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HomeMy WebLinkAboutOrd 3958 06/21/1988ORDINANCE NO. 3958 AN ORDINANCE AUTHORIZING AN AMENDMENT TO THE REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND HOME BY HEMPHILL PERTAINING TO TAX INCREMENT FINANCE DISTRICT NO. 1 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 21st DAY OF June , 1988. Published' in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 22nd day of June , 1988. RDINANCE NO. 3958 AN ORDINANCE AUTHORIZING AN AMENDMENT TO THE REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND HOME BY HEMPHILL PERTAINING TO TAX INCREMENT FINANCE DISTRICT NO. WHEREAS, the corporate authorities of the Village of Mount Prospect did adopt Ordinance No. 3896 on March 1, 1988, which Ordinance ratified the agreement between the Village of Mount Prospect and Home By Hemphill, Inc. relative to the development of Tax Increment Finance District No. 1; and WHEREAS, an amendment~to the Agreement being the sub]ect of Ordinance No. 3896 has been agreed to by the Village of Mount Prospect and Home By Hemphlll, Inc. which agreement will further clarify the development of the site commonly known as Tax Increment F~nance District No. 1. NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION O~E: That the Village President is hereby authorized to execute, and the Village directed to attest her signature, on the Amendment to Development Agreement attached hereto and hereby made a part hereof as Exhibit "A", which Amendment shall amend the Agreement adopted March 1, 1988 being the sub3ect of Ordinance No. 3896. SECTION TWO: That this Ordinance shall be ~n full force and effect from and after its passage and approval in the manner provided by law. AYES: NAYS: ABSENT: O PASSED and APPROVED thls 21st day of June, 1988. ATTEST: Carol A. Fields Village Clerk Carolyn,. Krause Village President AMENDMENT TO REDEVELOPMENT AGREEMENT THIS AMENDMENT TO REDEVELOPMENT AGREEMENT made and entered Into as of this day of 3une, 1988 by and between the Village of Mount Prospect, Illinois, a home rule unit of local government located In Cook County, Illinois ("Village") and Home by Hemphlll~ Inc., an Illinois corporation ("Developer"). RECITALS A. Village and Developer heretofore entered Into a certain Redevelopment Agreement dated as of February 2~ 1988 (the "Agreement") providing for the purchase by the Developer of certain real estate therein described (the "Property") and the development of the Property by the Developer with a condominium project (the "Project"). B. Developer and Village have decided to amend the description of the Property and to make the purchase thereof contingent upon the fulfillment of certain contingencies herein provided. C. To implement the agreements of the Village and Developer as described In these recltals~ the Village and Developer have agreed to enter into this Amendment. NOW, THEREFORE~ In consideration of the Premises, the parties agree as follows: 1. Description of the Property. The Property as described In the Agreement shall consist of the Property delineated in red on Exhibit "A' attached hereto. The property contiguous to the Property and delineated In red on Exhibit "A" shall be referred to herein as the "Adjacent Property." The respective legal descriptions of the Property and the Adjacent Property shall be prepared by a licensed Illinois land surveyor and shall be subject to the approval of the parties. 2. Purchase Price. The Purchase Price for the Property shall be the sum of $800)000.00. Village acknowledges $50,000 has been deposited by Purchaser as earnest money with Chicago Title and Trust Company. The balance of the Purchase Price shall be due on the Closing Date hereinafter described. 3. Engineering and IEPA Certification. Developer has retained Environmental Risk Consultants, Inc. ("ERC") as Its advisor In respect to environmental matters affecting the Property. Prior to the closing of the purchase of the Property, and as a condition to the Developer's obligation to consummate the purchase thereof~ Village shall deliver to Developer a letter from the Illinois Environmental Protection Agency ("IEPA") stating that the Property Is suitable for the planned residential development contemplated by the parties. Prior to the closing of the purchase of the Property, and as a condition to the Developer's obligation to consummate the purchase thereof, ERC shall provide a written report of the Property satisfactory to Developer's lender. If the items described above have not been delivered to Developer and the Village on or before August l~ 1955~ either the Developer or the Village shall hav, e the right to terminate this Agreement, in which event the earnest money and all Interest due shall be refunded to Developer and, except for the