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HomeMy WebLinkAboutRes 07-94 01/25/1994 AF/ 1/18/94 RESOLUTION NO. 7-94 A RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND THE MOUNT PROSPECT CLOCKTOWER PLACE JOINT VENTURE WHEREAS, the Village of Mount Prospect has established a Tax Increment Financing District for the purpose of redeveloping the downtown district; and WHEREAS, in order to prepare the best plan for the redevelopment area, the Village of Mount Prospect has determined that it would be in the best interest of the Village to enter into an Agreement with the Mount Prospect Clocktower Place Joint Venture. 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 do hereby authorize execution of an Agreement between the Village of Mount Prospect and the Mount Prospect Clock Tower Place Joint Venture for the purpose of developing a plan for the Downtown Redevelopment District Target Area G of the Village of Mount Prospect, a copy of which Agreement is attached hereto and hereby made a part hereof as Exhibit "A". SECTION TWO: That this Resolution shall be in fu!! force and effect from and after its passage and approval in the manner provided by law. AYES: Clowes, Hoefert, Skowron, Wilks, Farley NAYS: Hendr i ~k s ABSENT: Corcoran PASSED and APPROVED this 25th day of January , 1994. Carol A. Fields Village Clerk AGREEMENT FOR THE SALE AND REDEVELOPMENT OF LAND This AGREEMENT ("Agreement") is made on or as of the eff-~-~,~ day of January, 1994, by and between the VILLAGE OF MOUNT PROSPECT, an Illinois Municipal Corporation, ("Village"), having its principal office at Village Hall, 100 South Emerson Street, Mount Prospect, IL 60056, and MOUNT PROSPECT CLOCKTOWER PLACE JOINT VENTURE, or its nominee, ("Purchaser"), located at 747 West Devon Avenue, Park Ridge, IL 60068. RECITALS WI-IEREAS, the Purchaser desires to purchase from the Village and the Village has agreed to sell to the Purchaser the real property legally described in Exhibit A attached hereto and made a part hereof ("Property"); and WI-~REAS, the Purchaser intends to construct three (3) residential structures on the Property, consisting of a total of one hundred and forty (140) condominium dwelling units, and in conjunction therewith to provide no less than two hundred ten (210) parking spaces; and the Purchaser also intends to construct a retail facility on the Property, and in conjunction therewith to provide parking spaces as rexlUired by the Village Code (all of the improvement described herein to be collectively referred to as the "Project"); NOW, THEREFORE, in consideration of the promises and the mutual obligations of the parties hereto each of them hereby covenant and agree with the other as follows: Se~ion One: Incorporation of Recitals The recitals set forth above constitute an integral part of this Agreement and are incorporated herein by this reference with the same force and effect as if set forth herein as agreements of the parties. Section Two: Earnest Money Deposit and Zoning Contingency A. Earnest Money Purchaser has paid the sum of One Hundred Two Thousand Five Hundred and no/100 Dollars ($102,500.00) to the Village, which shall be credited as Earnest Money against the Purchase Price at the time of Closing. B. ,~ll]~illg~ This Agreement shall be contingent upon Purchaser obtaining, on or before May 4, 1994, or on such later date as shall be mutually agreed to by the parties hereto, approval by the Village of Mount Prospect of a Planned Unit Development and/or a special use permit, including approval of plat of subdivision or resubdivision if necessary, which will permit the construction of the Project in substantial compliance with the site plan that was submitted by the Mount Prospect Clocktower Place Joint Venture dated November 29, 1993 for the development of Downtown Redevelopment District Target Area G and is hereto attached as Exhibit B. ("Village Approval"). Specifically, the Village Approval shall permit the construction of one hundred and forty (140) condominium dwelling units contained in three (3) buildings, two of which shall be no more than sixty (60) feet in height and one of which shall be no more than fiRy-one (51) feet in height, and no less than two hundred ten (210) standard parking spaces in conjunction with said residential structures. Said Village Approval shall also permit the construction of no more than seven thousand five hundred (7,500) square feet of retail space and parking spaces in conjunction therewith