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Home My WebLink About5. NEW BUSINESS 12/21/04 INTEROFFICE MEMORANDUM Village of Mount Prospect Mount Prospect, Illinois FROM: MICHAEL E. JANONIS, VILLAGE MANAGER DIRECTOR OF FINANCE $b . tvtrr=, 12\2.1 \~ TO: DATE: DECEMBER 14, 2004 SUBJECT: 2004 BUDGET AMENDMENT NO.2 PURPOSE: Present a recommendation that the annual budget be amended for fiscal year beginning January 1, 2004 and ending December 31, 2004. BACKGROUND: Ordinance 5395, adopted December 16, 2003, established the annual budget for the year ending December 31,2004. Ordinance 5427 adopted on April 20, 2004 provided for amendment #1 of the 2004 budget. DISCUSSION: Each year the Village prepares two separate amendments to the current year's budget. Amendment #1, prepared in April or May, amends the budget for carry-over items from the prior year's budget. These are typically construction or other contractual service type projects that are started in the previous year but not completed. Amendment #2, prepared in December, amends the budget to account for material variations in revenues and expenditures. Many times these are the result of fluctuations in the economy affecting revenues (either positively or negatively) or extraordinary or unanticipated charges for expenditures that occurred during the year. A proposed ordinance amending the 2004 Annual Budget is attached for the Board's consideration. In total, we are increasing our revenue projections by $679,525 and increasing the budget for expenditures by $2,848,318. Amendments to the budget impacting revenues are made up of various adjustments to tax, fee and other intergovernmental revenue accounts, grant receipts, loan proceeds and other reimbursements. There are several large expenditure amendments, all related to capital projects or extraordinary/unanticipated events. Capital project related amendments include $818,100 associated with the completion of the new Village Hall and $705,000 for the purchase of property for redevelopment in the Downtown Redevelopment TIF. Other significant expenditure amendments include $245,630 to account for an equity transfer between the two Village Parking Funds, $235,000 for JAWA related costs in the Water/Sewer Fund, $190,000 for Special Counsel legal fees ç:- 2004 Budget Amendment No.2 December 14, 2004 Page 2 related to the negotiation with the Village's three collective bargaining units and $177,991 for emergency expenditures as a result of the Des Plaines River flooding this past May. RECOMMENDATION: It is recommended the Village Board adopt the proposed ordinance amending the 2004 Annual Budget. , /ì. .. /rjJ ~ ¿:,~ f. ¡ . /.t::"..,.-t:o-<.oc ./ (J ... . (- ./ ,--. DAVID O. ERB DIRECTOR OF FINANCE Copy: Finance Commission Department Directors DOE/ 1:\Budget 2004\Amendments\Board Memo 12-14-2004.doc ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1,2004 AND ENDING DECEMBER 31,2004 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the - day of ,2004 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the - day of , 2004. ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1,2004 AND ENDING DECEMBER 31, 2004 WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 2342 which sets the finances of the Village under the "Budget Officer System"; and WHEREAS, pursuant to the aforesaid Ordinance and the Statutes of the State of Illinois an annual budget for the fiscal year commencing January I, 2004 and ending December 31, 2004 was adopted through the passage of Ordinance No. 5395 approved by the Corporate Authorities of the Village of Mount Prospect on December 16,2003; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 5427 on April 20, 2004, amending the annual budget for the fiscal year commencing January I, 2004 and ending December 31, 2004; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have further reviewed certain additions and changes to the aforesaid budget for the fiscal year beginning January 1, 2004 and ending December 31, 2004; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1, 2004 through December 31, 2004 Budget Amendment No.2 