HomeMy WebLinkAboutOrd 4011 12/20/1988ORDINANCE NO. 4011
AN ORDINANCE ADOPTING AND APPROVING AN AMENDMENT NO.
TO THE TAX INCREMENT REDEVELOPMENT PROJECT AND PLAN
OF THE VILLAGE OF MOUNT PROSPECT
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 20th day of December, 1988
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
22nd day of December, 1988.
ORDINANCE NO. ~
AN ORDINANCE ADOPTING AND APPROVING AN
AMENDMENT NO. 1 TO THE TAX INCREMENT REDEVELOPMENT
PROJECT AND PLAN OF THE VILLAGE OF MOUNT PROSPECT
WHEREAS, pursuant to Ordinance #3554, adopted by the Board of
Trustees on August 20, 1985, the Village approved its Tax Increment
Redevelopment Project and Plan #1, dated April 1985 (the
"Redevelopment Plan"); and
WHEREAS, the Tax Increment Allocation Redevelopment Act, as
amended, constituting Division 74.4 of Article II of the Illinois
Municipal Code (the "Act") establishes procedures for the amendment
of the Redevelopment Plan and the Village desires to adopt
Amendment No. I to the Redevelopment Plan, dated October 1988 (the
"Amendment") for the purpose of enlarging the boundaries of the
existing Redevelopment Project Area designated pursuant to
Ordinance #3555 adopted by the Board of Trustees on August 20,
1985; and
WHEREAS, the real property proposed to be added to the
Redevelopment Project Area (the "Proposed Addition") consists of
approximately 3.26 acres, commonly known as:
I West Central Road
10 South Main Street
18 South Main Street
30 south Main Street
34 south Main Street
3 West Central Road
9 south wille Street
13 South Wille Street
15 South Wllle Street
17 South Wllle Street
WHEREAS, pursuant to~Section 11-74.4-5 of the Act, the Board of
Trustees of the Village caused a public hearing to be held on
December 6, 1988 at 7:30 p.m. in the Senior Center at 50' south
Emerson; relative to the Amendment of the Redevelopment Plan, and
the enlargement of the Redevelopment Project Area; and
WHEREAS, due notice with respect to such hearing was given pursuant
to Sections 11-74.4-5 and 11-74.4-6 of the Act, said notice was
given to the Illinois Department of Commerce and Community Affairs
and to all taxing districts within the proposed Redevelopment
Project Area by certified mail on November 2, 1988, and to
taxpayers within the proposed Redevelopment Pro3ect Area by
certified mail on November 18, 1988 and by publication in the Dally
Herald on November 14, 1988 and November 21, 1988; and
WHEREAS, the Amendment sets forth the factors constituting a
Conservation Area in the Proposed Addition, and the Village Board
~has reviewed the information concerning the conservation Area at
the public hearing and is generally informed that the conditions
of a Conservation Area are evident as required by the Act; and
WHEREAS, the Board of Trustees has reviewed the conditions
pertaining to the real property in the Proposed Addition to
determine whether contlguous parcels of real property and
improvements thereon in the Proposed Addition would be
substantially benefited by the Redevelopment Project improvements;
and
WHEREAS, the Board of Trustees have reviewed the proposed
Amendment, and the municipalities Comprehensive Plan to determine
whether the Redevelopment Plan, as amended by Amendment No. 1, will
conform to the Comprehensive Plan of the Village.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS, AS FOLLOWS:
ECTION ONE: The Board of Trustees of the Village of Mount
Prospect hereby make the following findings:
a.)
The area constituting the existing Redevelopment Project
Area is legally described in the attached Exhibit A. The
area constituting the Proposed Addition is legally
described ~n the attached Exhibit B, and is to be added
to the project area of Exhibit A.
b.)
There exist conditions which cause the Redevelopment
Project Area, as enlarged by the Proposed Addition to be
clarified as a "Conservation Area" as defined in Section
11.74.4-3(b) of the Act, and such conditions of a
"Conservation Area" exist in the Proposed Addition.
c.)
The Redevelopment Project Area, as enlarged by the
Proposed Addition, as a whole has not been sub3ect to
growth and development through investment by private
enterprise, and would not reasonably be anticipated to
be redeveloped without the adoption of the Redevelopment
Plan and Amendment No. 1.
d.)
The Redevelopment Plan and the Redevelopment Pro3ect, as
amended by Amendment No. 1, conform to the Comprehensive
Plan for the development of the Village as a whole.
e.)
