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HomeMy WebLinkAbout8.3 Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE AUTHORIZING THE REDEVELOPMENT AGREEMENT FOR 200 S. MAIN STREET, LLC IN THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOISAll Item Cover Page Subject Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE AUTHORIZING THE REDEVELOPMENT AGREEMENT FOR 200 S. MAIN STREET, LLC IN THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS Meeting January 20, 2026 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Fiscal Impact (Y/N) Dollar Amount Budget Source Category Type Information Y $8007000 Prospect and Main TIF Fund NEW BUSINESS Ordinance Big Onion Hospitality (200 S Main Street, LLC), the owner/operators of FatPour Tap Works, are proposing to construct and operate a new full -service restaurant at 200 S. Main Street, located at the southwest corner of Main Street and Evergreen Avenue in Downtown Mount Prospect, and are requesting financial assistance from the Village to close a redevelopment funding gap associated with site preparation, new construction, and public realm improvements. The proposed Mount Prospect location would be Fatpour's fourth in the region and its first in the northwest suburbs, offering a destination -oriented, sports -forward dining experience with an extensive tap program, private event space, and indoor/outdoor seating. The concept is expected to draw both local residents and regional visitors for group events, game days, and weekend dining, capturing spending that currently leaks to peer locations such as City Works and Yard House in Schaumburg, Vernon Hills, and Glenview. The total development cost is estimated at approximately $6.3 million. The applicant has advised that the project will not move forward without Village participation due to extraordinary redevelopment costs, including site activation, demolition, and utility improvements. The requested performance -based incentive totals $800,000, representing roughly 13% of total project cost, significantly lower than recent restaurant buildout incentives provided in the Prospect & Main TIF District, including CoCo & Maple (31%). Mia's Cantina (26%). and Khepri Kitchen (25%). The assistance would be disbursed after construction is completed and the business opens to the public, consistent with past agreements. The redevelopment agreement does not grant exclusivity or operating protections; instead, it functions as a gap -closing tool to attract private investment that would not otherwise occur on the subject property, which has been vacant for a decade. Based on projected property tax increment and sales tax generation, staff estimates that the Village's contribution would be recouped within approximately five (5) years of continuous operation, after which revenues would continue to accrue to the Village and taxing bodies. In addition to fiscal return, the project redevelops a long -vacant parcel at the southern gateway to Downtown, activates the streetscape with pedestrian -oriented uses, supports the Village's long-range planning goals for the Mixed -Use Downtown area, accomplishes a Top Priority of the village's 2025-2026 Strategic Plan, and strengthens the district's dining mix by adding a use that is currently underrepresented in the community. For these reasons, staff finds the requested incentive consistent with the purpose and intent of the Prospect and Main TIF District, and with the Village's prior use of TIF assistance to stimulate catalytic redevelopment projects. Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Projected TIF Increment nicrti inn 30,591.73 61,183.00 62,734.00 62,734.00 62,734.00 AItarnativac State Sales Tax 28, 509.00 100,327.00 115,445.00 117,754.00 120,109.00 Food & Beverage Tax 14,254 50,164 57,723 58,877 60,054 Total Revenue 73,354.73 211,674.00 235,902.00 239,365.00 242,897.00 Net Village Cumulative Position Cashflow (800,000.00) 73,354.73 211,674.00 235,902.00 239,365.00 242,897.00 (800,000.00) (726,645.28) (514,971.28) (279,069.28) (39,704.28) 203,192.73 1. Approve the ordinance authorizing the Redevelopment Agreement for Fatpour Tap Works. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends that the Village Board approve the ordinance authorizing the Redevelopment Agreement for Fatpour Tap Works. Attachments 1. Ordinance - Fatpour Tap Works 2. Redevelopment Agreement - Fatpour Tap Works 3. Fatpour Tap Works Additional Information ORDINANCE NO. AN ORDINANCE AUTHORIZING THE REDEVELOPMENT AGREEMENT FOR 200 S. MAIN STREET, LLC IN THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS 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 Mayor and Board of Trustees of the Village find as follows: A. 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. B. The Village is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 I LCS 5/11-74.4-1, et seq., as amended (the "Act"), to finance redevelopment in accordance with the conditions and requirements set forth in the Act. C. Pursuant to Ordinance Numbers 6293, 6294 and 6295, adopted January 173 2017, the Village designated the tax increment redevelopment project area ("Redevelopment Project Area"), approved a tax increment 2 redevelopment plan and project ("TIF Plan"), and adopted tax increment financing relative to the Village's Prospect and Main Tax Increment Financing District ("TIF District"); said TIF District being legally described and depicted as set forth in EXHIBIT A-1 and EXHIBIT A-2, respectively, attached hereto and made part hereof. D. Developer seeks to construct a one-story restaurant located at 200 S. Main Street ("the Project") in downtown Mount Prospect. It is necessary for the successful completion of the Project that the Village enter into this Agreement with the Developer to provide for the redevelopment of the Property, thereby implementing the TIF Plan. E. This Agreement has been submitted to the Corporate Authorities of the Village for consideration and review, the Corporate Authorities have taken all actions required to be taken prior to the execution of this Agreement in order to make the same, and any and all actions taken by the Village in furtherance hereof, binding upon the Village according to the terms hereof, and any and all actions of the Corporate Authorities of the Village precedent to the execution of this Agreement have been undertaken and performed in the manner required by law. F. This Agreement has been submitted to the Developer for consideration and review, the Developer has taken all actions required to be taken prior to the execution of this Agreement in order to make the same binding upon the Developer according to the terms hereof, and any and all action of the Developer precedent to the execution of this Agreement has been undertaken and performed in the manner required by law. G. It is the desire of the Village to approve the "Redevelopment Agreement for 200 S. Main Street, LLC" comprising a part of the Prospect and Main TIF District of the Village of Mount Prospect, Illinois," attached hereto as EXHIBIT A and made part hereof. SECTION 2: Based upon the foregoing, the Village Mayor, Village Clerk and Village Manager, or their designees, be and are hereby authorized and directed to execute the attached Redevelopment Agreement and perform the Village's obligations thereunder. 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 day of February 2026 pursuant to a roll call vote as follows: AYES: NAYS: ABSENT: APPROVED this day of February 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 day of February 2026 and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. ATTEST: Village Clerk REDEVELOPMENT AGREEMENT FOR FATPOUR TAP WORKS AS PART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS This REDEVELOPMENT AGREEMENT (this "Agreement"), is made and entered into as of the day of , 2026 (the "Effective Date"), by and between the Village of Mount Prospect, an Illinois home rule municipal corporation located in Cook County, Illinois (the "Village"), and 200 S Main Street, LLC (the "Developer"). The Village and the Developer are sometimes hereinafter referred to individually as a "Party" and collectively as the "Parties". RECITALS WHEREAS, the Village is a home rule unit of government in accordance with Article VII, Section 6, of the Constitution of the State of Illinois, 1970; and WHEREAS, the Village has the authority to adopt tax increment allocation financing pursuant to the Tax Increment Allocation Act, 65 ILCS 5/11-74.4-1, et seq., as amended (the "Act"); and WHEREAS, in accordance with the Act, the Village has conducted public hearings with respect to the designation of the Redevelopment Plan, the Redevelopment Project Area and the Redevelopment Project (as defined below) at meetings of the Mayor of the Village and the Board of Trustees (the "Corporate Authorities"); and WHEREAS, pursuant to Ordinance Numbers 6293, 6294 and 6295, adopted January 177 2017, the Village designated the tax increment redevelopment project area (the "Redevelopment Project Area"), approved a tax increment redevelopment plan and project (the "Redevelopment Plan" and the "Redevelopment Project", respectively), and adopted tax increment financing relative to the Village's Prospect and Main Tax Increment Financing District (the "TIF District"); said TIF District being legally described and depicted as set forth in EXHIBIT A-1 and EXHIBIT A-2, respectively, attached hereto and made part hereof. WHEREAS, within the Redevelopment Project Area, the Developer seeks to establish Fatpour Tap Works, a restaurant and bar in approximately 6,000 square feet of commercial space (the "Project") located at 200 South Main Street in downtown Mount Prospect (the "Property"); and WHEREAS, the Project will require site development work, development financing, architectural design, governmental approvals, and construction on the Property; and 2060230_1 4881-8692-8116.v10 WHEREAS, the Developer anticipates the Project will require an investment of approximately $6,041,465-00, and is willing to undertake the Project with adequate TIF incentives; and WHEREAS, it is necessary for the successful completion of the Project to provide financial incentive through reimbursement to the Developer for certain eligible costs related to the Project to bridge the project financial feasibility gap and provide for the redevelopment of the Property, thereby implementing the Redevelopment Plan; and WHEREAS, the Parties acknowledge and agree that but for the aforementioned TIF incentives, to be provided by the Village, the Developer cannot successfully and economically develop the Project in a manner satisfactory to the Village. The Village has determined that it is desirable and, in the Village's best interest to assist the Developer in the manner set forth herein, and as this Agreement may be supplemented and amended from time to time pursuant to the mutual agreement of the Parties and in the manner as herein provided; and WHEREAS, pursuant to 65 ILCS 5/8-1-2.5, the Village may appropriate and expend funds for economic development purposes, including without limitation, for activities that are deemed necessary or desirable for the promotion of economic development within the municipality; and WHEREAS, this Agreement has been submitted to the Corporate Authorities of the Village for consideration and review, the Corporate Authorities have taken all actions required to be taken prior to the execution of this Agreement in order to make the same binding upon the Village according to the terms hereof, and any and all actions of the Corporate Authorities of the Village precedent to the execution of this Agreement have been undertaken and performed in the manner required by law; and WHEREAS, this Agreement has been submitted to the Developer for consideration and review, the Developer has taken all actions required to be taken prior to the execution of this Agreement in order to make the same binding upon the Developer according to the terms hereof, and any and all action of the Developer precedent to the execution of this Agreement has been undertaken and performed in the manner required by law; and WHEREAS, the Corporate Authorities of the Village, after due and careful consideration, have concluded that the development of the Redevelopment Project will further the growth of the Village, facilitate the development of the entire Redevelopment Project Area, improve the environment of the Village, increase the assessed valuation of the real estate situated within the Village, increase additional tax revenues realized by the Village, foster increased economic activity within the Village, increase employment opportunities within the Village, and otherwise be in the best interests of the Village by furthering the health, safety, morals and welfare of its residents and taxpayers. 