to be in the best interest of the Village of Mount Prospect; and WHEREAS, the Village has now revised the revenue projections or has reserves in each of the Funds in which the budget is being increased adequate in amount to cover the budget changes reflected in Budget Amendment No.2, attached hereto. NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the fiscal year budget for January 1, 2004 through December 31, 2004 for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No.2 attached hereto. SECTION TWO: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet fonn as provided by law. AYES: N A YES: ABSENT: PASSED and APPROVED this - day of ,2004. Gerald L. Farley, Village President ATTEST Velma W. Lowe, Village Clerk VILLAGE OF MOUNT PROSPECT Budget Amendment No.2 Fiscal Year January 1, 2004 through December 31,2004 Revenues Original Amended Item Revenue Increase Revenue No. F u nd/Prog ra m/C la ssification Account # Account Description Estimate (Decrease) Estimate General Fund (001) 1 Other Taxes 410150 Home Rule Sales Tax 1,097,926 38,574 1,136,500 2 Other Taxes 414000 Real Estate Transfer Tax 827,500 328,500 1,156,000 3 Other Taxes 417100 Telecommunications Tax 2,211,113 (173,113) 2.038,000 4 Other Taxes 417200 NI Gas Tax 260,000 45,000 305,000 5 Licenses, Permits & Fees 420300 Liquor Licenses 112,000 17,500 129,500 6 Licenses, Permits & Fees 421100 Building Permits 375,000 65,000 440,000 7 Licenses, Permits & Fees 421200 Electrical Permits 52,000 11,000 63,000 8 Licenses, Permits & Fees 421300 Plumbing Permits 37,000 15,000 52,000 9 Licenses, Permits & Fees 422100 Plan Examination Fees 17,000 5,000 22,000 10 Licenses, Permits & Fees 423000 Public Impr. Inspections 25,000 147,000 172,000 11 Licenses, Permits & Fees 425000 False Alarm Fees 37,000 (27,000) 10,000 12 Intergovernmental Revenues 430000 Sales Tax 8,489,505 (339,505) 8,150,000 13 Intergovernmental Revenues 430100 Income Tax 3,353,394 251,606 3,605,000 14 Intergovernmental Revenues 430400 Use Tax 508,000 47,000 555,000 15 Intergovernmental Revenues 430600 Replacement Tax 167,775 44,225 212,000 16 Intergovernmental Revenues 434100 Police Training Grant 7,500 12,887 20,387 17 Intergovernmental Revenues 434207 Police Badge Grant 0 31,956 31,956 18 Intergovernmental Revenues 434310 Peer Grant 0 25,000 25,000 19 Intergovernmental Revenues 435900 Other Grants 0 46,734 46,734 20 Fines & Forfeits 450800 Forfeited Escrow Funds 40,000 55,000 95,000 21 Investment Income 460100 Interest Income 225,000 (182,500) 42,500 22 Other Revenue 480110 Sale of Property 0 310,000 310,000 23 Other Revenue 480900 Miscellaneous Income 50,000 15,000 65,000 24 Other Revenue 481000 lOB Revenue 0 44,878 44,878 25 Other Revenue 486050 Sister City Events 0 5,000 5,000 17,892,713 839,742 18,732,455 All other General Fund accounts 13,325,491 0 13,325,491 Total General Fund 31,218,204 839,742 32,057,946 CDBG Fund (070) 26 Other Revenue 483000 Program Income 65,000 38,000 103,000 65,000 38,000 103,000 All other CDBG Fund accounts 485,450 0 485,450 Total CDBG Fund 550,450 38,000 588,450 DEA Fund (085) 27 Fines & Forfeits 450460 DEA Shared Seized Assets 12,000 21,365 33,365 12,000 21,365 33,365 All other DEA Fund accounts 0 a 0 Total DEA Fund 12,000 21,365 33,365 DUI Fund (086) 28 Fines & Forfeits 450465 DUI Fines 10,000 10,000 20,000 10,000 10,000 20,000 All other DUI Fund accounts 100 0 100 Total DUI Fund 10,100 10,000 20,100 VillAGE OF MOUNT PROSPECT Budget Amendment No.2 Fiscal Year January 1, 2004 through December 31,2004 Revenues Original Amended Item Revenue Increase Revenue No. F und/Progra m/Classification Account # Account Description Estimate (Decrease) Estimate Capital Improvement Fund (510) 29 Reimbursements 470900 Other Reimbursements 239,151 (74,151) 165,000 30 Other Revenue 485000 Developer Donations 81,000 (67,000) 14,000 31 Other Financing Sources 494600 Sale of Property 0 20,000 20,000 320,151 (121,151) 199,000 All other Capital Improvement Fund accounts 132,400 0 132,400 Total Capital Improvement Fund 452,551 (121,151) 331,400 Downtown Redevelopment Fund (550) 32 Other Taxes 413100 Property Tax Increment 438,077 