HomeMy WebLinkAboutRes 51-93 12/21/1993 RF_SOLUTION NO. 51-93
A RESOLUTION TO ENTER INTO NEGOTIATIONS FOR A REDEVF~OPMF_,NT
AGREEMF, NT FOR THE DEVELOPMENT OF DOWNTOWN REDEVELOPlVI~NT
DISTRICT TARGET AREA G WITH MOUNT PROSPECT CLOCKTOWER JOINT
VENTURE CONSISTING OF PONTARELLI BUILDERS, INC., PONTARELLI
REAL ESTATE GROUP, INC., LELAND DEVELOPlVIENT, INC., ET AL
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 adop~l a Tax Increment Financing
Program to upgrade the quality and image of a portion of the Northwest Highway Corridor designat~i
Downtown Tax Increment Redevelopment Project "Target Areas A through I," and
WHEREAS, the Village of Mount Prospect mailed a Request For Proposal for the development
of the Downtown Redevelopment District Target Area, and
WHEREAS, the Village of Mount Prospect 1w.,~'lVed three (3) proposals in response to that
Request For Proposal, and
WHEREAS, the Village of Mount Prospect has determined that the proposal submitted by
Mount Prospect Cloektower Joint Venture consisting of Pontarelli Builders, Inc., Pontarelli Real Estate
Group, Inc., Leland Development, Inc., et al, is the most favorable of the three proposals submitted;
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AS FOLLOWS:
SECTION 1: That the Village of Mount Prospect shall enter into negotiations for a
Redevelopment Agreement for the development of Downtown Redevelopment District Target Area G
with Mount Prospect Clocktower Joint Venture consisting of Pontarelti Builders, Inc., Pontarelli Real
Estate Group, Inc., Leland Development, Inc., et al, subject to the terms and conditions of the
referenced Request for Proposal.
SECTION 2: That if a Redevelopment Agreement is not entered into between the Village of
Mount Prospect and Mount Prospect Clocktower Joint Venture consisting of Pontarelli Builders, Inc.,
Pontarelli Real Estate Group, Inc., Leland Development, Inc., et al, by the close of business on
January 31, 1994, the proposal submitted by Mount Prospect Clocktower Joint Venture consisting of
Pontarelli Builders, Inc., Pontarelli Real Estate Group, Inc., Leland Development, Inc., et al, shall
be deemed as rejected by the Village and the earnest money deposited thereby returned, after
deducting therefrom the Village's costs and reasonable attorneys fees in connection therewith.
SECTION 4: Tlmt this Resolution shall be in full force and effect from and a~ter its passage
and approval.
AYES: Corcoran, Hoefert, Skowron, Wilks,
NAYS: Hendricks
ABSENT: Clowes
PASSED and APPROVED ~his 21st day of December , 1993.
/_/ / ' z I~YOR/
ATTEST: /
VILLAGE CLERK