2060230_1 2 4881-8692-8116.v10 WHEREAS, the Village is desirous of having the Redevelopment Project Area developed for such uses in order to serve the needs of the Village and community and in order to produce increased tax revenues for the various taxing districts authorized to levy taxes within the Redevelopment Project Area, and the Village, in order to stimulate and induce the redevelopment of the Redevelopment Project Area, has agreed to finance certain Project Costs by reimbursing the Developer from some of the incremental property taxes generated by the Redevelopment Project Area and providing certain other incentives, all in accordance with the terms and provisions of the Act and this Agreement; and NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties do hereby agree as follows: ARTICLE I. RECITALS PART OF AGREEMENT; EFFECT The representations, covenants and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated into and made a part of this Agreement as though they were fully set forth in this Article I. ARTICLE II. DEFINITIONS For the purposes of this Agreement, unless the context clearly requires otherwise, words and terms used in this Agreement shall have the meanings provided from place to place herein, and as follows: A. "Change in Law" means the occurrence, after the Effective Date, of an event described below in this definition, provided such event materially changes the costs or ability of the Party relying thereon to carry out its obligations under this Agreement and such event is not caused by the Party relying thereon: Change in Law means any of the following: (1) the enactment, adoption, promulgation or modification of any federal, State or local law, ordinance, code, rule or regulation (other than by the Village, or, with respect to those made by the Village, only if they violate the terms of this Agreement); (2) the order or judgment of any federal or State court, administrative agency or other governmental body (other than the Village); or (3) the adoption, promulgation, modification or interpretation in writing of a written guideline or policy statement by a governmental agency (other than the Village, or, with respect to those made by the Village, only if they violate the terms of this Agreement). Change in Law, for purposes of this Agreement, shall also include the imposition of any conditions on, or delays in, the 2060230_1 3 4881-8692-8116.v10 issuance or renewal of any governmental license, approval or permit (or the suspension, termination, interruption, revocation, modification, denial or failure of issuance or renewal thereof) necessary for the undertaking of the actions to be performed under this Agreement (except any imposition of any conditions on, or delays in, any such issuance or renewal by the Village, except as provided herein). B. "Corporate Authorities" means the Mayor and Board of Trustees of the Village of Mount Prospect, Illinois. C. "Day" means a calendar day. D. "Effective Date" means the date on which this Agreement is executed by the Village, with said date appearing on page 1 hereof. E. Intentionally deleted. F. "Incremental Property Taxes" means that portion of the ad valorem real estate taxes, if any, arising from the taxes levied upon all properties within the TIF District, which taxes are actually collected and paid to the Village, and which are attributable to the increase in the equalized assessed valuation ("EAW) of all such properties within the TIF District over and above the EAV of such properties at the time of the formation of the TIF District, all as determined by the County Clerk of the County of Cook, Illinois, pursuant to and in accordance with the TIF Act, the TIF Ordinances and this Agreement. G. "Incentive Fund" means the special fund set up by the Village into which the Village has and will deposit Incremental Property Taxes. H. "Maximum TIF Amount" means the sum of Eight Hundred Thousand and No/100 Dollars ($800,000.00). I. "Party" or "Parties" means the Village and/or the Developer, individually/collectively, and their respective successors and/or assigns as permitted herein, as the context requires. J. "Person" means any individual, corporation, partnership, limited liability company, joint venture, association, trust, or government or any agency or political subdivision thereof, or any agency or entity created or existing under the compact clause of the United States Constitution. K. Intentionally deleted. 2060230_1 4 4881-8692-8116.v10 L. "State" means the State of Illinois. M. "TIF Eligible Redevelopment Costs" means the costs of the Project, to be reimbursed, in part, from Incremental Property Taxes pursuant to the TIF Act, and permitted to be reimbursed as a "redevelopment project cost" in Section 3(q) of the TIF Act, 65 I LCS 5/11-74.4-3(q), by the Village, as provided in this Agreement. N. "TIF Ordinances" means those Ordinances referenced in Article I of this Agreement. O. "Uncontrollable Circumstance" means any event which: 1. is beyond the reasonable control of and without the fault of the Party relying thereon; and 2. is one or more of the following events: a. a Change in Law; b. insurrection, riot, civil disturbance, sabotage, act of the public enemy, explosion, fire, nuclear incident, war or naval blockade; C. epidemic, hurricane, tornado, landslide, earthquake, lightning, fire, windstorm, other extraordinary or ordinary weather conditions or other similar act of God; d. governmental condemnation or taking other than by the Village; e. strikes or labor disputes, or work stoppages not initiated by the Developer or the Village; f. unreasonable delay in the issuance of building or other permits or approvals by the Village or other governmental authorities having jurisdiction other than the Village including but not limited to the Illinois Department of Transportation ("IDOT"), the Metropolitan Water Reclamation District of Greater Chicago ("MWRD") and/or the Illinois Environmental Protection Agency (1EPA 11); g. shortage or unavailability of essential materials, which materially change the ability of the Party relying thereon to carry out its obligations under this Agreement; h. unknown or unforeseeable geo-technical or environmental conditions; i. major environmental disturbances, which delay construction by more than thirty (30) days; j. vandalism; or k. terrorist acts. 2060230_1 5 4881-8692-8116.v10 Uncontrollable Circumstance shall not include: economic hardship; unavailability of materials (except as described in subsection 2.g. above); or a failure of performance by a contractor or subcontractor (except as caused by events which are Uncontrollable Circumstances as to any applicable contractor). For each day that the Village or the Developer is delayed in its performance under this Agreement by an Uncontrollable Circumstance, the applicable deadlines or dates, and any subsequent or sequential deadlines related thereto shall be extended by one (1) day without penalty or damages to either Party. P. "Village Code" means the Municipal Code of Mount Prospect. ARTICLE III. MUTUAL ASSISTANCE The Parties agree to take such actions, including the execution and delivery of such documents, instruments, petitions and certifications as may be necessary or appropriate, from time to time, to carry out the terms, provisions and intent of this Agreement and to aid and assist each other in carrying out said terms, provisions and intent. ARTICLE IV. DEVELOPMENT OF THE PROJECT 3.1 Project Timeline. The Project Timeline (the "Timeline") is attached hereto as Exhibit B, and made a part hereof. The Project shall be comprised of three Phases: (1) acquisition of the Property, entitlements and financing; (2) site development work; and (3) construction of the Project (collectively, the "Project Phases," and individually, a "Phase," or a "Project Phase"). 3.2 Village Approvals. All procedures and requirements for approval of the Plans (as defined below) shall be submitted and considered pursuant to applicable Village ordinance as well as normal and standard Village procedures in relation thereto (the "Plan Approval"). Execution of this Agreement shall not be considered nor construed as approval, acceptance, issuance, or waiver of any and all necessary building permits required to be obtained by Developer for Project completion. The Village further agrees and acknowledges that all building permit fees applicable to the Project shall be waived. Developer agrees that, except as otherwise set forth in this Agreement, it shall pay all other costs associated with the Project as provided by applicable ordinance, including, but not limited to: any third -party inspection fees, water service connection fees, certificates of occupancy and/or any other charges or fees from the Village applicable to the Project as would be applicable to any other construction project in the Village. This obligation shall only be required as to such charges or fees of the Village that are provided by applicable ordinance and effective at the time of execution of this Agreement. 2060230_1 6 4881-8692-8116.v10 3.3 Costs to Developer. Subject to the terms of this Agreement, the Developer has advanced or will advance all funds and all costs necessary to acquire title to, obtain entitlements for, and perform site development and construction work for the Project and to otherwise complete the Project (collectively, the "Project Costs"). To be eligible for reimbursement under this Agreement, Project Costs must be certified to the Village by the Developer in accordance with the provisions of this Agreement. The amount of reimbursement to the Developer via the Incremental Property Taxes shall not exceed the Maximum TI F Amount. 3.4 Construction Initiation and Completion. Subject to delays caused by Uncontrollable Circumstances, the Developer shall initiate site development work, on or in conformance with the Timeline. If the Project is not commenced or completed on a timely basis as required herein, following notice and the expiration of the applicable cure period as provided in Section 9.2, and at the sole option of the Corporate Authorities, the Village may seek the remedies provided in Section 9.2. The Parties shall abide by the Timeline. The Timeline may be modified as necessary by a Party with the prior written consent of the other Party, which shall not be unreasonably conditioned, delayed, or denied. 3.5 Compliance with Codes. The Developer, in redeveloping the Property, shall comply with all applicable Village, County, State and Federal codes and requirements, including all requirements in the Village's Zoning Ordinance. 3.6 Zonin . Notwithstanding anything contained herein to the contrary, the Village represents and warrants that the proposed use of the Property as a restaurant and tavern facility is a permitted use under the Village Zoning Ordinance. The Developer agrees that the Plans for the Project shall be in conformance with the Village Zoning Ordinance. 3.7 Damage to Public Improvements and Off -Site Improvements. To the extent that the Developer or its employees, contractors, subcontractors or agents damage any private or public utilities or other private or public improvements of any kind that are located on -site or off -site relative to the Property as part of the Project, the Developer agrees to promptly repair or replace or restore such damaged improvements with like kind and like quality materials as reasonably directed by the Village. For avoidance of doubt, modification to existing utilities or other improvements as is reflected in the Plans shall not be considered damage to the same, so long as they are consistent with this Agreement. ARTICLE V. OBLIGATIONS AND DISBURSEMENTS; LIMITATION ON AMOUNT TO BE REIMBURSED TO THE DEVELOPER 2060230_1 7 4881-8692-8116.v10 4.1 Flow of Funds. Subject to the terms hereof, and except as contemplated by Sections 4.4, 4.5 and 4.6 below, the Parties agree that tax increment allocation financing, established and implemented in accordance with the terms and provisions of the Act, is anticipated to be the source of funds to reimburse the Developer for a portion of its incurred Project Costs and the reimbursement of the Developer and the Village in connection with certain reimbursable Project Costs incurred or to be incurred by the Village and/or the Developer incidental to the Project. 