The parcels of real property in the Proposed Addition are
contlguous, and only those contiguous parcels of real
property and improvements therein which will be
substantially benefited by the Redevelopment Pro~ect
improvements are included in the Proposed Addition to the
Redevelopment Pro3ect Area.
f.) The estimated date for final completion of the
Redevelopment Project is December 31, 2007.
g.)
The estimated dated for retirement of obligations to
finance Redevelopment Project costs is not later than
December, 2008.
SECTION TWO: Amendment No. I dated october 1988, to the Tax
Increment Redevelopment Project and Plan, dated April 1985 of the
Village of Mount Prospect, is hereby adopted and approved. A copy
of the Amendment No. I is marked Exhibit C, attached hereto, is
made a part hereof by reference thereto.
SECTION THREE: The Village Clerk ls hereby directed to publish
th!s Ordinance in pamphlet form and to file a certified copy of
this Ordinance with the County Clerk of Cook County, Illinois.
SECTION FOUR: This Ordinance shall be in full force and effect
upon 1ts passage and approval.
Adopted this 20th day of D~bar , 1988, by roll call as
follows:
AYES:
NAYS:
Farley, F1oros, Murauskis, Van Geem
None
ABSENT:
Arthur, Wattenberg
ATTE ST: . _._. ~~ _ ~.
VILLAGE CLERK /
PRESIDENT
EXHIBIT A I
INCREI~NT REDEVELOPMENT PROJECT AI~A
DISTRICT ~1 - LEGAL DESCRIPTION
Beginning at the intersection of the centerline of Main Street,
State of Illinois Route 83, with the centerline of Central Road,
extended; thence Easterly along said centerline of Central Road,
a distance of approximately 570.32 feet to the Northeast corner
of Lot 22 of Block 5 in Busse and Wille's Resubdivision in Mount
Prospect; thence Southerly along the Eastern property line of
Lots 12, 13, 20, 21, and 22 of said Block 5 in Busse and Wille's
Resubdivision in Mount Prospect, and the Eastern property line of
Lot 1 of Mount Prospect State Bank Resubdtvision No. 3, a
distance of approximately 608.74 feet, to the centerline of Busse
Avenue; thence Westerly along the centerltne of Busse Avenue, ~
distance of approximately 157.11 feet, to thepoint of inter
section of the centetline of Busse Avenue with the Eastern
£isht-of-way of Emerson Street; thence Southerly along said
Eastern right-of-way of Emerson Street, a distance of approxi-
mately 27?.00 feet, to a point at the Northwest corner of Lot 18
in Block 12 of Busse and Wille's Resubdivision in Mount Prospect;
thence Easterly along the Northern property line of said Lot 18,
a distance of approximately 157.09 feet, to the Northeast corner
of said Lot 18; thence Southerly, a distance of approximately
50.00 feet, along the Eastern property line of said Lot 18, to a
point at the Northwest corner of Lot A of Corporate Subdivision
Number 1, Village of Mount Prospect; thence Easterly along the
Northern property line of said Lot A, a distance of approximately
157.10 feet, to a point of intersection of said Lot A with the
Western right-of-way of Haple Street; thence Northerly along the
Western right-of-way of Haple Street, a distance of approximately
321.88 feet, to a point at the intersection of the Western
right-of-way of Maple Street and the Southern tight-of-way of
Busse Avenue; thence Easterly along the Southern right-of-way of
Busse Avenue, a distance of approximately 223.12 feet, to a point
of intersection with the Eastern property line of Lot 1 in Block
11 of Busse and Wille's Resubdivision in Mount Prospect; thence
Southerly along the Eastern property lines of Lots 1 through 8 of
Block 11 of Busse and Wille's Resubdivision in Mount Prospect, a
distance of approximately 401.36 feet, to a point at the inter-
section of the Southeast corner of said Lot 8 with the Northwest
corner of Lot 16 of Busse's Subdivision of Lot A of Block 11 in
Busse and Wille's Resubdivision; thence Easterly along the
Northern property line of said Lot 16, a distance of approxi-
mately 190.10 feet, to a point on the centerline of Elm Street;
thence Southerly along said centerline of Elm Street, a distance
of approximately 190.00 feet, to the point of intersection of the
centerline of Elm Street, extended, with the Northern right-of-
way-.,°f Evergreen Avenue; thence Easterly along the Northern
right of way of Evergreen Avenue, a distance of approximately
567.20 feet, to a point of intersection with the Southwest corner
of Lot 5 of the Subdivision of Block 8 of Busse's Eastern
Addition to Hount Prospect, recorded February 11, 1922; thence
