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HomeMy WebLinkAboutRes 22-98 04/07/1998 caf 4~2~98 RESOLUTION NO. 22-98 A RESOLUTION AUTHORIZING THE VILLAGE OF MOUNT PROSPECT TO ENTER INTO NEGOTIATIONS FOR A REDEVELOPMENT AGREEMENT FOR THE DEVELOPMENT OF DOWNTOWN REDEVELOPMENT DISTRICT TARGET AREA F AND I WITH TOWN CENTRE, L. LC. WHEREAS, the Village of Mount Prospect is a home rule unit of local government located in Cook County, Illinois; and WHEREAS, the Village of Mount Prospect has formerly adopted a Tax Increment Financing Program to upgrade the quality and image of a portion of the Northwest Highway Corridor designated Downtown Tax Increment Redevelopment Project "Target Areas A through I;" and WHEREAS, the Village of Mount Prospect mailed Requests For Proposal for the development of the Downtown Redevelopment District Target Area F and I; and WHEREAS, the Village of Mount Prospect received two (2) proposals (one of which was subsequently withdrawn by the Developer) in response to that Request For Proposal; and WHEREAS, the Mayor and Board of Trustees of the Village of Mount Prospect have determined that the proposal submitted by Town Centre, L.L.C. is the most favorable proposal submitted. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect hereby authorize entering into negotiations for a Redevelopment Agreement for the development of Downtown Redevelopment District Target Area F and I with Town Center, L.L.C., consisting of Norwood Builders, Inc., A & T Investments, Inc. and Kaiser Development, subject to the terms and conditions of the referenced Request For Proposal. SECTION TWO: That if a Redevelopment Agreement is not entered into between the Village of Mount Prospect and Town Centre, L. LC., consisting of Norwood Builders, Inc., A & T Investments, Inc. and Kaiser Development, by the close of business on May 22, 1998, the proposal submitted by Town Centre, EL.C. shall be deemed as rejected by the Village. SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Corcoran, Hoefert, Lohrstorfer, Nocchi, Wilks NAYS: Clowes ABSENT: None PASSED and APPROVED this 7th day of April, 1998.