4.2 Incentive Amount and Payment Date. Subject to the limitations set forth herein, the Village shall reimburse the Developer for all TIF Eligible Redevelopment Costs, in an amount not to exceed the Maximum TIF Amount. The Developer shall substantiate all requests for reimbursement with documentation acceptable to the Village in its reasonable discretion. The Village shall pay to Developer the sum of $800,000.00 upon the issuance of a Temporary Certificate of Occupancy and after the Fatpour Tap Works restaurant is open for both lunch and dinner at least six days per week for at least seven (7) days. The date on which the foregoing conditions are satisfied is referred to herein as the "Payment Date." For purposes hereof, a "Temporary Certificate of Occupancy" shall mean the certificate initially issued allowing occupancy of the building constructed at the Project for the use contemplated hereby (or if such a certificate is not customarily issued, the functional equivalent thereof). 4.3 Conditions Payment of Incentives. The Village's obligation to reimburse the Developer in relation to the Project from the Incentive Fund (or from other sources, as applicable) is subject to the following conditions precedent, in addition to those set forth elsewhere in this Agreement: (i) Acquisition by the Developer of all necessary Village zoning approvals for the Project; (ii) The Developer being current with all Federal, State and local tax obligations; (iii) The Developer obtaining a Temporary Certificate of Occupancy for the Project; (iv) The Developer is in compliance with the covenants, obligations and agreements in Sections VII, VIII, IX and XI of this Agreement; and (v) The Developer is otherwise in compliance with all of the terms of this Agreement and the laws and regulations of the Village, the State of Illinois and the United States of America. 4.4 Procedure for Payment of Incentives. The Village shall reimburse the Developer from Incremental Property Taxes deposited into the Incentive Fund (or from other sources, as applicable), subject to the Maximum TIF Amount, for the Developer's actual expenditures of TIF Eligible Redevelopment Costs, including but not limited to those set forth on, and in the amounts included in the Developer's Project Budget, EXHIBIT C, relative to the Project (the "TIF Incentive Rebate"), whether incurred by the Developer prior to or after the Effective Date. Said TIF Incentive Rebate shall be paid to the Developer as follows: 2060230_1 8 4881-8692-8116.v10 (i) The Village shall pay Incremental Property Taxes from the Incentive Fund to the Developer on the Payment Date, provided the Village is in receipt of the Developer's request for reimbursement of TIF Eligible Redevelopment Costs documented by the Developer to have been incurred and paid for by the Developer in relation to the Project (which documentation shall accompany each such request for reimbursement). Requests for reimbursement of TIF Eligible Redevelopment Costs paid by the Developer shall be forwarded to the Village's Finance Director, accompanied by a fully executed lien waiver from the Developer's general contractor (to the extent of any construction work theretofore performed at the Property), copy of the paid receipt or other proof of payment therefor, and any other information reasonably requested by the Village. The Village shall review the request and determine if it should be paid, and if so, the Village shall pay such request for reimbursement on the Payment Date. If the Village elects to withhold or deny such payment (whether because the Village requires additional documentation, because the Village believes the conditions to payment have not been met, or otherwise), the Village shall promptly (and in any event not later than the Payment Date or the date payment would otherwise have been due) advise the Developer in writing as to the specific basis for the Village's position. (ii) Notwithstanding anything contained in this Agreement to the contrary, if, as of the Payment Date, the Developer has satisfied the applicable conditions for reimbursement of TIF Eligible Redevelopment Costs, but there are insufficient funds in the Incentive Fund to make such reimbursement payment, then (a) the Village shall pay to Developer the amount available in the Incentive Fund, and (b) the Village shall pay the remaining portion of such reimbursement to Developer from other sources (it being agreed that the insufficiency of funds in the Incentive Fund shall not limit the Village's obligation to reimburse TIF Eligible Redevelopment Costs, up to the Maximum TIF Amount). (iii) Intentionally deleted. (iv) The TIF Incentive Rebate by the Village shall cease upon the Developer's receipt of the Maximum TIF Amount. 4.5 Intentionally Deleted. 4.6 Permit Fee Waiver. The Village agrees to waive any and all building permit and inspection fees for the Project up to a maximum of forty-three thousand seven hundred fifty dollars ($43,750.00). This waiver applies only to fees that would otherwise be paid to the Village, as described herein, and does not waive any required refundable deposits made to the Village for security of project completion or otherwise. 2060230_1 9 4881-8692-8116.v10 4.7 Village's TIF Costs. The Parties hereto acknowledge that the Village may incur certain costs eligible for reimbursement under the Act. Any and all actual expenses and actual eligible costs incurred or expected to be incurred by the Village in connection with the Redevelopment Plan may be reimbursed from or paid from tax increment allocation financing. For avoidance of doubt, however, no such reimbursement or payment shall reduce sums due to the Developer pursuant to this Agreement. 4.8 Village Contribution; Absolute Limitation on Reimbursement Amount; Reduction of Reimbursement Amount. The Parties hereby agree, and the Developer hereby acknowledges, that the Developer shall be entitled to reimbursement of the total certified Project Costs in accordance with this Agreement (the "Certified Project Costs"), which it incurs, in an aggregate amount not to exceed the Maximum TIF Amount, notwithstanding that Developer may in fact expend sums in excess of such amount which would otherwise qualify as Project Costs in furtherance of the Redevelopment Plan and the Redevelopment Project. The Parties agree that, if upon completion of the Project, the Project Costs are lower than the Maximum TIF Amount, the Village reserves the right to reduce the Village Assistance proportionately. 4.9 Open Book Project. The Project shall be an "open book" project meaning that Developer and the general contractor (or contractors, if more than one) shall provide continuing access to the Village's agents for the purpose of reviewing and auditing their respective books and records relating to any item necessary to determine the costs of the Project. The foregoing Village review rights with respect to the Project shall terminate two (2) years after completion of construction of the Project (as evidenced by the Temporary Certificate of Occupancy). ARTICLE VI. AUTHORITY 5.1. Powers. The Parties acknowledge that they make this Agreement based upon their respective understanding that the Parties have full constitutional right, power and authority under currently applicable law to deliver and execute and perform the terms of this Agreement, and that all of the foregoing have been duly and validly authorized and approved by all necessary Village and Developer proceedings, findings and actions, and the Parties jointly and severally agree that this Agreement each constitute the legal, valid and binding obligation of the Village and the County are enforceable in accordance with their respective terms and provisions. 5.2. Authorized Parties. Whenever under the provisions of this Agreement and other related documents and instruments or any supplemental agreements, any request, demand, approval, notice or consent of the Village or the Developer is required, or the Village or the Developer is required to agree or to take some action at the request of the other, such request, demand, approval, notice or consent, or agreement shall be given for the Village, 2060230_1 10 4881-8692-8116.v10 unless otherwise provided herein, by the Village President or their designee and for the Developer, unless otherwise provided herein, by the Manager of the Developer or their designee; and any Party shall be authorized to act on any such request, demand, approval, notice or consent, or agreement or other action and neither Party hereto shall have any complaint against the other as a result of any such action taken. ARTICLE VII. REPRESENTATIONS AND WARRANTIES 6.1. Developer Representations, Warranties, Covenants and Obligations. The Developer makes the following representations, warranties, covenants, and obligation commitments with regard to this Agreement: (a) The Developer represents and warrants to the Village that the Developer has the requisite power and authority to enter and fully carry out this Agreement, including the execution of all instruments and documents delivered or to be delivered hereunder. (b) The Developer covenants that the Project at the Property during the term of this Agreement shall be constructed, fully completed and maintained in a good and workmanlike manner in accordance with all applicable Federal, State and County laws and regulations and the Village codes, ordinances and regulations, including but not limited to all local zoning ordinances and regulations (subject to any variances or other zoning relief as may be granted by the Village), and the building, electric, plumbing and fire codes, that are applicable to the Project. The Developer certifies that, unless otherwise approved by the Village as part of Plan Approval, its construction plans for the Project will be generally consistent, including as respects the materials used, with the elevations attached hereto as EXHIBIT D and made a part hereof. (c) The Developer shall operate, or cause to be operated, the restaurant at the Project during business hours consistent with other comparable restaurants in the Mount Prospect downtown area and the restaurant shall be open for both lunch and dinner hours at least six days per week. (d) The Developer warrants that it has and will continue to do all things necessary to preserve and keep in full force and effect its existence and standing as a business concern licensed by the State of Illinois, so long as this Agreement is in effect, and for so long as the Developer has any other remaining obligation pursuant to the terms of this Agreement, whichever is the first to occur. (d) To the Developer's knowledge, there are no actions at law or similar proceedings which are pending or threatened against the Developer which would result in any material and adverse change to the Developer's financial condition, or which would materially and adversely affect the level of the Developer's assets as of the date of this Agreement or that would materially and adversely affect the ability 2060230_1 11 4881-8692-8116.v10 of the Developer to proceed with the construction and development of the Project. (e) The Developer certifies that: It is not barred from contracting with any unit of State or local government as a result of violating 720 ILCS 5/33E-3 or 5/33E-4 (bid rigging or bid rotating) or 5/33E-6 (interference with contract submission and award by public official) or as a result of a violation of 820 ILCS 130/1 et seq. (Illinois Prevailing Wage Act) or as a result of: (1) a delinquency in the payment of any tax administered by the Illinois Department of Revenue or any fee required by any unit of local government or the State, unless the Party is contesting, in accordance with the procedures established by the appropriate revenue act, its liability for the tax or the amount of the tax or the fee, as set forth in Section 11-42.1-1 et seq. of the Illinois Municipal Code, 65 ILCS 5/11-42.1-1 et seq. It has not been convicted of, or is not barred for