54,923 493,000 33 Reimbursements 470900 Other Reimbursements 0 36,087 36,087 34 Other Financing Sources 494160 Installment Note Proceeds 0 705,000 705,000 438,077 796,010 1,234,087 All other Downtown Redevelopment Fund accounts 2,000 0 2,000 Total Downtown Redevelopment Fund 440,077 796,010 1,236,087 Street Improvement Construction Fund (560) 35 Other Taxes 417100 Telecommunications Tax 429,165 (33,665) 395,500 36 Other Taxes 417200 NI Gas Tax 128,500 36,500 165,000 557,665 2,835 560,500 All other Street Improvement Construction Fund accounts 942,500 0 942,500 Total Street Improvement Construction Fund 1,500,165 2,835 1,503,000 Village Parking System Fund (620) 37 Other Financing Sources 490850 Equity Transfer In 0 245,630 245,630 0 245,630 245,630 All other Village Parking System Fund accounts 135,650 0 135,650 Total Village Parking System Fund 135,650 245,630 381,280 Risk Management Fund (690) 38 Charges for Services 443600 General Fund Charges-Med 2,966,259 (52,906) 2,913,353 Charges for Services 443620 CDBG Fund Charges-Med 6,531 4,398 10,929 Charges for Services 443800 Refuse Disposal Fund-Med 11,998 16,386 28,384 2,966,259 (52,906) 2,913,353 All other Risk Management Fund accounts 2,303,571 0 2,303,571 Total Risk Management Fund 5,269,830 (52,906) 5,216,924 Police Pension Fund (710) 39 Investment Income 461100 Investment Income - Mgr S 690,000 (140,000) 550,000 40 Investment Income 461300 Investment Income - Mgr C 690,000 (340,000) 350,000 1,380,000 (480,000) 900,000 All other Police Pension Fund accounts 2,051,674 0 2,051,674 Total Police Pension Fund 3,431,674 (480,000) 2,951,674 2 Item No. Fund/Progra m/Classification 41 42 43 Fire Pension Fund (720) Investment Income Investment Income Investment Income All other Fire Pension Fund accounts Total Fire Pension Fund Total Estimated Revenues Funds being changed All other Village Budget accounts VILLAGE OF MOUNT PROSPECT Budget Amendment No.2 Fiscal Year January 1, 2004 through December 31, 2004 Account # 461100 461300 464000 Total Estimated Revenues After Changes Revenues Original Amended Revenue Increase Revenue Account Description Estimate (Decrease) Estimate Investment Income - Mgr S 720,000 (120,000) 600,000 Investment Income - Mgr C 840,000 (400,000) 440,000 Mkt Gain on Equities 360,000 (100,000) 260,000 1.920,000 (620,000) 1,300,000 1,508,691 0 1,508,691 3,428,691 (620,000) 2,808,691 3 46,449,392 21,259,968 679,525 0 47.128,917 21.259,968 67,709,360 68,388,885 679,525 VILLAGE OF MOUNT PROSPECT Budget Amendment No.2 Fiscal Year January 1, 2004 through December 31, 2004 Expenditures Current Amended Item Budget Increase Budget No. F und/Prog ra m/Cla ssification Account # Account Description Amount (Decrease) Amount General Fund Public Representation Contractual Services 0010102-540015 Auditing Services 13,850 2,200 16,050 Village Manager's Office 2 Commodities & Supplies 0011101-570072 Relocation Supplies 0 28,000 28,000 Village Manager's Office - Legal 3 Contractual Services 0011102-540090 Legal-Special Counsel 80,000 190,000 270,000 4 Contractual Services 0011102-540940 Computer Lease Payment 0 6,400 6,400 Community Development - Planning & Zoning 5 Contractual Services 0012102-540070 Legal Notices 2,750 3,250 6,000 Police Department - Administration 6 Personal Services 0014101-500300 Overtime Earnings 3,000 14,000 17,000 7 Personal Services 0014101-500750 Retiree Sick Incentive 20,000 30,400 50,400 Police Department - Patrol & Traffic Enforcement 8 Personal Services 0014102-500800 Employee Allowances 32,500 4,500 37,000 9 Contractual Services 0014102-540995 Police Badge Grant Expenditures 0 18,000 18,000 10 Commodities & Supplies 0014102-570072 Peer Grant Supplies 0 13,200 13,200 Fire Department - Operations 11 Personal Services 0014202-500400 Specialty Pay 160,000 35,000 195,000 12 Other Equipment 0014202-670030 Petrochemical Firefighting 12,660 8,740 21,400 Fire Department - Equipment Maintenance 13 Contractual Services 0014206-540615 Equipment Maintenance 19,000 13,000 32,000 Public Works - Maintenance Public Buildings 14 Personal Services 0015102-500300 Overtime Earnings 28,000 17,000 45,000 