as required by the Village Code. If Purchaser is unable to obtain said Village Approval by May 4, 1994, or by such later date as mutually agreed to by the Parties, this Agreement shall be null and void and the earnest money and good faith deposit returned to Purchaser. Should Purchaser fall.to completely construct the entire Project within three (3) years of the date of closing, Purchaser shall pay to the Village the sum of One Hundred Thousand and no/100 Dollars ($I00,000.00) as liquidated damages. The construction of the retail facility and the first residential building must commence within one (1) year of closing; and Nothing in this Agreement shall supersede the provisions of any Planned Unit Development and/or Special Use Permit adopted by the Village Board relating to the Property. The Purchaser shall comply with the conditions of the Village's Development and Building Codes including the payment of all fees and deposits. Section Three: Sale and Purchase Price Subject to all of the terms, covenants and conditions of this Agreement, the Village agrees to sell the Property to the Purchaser, and the Purchaser agrees to purchase the Property from the Village for the amount off Two Million Six Hundred Thin'y Thousand and no/100 Dollars ($2,630,000.00). The receipt of One Hundred Two Thousand Five Hundred and no/100 Dollars ($102,500.00) as earnest money is acknowledged by the Village. The balance of Two Million Five Hundred Twenty- Seven Thousand Five Hundred and no/100 Dollars ($2,//27,500.00) shall be paid in cash or by certified or Cashier's check plus or minus prorations at the time of closing. Section Four: Conveyance of Property A. Form of Deed The Village shall convey to the Purchaser title to the Property by Warranty Deed ("Deed"). The conveyance and title shall, in addition to the provisions of this Agreement, be subjec~ to: 1. Taxes not yet due and owing. 2. Easements, encroachments, covenants and restrictions of record as set fo~.h in the approved title policy ("Permitted Exceptions"). B. The Closin;, The closing ("Closing") shall take place at Chicago Title & Trust Company, 1300 West Higgins Road, Park Ridge, IL 60068, on April 6, 1994, or within fifteen (15) business days after the Zoning Contingency described in Section 2(B) herein is satisfied. 2 C. ~ The Village shall be responsible for the real estate taxes up to and including the date of the deed. The Purchaser shall be responsible for taxes accrued after conveyance. Until a Certificate of completion is issued by the Village, the Purchaser shall notify the Village that the real estate taxes have been paid in full within ten (10) days of such payment. D. Recordation of Deed The Purchaser shall, within thirty (30) days of the closing, file the Deed for recordation with the Cook County Recorder's Office. The Purchaser shall pay all costs for so recording the Deed. E. Escrow In the event the Purchaser requires conveyance through escrow, the Purchaser shall pay all escrow fees. Section Five: Proof of Financing Not more than forty-five (45) days from the date of executing of this Agreement, the Purchaser shall submit to the Village evidence of funds or a commitment for financing adequate to finance the purchase of the Property and the construction of the Project. The sufficiency of such evidence shall be solely determined by the Village. If the Purchaser is unable to obtain the necessary funds or fails to provide the Village with sufficient evidence that financing has been obtained, the Village may, at its option, declare this Agreement null and void and return the earnest money and good faith deposit to the Purchaser. If the Village should declare this Agreement to be null and void as provided in this section, the site plans, architectural drawings and construction plans/drawings referred to in Section 6 shall become the property of the Village and may be used by the Village for any purpose. Section Six: Site Plans and Architectural Drawings The Purchaser agrees to construct three (3) residential condominium structures on the Property, · consisting of total of one hundred forty (140) dwelling units and in conjunction therewith to provide no less than two hundred ten (210) parking spaces; AND Purchaser agrees to construct a retail facility not to exceed seven thousand five hundred (7,500) square feet on the Property, and in conjunction therewith to provide parking spaces as required by the Village Code. The construction shall be in general accordance with the