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HomeMy WebLinkAboutRes 40-93 10/05/1993 AF/ 7/29/93 RESOLUTION NO. 40-93 A RESOLUTION AUTHORIZING EXECUTION OF A RESTRICTIVE COVENANT FOR PROPERTY LOCATED AT 400 EAST GREGORY STREET AND COMMONLY KNOWN AS CHRISTIAN LIFE COLLEGE WHEREAS, a request has been submitted by the Christian Life College to waive the requirement to install sidewalks along Rand Road required in conjunction with the improvement to Christian Life College; and WHEREAS, in certain instances the installation of public improvements, including but not limited to sidewalks, is not feasible at the time of development, however, in order to guarantee installation of the required public improvements at a future date, the Village will accept a Restrictive Covenant executed by the owner(s) of the Subject Property; and WHEREAS, the Petitioner has submitted a request to delay the installation of sidewalks along Rand Road, which sidewalks are required in conjunction with the improvement to the Subject Property and has agreed to enter into a Restrictive Covenant guaranteeing installation of the public improvements at a later date; and WHEREAS, the Mount Prospect Plan Commission did consider the request of Christian Life College to waive the installation of sidewalks along Rand Road and the Plan Commission has submitted its recommendation to the Village Board to authorize a Restrictive Covenant; and VVHEREAS, the Mayor and Board of Trustees have determined that the best interests of the Village would be served by authorizing the developer enter into a Restrictive Covenant, a copy of which is attached hereto and hereby made a part hereof as Exhibit "A", guaranteeing the installation of the required sidewalks along Rand Road at such time as the Village deems reasonable and proper. 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 recitals set forth hereinabove are incorporated herein as findings of fact by the Mayor and Board of Trustees of the Village of Mount Prospect. SECTION TVVO: That the Mayor and Board of Trustees do hereby authorize execution of a Restrictive Covenant, a copy of which Restrictive Covenant is attached hereto and hereby made a part hereof as Exhibit "A", for property commonly known as Christian Life College. SECTION THREE: That the Village Clerk is hereby directed to record a copy of this Restrictive Covenant with the Cook County Recorder of Deeds. SECTION FOUR: 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, Hendricks, Hoefert, Skowron, Wilks NAYS: None ABSENT: Corcoran PASSED and APPROVED this 5th day of October ,1993. · Gerald L. Farley, Mayo~ ATTF~ST: /~ , Carol A. Fields, Village Clerk RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND THE OWNER-DEVELOPER OF CERTAIN PROPERTY WITHIN SAID ~ VILLAGE REGARDING COMPLETION OF REQUIRED PUBLIC~'~. IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY 400 East Gregory Street WHEREAS, pursuant to the provisions of ChaPter 16 entitled "Development" of the Village Code of Mount Prospect, Illinois cerl~in public improvements are required to be constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, the schedule for accomplishing the construction and installation of such public improvements by the owner-developer of the property under development is often in conflict with other public improvement projects adjacent to or within the vicinity of said property so as to render the accomplishment of such public improveinents by the owner- developer to be practically or economically unfeasible until the same can be combined with or scheduled so as to conform with such other public improvements affecting the subject property hnder development; and WHEREAS, such other public improvement projects are admlni~tered by the Village, County or State, officials over which the owner-developer has no control, and in some instances those improvements to be accomplished by the owner-developer with respect to the property under development cannot be completed until the other improvements under Village, County or State control have been accomplished; and WHEREAS, under such circumstances, it is deemed to be inequitable to delay development of the property under development or to require the owner-developer to establish a cash escrow, letter of credit or improvement bond for the purpose of guaran- teeing the completion of required public improvements due to the delay caused by the intervening or subsequent accomplishment of other public improvement projects under ~;~' administration and control of the Village, County or State; and Ct. · WHEREAS, Chapter 16 of the Village Code of Mount Prospect, Illinois provides that in lieu of a cash escrow, letter of credit or development bond, the owner-developer may execute a restrictive covenant to be recorded and to run with the land as a guarantee that the required public improvements shall be completed with respect to the property under development. ~EPT-O 1 RECO~I)IN~ T~6666 TRAN ~65L~01/26/74. 11. (:OOK COUNTY RECOROER NOW, THEREFORE, in accordance with the provisions of the said Chapter 16 of the Village Code of Mount Prospect, Illinois, the Undersigned, Owner-Developer does hereby covenant with the Village of Mount Prospect, an Illinois municipal corporation, as follows: 1. The Undersigned is the Owner and Development of the following described property within the Village of Mount Prospect, Illinois, to wit: The south 1/2 of the southeast 1/4 of the northeast 1/4 of Section 34, Township 42 North, Range 11 East of the 3rd Principal Meridian, lying Westerly of Rand Road except the North 229.93 feet, as measured at fight angles and except that part thereof dedicated for street purposes as per Document No. 18617987, in Cook County, Illinois. 2. A plan of development of the described property by the Undersigned has been approved by the Village of Mount Prospect, which approval includes the completion of the following public improvements contained in and provided as a part of the plans, to wit: To install a public sidewalk along the east side of the Property along Rand Road aCCOrding to State of Illinois and Village of Mount Prospect Code when requested to do so by the Village of Mount Prospect. 3. For a period of twenty (20) years commencing from the date hereof, the Undersigned shall undertake the above-stated improvements with sixty (60) days after being so advised by the Village of Mount Prospect to commence such construction and instal- lation work, and shall continue said work without interruption or delay, until the improvements are completed in a satisfactory manner and in accordance with Village plans and specifications pertaining thereto. 4. Th~ Covenant to complete the said public improvements as herein contained shall nm with the said property; and for the period of time as set forth herein. Nothing in this Covenant shall in any way prevent the alienation Or sale of the subject property or any portion thereof, except that said sale shall be subject to the provisions hereof and to the plan of development pertaining to the property, and the new owner shall be both benefited and bound by the conditions and restrictions herein expressed. - 2 - 5. This Covenant shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns in title and interest and the provisions hereof shall be enforceable in a proceeding at law or in equity against the person or persons seeking to violate the same including an action for injunctive relief, specific performance or to recover damages or other f'mes and penalties as may be established in such violation. In the event that the owner-developer of the subject property fail~ to complete the required improvements or pay a proportionate share of the required improvements by other contractors within the specified time periods herein, the value of such improvements shall be entered as a lien against the property due and payable within sixty (60) days after notification to proceed with the improvements. IN WITNESS WHEREOF, the parties hereto have set their hands and seals this 2it/, day of VII IAGE OF MOUNT PROSPEJg~r, II l.mlOIS ~ ~' VILL~GE/PRES/IDENT ATTEST: / Real Estate Index No. 03-34-206-004 - 3 -