15 Utilities 0015102-550100 Natural Gas/Heat 11,000 13,000 24,000 Public Works - Street Maintenance 16 Personal Services 0015104-500200 Seasonal Earnings 17,830 7,170 25,000 17 Personal Services 0015104-500300 Overtime Earnings 31,000 14,000 45,000 18 Contractual Services 0015104-540535 Pavement Markings 41,600 5,875 47,475 Public Works - Snow Removal 19 Personal Services 0015105-500300 Overtime Earnings 79,175 20,825 100,000 20 Contractual Services 0015105-540555 Snow Removal-Contractual 28,000 4,000 32,000 Public Works - Storm Sewer & Basin Maintenance 21 Personal Services 0015107-500300 Overtime Earnings 8,410 2,590 11,000 Public Works - Traffic Sign Maintenance 22 Personal Services 0015109-500300 Overtime Earnings 7,840 11,160 19,000 Public Works - Flood Control 23 Personal Services 0015112-500300 Overtime Earnings 0 58,551 58.551 24 Employee Benefits 0015112-510000 FICA Costs - SS 0 3,252 3,252 25 Employee Benefits 0015112-510100 FICA Costs - Medicare 0 807 807 26 Employee Benefits 0015112-510200 IMRF Benefits 0 3,788 3,788 27 Contractual Services 0015112-540225 Other Services 0 76,187 76,187 28 Commodities & Supplies 0015112-570080 Other Supplies 0 35,406 35,406 Public Works - Forestry - Maintenance of Grounds 29 Personal Services 0015202-500300 Overtime Earnings 14,305 6,695 21,000 Public Works - Forestry - Forestry Program 30 Personal Services 0015203-500300 Overtime Earnings 21,000 6,500 27,500 Community & Civic Services - 4th of July & Civic Events 31 Personal Services 0016103-500300 Overtime Earnings 47,000 4,000 51,000 Community & Civic Services - Holiday Decorations 32 Personal Services 0016104-500300 Overtime Earnings 1,260 2,740 4,000 680,180 660,236 1,340,416 All other General Fund Accounts 30,975,300 0 30,975,300 Total General Fund 31,655,480 660,236 32.315,716 4 VILLAGE OF MOUNT PROSPECT Budget Amendment No.2 Fiscal Year January 1, 2004 through December 31, 2004 Expenditures Current Amended Item Budget Increase Budget No. F u ndlP rogram/CI assifica tion Account # Account Description Amount (Decrease) Amount Refuse Disposal Fund Refuse Leaf Removal Program 33 Personal Services 0305602-500300 Overtime Earnings 43.915 16,085 60,000 43,915 16,085 60,000 All other Refuse Disposal Fund Accounts 3,489,307 0 3,489,307 Total Refuse Disposal Fund 3,533,222 16,085 3,549,307 Motor Fue/ Tax Fund Street Improvement Projects 34 Contractual Services 0507706-540530 Pavement Evaluation Study 27,250 8,400 35,650 27,250 8,400 35,650 All other Motor Fuel Tax Fund Accounts 2,434,543 0 2,434,543 Total Motor Fuel Tax Fund 2,461,793 8,400 2,470.193 DEA Shared Funds Fund 35 Other Equipment 0854102-670151 Other Equipment 4,700 14.000 18,700 4,700 14,000 18,700 All other DEA Shared Funds Fund Accounts 0 0 0 Total DEA Shared Funds Fund 4,700 14,000 18,700 DU/ Fine Fund 36 Other Equipment 0864102-670151 Other Equipment 3,000 7,200 10,200 3,000 7,200 10,200 All other DUI Fine Fund Accounts 0 0 0 Total DUI Fine Fund 3,000 7,200 10,200 Capita/Improvement Fund Village Improvements & Equipment 37 Building Improvements 5107701-640001 Otlier Public Buildings 40.000 2,000 42,000 38 Building Improvements 5107701-640035 Pistol Range Renovation 30,000 4,000 34,000 39 Other Equipment 5107701-670022 Thermal Imaging Cameras 0 28,000 28,000 40 Other Equipment 5107701-670205 Document Imaging System 0 7,800 7,800 41 Other Equipment 5107701-670225 Fit Testing Equipment 0 8,800 8,800 Community Improvement Projects 42 land Improvements 5107702-620008 Corridor Improvements 27,390 6,210 33,600 97,390 56,810 154,200 All other Capital Improvement Fund Accounts 814,721 0 814,721 Total Capital Improvement Fund 912,111 56,810 968,921 Series 2003 Project Fund Village Improvements & Equipment 43 Building Improvements 5267701-640015 VH/Community Center Const. 