Conceptual Site Plans and Architectural Renderings dated November 29, 1993, as submitted to the Village in response to a Request For Proposal For Downwwn Redevelopment District, Target Area G; The Drawings are hereby incorporated by reference and made a part of this Agreement. No material deviation from the Drawings shall be made without the prior wri~n approval of the Village of Mount Prospect. As required by the Drawings, the Purchaser shag1 be solely responsible for and shall pay all costs in regard to: the relocation, installation or construction of public or private utilities; curb cuts and driveways; AND the repair or reconstruction of any curbs, sidewalks or parkways deteriorated or damaged as a result of the Purchaser's redevelopment. Section Seven: Limited Applicability Any approvals of the Drawings made by the Village are for the purposes of this Agreement only, and do not affect or constitute approvals required for building permits or approvals required pursuant to any other ordinance of the Village, nor does any approval by the Village pursuant to the agreement constitute approval of the quality, structural soundness or the safety of any improvements located on the Property. The Village, however, agrees to assist the Purchaser in expeditiously obtaining all necessary approvals affecting the Property. Section Eight: Survey Within forty-five (45) days of the acceptance of this Agreement, the Village shall provide to the Purchaser, a current survey of uae Property containing such information and in sufficient detail to obtain extended title insurance coverage over survey exceptions, prepared by a licensed Illinois Land Surveyor in accordance with the survey standards of the American Land Title Association (ALTA) and the American Congress of Surveying and Mapping. The Village shall credit the Purchaser, at the time of closing with the amount of One Thousand Five Hundred Dollars ($1,500.00) for this survey. Section Nine: Evidence of Title A. Within thirty (30) days following execution of this Agreement, the Village. will deliver to Purchaser a commitment ("Commitment") to issue an ALTA Form B Owner's Policy of Title Insurance issued by Chicago Title Insurance Company ("Title Company") in a nominal amount, showing rifle to the Property in the Village and being subject only to (i) those exceptions which are set forth in the approved title policy ("Permitted Exceptions"); and (ii) the other exceptions set forth in the Commitment. B. The Village shall deliver or cause to be delivered to Purchaser at Closing, prior to disbursement by the Title Company of the Purchase Price deposited with it by Purchaser, an ALTA Form B owner's title insurance policy in the amount of the Purchase Price issued by the Title Company pursuant to the Commitment described in Section 9(A) hereof, containing no exceptions other .. than the Permitted Exceptions and insuring fee simple rifle to the Propor~ in the Purchaser, which policy shall include extended coverage over all so-called general (or standard) exceptions customarily contained therein (including, without limitation, the exceptions ponalnlng to survey matters and mechanics' lien claims). C. The Purchaser shall pay all costs incurred in obtaining such owner's title insurance commitment and policy (including endorsements). Section Ten: Unpermitted Exceptions If the Commitment or the Survey disclose exceptions to title o~her than the Permitted Exceptions 0aereinaP~er referred to as "Unpermitted Exceptions"), and either (i) the cost to remove such Unpermitted Exceptions is less than or equal to Twenty Five Thousand Dollars ($25,000), or (ii) such Unpermitted Exceptions are an encumbrance securing a sum of money caused by a deliberate, intentional act of the Village, the Village shall have sixty (60) days from the date of delivery of the Title Commitment or Survey to remove such Unpermitted Exceptions. If the Village falls to remove any such Unperrnltted Exceptions, Purchaser may elect, within five (5) days after the date on which such Unpermitted Exceptions were required to be removed by the Village, to either (i) terminate this Agreement, (in which event the Earnest Money deposited and all interest thereon shall be immediately returned to Purchaser), or (ii) accept title subject to such Unpermitted Exceptions. 