HomeMy WebLinkAboutRes 37-91 10/15/1991 AF/
10/10/91
RESOLUTION NO. 37-91
A RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT
BETWEEN THE VILLAGE OF MOUNT PROSPECT AND
BROADACRE DEVELOPMENT COMPANY
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 Broadacre Development Company; and
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 Broadacre Development Company for the purpose of
development a plan forthe Downtown Redevelopment District 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 'full force and
effect from and after its passage and approval in the manner
provided by law.
AYES: Busse, Clowes, Corcoran, Hoefert
NAYS: None
ABSENT: Wilks, Fl oros
PASSED and APPROVED this 15th day of October , 1991.
Gerald L. Farley
Mayor
ATTEST:
Carol A. Fields
Village Clerk
A CONSULTING SERVICES AGREEMENT
FOR THE
THE VILLAGE OF MOUNT PROSPECT
Submitted by
BROADACRE CONSULTING COMPANY
September 16, 1991
Consulting Services Agreement
Between
The Village of Mount Prospect
and
Broadacre Consulting Company
September 16, 1991
Broadacre Consulting Company will provide consulting services to the Village of Mt.
Prospect for the future redevelopment of the downtown center.
These services, described below, are to be considered a component of an overall
Development Agreement to be established at a later date.
Consulting services provided will lead to the future development of a master plan, which
may be implemented in stages.
Scope of Consulting Services
The services provided by Broadacre Consulting Company shall include, but shall not be
limited to, the following:
A. General consultation.
B. Planning and architectural consultation.
C. Evaluation and development of Village plans, goals, and strategies including:
1. Land appraisals and acquisitions.
2. Ordinances.
3. Traffic, street and open space plans.
D. Assistance in negotiations with property owners.
E. Development of relocation schemes.
F. Evaluation and/or origination of any interim development project prior to the
completion of the Development Agreement.
Compensation
Broadacre Consulting Company will be compensated as follows (rates quoted are BCC's
rates for not-for-profit agencies and governmental units):
*Principals - $150.00 per hour.
Associates - $75.00 per hour.
Staff and clerical support are included in quoted billing
rates. Consulting hours are billed portal to portal.
Reimbursable expenses, including out-of pocket costs, are
billed without mark-up.
Invoices will be submitted monthly.
*(Principals include: Robert Meers, Bert Meers, Fidel Lopez
and Francis Freeman).
In recognition that a working partnership is being established with the Village of Mt.
Prospect, Broadacre Consulting Company proposes to defer one-half of its total
professional fee billing, with the balance to be payable as an additional developer's fee
when a project involving both Broadacre and the Village proceeds.
Broadacre Consulting Company will provide the Village of Mt. Prospect with a report,
submitted the last day of each calendar month, which details Broadacre's activities during
that month with respect to this Agreement and which outlines any activities planned for
the next month.
Six (6) months after this Agreement is signed and ratified by both parties, this Agreement
will be subject to a review before the Committee-of-the-Whole of the Village of Mt.
Prospect. At that time, the Village of Mt. Prospect may conclude that this Agreement
continue in its present form, be altered, or terminated.
Should the Village of Mt. Prospect terminate Broadacre as either consultant or developer,
any remaining balance will become due and payable to Broadacre by the Village.
In any development which is actually financed, the Village will be eligible for
reimbursement for the payments made to Broadacre for costs pertaining to that
development. Such reimbursement is part of the project origination expenses.
It is understood that Broadacre has already provided consulting services and will be
compensated retroactively upon presentation of invoices. The commencement of
Consulting Services, for purposes of determining billable hours, started on April 11, 1991
with the consultations with Northwest Electric Company's expansion plans.
ubmit_.teah-~Broadacre Consulting Company
Fidel Lopez re~.csid~5-"' / / Date
Accepted: Village of Mount Prospect
Mount Prospect, Illinois
By: ~,9~_. ./~-~-~,
John~ixon, Village ~ianager Date