5,236,400 347,100 5,583,500 44 Office Equipment 5267701-640040 Village Hall Furnishings 350,000 471.000 821.000 5,586,400 818,100 6,404,500 All other Series 2003 Project Fund Accounts 200,000 0 200,000 Total Series 2003 Project Fund 5,786,400 818,100 6.604.500 5 Current Amended Item Budget Increase Budget ~ Fund/Program/Classification Account # Account Description Amount (Decrease) Amount Downtown Redevelopment Construction Fund Downtown Redevelopment Costs 45 Other Expenditures 5507703-590025 Property Acquisition 0 705,000 705,000 46 Other Expenditures 5507703-590035 Sire Clean-up 0 8,400 8,400 47 Other Expenditures 5507703-590750 NWE Sales Tax Rebate 82,000 4,750 86,750 48 Infrastructure 5507703-690059 DIT Streets cape Program 1,297,884 72,175 1,370,059 1,379,884 790,325 2,170,209 All other Downtown Redevelopment Construction Fund Accounts 445,098 0 445,098 Total Downtown Redevelopment Construction Fund 1,824,982 790,325 2,615,307 Street Improvement Construction Fund Street Improvement Projects 49 Contractual Services 5607706-540543 Star Line Transit Project 0 4,000 4,000 0 4,000 4,000 All other Street Improvement Fund Accounts 2,893,980 0 2,893,980 Total Street Improvement Fund 2,893,980 4,000 2,897,980 Flood Control Construction Fund Flood Control Projects 50 Contractual Services 5907704-540582 Storm Sewer Inventory & Maps 75,000 7,000 82,000 51 Infrastructure 5907704-690102 Weller Creek Improvements 356,744 (109,785) 246,959 431,744 (102,785) 328,959 All Other Flood Control Construction Fund Accounts 255,000 0 255,000 Total Flood Control Construction Fund 686,744 (102,785) 583,959 Water and Sewer Fund Administration 52 Personal Services 6105501-500650 Sick leave Incentive 7,000 5,210 12,210 53 Personal Services 6105501-500700 Vacation/Personal Incentiver 12,000 9,810 21,810 54 Contractual Services 6105501-540015 Auditing Services 11,660 4,390 16,050 55 Contractual Services 6105501-540225 Other Services 24,650 7,350 32,000 Water Supply Maintenance & Repair 56 Personal Services 6105504-500300 Overtime Earnings 38,895 5,105 44,000 Water Distribution Maintenance & Repair 57 Personal Services 6105505-500300 Overtirne Earnings 48,000 7,000 55,000 Water Valve/Hydrant Maintenance & Repiar 58 Personal Services 6105506-500300 Overtime Earnings 13,565 5,435 19.000 lake Michigan Water Supply 59 Contractual Services 6105512-540800 JAWA - Water Purchase 1,590,000 195,000 1,785,000 60 Contractual Services 6105512-540810 JAWA - O&M Costs 185,000 40,000 225.000 1,930,770 279,300 2,210,070 All Other Water and Sewer Fund Accounts 7,377,389 0 7,377,389 Total Water and Sewer Fund 9,308,159 279,300 9,587,459 ,I VilLAGE OF MOUNT PROSPECT Budget Amendn;lent No.2 Fiscal Year January 1, 2004 through December 31, 2004 Expenditures 6 VilLAGE OF MOUNT PROSPECT Budget Amendment No.2 Fiscal Year January 1, 2004 through December 31,2004 Expenditures Current Amended Item Budget Increase Budget No. Fund/Program/Classification Account # Account Description Amount (Decrease) Amount Parking System Revenue Fund Parking Lot Maintenance 61 Personal Services 6305111-500000 Full-Time Earnings 14,808 33,442 48,250 62 Infrastructure 6305111-690103 Parking lot Improvements 0 5,850 5,850 63 Interfund Transfers 6305111-800067 Equity Transfer Out 0 245,630 245,630 14,808 284,922 299,730 All other Parking Revenue Fund Accounts 247,783 0 247,783 Total Parking Revenue Fund 262,591 284,922 547,513 Police Pension Fund Police Pensions 64 Pension Benefits 7108202-530902 Medical Expense 1,000 3,500 4,500 65 Pension Benefits 7108202-530906 State of Illinois Fee 2,200 3,986 6,186 3,200 7,486 10,686 All other Police Pension Fund Accounts 2,222,920 0 2,222,920 Total Police Pension Fund 2,226,120 7,486 2,233.606 Fire Pension Fund Fire Pensions 66 Pension Benefits 7208203-530906 State of Illinois Fee 2,400 4,239 6,639 2,400 4,239 6,639 All other Fire Pension Fund Accounts 2,264,630 0 2,264,630 Total Fire Pension Fund 2,267,030 4,239 2,271,269 Total Village Budget Funds being changed 63,826,312 2,848,318 66,674,630 All other Village Budget Accounts 15,114,872 0 15,114,872 Total Village Budget after Changes 78,941,184 2,848,318 81,789,502 7 The following business item will be presented at the December 21, 2004 meeting for approval: EXHIBIT "G" XI. NEW BUSINESS B. AN ORDINANCE AUTHORIZING THE EXECUTION OF A RECAPTURE AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND METRO FEDERAL CREDIT UNION. ORDINANCE NO. RECAPTURE ORDINANCE FOR METRO FEDERAL