HomeMy WebLinkAboutRes 28-98 05/19/1998 vwl
5/;I 4/98
RESOLUTION NO. 28-98
A RESOLUTION MAKING AMENDMENTS TO RESOLUTION NO. 22-98 FOR A
REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT
AND TOWN CENTRE, L.L,C.
WHEREAS, the Village of Mount Prospect has 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 President and Board of Trustees of the Village of Mount Prospect passed and approved
Resolution No. 22-98 on April 7, 1998, authorizing the Village to enter into negotiations for a
Redevelopment Agreement with Town Centre, L.L.C., for the Development of Downtown Redevelopment
District Target Areas F and I; and
WHEREAS, the closing date for the Redevelopment Agreement, as set forth in Resolution No. 22-98 is
May 22, 1998, and it has been determined that the interest of the Village would be best served by
extending the closing date to June 19, 1998.
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
authorized entering into negotiations for a Redevelopment Agreement for the development of Downtown
Redevelopment District Target Areas F and I with Town Centre, L.L.C., subject to the terms and
conditions of the referenced Request For Proposal, through the passage of Resolution No. 22~98.
SECTION TWO: That SECTION TWO of Resolution No. 22-98 is hereby amended by deleting "May 22,
1998" and substituting therefor the date "June 19, 1998."
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: Clowes, Corcoran, Hoefert, Lohrstorfer, Necchi, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 19th dayof May ,1998.
ATTEST: (sef-ald L. Farley, Mayor ~
Carol A: Fields, Village Clerk