attempting to, rig bids, price- fixing or attempting to fix prices as defined in the Sherman Anti -Trust Act and Clayton Act. 15 U.S.C. § 1 et seq.; and has not been convicted of or barred for bribery or attempting to bribe an officer or employee of a unit of state or local government or school district in the State of Illinois in that officer's or employee's official capacity. Nor has the Developer and its officers, corporate authorities, employees and agents made admission of guilt of such conduct which is a matter of record, nor has any official, officer, agent or employee been so convicted nor made such an admission. It shall comply with the Illinois Drug Free Work Place Act. It shall comply with the Equal Opportunity Clause of the Illinois Human Rights Act and the Rules and Regulations of the Illinois Department of Human Rights and shall not commit unlawful discrimination and shall agree to comply with all applicable provisions of the Illinois Human Rights Act, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Age Discrimination in Employment Act, Section 504 of the Federal Rehabilitation Act, and all applicable rules and regulations. It shall comply with its own written Sexual Harassment Policy in compliance with Section 2-105 of the Illinois Human Rights Act (775 ILCS 5/2-105(A)(4)). It is and will remain an "Equal Opportunity Employer" as defined by federal and State laws and regulations, and agrees to comply with the Illinois Department of Human Rights ("IDHR") Equal Opportunity Employment clause as required by the IDHR's Regulations (44 III. Adm. Code, Part 750, Appendix A). As required by 2060230_1 12 4881-8692-8116.v10 Illinois law and IDHR Regulation, the Equal Opportunity Employment clause is incorporated by reference in its entirety as though fully set forth herein. It shall comply with the Prohibition of Segregated Facilities clause, which is incorporated by reference in its entirety as though fully set forth herein. See, Illinois Human Rights Act (775 ILCS 5/2-105). See also, Illinois Department of Human Rights Rules and Regulations, Title 44, Part 750. Administrative Code, Title 44: Government Contracts, Procurement and Property Management, Subtitle B: Supplemental Procurement Rules, Chapter X: Department of Human Rights, Part 750: Procedures Applicable to All Agencies, Section 750.160: Segregated Facilities (44 III. Adm. Code 750.160). It shall comply with the Americans with Disabilities Act (42 U.S.C. 12101, et seq.) and Article 2 of the Illinois Human Rights Act (775 ILCS 5/2-101, et seq.). Any construction contracts entered into by the Developer relating to the Project and any additional improvements to the Property shall require all contractors and subcontractors to comply with the Illinois Fair Employment Practices Act and the Illinois Prevailing Wage Act and the federal Davis Bacon Act, each as applicable. The Developer is neither delinquent in the payment of any tax administered by the Illinois Department of Revenue nor delinquent in the payment of any money owed to the Village. It is in full compliance with the Federal Highway Administration Rules on Controlled Substances and Alcohol Use and Testing, 49 CFR Parts 40 and 382, but only to the extent applicable. (f) The Developer, and its employees, sub -consultants and sub -contractors, shall comply with any and all applicable laws, regulations and rules promulgated by any Federal, State, County, Village, or other governmental authority or regulatory body pertaining to all aspects of this Agreement, now in effect, or which may become in effect during the performance of this Agreement. The scope of the laws, regulations and rules referred to in this paragraph includes, but is in no way limited to, the Occupational Safety and Health Act standards, the Illinois Human Rights Act, the Illinois Equal Pay Act of 2003, along with the standards and regulations promulgated pursuant thereto (including but not limited to those safety requirements involving work on elevated platforms), all forms of traffic regulations, public utility, Interstate and Intrastate Commerce Commission regulations, Workers' Compensation Laws, the Substance Abuse Prevention on Public Works Projects Act, Prevailing Wage Laws, the Smoke Free Illinois Act, the USA Security Act, the Federal Social Security Act (and any of its titles), and 2060230_1 13 4881-8692-8116.v10 any other law, rule or regulation of the Illinois Department of Labor, Illinois Department of Transportation, Illinois Environmental Protection Act, Illinois Department of Human Rights, Human Rights Commission, EEOC, and the Village of Mount Prospect. In the event that the Developer, or its employees, sub - consultants and sub -contractors, in performing under this Agreement are found to have not complied with any of the applicable laws and regulations as required by this Agreement, then the Developer shall indemnify and hold the Village harmless, and pay all amounts determined to be due from the Village for such non-compliance by the Developer, including but not limited to fines, costs, attorneys' fees and penalties. (g) The Developer shall further comply with all applicable Federal, State, County and local laws, rules and regulations in carrying out the terms and conditions of this Agreement, including the following: Employment of Illinois Workers on Public Works Act Compliance. To the extent required by law, the Developer agrees to comply with the provisions of the Employment of Illinois Workers on Public Works Act (30 ILCS 570/0.01 et seq.). Preference to Veterans Act Compliance. The Developer will comply with the Preference to Veterans Act (330 ILCS 55). Patriot Act Compliance. The Developer represents and warrants to the Village that neither it nor any of its principals, shareholders, members, partners, or affiliates, as applicable, is a person or entity named as a Specially Designated National and Blocked Person (as defined in Presidential Executive Order 13224) and that it is not acting, directly or indirectly, for or on behalf of a Specially Designated National and Blocked Person. The Developer further represents and warrants to the Village that the Developer and its principals, shareholders, members, partners, or affiliates, as applicable, are not, directly or indirectly, engaged in, and are not facilitating, the transactions contemplated by this Agreement on behalf of any person or entity named as a Specially Designated National and Blocked Person. The Developer agrees to defend, indemnify and hold harmless the Village, its elected or appointed officials, president and trustees, employees, agents, representatives, engineers, and attorneys, from and against any and all claims, damages, losses, risks, liabilities, and expenses (including reasonable attorney s' fees and costs) arising from or related to any breach of the representations and warranties in this subsection. (h) Other Laws; Changes in Laws. The Developer further covenants that it shall comply with all applicable Federal laws, State laws and regulations including without limitation, those regulations in regard to all applicable equal employment 2060230_1 14 4881-8692-8116.v10 opportunity requirements, and such laws and regulations relating to minimum wages to be paid to employees, limitations upon the employment of minors, minimum fair wage standards for minors, payment of wages due employees, and health and safety of employees. The Developer agrees to pay its employees, if any, all rightful salaries, medical benefits, pensions and social security benefits pursuant to applicable labor agreements and federal and State statutes, and further agrees to make all required withholdings and deposits therefor. The Developer agrees to maintain full compliance with changing government requirements that govern or apply to the construction of the Project and any additional improvements thereto, and its operation and maintenance of the Project on the Property. The Developer understands and agrees that, except as otherwise expressly set forth in this Agreement, the most recent of such federal, county, State, and local laws and regulations will govern the administration of this Agreement at any particular time. Likewise, the Developer understands and agrees that new federal, county, State and local laws, regulations, policies and administrative practices may be established after the date of this Agreement has been executed and may apply to this Agreement. (i) Any claims or lawsuit or complaint of violation of laws that is received by the Developer relative to this Agreement shall be promptly forwarded to the Village in accordance with the notice provisions of this Agreement. (j) The Developer further acknowledges that because the Village is a municipal entity that this Agreement is subject to the approval of and is not enforceable until approved at an open meeting by the Corporate Authorities. If such approval is not so received, this Agreement shall have never been in effect. The execution of this Agreement by the Village shall constitute confirmation by the Village that such approval has been received. (k) The Developer recognizes and agrees that the Village shall review and process all requested approvals and permits relating to the Project in compliance with applicable Village ordinances and laws of the State of Illinois, including but not limited to approval of the Plans and elevations, excavation permits, grading permits, building permits and occupancy permits, and failure on the part of the Village to grant or issue any required permit shall not be deemed to give rise to any claim against or liability to the Village pursuant to this Agreement except for mandamus or specific performance. The Village agrees, however, that such non - zoning approvals and permits shall not be unreasonably withheld, conditioned or delayed. Village further agrees and acknowledges that all building permit fees applicable to the Project shall be waived. Developer agrees that, except as otherwise set forth in this Agreement, it shall pay all other costs associated with the Project as provided by applicable ordinance, including, but not limited to: any 2060230_1 15 4881-8692-8116.v10 third -party inspection fees, water service connection fees, certificates of occupancy and/or any other charges or fees from the Village applicable to the Project as would be applicable to any other construction project in the Village. This obligation shall only be required as to such charges or fees of the Village that are as provided by applicable ordinance and effective at the time of execution of this Agreement. (I) The Developer has identified adequate funds in an amount not less than that required to complete construction of the Project, plus the cost of any anticipated and unanticipated contingencies, and shall use its best efforts to secure adequate working capital necessary to complete the Project in a timely manner in accordance with the terms of this Agreement. (m) Concurrently with execution of this Agreement, Developer shall disclose to the Village the names, addresses and ownership interests of all persons that have an ownership interest in the Developer, together with such supporting documentation that may be reasonably requested by the Village. Developer further agrees to notify the Village throughout the term of this Agreement of the names, addresses and ownership interests of any changes of owners of the Developer. 