Southerly, a distance of approximately 591.00 feet, along the
Western property lines of Lots I through 21 of Block 20 of Mount
Prospect Subdivision in Section 12-41-11, Recorded September 2,
1874, to a point at the intersection of the Southwestern corner
of said Lot 21 with the Northern property line of Lot 1 of
Bruce's Resubdivision in Hount Prospect; thence Easterly along
The Northern property line of said Lot 1, a distance of approxi-
mately 171.00 feet, to the centerline of Owen Street; thence
Southerly along said centerline.of Owen Street, a distance of
approximately 255.48 feet, to the point of the intersection of
the centerline of Northwest Highway, State of Illinois Route 14,
with the centerline of Owen Street, extended; thence North-
westerly along said centerline of Northwest Highway a distance of
approximately 2,250 feet to the point of intersection of the
centetline of Northwes~ Highway with the centerline of Main
Street, State of Illinois Route 83, extended; thence Northerly
along the centerline of Hain Street a distance of approximately
940 feeC to the point of beginning, at the intersection of the
centerlines of Main Street and Central Road, extended; all
located in the Northwest Quarter (1/4), and the Northeast Quarter
(1/4) of Section 12, Township 41 North, Range 11 East of the
Third Principal Meridian, located in the Village of Mount
Prospect, Elk Grove Township, County of Cook, in ~he~State of
Illinois.
LEGAL DESCRIPTION
That part of the West Half of the Northwest fractional Quarter of
section 12, Township 41 North, Range 11, East of the Third
Principal Meridian, described as follows: The East 44 feet of the
west 64 feet of Lots I and 2 and all of Lots 16, 17, 18 and 19 in
Block 7 in "Mount Prospect", a subdivision in part of the West Half
of said Section 12, per plat thereof recorded September 2, 1874,
as Document 188460 in Book 8 of Plats, page 90; also
Lots E and F in Laudermilk's Subdivision of Lots 3, 4, 5, 6 and 7
in Block 7 in the aforesaid "Mount Prospect" subdivision, per plat
thereof filed for record in the Office of the Registrar of Titles
June 6, 1927, as L.R. 357250 together with the 16 foot wide public
alley lying south of and adjoining said Lot F, said alley being the
North 16 feet of Lot G in said Laudermilk's subdivision, and also
the 20 foot wide public alley lying west of and adjoining Lots A,
B, C, D, B, F and the North 16 feet of Lot G in said subdivision,
except the North 50 feet of said 20 foot wide alley now vacated;
also
The North 100 feet of Lot 2 in Block 3 in Busse and wille's
Resubdivision in Mount Prospect in part of said Northwest
fractional Quarter of section 12, per plat thereof recorded March
31, 1906, as Document 3839591; also
Lots I and 2 in Mount Prospect Central District Resubdivlsion in
part of the West Half of said Section 12, per plat thereof filed
for record in the Office of the Registrar of Titles, December 23,
1949, as L.R. 1275902; also
Lot 1, except the We~t 20 feet thereof, in Raymond R. Chmellk's
Subdivision, a resubdlvision of part of aforesaid Laudermtlk's
Subdivision, per plat thereof also filed for record in the Office
of the Registrar of Titles, February 25, 1969, as L.R. 2437155;
also
Lot I in Huecker's ResubdivlslOn of Lots I and 2 (except the West
64 feet thereof) 1n aforesaid Block 7 in "Mount Prospect", per plat
thereof recorded September 9, 1969, as Document 20953597; also
Lots I and 2 in the McLean Resubdivislon in MOUnt Prospect, being
a resubdivislon in part of the West Half of said Section 12 also
field for record in the Office of the Registrar of Titles,,October
20, 1975, as L.R. 2835833; also
That part of Wille Street in said West Half of Section 12 lying
North of an extension West of the South line of the North 100 feet
of Lot 2 in Block 3 in the aforesaid Busse and Wille's
Resubdlvision, and lying South of the South line of Central Road;
also
That part of Main Street in said West Half of Section 12 lying
North of an extension East of the most South line of Lot 2 in the
aforesaid Mount Prospect Central District Resubdivision, and lying
South of the south line of Central Road; also
That part of Central Road in said West Half of Section 12 and in
part of the South Half of Section 34, Township 42 North, Range 11,
East of the Third Principal Meridian, lying East of an extension
North of the West line of the aforesaid Wille Street, and lying
West of an extension North of the East line of the aforesaid Main
Street, all of the above in Cook County, Illinois.