4 Section Eleven: Demolition of Existing Buildings The Village shall be solely responsible for the demolition, if necessary, of any existing structures on the Property, and shall comply with any existing Village ordinances, State and Federal laws regarding the disposition of any demolition and/or construction debris. The Village shall be responsible for the removal of existing pipes, utility equipment or building foundations and the termination of existing water or other services to the Property. The Village shall demolish all existing structures on the Property prior to Closing. Section Twelve: Ac__c,~s_ to Premises Purchaser, its designated representatives, agents, employees, lenders, comractors, appraisers, architects and engineers may, during reasonable business hours and on reasonable notice to the Village, have access to and the right to enter upon for the purpose of m~clng on-site inspections, performing soil testa and other subsurface inspections, measurements and tests. Purchaser shall indemnify and hold the Village harmless from and against any and all claims relating to this Section 12. Section Thirteen: Si~nage and Temporary Sales Slructures The Village agrees to grant a temporary license to Purchaser to construct a package of advertising signs as shown in Exhibit C. The temporary license shall expire three (3) years from the date of closing or at such time as ninety percent (90%) of the residential units are occupied, whichever occurs gu'st. Section Fourteen: Limitation Upon Encumbrance of Property Prior to the completions of the Improvements, neither the Purchaser nor any successor in interest to the Property shall engage in any financing or other Iransaction which creates an encumbrance or lien upon the Property, except for the purposes of obtaining only: (a) funds necessary to acquire the Property; Co) funds necessary to construct the Project; or (c) funds necessary for architects, surveyors, consultants or legal or title fees in connection with the Project. Section Fifteen: Covenants Running With the Land The parties agree, and the Deed shall so expressly provide, that the covenants provided in Sections 14 and 17 shall be covenants running with the land binding the Purchaser and its successors and assigns to the fullest extent permitted by law and equity for the benefit and in favor of the community and the Village, and shall be enforceable by the Village, any successor in interest to the Property, or any part thereof. Section Sixteen: Restrictions On Use The Purchaser agrees for itself, its successors and assigns, and every successor in interest to the Property or any part thereof, and the Deed shall contain covenants on the part of the Purchaser for itself, and its successors and assigns, and the Purchaser shall not discriminate based upon race, color, religion, sex, national origin or ancestry, military sUtus, sexual orientation, source of income, age or handicap in the sale, lease, rental, use or occupancy of the Property or any improvements located or to be erected thereon. Section Seventeen: Performance and Breach A. ~]IP~O~II~ Time is of the essence in the parties' performance of their obligations under this Agreement. B. Permitted Delays Neither the Village, the Purchaser, nor any successor in interest to the Purchaser, shall be considered in breach of its obligations with respect to the commencement and completion of construction of the Improvements in the event of delay in the performance of such obligations due to unforeseeable causes beyond such party's control and without such party's fault or negligence, including, but not limited to, any delays or halts in construction of the Improvements which are compelled by court order, acts of God, acts of the public enemy, acts of the United SUtes government, governmental requirements related to the remediation and the disposal of hazardous and/or toxic materials, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, embargoes and unusually severe weather delays of subcontractors due to such cause. The time for the performance or the obligations shall be extended only for the period of the delay if the party seeking the extension shall request it in writing of the other party within twenty (20) days after the beginning of such delay. C. B~ach 1. Generigly Except as otherwise provided in this Agreement, in the event of default by any party or its successor in interest in the performance of its obligations under this Agreement, such party or successor, upon written notice from the other, shall cure or remedy such default not later than thirty (30) days after receipt of such notice. In the event such action is not diligently pursued or the default not cured within thirty (30) days after receipt of such notice, the aggrieved party may institute such proceedings at law or in equity as may declare the other party to be in default and may be necessary or desirable in its sole discretion to cure and remedy such default, including but not limited to, proceedings to compel specific · performance by the party in default of its obligations.. 