6.2. Village Representations, Warranties, Covenants, and Obligations. The Village makes the following representations, warranties, covenants, and commitment obligations with regard to this Agreement: (a) The Village represents and warrants to the Developer that the Village has the requisite power and authority to enter into and fully carry out this Agreement, including the execution of all instruments and documents delivered or to be delivered hereunder. (b) The Village represents that the information included in any reports and documents delivered or to be delivered to the Developer have been and shall be true, correct and complete in all material respects, and the same shall not omit any material information required to make the submission thereof fair and complete. The Village covenants and agrees that, until such time as the Certified Project Costs have been paid in full to the Developer, the Village: (i) to the extent permitted by law, shall not rescind, revoke, or terminate the TIF Ordinances (or otherwise take action with respect to the laws, ordinances, codes or other rules of the Village that would nullify the Village's obligations under this Agreement or make performance under this Agreement impractical or impossible); (ii) except as provided in this Agreement, shall not comingle the Incremental Property Taxes with any other funds of the Village; (iii) shall not pledge or apply any portion of 2060230_1 16 4881-8692-8116.v10 the Incremental Property Taxes (or the sums due to the Developer pursuant to Section 4.5 of this Agreement) to any other purpose or the payment of any obligation of the Village, or of the TIF District, other than as set forth in this Agreement; (iv) shall ensure the Incremental Property Taxes are deposited and maintained in the Incentive Fund as required by this Agreement; and (v) shall not seek to apply or charge impact fees in relation to the Project. (c) Any claims or lawsuit or complaint of violation of laws that is received by the Village relative to this Agreement shall be promptly forwarded to the Developer in accordance with the notice provisions of this Agreement. To the best of the Village's knowledge, there are no proceedings pending or threatened against or affecting the Village or the TIF District in any court or before any governmental authority which involves the possibility of materially or adversely affecting the ability of the Village to perform its obligations under this Agreement. (d) The Village agrees to promptly review elements of each submission and each Phase of the Project and shall approve or reject the same in accordance with applicable law within a reasonable time, or as specifically negotiated into this Agreement. In the event the Village opines that any submission of the Village should be amended or rejected, the Village shall contact the Developer to resolve the issue and ensure the efficient administration of the Project and the Phases of the same. ARTICLE Vill. INSURANCE 7.1. Builder's Risk Prior to Completion. Prior to completion of the construction of the Project as evidenced by the issuance of the Certificate of Completion or the functional equivalent thereof, the Developer (or its contractor) shall keep in force at all times completed builder's risk insurance against risks of physical loss, including collapse, covering the total value of work performed and equipment, supplies, and materials furnished for the Project (including onsite stored materials). Such insurance policies shall be issued in an amount equal to one hundred percent (100%) of the insurable value of the Project at the date of completion and with coverage available in a non -reporting form on the so-called "all-risk" form of policy. If available at commercially reasonable rates, all such policies shall contain a provision that they will not be canceled or modified without 30 days' prior written notice to the Village. 7.2. Insurance During Term of Agreement. Prior to commencement of the Project, the Developer (or the Developer's contractor) shall procure and deliver to the Village, at the Developer (or such contractors) cost and expense, and shall maintain in full force and effect until each and every obligation of the Developer contained in this Agreement has been fully paid or performed, a policy or policies of general comprehensive liability insurance and, during any period of construction, contractor's liability insurance and workers' compensation 2060230_1 17 4881-8692-8116.v10 insurance, with liability coverage under the comprehensive insurance to be not less than $1,000,000 for each occurrence and $2,000,000 total and including automobile insurance coverage, all such policies to be in such form and issued by such companies as shall protect the Developer against any liability incidental to the use of or resulting from any claim for injury or damage occurring in or about the Redevelopment Project or the improvements or the construction and improvement thereof. Each such policy shall name the Village and its officers, employees, agents, attorneys, and representatives as additional insureds and shall contain an affirmative statement by the issuer that it will give written notice to the Developer and the Village at least thirty (30) days prior to any cancellation or amendment of its policy. Any other insurance or self-insurance maintained by the Village shall be in excess to and not contribute to the protection the Village receives as an additional insured on the insurance required by this Agreement. 7.3. Compliance with Village Codes, Rules, Ordinances, and Regulations. Specific requirements imposed on the Developer with regard to indemnification and insurance coverage shall not be considered exclusive of any other Village code, rule, ordinance, or regulation of general applicability. The inclusion of such specific requirements in this Agreement shall not be construed as a waiver of the Village's independent right and authority, subject to the express terms of this Agreement, to apply and enforce its various codes, rules, regulations, and ordinances of general applicability for insurance, surety, and bonding against the Developer and its successors in title. ARTICLE IX. INDEMNIFICATION, HOLD HARMLESS, AND RELEASE PROVISIONS This Section VII shall survive the termination of this Agreement. 8.1 Release. The Developer releases from and covenants and agrees that the Village, its governing body members, officers, agents, including independent contractors, consultants, attorneys, servants and employees thereof (for purposes of this Section Vill, collectively the "Village Indemnified Parties") shall not be liable for, and agrees to indemnify and hold harmless the Village Indemnified Parties against any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the Project or arising pursuant to the Developer's obligations or warranties under this Agreement or actions in furtherance thereof to the extent not attributable to the gross negligence or willful misconduct of the Village Indemnified Parties; provided, that this waiver shall not apply to the warranties made or obligations undertaken by the Village in this Agreement. 8.2 Indemnification. Except for gross negligence or willful misconduct of the Village Indemnified Parties, and also except for a breach of the warranties made or obligations undertaken by the Village in this Agreement, Developer agrees to indemnify the Village Indemnified Parties, now and forever, and further agrees to hold the aforesaid harmless from any claims, demands, suits, costs, expenses (including reasonable attorney's fees), actions or 2060230_1 18 4881-8692-8116.v10 other proceedings whatsoever by any person or entity whatsoever arising or purportedly arising from the actions or inactions of Developer (or if other Persons acting on their behalf or under its direction or control) under this Agreement, or the transactions contemplated hereby or the acquisition, construction, installation, ownership, and operation of the Project. 8.3 No Personal Liability. No liability, right or claim at law or in equity shall attach to or shall be incurred by the Village's Mayor, Trustees, officers, officials, attorneys, agents and/or employees, and any such rights or claims of the Developer against the Village's Mayor, Trustees, officers, officials, attorneys, agents and/or employees are hereby expressly waived and released as a condition of and as consideration for the execution of the Agreement by the Village. ARTICLE X. GENERAL PROVISIONS 9.1. Time of Essence. Time is of the essence of this Agreement. The Parties will make every reasonable effort to expedite the subject matters hereof and acknowledge that the successful performance of this Agreement requires their continued cooperation. 9.2. Breach. (a) Village Remedies. In the event the Developer fails or refuses to: (i) timely start construction of the Project on the Properties within the relevant time frames provided for herein, or (ii) timely complete the Project, within the relevant time frames provided herein, subject to Uncontrollable Circumstances and weather conditions and the mutual agreement of the Parties, or (iii) maintain the Project following construction in conformance with Village approvals, including any special use permit and site plan approval, then the Village may, after thirty (30) days written notice to the Developer (during which period such failure or refusal is not cured by Developer), declare the Developer in default of this Agreement for which there was a default related to items (i) through (iii) above, and seek solely the following remedies and solely with respect the default: (a) terminate this Agreement; (b) compensatory damages; (c) specific performance; (d) self-help; and (e) injunctive relief. Notwithstanding the foregoing, if the applicable default by Developer is of a nature that it cannot reasonably be cured within such thirty (30) day period, then such thirty (30) day period shall be extended as reasonably necessary so long as Developer is diligently cure of such default. 2060230_1 19 4881-8692-8116.v10 (b) Developer Remedies. If the Village fails to perform its obligations hereunder, the Developer may, after thirty (30) days' notice to the Village, declare the Village in default and seek solely the following remedies: (a) injunctive relief; (b) specific performance; (c) mandamus; and (d) compensatory damages solely in the event the Village fails to deposit, pay, and transfer any sums due to Developer pursuant to this Agreement. (c) Cumulative Remedies. Unless expressly provided otherwise herein, the rights and remedies of the parties provided for herein shall be cumulative and concurrent and shall include all other rights and remedies available at law or in equity, may be pursued singly, successively or together, at the sole discretion of either party and may be exercised as often as occasion therefore shall arise. 9.3 Amendment. This Agreement, and any exhibits attached hereto, may be amended only by the mutual consent of the Parties evidenced by a written amendment, by the adoption of an ordinance or resolution of the Village approving said written amendment, as provided by law, and by the execution of said written amendment by the Parties or their successors in interest. 9.4 Assignment. Except as expressly provided in this Agreement, the Developer's rights and duties under this Agreement shall not be assignable or transferable at any time without the prior written approval of the Village, with such approval not to be unreasonably withheld, delayed, or denied. The Village shall provide such consent unless in the Village's reasonable judgment, a proposed assignee does not have qualifications and financial responsibility necessary and adequate to fulfill the obligations of the Developer under this Agreement. Any assignment of legal or equitable right without such consent shall make this Agreement null and void. Notwithstanding the foregoing, the Developer shall have the right to assign or transfer this Agreement, in whole or in part, without the Village's approval, in the following instances: (i) after completion of construction of the Project (as evidenced by the issuance of the Certificate of Completion or the functional equivalent thereof), the sale, lease or other transfer of all or a portion of the Project; (ii) in connection with a lease of the Project by Developer to an operating entity that is affiliated with Developer; or (iii) to a secured lender as collateral, and such secured lender shall have the right to perform any term, covenant, condition or agreement and to remedy any default, in accordance with the terms of this Agreement, by the Developer under this Agreement. No Secured Lender shall be personally obligated to perform the obligations of the Developer unless and until such Secured Lender (a) takes possession of the Property or the improvements thereon, as the case may be, and (b) seeks entitlement to the rights and benefits under this Agreement. "Secured Lender" means a bank, financial institution or other person or entity from which the Developer has borrowed funds to finance all or a portion of the Project and in whose favor the Developer has agreed to provide a security interest as collateral for such loan. 2060230_1 20 4881-8692-8116.v10 Notwithstanding anything contained herein to the contrary, after completion of construction of the Project (as evidenced by the Certificate of Completion or functional equivalent thereof), the Developer shall have the right to sell, assign or pledge the rights to payment of the Certified Project Costs (and, if so elected by Developer, the rights to payment of the sums payable to the Developer under Section 4.5 of this Agreement), or a portion thereof, to any person, financial institution, or other entity, which person, financial institution or other entity shall have no duty, obligation, responsibility or other obligation under this Agreement. Prior to any such sale or assignment, the Developer shall provide Village written notice with the name, mailing address and other contact information of its successor -in -interest to the payments of the Certified Project Costs. Nothing in this Section 9.4 shall be deemed to prohibit the sale, lease or other transfer of the Property prior to completion of construction of the Project; provided, however, that if the prior approval of the Village is not obtained as set forth above, then such a sale, lease or other transfer would nullify this Agreement as set forth above. 