payments described In paragraph 7~ neither party shall have any further rights or liabilities hereunder. #. Claims A~alnst Developer. Village shall be liable for any and all clalms~ costs, damages~ loss, liability and fees Including reasonable attorneys' fees InCluding claims of homeowners~ condominium associations or any owner or occupant of the Property or any part thereof Incurred by DevelopeG Its shareholders~ offlcers~ directors~ agents or employees~ any successor to the Developer Including any joint venture successor and the respective partners of any joint venture successor and the respective partners of such successor together with the shareholders~ offlcers~ directors, agents and employees of such successor or of any corporations that shall be partners thereof~ and developers, or any successor~s mortgage lenders Incurred as a result of or arising from or out of the physical conditions existing on or under the Property at the time of closing. The Village further represents that the subject Property conforms and meets all applicable IEPA standards and Indemnifies and holds harmless the developer from all claims by the IEPA or other governmental agencies to the extent that the property fails to conform to their respective standards which are in effect as of the date of the closing of the subject property. 5. Construction of Slurry or Clay Wall. If required by ERC~ the Village shall construct and thereafter maintain at Its expense~ in good and safe condition, a clay wall or a slurry wall ("Wall") on the Adjacent Property to prevent groundwater infiltration onto the Property. The Wall shall be constructed within thirty (30) days after the foundation of Building 9 is backfllled. The location~ plans and specifications for the Wall shall be subject to the prior approval of EP, C In Its reasonable professional judgment. 6. Extension of Closing Date and Phasing Dates. The date of closing of the purchase of Property shall take place within twenty-one (21) days after receipt of the Items described In paragraph 3 hereof~ provided that the Developer and the Village have comphed with all of their other obligations under the Agreement. The dates set forth In subparagraphs a~ bp and c of Paragraph 8 of the Agreement are hereby changed to December l~ 1988, December l~ 1990 and December 1~ 1991 respectively. 7. Additional Costs. Village shall reimburse Developer for one half~ not to exceed $12~00.00~ the cost of the ERC report. Such cost and expense shall be reimbursed within ten (10) days of delivery to Village of EI~Cts Report and Invoice or statement for such report. The Vlllage~s obligations to make such payments shall survive termination of the Agreement by either party. In the event Developer elects to construct )~Bulldlng 9't (as shown on Developer's site plan heretofore delivered to Village) without basements, Village shall bear all costs of filling in and compacting soil test pits under Building 9 w~th materials deemed suitable by Developer and compacting such fill to Developer's speclflcattons. 8. Utilities. Unless relocation results from a change in Developer's site plan~ Village shall pay all costs of relocating utility lines on the Property to the extent required by, and not paid for by~ utility companies. Sanitary and water trunk lines and mains shall be public improvements and shall be dedicated to Village. 9. Developer's Marketing Obligation. The Developer shall use his best efforts to have on the site by July 1, 1988 sales, marketing and advertising materials including but not limited to a sales traller~ slgnage~ phones and sales person. The signage for the site shall be as set forth in Exhibit B. 10. Non-Modification. Except as otherwise herein modified, the Agreement shall continue in full force and effect. IN WITNESS WHEREOF, the parties have executed this Amendment as the day herelnabove first written. VILLAGE OF MOUNT PROSPECT ATTEST: Village Cl,erk ATTEST: '.LS "IOOHOS i! OME BY June 21, 1988 Mr. David Clemons Village of Mt. Prospect 100 S. Emerson Mt. Prospect, Il. 60056 Dear Mr. Clemons: I have enclosed the perm(t for our sign at School Street extended, We are planning the four following signs and locations: 1. South s~de of Northwest H~ghway at School Street extended Face: 7'6" X 10~ Height: 12~6'' (approximately) 2. North s~de of Northwest Highway - Northwest of Elm Street Face: 7'6" X lO' Height: 12'6" [approx(mately) 3. Southwest corner of Evergreen and School Street Face: 4~8'' X 6'8" Height: 9~6'' (approximately) Trailer Face: 4'8" X 6'8" "- - (~rector, Land Acquisitions Northwest corner of Elm and Evergreen Street ~ in front of Sales Height: 9'6" (approximately) JG-dd HOME BY HEMPHILL, INC · DESIGNERS · BUILDERS * DEVELOPERS 330 W FRONTAGE ROAD, NORTHFIELD ILLINOIS 60093 · (312) 4z16 6966