2. Event of Default For purposes of this Agreement, the failure of the Purchaser to develop drawings consistent with the procedures outlined in Section 6 of this Agreement with regard to the construction of improvements shall constitute an "event of default." 3. 1~ If, from the execution date of this Agreement until the Village delivers to the Purchaser the Deed to the Property, the Purchaser or any successor in interest defaults in any manner as described in Paragraph (2) of this Subsection 17 (C), the Village may immediately terminate this Agreement and institute any action or proceeding at law or in equity against the Purchaser. 4. After Conveyance If, subsequent to the conveyance of the Property to the Purchaser by the Village, the Purchaser or its successor in interest shall default in any specific manner 6 as described in this Section I?(C), then the Village~ by written notice to the Purchaser, may utilize any and ail remedies available to the Village at law or in equity. 5. Village Liabili_ty Notwithstanding any other provision of this Agreement, the sole remedy of the Purchaser in the event of a default by the Village in any of the terms of this Agreement is to institute legai action for specific performance against the Village. Under no circumstances will the Village have any monetary liability for damages, compensatory or punitive under the provisions, terms and conditions of this Agreement. Section Eighteen: Conflict of Interest; Village's Representatives Not Individually Liable The Purchaser warrants that no agent, official, or employee of the Village shail have any personai interest, direct or indirect, in this Agreement, nor shail any such agent, officiai or employee participate in any decision relating to this Agreement which affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is directly or indirectly interested. No agent, official or employee of the Village shall be personally liable to the Purchaser or any successor in interest in the event of any default or breach by the Village or for any amount which may become due tothe Purchaser or successor or on any obligation under the terms of this Agreement. Section Nineteen: Environmental and Soil Conditions The Village makes no covenant, representation or warranty as to the environmental conditions of the Property or the suitability of the Property for any purpose whatsoever. It shall be the responsibility of the Purchaser, at its sole cost and expense, to investigate and determine the soil and environmental condition of the Property. After this Agreement has been executed by the Purchaser, the Purchaser shall be entitled to conduct soil and environmental tests on the Property. If such a request is made, the Village shail grant to the Purchaser a right of entry for the sole purpose of allowing the Purchaser to conduct soil and environmental tests on the Property. The Purchaser agrees to deliver to the Village a copy of each report prepared .by the Purchaser regarding the soil and environmental condition of the Property in the event such report results in the termination of this Agreement. The Purchaser shall have sixty (60) days from the execution of this Agreement to conduct soil and environmental tests and notify the Village in writing if such tests reveai environmental contamination of the property. If thc Village is notified of the extent of the environmental contamination in writing, the Village agrees to remediate such contamination. The Purchaser shail reimburse the Village at the time of closing for ail costs of such remediatinn up to One Hundred Thousand and no/100 Dollars ($100,000.00). If the Purchaser does not give the Village written notice of environmental contamination and the extent thereof within sixty (60) days of the date of the execution of this Agreement, then Purchaser shail accept the environmental condition of the property and be completely responsible for the entire cost of any remediation or clean up of such environmental contamination. If, after the Property has been conveyed to the Purchaser, the soil and environmental condition of