9.5 Severability. If any provisions, covenants, agreement or portion of this Agreement, or its application to any persons, entity or property, is held invalid, such invalidity shall not affect the application or validity of any other provisions, covenants or portions of this Agreement and, to that end, all provisions, covenants, agreements or portions of this Agreement are declared to be severable. 9.6 Completion. Upon satisfactory completion of construction of the Project, the Village shall issue to the Developer a "Certificate of Completion". The Certificate of Completion shall serve as evidence on the issue of whether Developer has fulfilled its duties and obligations under this Agreement. The issuance of such Certificate shall not be unreasonably withheld by the Village. 9.7 Illinois Law. This Agreement shall be construed in accordance with the laws of the State of Illinois. The sole and exclusive venue for any and all disputes arising out of or relating to this Agreement shall be the Circuit Court of Cook County, Illinois. 9.8 Notice. Any and all notices, demands, consents and approvals required under this Agreement shall be sent and deemed received: (1) on the third business day after mailed by certified or registered mail, postage prepaid, return receipt requested, or (2) on the next business day after deposit with a nationally -recognized overnight delivery service (such as Federal Express or Airborne) for guaranteed next business day delivery, or (3) by facsimile transmission on the day of transmission with the original notice together with the confirmation of transmission mailed by certified or registered mail, postage prepared, return receipt requested, if addressed to the Parties as follows. If to Developer: 200 S Main Street, LLC 2060230_1 21 4881-8692-8116.v10 ATTN: Managing Member 1307 N. Clybourn Ave., Ste. A Chicago, Illinois 60610 With copies to: Brooks Pierce LLP Attn: David A. Yontz 150 Fayetteville Street, 17t" Floor Raleigh, North Carolina 26701 If to the Village: Village of Mount Prospect Attention: Village Manager Michael Cassady 50 South Emerson Street Mount Prospect, Illinois 60056 With copies to: Lance C. Malina, Village Attorney Klein, Thorpe & Jenkins, LTD. 120 S. LaSalle Street, Suite 1710 Chicago, Illinois 60603 9.9 Joint Venture Clause. Nothing contained in this Agreement or subsequent agreements between the Village and the Developer is intended by the Parties to create a partnership or joint venture between the Parties, and any implication to the contrary is hereby expressly disavowed. It is understood and agreed that this Agreement does not provide for the joint exercise by the Parties of any activity, function, or service, nor does it create a joint enterprise, nor does it constitute either Party as an agent of the other for any purpose whatsoever. Neither Party shall in any way assume any of the liability of the other for acts of the other or obligations of the other. The Village shall in no way assume any liability of the Developer, if any, for the removal of Hazardous Substances, including petroleum products, from, on or under the Property, if any. Subject to Section 9.10 below, each Party shall be responsible for any and all suits, demands, costs, or actions proximately resulting from its own individual acts or omissions. 9.10 Attorneys' Fees. In the event either Party elects to file any action in order to enforce the terms of this Agreement, or for a declaration of rights hereunder, the prevailing Party, as determined by the court in such action, shall be entitled to recover all of its court costs and reasonable attorneys' fees as a result thereof from the losing Party. 9.11 Completeness and Modifications. This Agreement and Exhibits referenced herein constitute the entire agreement between the Parties with respect to the transaction contemplated herein, and shall supersede all prior discussions, understandings or agreements 2060230_1 22 4881-8692-8116.v10 between the Parties. This Agreement may not be amended, modified or otherwise changed in any manner except by a writing executed by the Parties hereto. 9.12 Recording. The Village shall have the right to record this Agreement or any memorandum or short form of this Agreement against the Property. 9.13 Counterparts. This Agreement may be executed in counterparts, all of which counterparts taken together shall be deemed to be but one original. 9.14 Severability. If any of the provisions of this Agreement, or the application thereof to any person or circumstance, shall be invalid or unenforceable to any extent, the remainder of the provisions of this Agreement shall not be affected thereby, and every other provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 9.15 No Waiver. No waiver of any provisions or condition of this Agreement by any Party shall be valid unless in writing signed by such Party. No such waiver shall be taken as a waiver of any other or similar provision or of any future event, act, or default. 9.16 Term of Agreement. The term of this Agreement (the "Term") shall commence on the Effective Date and shall continue until the payment in full of the Certified Project Costs and other sums due to the Developer under this Agreement. The Village shall not take any action that will shorten or terminate the current remaining life of the TIF District. 9.17 Estoppel Certificates. Each of the Parties hereto agrees to provide the other, upon not less than five (5) days prior request, a certificate ("Estoppel Certificate") certifying that this Agreement is in full force and effect (unless such is not the case, in which case such Party shall specify the basis for such claim), that the requesting Party is not in default of any term, provision or condition of this Agreement beyond any applicable notice and cure provision (or specifying each such claimed default) and certifying such other matters reasonably requested by the requesting Party. If either Party fails to comply with this provision within the time limit specified, and if, after an additional seven (7) days' notice there still is no compliance, then said non -complying Party shall be deemed to have appointed the other as its attorney -in -fact for execution of same on its behalf as to that specific request only. 9.18 Uncontrollable Circumstances. Neither the Village nor the Developer nor any successor in interest to either of them shall be considered in breach of or in default of its obligations under this Agreement in the event of any delay caused by Uncontrollable Circumstances which in fact interfere with the ability of such party to discharge its obligations hereunder. The time for a party's performance of any obligation under this Agreement shall be extended on a day -for -day basis during the period the Uncontrollable Circumstance persists. In the event a party asserts an Uncontrollable Circumstance in relation to any obligations under 2060230_1 23 4881-8692-8116.v10 this Agreement, the parties will meet and negotiate in good faith the resolution of the circumstances surrounding such asserted Uncontrollable Circumstance. IN WITNESS WHEREOF, the Parties have duly executed this Agreement pursuant to all requisite authorizations as of the date first above written. VILLAGE OF MOUNT PROSPECT, an Illinois home rule municipal corporation By: Michael Cassady, Village Manager ATTEST: Karen Agoranos, Village Clerk 200 S MAIN STREET, LLC a Delaware limited liability company 22 Arthur Holmer, Manager 2060230_1 24 4881-8692-8116.v10 EXHIBITS Exhibit A-1 Legal Description (Prospect and Main TIF District) Exhibit A-2 Map (Prospect and Main TIF District) Exhibit B Timeline of Project Exhibit C TIF Improvements and Project Costs Exhibit D Project Elevations 2060230_1 25 4881-8692-8116.v10 EXHIBIT A-1 LEGAL DESCRIPTION (PROSPECT AND MAIN TIF DISTRICT) Legal Description: THAT PART OF SECTIONS 11 & 12 IN TOWNSHIP 41 NORTH, RANGE 11 EAST AND SECTIONS 33 & 34 IN TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, BOUNDED AND DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD, AND THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING ALSO THE NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY; THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 12 AND THE CENTER LINE OF MT. PROSPECT ROAD TO THE SOUTHWESTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY, BEING ALSO THE NORTHEASTERLY LINE OF PROSPECT AVENUE; THENCE SOUTHWESTERLY TO THE INTERSECTION OF THE WEST LINE OF MT. PROSPECT ROAD WITH THE SOUTHWESTERLY LINE OF PROSPECT AVENUE; THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECTAVENUE TO THE WEST LINE OF THE EAST 205 FEET OF LOT 1 IN GLEICH'S INDUSTRIAL PARK, A SUBDIVISION OF PART OF THE WEST HALF OF THE NORTHEAST QUARTER AND PART OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID; THENCE SOUTH ALONG SAID WEST LINE OF THE EAST 205 FEET OF LOT 1 IN GLEICH'S INDUSTRIAL PARK TO THE SOUTHERLY LINE OF LOT 1 AFORESAID; THENCE NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF LOT 1 IN GLEICH'S INDUSTRIAL PARK TO THE EAST LINE OF SCHOOL STREET; THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE NORTHEASTERLY LINE OF LINCOLN STREET; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LINCOLN STREET AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE OF WILLIAM STREET; THENCE SOUTH ALONG SAID EAST LINE OF WILLIAM STREET TO THE SOUTH LINE OF SHA-BONEE TRAIL; THENCE WEST ALONG SAID SOUTH LINE OF SHA-BONEE TRAIL TO THE EAST LINE OF SCHOOL STREET; 2060230_1 26 4881-8692-8116.v10 THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE SOUTH LINE OF COUNCIL TRAIL; THENCE WEST ALONG SAID SOUTH LINE OF COUNCIL TRAIL TO THE SOUTHERLY EXTENSION OF THE EAST LINE OF LOT 12 IN ELLENDALE, A SUBDIVISION IN THE SOUTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE EAST LINE OF LOT 12 IN ELLENDALE TO THE NORTH LINE THEREOF; THENCE WEST ALONG SAID NORTH LINE OF LOT 12 IN ELLENDALE TO THE EAST LINE OF LOT 3 IN ELLENDALE AFORESAID; THENCE NORTH ALONG SAID EAST LINE OF LOT 3 IN ELLENDALE AND THE NORTHERLY EXTENSION THEREOF TO THE NORTH LINE OF MOEHLING DRIVE; THENCE WEST ALONG SAID NORTH LINE OF MOEHLING DRIVE AND THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF MAPLE STREET; THENCE NORTH ALONG SAID WEST LINE OF MAPLE STREET TO THE NORTH LINE OF THE SOUTH 270 FEET OF LOT 2 IN ETHEL BUSSE'S SUBDIVISION OF PART OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE WEST ALONG SAID NORTH LINE OF THE SOUTH 270 FEET OF LOT 2 IN ETHEL BUSSE'S SUBDIVISION TO THE EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S RESUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AFORESAID; THENCE NORTH ALONG SAID EAST LINE OF LOTS 35 THRU 42 IN BUSSE'S RESUBDIVISION TO THE EAST LINE OF LOT 2 IN MILLER RESUBDIVISION OF LOTS 1 TO 3 & 43 IN BUSSE'S SUBDIVISION OF LOT "A" IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AFORESAID; THENCE NORTH ALONG SAID EAST LINE OF LOT 2 IN MILLER RESUBDIVISION TO THE SOUTHWESTERLY LINE OF PROSPECTAVENUE; THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECTAVENUE TO THE WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION AFORESAID; THENCE SOUTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION TO A BEND THEREIN; THENCE SOUTH ALONG SAID WESTERLY LINE OF LOT 2 IN MILLER RESUBDIVISION TO THE NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION AFORESAID; THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN MILLER RESUBDIVISION TO THE MOST EASTERLY WEST LINE OF LOT 2 IN MILLER RESUBDIVISION AFORESAID; 2060230_1 27 4881-8692-8116.v10 THENCE SOUTH ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN MILLER RESUBDIVISION TO A BEND THEREIN; THENCE SOUTHEASTERLY ALONG SAID MOST EASTERLY WEST LINE OF LOT 2 IN MILLER RESUBDIVISION TO THE EAST LINE THEREOF, AND THE NORTH LINE OF LOT 42 IN BUSSE'S RESUBDIVISION AFORESAID; THENCE WEST ALONG SAID NORTH LINE OF LOT 42 IN BUSSE'S RESUBDIVISION AND THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF EMERSON STREET; THENCE NORTH ALONG SAID WEST LINE OF EMERSON STREET TO THE SOUTH LINE OF LOT 11 IN BUSSE'S RESUBDIVISION AFORESAID; THENCE WEST ALONG SAID SOUTH LINE OF LOT 11 IN BUSSE'S RESUBDIVISION TO THE EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN MEIER'S ADDITION TO MT. PROSPECT IN THE NORTHWEST QUARTER OF SECTION AFORESAID, LYING SOUTH OF THE RIGHT OF WAY OF THE CHICAGO & NORTHWESTERN RAILWAY; THENCE NORTH ALONG SAID EAST LINE OF LOTS 5 THRU 9 IN BLOCK 1 IN MEIER'S ADDITION TO MT. PROSPECT TO THE NORTH LINE OF LOT 5 AFORESAID; THENCE WEST ALONG SAID NORTH LINE OF LOT 5 IN BLOCK 1 IN MEIER'S ADDITION TO MT. PROSPECTAND THE WESTERLY EXTENSION THEREOF TO THE WEST LINE OF MAIN STREET; THENCE NORTH ALONG SAID WEST LINE OF MAIN STREET TO THE NORTH LINE OF LOT 24 IN BLOCK 4 IN MEIER'S ADDITION TO MT. PROSPECT AFORESAID; THENCE WEST ALONG SAID NORTH LINE OF LOT 24 IN BLOCK 4 IN MEIER'S ADDITION TO MT. PROSPECT TO THE WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF WILLE STREET; THENCE NORTH ALONG SAID WEST LINE OF THE 20 FOOT WIDE ALLEY EAST OF WILLE STREET TO THE SOUTH LINE OF EVERGREEN AVENUE; THENCE WEST ALONG SAID SOUTH LINE OF EVERGREEN AVENUE TO THE WEST LINE OF WILLE STREET; THENCE NORTH ALONG SAID WEST LINE OF WILLE STREET TO THE SOUTH LINE OF LOT 13 IN BUSSE'S RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, OF RESUBDIVISION OF LOTS 1 TO 6, INCLUSIVE, IN BLOCK 4, ALOS OF LOTS 2 & 3 IN BLOCK 5, ALL OF BLOCK 6, LOT 13 TO 24, INCLUSIVE, IN BLOCK 7, LOTS 17 TO 20 IN BLOCK 8 ALL IN MEIER'S ADDITION TO MT. PROSPECT IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE WEST ALONG SAID SOUTH LINE OF LOT 13 IN BUSSE'S RESUBDIVISION TO THE WEST LINE OF LOTS 13 AND 14 IN BUSSE'S RESUBDIVISION; 2060230_1 28 4881-8692-8116.v10 THENCE NORTH ALONG SAID WEST LINE OF LOTS 13 AND 14 IN BUSSE'S RESUBDIVISION TO THE SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE; THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF PINE STREET; THENCE NORTH ALONG SAID WEST LINE OF PINE STREET TO THE SOUTHERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE; THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY EXTENSION THEREOF TO ITS INTERSECTION WITH THE SOUTH LINE OF BUSSEAVENUE; THENCE WEST ALONG SAID SOUTH LINE OF BUSSE AVENUE TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF THE 20 FOOT WIDE ALLEY WEST OF ELMHURST AVENUE; THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF THE 20 FOOT WIDE ALLEY WEST OF ELMHURSTAVENUE TO THE SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE; THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF I-OKAAVENUE; THENCE NORTH ALONG SAID WEST LINE OF I-OKA AVENUE TO THE SOUTHERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE; THENCE WEST AND NORTHWESTERLY ALONG SAID SOUTHERLY LINE OF THE 16 FOOT WIDE ALLEY SOUTHWESTERLY OF PROSPECT AVENUE AND THE NORTHWESTERLY EXTENSION THEREOF TO THE WEST LINE OF HI -LUST AVENUE; THENCE NORTH ALONG SAID WEST LINE OF HI-LUSI AVENUE TO THE SOUTHWESTERLY LINE OF PROSPECTAVENUE; THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF PROSPECTAVENUE TO THE SOUTH LINE OF CENTRAL ROAD; THENCE WESTALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE EAST LINE OF LOT 8 IN H.ROY BERRY CO.S' COLONIAL MANOR, A SUBDIVISION OF PART OF THE NORTHEAST QUARTER OF SECTION 11 AND PART OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; 2060230_1 29 4881-8692-8116.v10 THENCE SOUTH ALONG SAID EAST LINE OF LOT 8 IN H.ROY BERRY CO.S' COLONIAL MANOR AND THE SOUTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF THE 16 FOOT WIDE ALLEY SOUTH OF CENTRAL ROAD; THENCE WEST ALONG SAID SOUTH LINE OF THE 16 FOOT WIDE ALLEY SOUTH OF CENTRAL ROAD TO THE WEST LINE OF THE EAST HALF OF THE NORTHEAST QUARTER OF SECTION 11 AFORESAID; THENCE NORTH ALONG SAID WEST LINE OF THE EAST HALF OF THE NORTHEAST QUARTER OF SECTION 11 TO THE SOUTH LINE OF CENTRAL ROAD; THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF MILLERS LANE; THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF MILLERS LANE TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF LOT 11 IN MILLERS STATION SUBDIVISION, A RESUBDIVISION OF LOT 1 IN TRADE SERVICE PUBLICATIONS SUBDIVISION AND PART OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 33 AFORESAID; THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE SOUTH LINE OF LOT 11 IN MILLERS STATION SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF CATHY LANE; THENCE NORTH ALONG SAID EAST LINE OF CATHY LANE TO THE EAST LINE OF LOT 12 IN MILLERS STATION SUBDIVISION AFORESAID; THENCE NORTH ALONG SAID EAST LINE OF LOT 12 IN MILLERS STATION SUBDIVISION AND THE NORTHERLY EXTENSION THEREOF TO THE SOUTHWESTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY; THENCE SOUTHEASTERLY ALONG SAID SOUTHWESTERLY LINE OF THE CHICAGO & NORTHWESTER RAILWAY RIGHT OF WAY TO THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 33 AFORESAID; THENCE NORTH ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 33 AFORESAID TO THE WESTERLY EXTENSION OF THE NORTH LINE OF HENRY STREET; THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF HENRY STREET TO THE EAST LINE OF FAIRVIEW AVENUE; THENCE SOUTH ALONG SAID EAST LINE OF FAIRVIEW AVENUE TO THE NORTHEASTERLY LINE OF THE 16 FOOT WIDEALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY; 2060230_1 30 4881-8692-8116.v10 THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE OF PROSPECT MANOR AVENUE; THENCE EAST PERPENDICULAR TO THE WEST LINE OF FAIRVIEWAVENUE TO THE EAST LINE OF PROSPECT MANOR AVENUE; THENCE SOUTH ALONG SAID EAST LINE OF PROSPECT MANORAVENUE TO THE NORTH LINE OF WALNUT STREET; THENCE EAST ALONG SAID NORTH LINE OF WALNUT STREET AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF RIDGE AVENUE; THENCE SOUTH ALONG SAID EAST LINE OF RIDGE AVENUE TO THE NORTH LINE OF LOT 1 IN FRIEDRICH'S SUBDIVISION OF LOTS 4 & 5 IN BLOCK 25 IN PROSPECT MANOR, A SUBDIVISION OF THE SOUTH 3/4 OF THE WEST HALF OF THE WEST HALF OF SECTION 34 AFORESAID; THENCE EASTALONG SAID NORTH LINE OF LOT 1 IN FRIEDRICH'S SUBDIVISION TO THE WEST LINE OF ELMHURST AVENUE; THENCE NORTH ALONG SAID WEST LINE OF ELMHURST AVENUE TO THE WESTERLY EXTENSION OF THE NORTH LINE OF THE PLAT OF CONSOLIDATION OF THE WEST 70 FEET OF LOTS 1 THRU 10 IN BLOCK 3 AND PART OF BLOCK 4 IN THE ERNST BUSSE ADDITION TO MT. PROSPECT IN THE EAST HALF OF THE SOUTHWEST QUARTER OF SECTION 34 AFORESAID; THENCE EAST ALONG SAID WESTERLY EXTENSION AND THE NORTH LINE OF THE PLAT OF CONSOLIDATION TO THE EAST LINE OF LOT 1 IN THE PLAT OF CONSOLIDATION AFORESAID; THENCE SOUTH ALONG SAID EAST LINE LOT 1 IN THE PLAT OF CONSOLIDATION TO THE NORTH LINE OF CENTRAL ROAD; THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE OF PINE STREET; THENCE SOUTH ALONG SAID EAST LINE OF PINE STREET TO THE NORTHEASTERLY LINE OF NORTHWEST HIGHWAY; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST HIGHWAY TO THE WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION OF LOTS 18 & 19 AND THE NORTH 22 FEET OF LOT 17 IN BLOCK 2 OF BUSSE & WILDE'S RESUBDIVISION IN MT. PROSPECT TOGETHER WITH LOT "A" IN CORPORATE SUBDIVISION NO. 8 VILLAGE OF MT. PROSPECT AND LOT 1 IN WILLE'S RECONSOLI DATION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; 2060230_1 31 4881-8692-8116.v10 THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION 38.06 FEET TOABEND THEREIN; THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION 28.07 FEET TO A BEND THEREIN; THENCE NORTHEASTERLY ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION 18.61 FEET TO A BEND THEREIN; THENCE EAST ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION 30.63 FEET TO A BEND THEREIN; THENCE NORTH ALONG SAID WESTERLY LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION 65.92 FEET TO THE NORTH LINE THEREOF; THENCE EAST ALONG SAID NORTH LINE OF LOT 3 IN CLOCK TOWER PLACE RESUBDIVISION TO THE WEST LINE OF WILLE STREET; THENCE EAST TO THE EAST LINE OF WILLE STREET AT THE SOUTHWEST CORNER OF LOT 1 IN PROSPECT PLACE PLAT OF RESUBDIVISION OF SUNDRY LOTS AND VACATED ALLEYS OF VARIOUS SUBDIVISIONS IN THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE EAST ALONG THE SOUTH LINE OF LOT 1 IN PROSPECT PLACE PLAT OF RESUBDIVISION TO THE EAST LINE THEREOF; THENCE NORTH ALONG SAID EAST LINE OF LOT 1 IN PROSPECT PLACE PLAT OF RESUBDIVISION TO THE SOUTH LINE OF CENTRAL ROAD; THENCE WEST ALONG SAID SOUTH LINE OF CENTRAL ROAD TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 1 IN TRAPANI'S RESUBDIVISION OF LOT "A" IN BLOCK 1 IN THE ERNST BUSSE ADDITION TO MT. PROSPECT AND LOT "A" IN HILLCREST SUBDIVISION IN THE SOUTHWEST QUARTER OF SECTION 34 AFORESAID; THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND THE WEST LINE OF LOT 17 AND THE WEST LINE OF LOT 2 IN TRAPANI'S RESUBDIVISION AND THE NORTHERLY EXTENSION THEREOF TO THE NORTH LINE OF HENRY STREET; THENCE EAST ALONG SAID NORTH LINE OF HENRY STREET TO THE EAST LINE OF MAIN STREET, - THENCE SOUTH ALONG SAID EAST LINE OF MAIN STREET TO THE NORTH LINE OF CENTRAL ROAD; THENCE EAST ALONG SAID NORTH LINE OF CENTRAL ROAD TO THE EAST LINE OF EMERSON STREET; 2060230_1 32 4881-8692-8116.v10 THENCE SOUTH ALONG SAID EAST LINE OF EMERSON STREET TO THE NORTH LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT IN THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE EAST ALONG SAID NORTH LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF; THENCE SOUTH ALONG SAID EAST LINE OF LOT 13 IN BLOCK 5 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE NORTH LINE OF BUSSE AVENUE; THENCE EAST ALONG SAID NORTH LINE OF BUSSE AVENUE TO THE EAST LINE OF MAPLE STREET; THENCE SOUTH ALONG SAID EAST LINE OF MAPLE STREET TO THE NORTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AFORESAID; THENCE EAST ALONG SAID NORTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE THEREOF; THENCE SOUTH ALONG SAID EAST LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE SOUTH LINE THEREOF; THENCE SOUTHWESTERLY ALONG SAID SOUTH LINE OF LOT 9 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT TO THE EAST LINE OF LOT 12 IN BLOCK 11 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT, BEING ALSO THE WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT DEVELOPMENT OF LOTS 23 314 & OUT LOT 1 IN TAX INCREMENT FINANCE SUBDIVISION NO. 1, A RESUBDIVISION OF LOTS A & B IN THE RESUBDIVISION OF LOTS 2 TO 6, PART OF LOT 1 IN THE SUBDIVISION OF BLOCK 101 LOT 16 IN BUSSE'S SUBDIVISION, LOTS 13 TO 15 IN BLOCK 11 & PART OF BLOCK 9 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT DEVELOPMENT 172.45 FEET TO A BEND THEREIN; THENCE WEST ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT DEVELOPMENT 4.63 FEET TO A BEND THEREIN; THENCE SOUTH ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT DEVELOPMENT 147.65 FEET TO A BEND THEREIN; THENCE SOUTHWESTERLY ALONG SAID WESTERLY LINE OF VILLAGE COMMONS A PLANNED UNIT DEVELOPMENT TO THE NORTHEASTERLY LINE OF NORTHWEST HIGHWAY; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF NORTHWEST HIGHWAY TO THE NORTHWESTERLY LINE OF LOT 1 IN TAX INCREMENT FINANCE 2060230_1 33 4881-8692-8116.v10 SUBDIVISION NO. 1, A RESUBDIVISION OF PARTS OF BLOCKS 9, 10 & 11 IN BUSSE & WILLE'S RESUBDIVISION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE NORTHEASTERLY ALONG SAID NORTHWESTERLY LINE OF LOT 1 IN TAX INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTHEASTERLY LINE THEREOF; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF LOT 1 IN TAX INCREMENT FINANCE SUBDIVISION NO. 1 TO THE NORTH LINE OF LOT A IN GEORGE R. BUSSE'S RESUBDIVISION OF PART OF BLOCK 9 IN BUSSE & WILLE'S RESUBDIVISION IN THE NORTHWEST QUARTER OF SECTION 12 AFORESAID; THENCE EAST ALONG SAID NORTH LINE OF LOT A IN GEORGE R. BUSSE'S RESUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF SCHOOL STREET, - THENCE