EXHIBIT C
V~LLAGK OF NOGlqT PROSPECT
TAX INCREI(KNT RKDEVELOI~IEFA' I:'ROJEC'T
AND PLAN
OCTOBER, 3.988
Introduction to Amendment
on August 20, 1985, the Board of Trustees of the Village of Nount
Prospect adopted the following ordinances, establishing Tax Increment
Finance District #1.
A. Ordinance #3554 - Approving the Tax Increment Redevelopment Plan
and Redevelopment Project for District #1;
B. Ordinance #3§55 - Designating District #1 Tax Increment
Redevelopment Project Area;
C. Ordinance #3556 - Adopting Tax Increment Financing for District 1
Tax Increment Redevelopment Project Area.
This Redevelopment Project and Plan addressed the physical and
structural deficiencies that legally qualified this part of the
Central Business District as a "Conservation Area," pursuant to
Illinois State Statutes. The Plan noted the lack of private sector
redevelopment in the project area, and established a strategy for the
timely revitalization of five Target Areas.
At this time, construction is underway for 51 townhomes in Target
Area A,. and discussions are underway concerning redevelopment
opportunlti~s in Target Areas D and E. Concurrently, the Business
District Development and Redevelopment Commission undertook a planning
study of the 15 acre triangle bounded by Central Avenue, Northwest
Highway, and Main Street. The Commission felt that this area had
significant potential especially if redevelopment with Tax Increment
Financing was coordinated with re-use of the Public Works sites at 10
and 11 South Pine Street. The Business District Development and
Redevelopment Commission recommended to the Village Board that a
second TIF District be established for this area. Upon review of this
recommendation, the Village Board noted that such a large
redevelopment area might be difficult to coordinate and implement and
that a TIF District for the triangle area would have an adverse impact
on revenues of other taxing districts. However, the Village Board did
note that the area one block west of Main Street to Wille, might
benefit immediately from redevelopment with Tax Increment Financing.
This area is adjacent to TIF District #1, and the block demonstrates
many factors that would qualify the area for TIF assistance.
Accordingly, this Amendment Number I to the Village of Mount Prospect
Tax Increment Redevelopment Project and Plan is hereby established.
This Amendment Number i effects the following Sections of the Plan
adopted by Ordinances #3554, #3555 and #3556:
Amendment Number
Section I Introduction - is amended to include the following
statements:
PAGE
The area one block west of Hain Street, south of Central
Road, exhibits the same age, obsolescence and other factorm
that qualified District #1 for tax increment financing.
This area has not been subject to growth and development by
private enterprise. The Village Board believes that this
area should be eligible for redevelopment with tax increment
financing, within the development schedule established with
District #1.
In order to help achieve the goals and objectives for
revitalization of the Central Business District, this area
is made a part of TIF District il. The properties in this
area are physically and functionally related to other
properties within the redevelopment project area and will be
substantially benefited by the Plan Amendment.
Section 2 Redevelopment Pro4ect Area Leaal Descriotion - is amended to
include the area described as follows:
PAGE 7
Legal Description (See Attached)
PAGE 9
Amended Boundary Map - Exhibit
Section 4 Conservation Area Conditions Existina In The Redevelopment
PAGE 12
Based upon surveys, inspections and analyses of the area, Block
102, one block west of Main to Wille, south of Central Road,
qualifies as a "conservation area". More than 50 percent of the
structures (67%) are 35 years of age or older. In addition, of
the fourteen conservation factors listed in the Act, nine are
present in the block--six to a major extent and three to a
limited extent. A complete analyses of the qualifying factors is
found in the memorandum "Downtown Redevelopment Project
Eligibility Summary" prepared by Trkla, Pettigrew, Allen and
Payne, dated October 19, 1988.
