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Home My WebLink AboutOrd 6829 01/20/2026 Amendment To The Redevelopment Agreement For Mia's Cantina Restaurant And Residential Rental Units In The Prospect And Main TIF District Of The Village Of Mount Prospect, IllinoisORDINANCE NO.6829 AN ORDINANCE AUTHORIZING AN AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR MIA'S CANTINA RESTAURANT AND RESIDENTIAL RENTAL UNITS IN THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS WHEREAS, the Village of Mount Prospect ("Village") is a home rule municipality pursuant to section 6 of Article VII of the Constitution of the State of Illinois; and WHEREAS, the State of Illinois has adopted tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended from time to time ("TIF Act"); and WHEREAS, pursuant to its powers and in accordance with the TIF Act, and pursuant to Ordinance Nos. 6293, 6294, and 6295, adopted January 17, 2017, the Prospect and Main Tax Increment Financing District ("TIF District") was formed as a TIF district, for a twenty-three (23) year period; and WHEREAS, in furtherance of the objectives of the abovementioned Ordinances, the Village entered into a "Redevelopment Agreement for Mia's Cantina Restaurant and Residential Rental Units in the Prospect and Main TIF District of the Village of Mount Prospect, Illinois," dated February 6, 2024, between the Village and Joyco & Aguado, Inc. ("Developer"), which sets forth the terms and conditions pursuant to which the Developer will proceed with, develop, and operate, the Project on the Property ("Redevelopment Agreement"), which terms and conditions include the construction of new residential rental units in a converted office space on the second floor located at 139 -143 W Prospect Avenue and the expansion of the existing restaurant. The Agreement provides for the reimbursement of eligible redevelopment project costs through tax increment financing incentives in an amount not to exceed $176,500; and WHEREAS, the Parties desire to amend the Redevelopment Agreement to (i) increase the maximum incentive amount to $220,000, (ii) authorize an early reimbursement of $30,000 as part of such incentive amount, payable within thirty (30) days following approval of this Ordinance, (iii) establish June 30, 2026 as the deadline for completion of the Project and issuance of a Certificate of Project Completion, and (iv) replace the original Exhibit B with a Revised Exhibit B reflecting updated Project budget information based on current cost estimates provided by the Developer; and WHEREAS, the Village Board finds that approval of the First Amendment to the Redevelopment Agreement, including a Revised Exhibit B, furthers the objectives of the TIF Plan and is in the best interests of the Village. NOW, THEREFORE, BE IT ORDAINED, by the Mayor and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: SECTION 1: The foregoing recitals are incorporated herein as findings of the Village Board of Trustees. SECTION 2: The First Amendment to the Redevelopment Agreement between the Village of Mount Prospect and Joyco & Aguado, Inc., including a Revised Exhibit B reflecting updated Project budget cost information, substantially in the form attached hereto and made a part hereof, is hereby approved. SECTION 3: This Ordinance shall be in fullforce and effectfrom and after its passage, approval and publication in pamphlet form as provided by law. ADOPTED this 201h day of January 2026 pursuant to a roll call vote as follows: AYES: Dante, DiPrima, Gens, Grossi, Matuszak, Saccotelli NAYS: None ABSENT: None APPROVED this 20th day of January 2026, by the Village Mayor of the Village of Mount Prospect, and attested by the Village Clerk, on the same day. p1m APPROVED and FILED in my office this 201h day of January 2026 and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. ATTEST: -'4 Vill ge Clerk FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT FOR THE MIA'S CANTINA RESTAURANT AND RESIDENTIAL RENTAL UNITS COMPRISING APART OF THE PROSPECT AND MAIN TIF DISTRICT OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS This First Amendment dated this 20th day of January, 2026, amends that certain Redevelopment Agreement for the Mia's Cantina Restaurant and Residential Rental Units Comprising A Part of The Prospect And Main TIF District of The Village Of Mount Prospect, Illinois (the "Agreement") is made and entered into as of the 61h day of February, 2024, between the Village of Mount Prospect, Illinois, and an Illinois home rule municipal corporation (the "Village") and Joyco & Aguado, Inc. (the "Developer") (the Village and the Developer are sometimes referred to herein individually as a "Party," and collectively as the "Parties"). WITNESSETH: IN CONSIDERATION of the Preliminary Statements, the mutual covenants herein contained, and other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the Parties hereto agree as follows: I. AMENDMENT TO SECTION V.A-APPROVALS, PERMITS, CONSTRUCTION AND COMPLETION Section V.A (Development of the Project) of the Agreement is hereby amended and restated to read, in relevant part, as follows: Both the Mia's Cantina Restaurant and the Residential Rental Units shall complete construction and obtain a Certificate of Project Completion on or before June 30, 2026, subject to extensions expressly permitted under the Agreement. II. AUTHORIZATION OF EARLY INCENTIVE PAYMENT Notwithstanding any provision of the Agreement to the contrary, the Village shall reimburse the Developer in an amount not to exceed Thirty Thousand and No/100 Dollars ($30,000) as part of the total tax increment financing assistance authorized herein, for eligible redevelopment project costs within thirty (30) days following approval of the ordinance authorizingthis amendment, subject to submission of paid invoices and other documentation required under the Agreement. All remaining incentive payments shall be made in accordance with the terms of the Agreement, as amended. III. AMENDMENT TO SECTION V.B INCENTIVE AMOUNT Section V.B (Incentive Amount) of the Agreement (Financial Assistance / TIF Incentives) is hereby amended to provide that the total amount of tax increment financing assistance, 561481._.l including the Early Incentive Payment authorized herein, shall not exceed Two Hundred Twenty Thousand and No/100 Dollars ($220,000). Subject to compliance with the Agreement: 1. One Hundred Thousand and No/100 Dollars ($100,000) shall be paid after the Mia's Cantina restaurant expansion has been completed and is open and operating; and 2. Ninety Thousand and No/100 Dollars ($90,000) shall be paid after the residential rental units conversion has been completed. IV. REVISED EXHIBIT B — PROJECT BUDGET The original Exhibit B to the Agreement is hereby deleted in its entirety and replaced with Revised Exhibit B, attached hereto and made a part hereof. Revised Exhibit B reflects updated Redevelopment Project budget information provided by the Developer, including increased construction, labor, and material costs associated with both (i) the expansion of the Mia's Cantina restaurant, and (ii) the conversion of the second - floor office space into residential rental units, and is based upon the Developer's spreadsheet cost schedules dated January 9, 2026, including the document labeled "Rest Schedule", consisting of a First Floor Budget and Second Floor Budget, which are incorporated herein by reference. V. RATIFICATION Except as expressly amended bythis First Amendment, all terms and provisions of the Redevelopment Agreement shall remain in full force and effect and are hereby ratified and confirmed. EXECUTION VILLAGE OF MOUNT k,OSPECT y: Name: "' L)v C4,5 Village Manager Date: , 2026 561481r„ 1 JOYCO &AGUADO, INC. A. B , Name:ti ( 0 wW� Authorized)11(12iC14r-k Date: a V1 �I , 2026 REVISED EXHIBIT B DESCRIPTION PAID IN FULL PENDING PAYMENT FIRST FLOOR (BELOW) CYNTHIA BROWN INTERIOR DESIGN ARCHITECT STUD10 21 RONY CONSTRUCTION LLC FRAMING 2 BATHS BAR BUILDOUT DEMOLITION FRAMING LARGE STRUCTURAL WALL INSTALL DRYWALL ENTIRE BAR SPACE COOLER ROOM - DEMO - PREP - WALL OPENING FRP KITCHEN, BACK STORAGE, BASEMENT REMOVE KITCHEN TILE WALLS & FLOOR INSTALL QUARRY TILE KITCHEN FLOOR REMOVE OFFICE