the Property is not in all respects entirely suitable for the use or uses to which the Property shail be utilized pursuant to the terms of this Agreement,it shail be the sole responsibility and obligation of 7 the Purchaser to take such action as may be necessary to place the soil and environmental condition of the Property in a condition entirely suitable for the intended uses of the Property. The Purchaser additionally agrees to indemnify the Village from any claim relating to the sell and environmental condition of the Property, and to undertake and discharge all liabilities of the Village arising from any condition which existed on the Property prior to the conveyance. Section Twenty: Broker Seller and Purchaser each represent to the other that there is no broker ("Broker") involved in this transaction, and each party hereby agrees to indemnify, defend and hold harmless each other from any such claim. Section Twenty-One: Provisions Not Merged With Deed The provisions of this Agreement shall not be merged with the Deed, and the Deed shall not be deemed to affect or impair the provisions of this Agreement. Section Twenty-Two: Hendings The headings of the various sections of this Agreement have been inserted for convenient reference only and shall not in any manner be construed as modifying, amending, or affecting in any way the express ~erms and provisions thereof. Section Twenty-Three: Governing Law . This Agreement shall be governed in accordance with the laws of the State of illinois. Section Twenty-Four: Entire Agreement This Agreement, along with those provisions of the Redevelopment Proposal submitted by the Mount Prospect Clock'tower Joint Venture dated November 29, 1993 for the development of Downtown Redevelopment District, Target Area G which have not been superseded by the provisions of this Agreement, constitute the entire Agreement between the parties with respect to the subject matter hereof. This Agreement may not be modified or amended in any manner other than by supplemental written agreement executed by the parties. Section Twenty-Five: Severability If any provision of this Agreement, or any paragraph, sentence, clause, phrase or word, or the application thereof is held invalid, the remainder of this Agreement shall be construed as if such invalid part were never included and this Agreement shall be and remain valid and enforceable to the fullest extent permitted by law. Section Twenty-Six: Notic~ Any notice, demand or request required or permitted to be given hereunder shall be hand delivered in writing or sent by registered or certified mail, postage prepaid, return receipt requested, to the party at the following address: If to Purchaser: Mount Prospect Clocktower Place Joint Venture Arm: Michael Pontarelli 747 West Devon Avenue Park Ridge, IL 60068 With a copy to: paul A. Kolpak 6767 North Milwaukee Avenue, Suite 202 Niles, IL 60714 If to Village: Village of Mount Prospect Attn: Village Manager 100 South Emerson Street Mount Prospect, IL 60056 With a copy to: Gerald L. Farley, Mayor Village of Mount Prospect 100 South Emerson Street Mount Prospect, IL 60056 Notices ar~ deemed to have been received by the parties three (3) days at~r mailing. The parties, by notice given hereunder, may designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent. Section Twenty-Seven: Counterparts This Agreement is executed in triplicate, each of which shall constitute an original instrument. Section Twenty-Eight: Organization and Authority The Purchaser (if other than an individual) represents and warrants that it is duly organized and validly existing under the law of the State of Illinois, with full power and authority to acquire, own and redevelop the Property, and that the person(s) signing this Agreement on behalf of the Purchaser have the authority to do so. Section Twenty-Nme: Amendment This Agreement, and any exhibit n-ached hereto, may be amended only by the mutual consent of the Parties with the adoption of an ordinance or resolution of the Village approving said amendment, as provided by law, and by the execution of said amendment by the Parties or their successors in interest. Except as otherwise expressly provided herein, this Agreement supersedes all prior agreements, negotiations and discussions relative to the subject matter hereof and is a full integration of the agreement of the Parties. 