Amendment Number
Page 3
~ction ~ Downtown Jl RedeveloPment Pro~ect -
PAGE 14
Exhibit 2 Development Program, is replaced with Exhibit 2
Amended Development Program
PAGE 16
Exhibit 3 Land-Use Plan, is replaced with Exhibit 3 Amended
band-Use Plan
PAGE 18
Mixed Use Office/Residential
The Mixed-Use Office/Residential designation of Target Area A of
the Amended Land-Use Plan is revised to show low-density
residential, to reflect the construction of 51 townhomee on this
redevelopment site.
commercial Service
The property one block west of Main to Wille, the subject of
Amendment #1, is added to the Commercial Service classification
on the Amended Land-Use Map. Also, the commercial service
designation in Target Area A is modified to include Busse
Florist.
PAGE 24
Table 1 Estimated Redevelopment Cost, is replaced with Table
2 Amended Estimated Redevelopment Costs
PAGE 26
~nticiDated Assessed Valuation
By year 1993, when it is estimated that all the anticipated
private development will be completed and fully assessed, the
equalized assessed valuation of real property within the
Redevelopment Project Area
ie
estimated
at
approximately
$7,228,000. By the year 2007, the
equalized assessed value of
real property within the Redevelopemnt Project Area is estimated
at approximately $12,021,900.
PAGE 27
Table 2 Most Recent Equalized Assessed Valuation (EAV) is
replaced with Table 2, Amended Most Recent EAV
Amendment Number i
Page 4
Section 6 PhasXna and ScheduXina of Redevelopment Pro4ect - il amended
to include the following statements=
PAGE 29
Exhibit 4 - Redevelopment Target Areas, is replaced with
Exhibit 4 - Amended Redevelopment Target Areas. The
Amendment area is Target Area F, District #1.
PAGE 30
Target Area 1F of the Redevelopment Project will include
redevelopment activity within Block 102. It is anticipated that
Northwest Electric Company will undertake an approximate 15,000
square foot addition to their property in this block. Other
redevelopment in this block would include a new multi-story
retail/office building with adequate off-street parking, of
approximately 35,000 at the southwest corner of Central Road and
Main Street.
Target Area 1F expenditures exclusive of financing costs, are
estimated at $1,456,000. Proceeds from the sale of land for
redevelopment are estimated at $539,000 leaving a net project
cost for the Target Area of $917,000 (from Table 1. upper range
of Redevelopment Project Costs).
TAX
INCREMENT REDEVELOPMENT PROJECT AREA
DISTRICT {1 LEGAL DESCRIPTION
Beginnin$ a~ the intersection of the centerline of Main Street,
State of Illinois Route 83, with the centetline of Central Road,
extended; thence Easterly along said centetline of Central Road,
a distance of approximately 570.32 feet to the Northeast cornet
of Lot 22 of Block 5 in Busse and Wille's Resubdivision in Mount
Prospect; thence Southerly along the Eastern property line of
Lots 12, 13, 20, 21, and 22 of said Block 5 in Busse and Wille's
Resubdivision in Mount Prospect, and the Eastern property line of
Lot 1 of Mount Prospect State Bank Resubdivision No. 3, a
distance of approximately 608.74 feet, to the centetline of Busse
Avenue; thence Westerly along the centerline of Busse Avenue,
a
distance of approximately 157.11 feet, to the point of inter-
section of the centetline of Busse Avenue with the Eastern
cight-o£-~ay of Emerson Street; thence Southerly along said
Eastern right-of-way of Emerson Street, a distance of approxi-
mately 277.00 feet, to a point at the Northwest corner of Lot 18
in Block 12 of Busse and Wille's Resubdivtsion in Hount Prospect;
thence Easterly along.the Northern property line of said Lot 18,
a distance of apptoxmately 157.09 feet, to the Northeast corner
of said Lot 18; thence Southerly, a distance of approximately
50.00 feet, along the Eastern property line of said Lot 18, to a
point at the Northwest coiner of Lot A of Corporate Subdivision
Number 1, Village of Mount Prospect; thence Easterly along the
Northern property line of said Lot A, a distance of approximately
157.10 feet, to a point of intersection of said Lot A with the
Western right-of-way of Maple Street{ thence Northerly along the
Western right-of-way of Maple Street, a distance of approximately
321.88 feet, to a point at the intersection of the Western
