON LARGE WALL, 2 SMALL WALL INSTALL METAL PANELS ON FRONT BAR INTALL FRAME ON FRONT BAR STAIN AND FINISH FRONT BAR DEMOLITION OF STRUCTURAL WALL INSTALL HEADER IN WALL INSTALL POSTS IN WALL FINISH STRUCTURAL WALL DETAILS REPAIR DEAIL MISTAKES THAT WERE MADE INSTALL BLACK DECORATIVE WOOD $ 7,894.98 DEMO MAIN RESTAURANT AREA **10 DAY COMPLETION 3,000.00 $ 13000.00 WOOD FLOOR EXISTING BAR COUNTER & WALL SHELVES WOMENS BATHROOM MENS BATHROOM BUILD NEW RAMP FOLLOWING PLANS FRAME HALLWAY FOR RAMP TAPE, PRIME & PAINT HALLWAY FOR RAMP DRYWALL, BUILD NEW TO -GO COUNTER FOLLOWING PLANS FRAME AND FINISH TO GO BAR CREATE NEW KITCHEN DOOR CLOSE KITCHEN DOOR PATCH, PATCH CEILING PAINT DRY FALL VESTIBULE PREP WORK INSTALL BLACK DECORATIVE WOOD BOOTH 2 BOOTH 3 TILE MAIN RESTAURANT FLOOR TILE TO GO AREA WALL PRIME & PAINT WOOD UNDER WINDOWS (URBAN BRONZE) PLUMBING ELECTRIC HVAC - DUCT WORK HVAC - FU RNANCE & INSTALL GREASE TRAP - UNDER SINK FOH OPEN CONCEPT WINDOWS FENCING FOR GARBAGE MATERIALS FLOORING LARGE TILE BATH SMALL TILE BAR QUARRY TILE FLOOR & DECOR BLACK CHARRED WOOD METAL PANELS BAR/STATION BRICK UNDER WINDOW BAR AREA PATIO CHAIRS BAR STOOLS UPHOLSTER BENCHES FABRIC FOR BENCHES $ 5,000.00 $ 4350.00 $ 21456.00 BRONZE METAL PENDANTS (7) BLACK CHANDELIERS (4) COUNTERTOP MATERIAL &INSTALL BLACK FANS (4) BATHROOM MIRROR (2) BATHROOM LIGHT (2) BATHROOM TOILET (2) BATHROOM SINK (2) KITCHEN DOORS (2) GLASS SHELVES PAINT SHERWIN WILLIAMS COTTON INTENSE TEAL PRIMER TRICORN BLACk CEILING URBAN BRONZE DOOR WALLPAPER SCONCES (3) DECORATIVE PIECES (7) WOOD KITES GLASS SHIELD TO -GO COUNTER EQUIPMENT TORTILLA MACHINE ICE BIN BEER COOLER WALK IN COOLER/FREEZER HAND SINK (2) TO -GO REACH IN COOLER SECOND FLOOR (BELOW) INITIAL DEMO WORK - BOLIMEX CONSTR DUMPSTERS &GARBAGE HOME DEPOT SUPPLIES -NAILS, SCREWS MENARDS SUPPLIES -LUMBER, INSULATION STANDARD LUMBAR TOOL RENTAL RETAIL SPACE UPGRADE HEATING &COOLING HVAC LABOR DRYWALL PRIME PAINT TILE WORK BATH CABINETS LABOR BASEBOARDS INTERIOR DOORS INSTALL APPLIANCES 1 935.93 612.16 000.00 1 ' 00 4,500.04 $ 500.00 $ 2,500.00 $ 30,000.00 $ 500.00 $ 3,000.00 $ 18,500.00 $ 5,511.40 $ 8,106.00 $ 29,255.66 $ 4,167.15 $ 615.99 $ 13,000.00 $ 651000.00 INSTALL FLOOR LVP TILE WORK KITCHEN RONNIE CONSTRUCTION FRAMING BRICKWORK REPAIR FINISH DEMO & CLEAN UP LAY FLOOR ELECTRIC LABOR ELECTRIC MATERIALS- NW ELECTRICAl HEATER LABOR HEATER MATERIALS CABINETS MATERIAL INTERIOR DOORS FLOOR MATERIAL TOILET KITCH SINK BATH SINK KITCH FAUCET BATH FAUCET SHOWER FIXTURES APPLIANCE PACKAGE COUNTERTOP MATERIAL COUNTERTOP INSTALL BATHROOM TILE BACKSPLASH TILE SHOWER RASE LUMBER (BASEBOARD) DOOR TRIM SPRINKLER BUILDING) " ALARM (WHOLE BUILDING) $ 15,500.00 $ 6,000.00 $ 3,187.50 $ 2,500.00 PAID OUTSTANDING 14 \V I p 0 ros'l- C,ct, II(II, 'Floor 11 1� lip ir I Oil CM0 :la III lilliq q l��Ii�1�s I__��ch Lunch �Holurs i� 0*30 III lllp�lllq� 11111pil I T ill Fill 07 511 111111 111111 ''I'll, 11 CYNTI-11A )W'N I j Will] N'Tt-"I"I'OR DESIGN i Illllpi�l,l ct AV 7NI, lu b Fl IIM4 � „a uyRocioiic, n WON/ lasm "Its ra d._ rk L w,I40, 9.r � 10Mir a ..4 we IN s � �DIIU�allldun � cyrU r i�i�l 'y ,17 I 34 �{o�;,�°"air fd� � ilk ^'� dP _10 / 5N i a,i a ri *� D G'w��r�;Vv�II�� r , /p w �a� J'6�a!'+'h`Nltl'�K��r M� 'mdJ1kWW�Y �o 6 wy a �4ianl a�rINIIIIIIIIIIII ®. 41, a 'k, n d" �w vor l� �A a H FIST LOOK LAN il1s'II'kldu ^bar rABLE WATSdV BAR SEA H, Anticipated Increase in Sales 1 375,0100.00 Anticipated Annual Lunch Sales 1 250,0100.,010 TOM Increasielin Sialle�s 625,1000oOO fax Cook ual 1 62,500,00 Sales'Tax MP - Annual 1 6125O.00 Anticipated Payroll, DINNER 1121500,010 Adding 1 SERVER & 1 BARTENDER Anticipated Payroll LUNCH 75,0100.010 Aidding 1, cook &1 FO,H llncreasein Payrolli 187,500.00 Ap--artMc "Ant Ila Big a Ila " a Ami Am mw PW Am low owNww fir, JAB I a LIM III III III III III ...... .... 14J piiiwi us kL) c t kL u u 2nd p \'5 tm�3nts Sl',,,Cl'ONl 1"J.,C)CM PLAN Apartment Type Square Footage M�onithly Rent Annuat Rent UNIT I - STUDIO 446 $11000.00 $12,0010.00 U�NIT 2- 2 BEDROOM 946 $,2$100.010 $25200.0O UNIT 3 - 1 BEDROOM 7401 $1*650,.001 $19t8olo.00 U�N�IT 4 - 1, BEDROOM 6018 $1,1300.,0101 $150600.0,0 UNIT 5 - I BEDROOM 778, $11750-00 $21t000.00 TOTAL $71800.0101 $93,6010.00 ...... ...... 111111111 IIIIIIIIIq 11111111111 11, 1 111 iiiiiiijill [ITAL OUJTSUDF - BUIMUNG I I I (). Doil - Dc JE - AP'AN I)TAL - WAYS REMODEL I 2sx-SOC RA �N D 11OTA FL.. I 683-3so-oc