9 ection Thirty: Public Improvements It is mutually understood and agreed by the Parties that, the Village will install or cause to be installed a brick paved connection from the property to the existing Busse Avenue Commercial District, and to further cause Wille Street to be reconfigured to permit the flow of two-way traffic. The cost of these public improvements will be paid by the Village, but in the event that the cost exceeds the sum of Thirty-Five Thousand and no/100 Dollars ($35,000.00), then Purchaser shall within thirty (30) days after receipt of the invoices evidencing said costs, reimburse the Village for all amounts in excess of Thirty-Five Thousand and no/100 Dollars ($35,000.00). IN WITNESS WIS..REeF, the Village has caused this Agreement to be duly executed in its name and behalf by its Mayor or his proxy and its seal to bo hereunto duly affixed and attested by its Village Clerk, and the Purchaser has signed and sealed the same on or as of the day and year first above written. VILLAGE OF MOUNT PROSPECT, an Illinois Municipal Corporation ATrF_.ST: Gered L. FarleY, C~'ol A~ Fields, V'~Hage Clerk MOUNT PROSPECT CLOCKTOWER PLACE JOINT VENTURE Michael R. on~9_n~elli, President 10 EXHIBIT "A" Legal De~criotion P~rgel 1 Lot 1 in W'tlle's Consolidation Plat of Lots 1 and 2 in Wille's Consolidation Plat of Lots 2 to 12, both inclusive, in block 2 in Busse and W'dle's Resubdivision in Mount Prospect, a subdivision in the west 1/2 of Section 12, Township 41 North, Range 11, East of the Third Principal Meridian. Parcel 2 Lot "A" in Corporate Subdivision No. 8, Village of Mount Prospect, Cook County, Illinois, being a subdivision of Lots 13, 14, 15, 16 and 17 (except the north 22.00 feet thereof) in block 2 in Busse and W'dle's Resubdivision in Mount Prospect in the west 1/2 of Section 12, Township 41 North, Range 11, East of the Third Principal Meridian. Parcel 3 The north 22.00 feet of Lot 17 and all of Lots 18 and 19 in block 2 in Busse and Wille's Resubdivision in Mount Prospect in the west 1/2 of Section 12, Township 41 North, Range 11, East of the Third Principal Meridian, all in Cook County, Illinois. EXHIBIT "B" Conceotual Site Plan pLANTING, DE~ PLANT PALETFE CONCE~U~ L~N~SC~E PL~ Mount Prospect Downtown Redevelopment EXHIBIT "C" Signage and Temporary Sales Structures PONT 'qELLI BUILDERS, . January 21, 1994 Mr. William Cooney, Director of Planning VILLAGE OF MOUNT PROSPECT 100 SoUth Emerson Mount Prospect, Illinois 60056 RE: SIGNS TO BE LOCATED AT CLOCKTOWER PLACE Dear Mr. Cooney: Enclosed please find diagrams of the proposed signs and sign locations for the Mount Prospect downtown redevelopment district, Target Area "G'. The diagrams are labelled Exhibit C-l, Exhibit C-2 and Exhibit C-3. These Exhibits are intended to be incorporated into the Redevelopment Agreement between the Village of Mount Prospect and the Mount Prospect Clocktower Place Joint Venture. A summary of the proposed signs and sign locations is as follows: 1. Central Road. This sign will be two-sided, as depicted in Exhibit C-I. The sign will be positioned perpendicular to traffic on the south side of Central Road between Pine Street and the Terrace Supply Center. Face of Sign: 9'6' x 5'0' Height: 12'6' (approximate) 2. Wille Street. This sign will be one-sided, as depicted in Exhibit C-I. The sign will be located on the west side of Wille Street, mid-way between Northwest Highway and Central Road. Face of sign: 9'6' x 5'0" Height: 12'6' (approximatei 3. Pine Street. This sign will be one-sided, as depicted in Exhibit C-1. The sign will be located on the east side of Pine Street, mid-point between Northwest Highway and Central Road. Face of sign: 9'6' x 5'0' Height: 12'6" (approximate) 4. Northwest Highway. This sign will be one-sided, but will feature two separate signage 'wings* that will measure 8 feet by 12 feet. In addition, there is a central "clocktower" feature which is 4 feet wide and 15 feet tall. Landscaping consisting of small shrubs and annuals will be installed at the base. The sign is depicted in Exhibit C-2. This sign will face Northwest Highway, and will be positioned near the intersection of Northwest Highway and Wille Street. Face of sign: (8' x 12') x 2 Overall Height: 15' 747 WEST DEVON AVENUE (708) 698-4200 FAX (708) 698-4503 PARK RIDGE, ILLINOIS 60068 anuary 20, 1994; page two Exhibit C-3 attached hereto indicates the locations of the signs relat ve to the overall site plan. In addition, we request that the signs be lighted at night. Sincerely yours, John R. Thomas, Vice President-Development PONTARELLI BUILDERS, INC. Ibc/enclosures