right-o~oway of Maple Street and the Southern tight-of-way of
Busse Avenue; thence Easterly along the Southern right-of-way of
Busse Avenue, a distance of approximately 223.12 feet, to a point
of intersection with the Eastern property line of Lot 1 in Block
11 of Busse and Wille's Resubdivision in Mount Prospect; thence
Southerly along the Eastern property li~e~ of. Lots 1 through 8 of
Block 11 of Busse and Wllle's Resubdiv~s~on ~n Mount Prospect, a
distance of approximately 401.36 feet, to a point at the inter-
section of the Southeast corner of said Lot 8 with the Northwest
co:net of Lot 16 of Busse's Subdivision of Lot A of Block 11 in
Busse and Wille's Resubdivision; thence Easterly along the
Northern property line of said Lot 16, a distance of approxi-
mately 190.10 feet, to a point on the centetline of Elm Street{
thence Southerly along said centerline of Elm Street, a distance
of approximately 190.00 feet, to the point of intersection of the
centerltne of Elm Street, extended, with the Northern right-of-
way of Evergreen Avenue; thence Easterly along the Northern
right-of-way of Evergreen Avenue, a distance of approximately
567.20 fee:, to a point of intersection with the Southwest coiner
of Lot 5 of the Subdivision of Block 8 of Busse's Eastern
Addition to Hount Prospect, recorded February 11, 1922; thence
Southerly, a distance of approximately 591.00 feet, along the
~estern Froper:y lines of L~ts 1 throush 2! o[ of Mount
?tospect Subdivision in Section 12-&1-11, Recorded September 2,
187&, to a point a: :he intersection of the Southwestern corner
of said Lot 21. ~ith the Nor:bern property line of Lot 1 of
Bruce's Resubd~v~sion in Mount Prospect; :hence Easterly along
The Nor:hem property line of said Lot 1, a distance Of approxi-
mately 171,00 feet, to the centerline of Owen Street~ thence
Southerly along said cen:ecline of Owen Street, a distance of
approximately 255,48 feet, to the point of the intersection of
the centerline of ~orthwest Highway, State of Illinois Route 14,
with the centerline of Owen Street, extended; :hence North-
westerly along said centetline of ~orthwest Highway a distance of
approximately 2,250 feet to the point of intersection of the
centetl~ne of ~otthwest Highway with the center,the of Main
Street, State of ~llinois Route 83, extended; thence ~otthetly
along the ten:ermine of Main Street a dis:ante of approximately
960 feet to the point of beginning, at the intersection ~f the
centerlines of Main Street and Centra! Road, extended, all
located in the Northwest Quartet (1/4), and the Northeast Quarter
(1/4) of Section 12, Township 41 ~orth, Range ll East of the
Third Principa~ ~ettdian, located in the Village of Mount
Prospect, Elk Grove Township~ County of Cook, in the State of
illinois.
~.G,~.~ DESCR,TI~ION - ~ #1
That part of the West Half of the Northwest fractional ~uartar of
Section 12, Township 41 North, Range 11, East of the Third Principal
Meridian, described as follows: The East 44 feet of the West 64 feet
of T~ots I and 2 and all of Lots 16, 17, 18 and 19 in Block ? in
Prospect', a subdivision in part of the West Half of said Section 12,
per plat thereof recorded September 2, 1874, as Document 188460 in
Book 8 of Plats, page 90~ also
Lots E and F in Laudermilk's Subdivision of Lots 3, 4, 5, 6 and ? in
Block ? in the aforesaid wMount Prospect' subdivision, per plat
thereof ftled for record in the Office of the Registrar of Titles June
6, 1927, as L.R. 357250 together with the 16 foot wide public alley
lying South of and adjoining said Lot F, said alley being the North 16
feet of Lot G in said Laudermilk~s Subdivision, and also the 20 foot
wide public alley lying West of and adjoining Lots A, B, C, D, E, F
and the North 16 feet of LOt G in said subdivision, except the North
50 feet of said 20 foot wide alley now vacated~ also
The North 100 feet of Lot 2 in Block 3 in Busse and Wille~s
Resubdivision in Mount Prospect in part of said Northwest fractional
Quarter of Section 12, per plat thereof recorded March 31, 1906, as
Document 3839591~ also
Lots I and 2 in Mount Prospect Central District Resubdivtsion in part
of the West Half of said Section 12, per plat thereof filed for record
in the Office of the Registrar of Titles, December 23, 1949, as L.R.