WALLS FOR COOLER, PATCH, PAINT REMOVED AND INSTALLED NEW SIDE DOOR/OUTSIDE EPDXY KITCHEN FLOOR - COOLER ROOM - BASEMENT JR HERMINO CARPENTRY LOWER BACK BAR UPPER BAR BOOTH 1 LARGE FLOOR TILE BATHROOM FLOOR TILE BACK BAR TILE BRICK UNDER WINDOW 1 MURAL ROGELIO - BAR SIDE FINISHED INCOMPLETE DRYWALL INSTALL TAPE AND SAND DRYWALL PRIME DRYWALL CEILING PAINT DRYFALL BLACK PAINT BATHROOM (2) WALL TILE BATHROOM (2) PAINT ALL TEAL PAINT (1) WALL PAINT COTTON LARGE WALL, 2 SMALL WALL INSTALL METAL PANELS ON FRONT BAR INTALL FRAME ON FRONT BAR STAIN AND FINISH FRONT BAR DEMOLITION OF STRUCTURAL WALL INSTALL HEADER IN WALL INSTALL POSTS IN WALL FINISH STRUCTURAL WALL DETAILS REPAIR DEAIL MISTAKES THAT WERE MADE INSTALL BLACK DECORATIVE WOOD $ 7,894.98 $ 750.00 $ 9,065.94 $ 16,000.00 $ 10,000.00 $ 6,900.00 $ 9,500.00 $ 250.00 $ 750.00 $ 16,000.00 DEMO MAIN RESTAURANT AREA **10 DAY COMPLETION $ 3,000.00 $ 13,000.00 WOOD FLOOR EXISTING BAR COUNTER & WALL SHELVES WOMENS BATHROOM MENS BATHROOM BUILD NEW RAMP FOLLOWING PLANS FRAME HALLWAY FOR RAMP DRYWALL, TAPE, PRIME & PAINT HALLWAY FOR RAMP BUILD NEW TO -GO COUNTER FOLLOWING PLANS FRAME AND FINISH TO GO BAR CREATE NEW KITCHEN DOOR CLOSE KITCHEN DOOR PATCH, PRIME & PAINTALL WALLS & UNDER WINDOWS PATCH CEILING PAINT DRY FALL VESTIBULE PREP WORK INSTALL BLACK DECORATIVE WOOD BOOTH 2 BOOTH 3 TILE MAIN RESTAURANT FLOOR TILE TO GO AREA WALL PRIME & PAINT WOOD UNDER WINDOWS (URBAN BRONZE) VESTIBULE WORK PLUMBING ELECTRIC HVAC - DUCT WORK HVAC - FURNANCE & INSTALL GREASE TRAP - UNDER SINK FOH OPEN CONCEPT WINDOWS FENCING FOR GARBAGE MATERIALS FLOORING LARGE TILE BATH SMALL TILE BAR QUARRY TILE FLOOR & DECOR BLACK CHARRED WOOD METAL PANELS BAR/STATION BRICK UNDER WINDOW BAR AREA TERRACOTA TILE STAIRS PATIO CHAIRS BAR STOOLS UPHOLSTER BENCHES FABRIC FOR BENCHES $ 7,700.00 $ 6,000.00 $ 5,000.00 $ 10,500.00 $ 18,187.00 $ 3,680.00 $ 7,417.05 $ 4,750.68 $ 1,091.62 $ 8,000.00 $ 3,800.00 $ 5,000.00 $ 15,000.00 $ 3,500.00 $ 500.00 $ 5,000.00 $ 4,350.00 $ 2,456.00 BRONZE METAL PENDANTS (7) BLACK CHANDELIERS (4) COUNTERTOP MATERIAL & INSTALL BLACK FANS (4) BATHROOM MIRROR (2) BATHROOM LIGHT (2) BATHROOM TOILET (2) BATHROOM SINK (2) KITCHEN DOORS (2) GLASS SHELVES PAINT SHERWIN WILLIAMS COTTON INTENSE TEAL PRIMER TRICORN BLACk CEILING URBAN BRONZE DOOR WALLPAPER SCONCES (3) DECORATIVE PIECES (7) WOOD KITES GLASS SHIELD TO -GO COUNTER EQUIPMENT TORTILLA MACHINE ICE BIN BEER COOLER WALK IN COOLER/FREEZER HAND SINK (2) TO -GO REACH IN COOLER SECOND FLOOR (BELOW) INITIAL DEMO WORK - BOLIMEX CONSTR DUMPSTERS & GARBAGE HOME DEPOT SUPPLIES - NAILS, SCREWS MENARDS SUPPLIES - LUMBER, INSULATION STANDARD LUMBAR TOOL RENTAL RETAIL SPACE UPGRADE HEATING & COOLING HVAC LABOR DRYWALL PRIME PAINT TILE WORK BATH CABINETS LABOR BASEBOARDS INTERIOR DOORS INSTALL APPLIANCES $ 3,935.93 $ 1,612.16 $ 13,000.00 $ 600.00 $ 600.00 $ 700.00 $ 600.00 $ 500.00 $ 1,400.00 $ 450.00 $ 1,234.00 $ 500.00 $ 4,500.00 $ 600.00 $ 390.00 $ 1,500.00 $ 500.00 $ 500.00 $ 2,500.00 $ 30,000.00 $ 500.00 $ 3,000.00 $ 18,500.00 $ 5,511.40 $ 8,106.00 $ 29,255.66 $ 4,167.15 $ 615.99 $ 13,000.00 $ 65,000.00 INSTALL FLOOR LVP TILE WORK KITCHEN RONNIE CONSTRUCTION FRAMING BRICKWORK REPAIR CREATE NEW STAIRS & EMERGY EXT FINISH DEMO & CLEAN UP LAY FLOOR ELECTRIC LABOR ELECTRIC MATERIALS- NW ELECTRICAL HEATER LABOR HEATER MATERIALS PLUMBER MATERIAL. MATERIALS US PLUMBING CABINETS MATERIAL INTERIOR DOORS FLOOR MATERIAL TOILET KITCH SINK BATH SINK KITCH FAUCET BATH FAUCET SHOWER FIXTURES WASHER/DRYER APPLIANCE PACKAGE COUNTERTOP MATERIAL COUNTERTOP INSTALL BATHROOM TILE BACKSPLASH TILE SHOWER BASE LUMBER (BASEBOARD) DOOR TRIM ARCH ITECT SPRINKLER SYSTEM (WHOLE BUILDING) FIRE ALARM (WHOLE BUILDING) $ 18,500.00 $ 2,850.00 $ 17,717.00 $ 8,000.00 $ 8,000.00 $ 55,000.00 $ 23,727.28 $ 42,000.00 $ 3,900.00 $ 1,064.22 $ 12,000.00 $ 3,078.00 $ 27,197.81 $ 15,500.00 $ 17,500.00 42,500.00 5,400.00 10,500.00 2,000.00 4,000.00 7,500.00 2,250.00 4,000.00 8,500.00 15,000.00 6,000.00 3,187.50 2,500.00 2,450.00 600.00 $ 36,000.00 $ 18,000.00 PAID OUTSTANDING $ 452,703.67 $392,039.70 BUDGET TOTAL $ 844,743.37