SOUTH ALONG SAID EAST LINE OF SCHOOL STREET TO THE NORTH LINE OF THE SOUTH HALF OF LOT 33 IN MT. PROSPECT SUBDIVISION IN SECTION 12 AFORESAID; THENCE EAST ALONG SAID NORTH LINE OF THE SOUTH HALF OF LOT 33 IN MT. PROSPECT SUBDIVISION AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF THE 16 FOOT WIDE ALLEY EAST OF SCHOOL STREET; THENCE SOUTH ALONG SAID EAST LINE OF THE 16 FOOT ALLEY EAST OF SCHOOL STREET TO THE NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION IN MT. PROSPECT OF LOTS 22 TO 27 IN BLOCK 20 IN MT. PROSPECT SUBDIVISION IN SECTION 12 AFORESAID; THENCE EAST ALONG SAID NORTH LINE OF LOT 1 IN BRUCE'S RESUBDIVISION IN MT. PROSPECT AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF OWEN STREET, - THENCE SOUTH ALONG SAID EAST LINE OF OWEN STREET TO THE NORTHWESTERLY EXTENSION OF THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY; THENCE SOUTHEASTERLY ALONG SAID NORTHWESTERLY EXTENSION AND THE NORTHEASTERLY LINE OF THE 16 FOOT WIDEALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE OF LOUIS STREET, - THENCE SOUTH ALONG SAID EAST LINE OF LOUIS STREET TO THE NORTHERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY; THENCE EAST AND SOUTHEASTERLY ALONG SAID NORTHERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY AND THE SOUTHEASTERLY EXTENSION THEREOF TO THE EAST LINE OF EDWARDS STREET; 2060230_1 34 4881-8692-8116.v10 THENCE SOUTH ALONG SAID EAST LINE OF EDWARDS STREET TO THE NORTH LINE OF LI NCOLN STREET; THENCE EAST ALONG SAID NORTH LINE OF LINCOLN STREET TO THE NORTHERLY EXTENSION OF THE EAST LINE OF LOT 1 IN OLIVER'S RESUBDIVISION OF LOTS 12 & 13 IN H. ROY BERRY COMPANY'S MAPLEWOOD HEIGHTS (EXCEPT THE SOUTHERLY 66 FEET FOR ROAD) ALSO BLOCK 26 IN BUSSE'S EASTERN ADDITION TO MT. PROSPECT IN THE EAST HALF OF SECTION 12 AFORESAID; THENCE SOUTH ALONG SAID NORTHERLY EXTENSION AND THE EAST LINE OF LOT 1 IN OLIVER'S RESUBDIVISION TO THE NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE EAST LINE OF GEORGE STREET; THENCE NORTH ALONG SAID EAST LINE OF GEORGE STREET TO THE NORTH LINE OF LOT 17 IN MAPLEWOOD HEIGHTS, A SUBDIVISION NORTH OF THE RAILROAD IN THE DIVISION OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID; THENCE EAST ALONG SAID NORTH LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO THE EAST LINE THEREOF; THENCE SOUTH ALONG SAID EAST LINE OF LOT 17 IN MAPLEWOOD HEIGHTS TO THE NORTHEASTERLY LINE OF THE 16 FOOT WIDEALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY LINE OF THE 16 FOOT WIDE ALLEY NORTHEASTERLY OF NORTHWEST HIGHWAY TO THE WEST LINE OF LOT 65 IN MAPLEWOOD HEIGHTS AFORESAID; THENCE NORTH ALONG SAID WEST LINE OF LOT 65 IN MAPLEWOOD HEIGHTS TO THE NORTH LINE THEREOF; THENCE EAST ALONG SAID NORTH LINE OF LOT 65 IN MAPLEWOOD HEIGHTS AND THE EASTERLY EXTENSION THEREOF TO THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD; THENCE SOUTH ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 12 AFORESAID, BEING ALSO THE CENTER LINE OF MT. PROSPECT ROAD, TO THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, BEING ALSO THE NORTHEASTERLY LINE OF THE CHICAGO & NORTHWESTERN RAILWAY RIGHT OF WAY, AND THE POINT OF BEGINNING; EXCEPTING THEREFROM 2060230_1 35 4881-8692-8116.v10 THAT PART OF LOT 1 IN DESIDERATA SUBDIVISION OF BLOCK 1 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT IN SECTION 12 AFORESAID, LYING NORTH OF ALINE DESCRIBED AS FOLLOWS: BEGINNING ON THE WEST LINE OF SAID LOT 1 AT POINT 246.07 FEET SOUTH OF THE NORTHWEST CORNER THEREOF; THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A DISTANCE OF 67.34 FEET; THENCE NORTHEASTERLY ALONG A LINE DRAWN PERPENDICULAR TO THE SOUTHWESTERLY LINE OF LOT 17 A DISTANCE OF 65.76 FEET; THENCE EAST PERPENDICULAR TO THE WEST LINE OF SAID LOT 1, A DISTANCE OF 55.38 FEET TO THE MOST WESTERLY EAST LINE OF SAID LOT 1, AND THE POINT OF TERMINUS OF SAID LINE; ALSO EXCEPTING THEREFROM ALL OF VILLAGE CENTRE PHASE 1-B PLAT OF RESUBDIVISION OF LOTS 61 71 8, 9 IN BLOCK 13 IN BUSSE & WILLE'S RESUBDIVISION IN MT. PROSPECT AND PARTS OF LOTS 8, 9, 10 IN BLOCK 15 IN MT. PROSPECT SUBDIVISION IN SECTION 12 AFORESAID; IN COOK COUNTY, ILLINOIS. 2060230_1 36 4881-8692-8116.v10 lr!%ll IlMlmr A 0% MAP (PROSPECT AND MAIN TIF DISTRICT) fliap: Prospect & 1,11ain Proposed RPA Boundary 0 ICL 0 ce W R 0 X 0 2 1 cc 01 col Q 0 tA Proposed RPA Boundary I Parcells iin RPA 3NIfles 2060230 1 37 4881-8692-8116.v10 Exhibit B TIMELINE PROPOSED BY DEVELOPER Permit Submittal On or Before March 31, 2026 Construction Start On or Before May 1, 2026 Temporary Certificate of Occupancy On or Before December 31, 2026 Final Certificate of Occupancy On or Before February 1, 2027 2060230_1 38 4881-8692-8116.v10 EXHIBIT C PROPOSED PROJECT BUDGET Estimated TIF Eligible Expenses Amount Land Acquisition $7753000.00 Construction $31499,650.00 Estimated Total Project Costs $610411465-00 Estimated TIF Eligible Expenses Total $6)041)465-00 Any of the estimated redevelopment project costs for any specific line item set forth in this Exhibit may be reallocated to any other line item, provided that the total cumulative Project Costs that are reimbursable from Incremental Property Taxes pursuant to this Agreement do not exceed $800,000.00. 2060230_1 39 4881-8692-8116.v10 PROJECT ELEVATIONS Reference is made to the plans and specifications captioned "New Free Standing One - Story Dine -In Service Restaurant with Exterior Patio; Fatpour Tap Works; 200 S. Main Street, Mount Prospect, IL 60056; Zoning Review Package: 12/04/2025. Said plans and specifications were prepared by Aria Group as Job No. 255934. Said plans and specifications are incorporated herein by reference. A link to said plans and specifications is as follows: i w f, i i n w i i N i ry iit 'ii ii,f i 2060230_1 40 4881-8692-8116.v10 fa 1 3 2 M1401 WMW Polished Casual Dining Coming to Mount Prospect VILLAGE BOARD PRESENTATION - January 20, 2026 www.Fatpour TapWorks.com Introduction Fatpour Tap Works is seeking to open a location at 200 S Main Street in the Village of Mount Prospect, not as another h casual full-service restaurant with strong culinary and community programming. Who We Are & Our Mission As the parent company of Fatpour Tap Works, Big Onion Hospitality's mission is "to make each guest feel as though our own personal home:' Fatpour Tap Works is a successful polished casual dining brand with over a 14 years of experience, operating three thri\ ChicagoLand and Lincolnwood. Each location provides a lively, approachable, and fun environment our guests Love.WE exceptional polished dining experiences while maintaining our friendly, fun -loving identity. When choosing to enter a new market, we intentionally look for underserved culinary communities and locations why elevated guest experience for: • Families • Special Events • Community Gatherings • Sports Fans Brand Positioning Not Just a Bar Fatpour Tap Works is a polished casual, full -service restaurant and event space, driven by culinary execution, hospi community programming. While we operate a full bar, our concept is not built around late -night bar culture orhigh-vole Our guests choose Fatpour for dining, gatherings, watch parties, celebrations, and social experiences centered on foot Other restaurant concepts we are most comparable to include Yard House, City Works, and Cooper's Hawk. While e; offers its own unique culinary approach, the atmosphere, quality of service, and guest usage occasions are very similar concepts, Fatpour provides a polished dining experience that appeals to families, professionals, and groups — not solE Fatpour Tap Works differentiates itself from traditional bars through: •Culinary -first positioningwith a scratch kitchen •Restaurant -forward seating layouts prioritizing dining rooms and patios over bar seats *Event and catering capabilities supported by an internal Sales & Events Team •Family -friendly programming such as seasonal activations, youth sports events, and kid -inclusive offerings •Community integration through collaborations and local celebrations We are not seeking to cannibalize bar business; instead, we complement existing establishments by drawing families, � guests who are not typically serviced by traditional bar concepts. EXTERIOR PERSPECTIVE Culinary Program & Menu o Our culinary program is central to the Fatpour Tap Works experi operate a full bar, our concept is built on a scratch kitchen, the development, and a commitment to creating a dining experienc broad range of guests across all dayparts. Our menus emphasis • Elevated American Fare Our core menu features elevated American classics —burgers, .4 shareable starters, and signature fat plates —executed with high and chef -driven preparation. We take pride in providing food the not as an accompaniment to drinking., • Catering & Event Packages Our culinary program also supports private and semi -private ev catering menus for corporate events, social gatherings, youth sl and nonprofit groups. These offerings expand beyond traditions an important driver of incremental economic activity that is not in the market. Design & Seating Configuration -Restaurant First To reinforce that we are not "just a bar," Fatpour layout is intentionally designed with: SEATING COUNTS INDOOR SEATING: MAIN DINING 144 PRIVATE DINING 36 BAR 16 INDOOR TOTAL: 196 OUTDOOR SEATING: EAST PATIO 56 WEST PATIO 28 PRIVATE DINING PATIO 2 OUTDOOR TOTAL: TOTAL SEATS: 282 Dining seats outweigh bar seats by design, supporting our focus on families, events, and culinary programming. Dedicated Sales& vent,4 Fatpour Tap Works operates with a professional, in - events team responsible for planning, coordinating, private and semi -private events year-round. This is a from traditional bars and late -night venues, and an ii economic, corporate, and family activity within the c Our team works closely with guests, local organizatic groups to deliver seamless experiences that reflect c standards, hospitality philosophy, and commitment it's a birthday celebration, watch party, corporate ha gathering, or youth sports banquet, the Events Team through planning, menu selection, logistics, and day Community Programming &Event Activation As part of becoming a Mount Prospect community partner, Fatpourintends to bring in programming that benefits both i families, including: Examples from existing locations: • Kentucky Derby Watch Party in partnership with ESPN • Hat -decorating for kids • Specialty cocktails and feature menus for adults • Curling Lanes Activation • Opened with U.S. Olympic Gold Medalist Matt Hamilton • Holiday Programming • Annual Turkey Bowling • Brunch with Santa Future programming will feature interactive tournament - style events for children and families, creating an experience where parents can relax and kids can actively participate and have fun. These activations draw families, professionals, sports groups, and community members, not just bar patrons. Commitment to Community Standards Fatpour Tap Works is committed to operating as a responsible, community -oriented business that contributes positive both socially and economically. Unlike nightlife-driven establishments, our model centers on food, hospitality, families intentionally incorporate policies that support a safe, inclusive, and high -quality environment for residents and visitors. • No Video GamingTerminals: We do not— and will not— operate video gaming machines at this location. Our con around gaming revenue or gaming traffic. • Not aLate-Night Bar or Club: Our business focuses on daytime, evening, and weekend family and event business i drinking culture. • Responsible Alcohol Service: Staff receive hospitality and responsible -service training, and our bar program exist:4 full -service dining experience rather than a standalone bar operation. • Family -Forward Environment: Our menu, seating configuration, programming, and events intentionally welcome f sports, and community groups. Economic & Community Impact Our model strengthens the restaurant mix, drives family-friendly activity, and brings unique event programming not cur Local jobs created Increased foot traffic for surrounding businesses Destination events drawing guests from outside the Village of Mount Prospect We believe that high tides raise all boats. Our goal is to be a valued neighbor and help strengthen Mount Prospect's dini landscape by creating an environment where the whole community benefits. We sincerely appreciate you consideration.