1275902~ also
Lot 1, except the West 20 feet thereof, in Raymond R. Ch~elik's
Subdivision, a resubdivision of part of aforesaid Laudermilk~s
Subdivision, per plat thereof also filed for record in the Office of
the Registrar of Titles, February 25, 1969, as L.R. 2437155~ also
Lot 1 in Huecker's Resubdivision of Lots 1 and 2 (except the West 64
feet thereof) in aforesaid Block 7 in 'Mount Prospect~, per plat
thereof recorded September 9, 1969, as Document 20953597~ also
Lots I and 2 in the McLean Resubdivision in Mount Prospect, being a
resubdivision in part of the West Half of said Section 12 also field
for record in the Office of the Registrar of Titles, October 20, 1975,
as L.R. 2835833~ also
That part of Wille Street in said West Half of Section 12 lying North
of an extension West of the South line of the North 100 feet of Lot 2
in Block 3 in the aforesaid Busse and Wille~s Resubdivision, and lying
South of the South line of Central Road~ also
That part of Main Street in said West Half of Section 12 lying North
of an extension East of the most South line of Lot 2 in the aforesaid
Mount Prospect Central District Resubdivision, and lying South of the
South line of Central Road~ also
That paz~c of Central Road in said West Half of Section 12 and in part
of the South Half of Section 34, Tovnship 42 NOL~Ch, Range 11, East of
the Third Principal Heridian, lying East of an extension North of the
West line of the aforesaid Wills Street, and lying West of an
extension North of the East line of the afforssaid Main Street, all of
the above in Cook County, Illinois,
200'
DOWNTOWN NO. 1 TAX REDEVELOPMENT PROJECT
Village of Mount Prospect Trkla,Pettigrew. Allen & Pa~e
Dep~rtment of Plonning ~ Zoning
DOWNTOWN NO. 1 TAX REDEVELOPMENT PROJECT
Village of Mount Prospect TrMo,Pettigrew, Allen & Pa)~e
Department of Planning & Zoning
0 ~00' .400' CO0'
F.~blt 4
~OfOC~*D f~:)~i.(~Pt,~T TA~*T ARF. AS
DOWNTOWN NO. 1 TAX REDEVELOPMENT PROJECT
Village of Mount Prospect Trkla,Pettigrew, Allen & Payne
Department of Planning & Zoning
.TAB~ 1
AMENDgD i~DS~ELOPMENT PROJECT COSTS
DISTRICT #1
Property Acquisition
Demolition
Public Improvements
Planning, legal, etc.
Contingencies
Gross Project Cost
Land Sale Proceeds
Net Project costs
AMENDMENT AREA - DISTRICT
$3,585,000
243,000
576,000
266,000
2331000
$4,903,000
i$1r660~000
$3,243,000
#1
RANGE
to
P. ANGE
$4,660,000
390,000
705,000
345,000
305,000
$6,40§,000
-$2,485,000
$3,920,000
Property Acquisition
Demolition
Public Improvements
Planning, legal, etc.
Contingencies
Gross Project Costs
Land Sale Proceeds
862,500
65,000
108,000
43,000
86~000
$1,164,500
-431t250
to
$1,078,000
81,000
135,000
54,000
108,000
$1,456,000
.-539,000
Net Project Cost $ 733,250 $ 917,000
· TABLE 2
BLOCK S~O~A~Y OF 1983 EQUALIZED ASSESSED VALUATIONB
AND PROPERTY TAX P~VgNUgB*
EQUALIZED
ASSESSED VALUE
REAL ESTATE TA~KS
103
104
108
109
110
115
116
214
140 315
242 182
508 728
263 910
602 458
250 463
435 853
411 687
$ 11,877.69
20,500.71
43,063.82
22,339.98
50,998.97
21,201.69
36,894.96
34,849.30
TOTAL:
$2,855,596'
$241,726.20
Initial assessed valuation for TIF District #1 was estimated at
$2,855,596. The final assessed valuation for District #1 is
$2,763,428, certified by the County clerk of Cook county, Illinois
on 12/5/86.
BLOCK NO.
EQUALIZED
ASSESSED VALUE
( 987)
$716,139'
REAL ESTATE TAXES
102 (Partial)
$63,020.23
* This initial EAV of $716,139 is subject to final verification by
the County Clerk of Cook County, Illinois. (1987 Tax Rate of
$8.800 per $100 EAV)
PROJECT TOTAL
certified EAV
District #1
Estimated EAU
Amendment Area
$2,763,428
716,139
Real Estate Taxes
District #1 $241,726
Estimated Taxes
Amendment Area } 63,020
$3,479,567
$304,746