CREDIT UNION FOR THE CONSTRUCTION OF PUBLIC IMPROVEMENTS VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS WHEREAS, the Village of Mount Prospect is a home rule municipality, pursuant to Article VII, Section 6 of the Illinois Constitution of 1970; and WHEREAS, the Village is granted broad powers of contract pertaining to its government and affairs, by virtue of its home rule status; and WHEREAS, the Illinois Municipal Code (65 ILCS 5/9-5-1) recognizes the use of recapture agreements for the reimbursement of costs of public improvements to real estate which benefit more than one property; and WHEREAS, the powers granted to municipalities by 65 ILCS 5/9-5-1 do not serve to limit the powers of home rule municipalities in the formation of such recapture agreements; and WHEREAS, the Owner is developing the property located at 2440 East Rand Road, Mount Prospect, Illinois, legally described in Exhibit A and depicted on the site plan Exhibit B; and WHEREAS, in developing the property, the Owner has designed, constructed and installed, at its sole cost and expense, a water main across the entire frontage of the Subject Property and across property owned by Old Orchard Country Club Village Home Owners Association, together with easements of access across the Subject Property (the "Subject Improvements") which are specified in the Plat of Easement for the Village of Mount Prospect, which Plat is attached hereto as Exhibit C and in the (d- plans titled Proposed Watermain Extension dated February 6,2002, which plans are attached as Exhibit D; and WHEREAS, the design, construction and installation of the Subject Improvements will benefit the Metro Federal Credit Union development as well as certain other property; and WHEREAS, the Village has required Owner to design, construct and install the Subject Improvements as a condition of developing its property so that the Subject Improvements would be available to the certain other properties, legally described in Exhibit E and depicted on Exhibit F (the "Benefited Properties"); and WHEREAS, the Owner has agreed to pay the total costs of the Subject Improvements provided that the Village require reimbursement to the Owner and Developer from owners of the Benefited Properties in accordance with the terms of this Agreement; and WHEREAS, the Village has determined that the estimate of the costs of the Subject Improvements is reasonable, and such costs have been fairly and reasonably apportioned between the Owner and Developer and the owners of each of the Benefited Properties, as specified on Exhibits E and F; and WHEREAS, the parties agree that the owners of the Benefited Properties should pay Recapture Payments for the Subject Improvements on the basis of the actual costs incurred by the Owner and Developer, which actual costs should include the Owner and Developer's reasonable engineering expenses, NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: 1. In order to provide for reimbursement to Owner of a portion of the construction cost, the Village will require, to the extent permitted by authority contained under the provisions of the Illinois Municipal Code and the Mount Prospect Village Code as amended from time to time and by its home rule powers, and as a condition of permitting any connection to and use of the Water System by properties set forth in Exhibit B, that the owner or owners of such properties pay to the Village a recapture fee as set forth below which the Village shall in turn pay to Owner. 2. Owner has paid the costs as set forth in Exhibit G. 3. Any owner of a Benefited Property shall become obligated to pay the required Recapture Amounts to the Owner when the Benefited Property makes use of or benefits from the Subject Improvements, as determined by the Village in the reasonable exercise of its discretion. 4. The amount shall be payable by the Village to Owner solely and exclusively from collections from the owners of the Property which will be benefited by the construction of the Water System by Owner, as set forth in Exhibit B, if and when the owners are permitted to connect to the Village Water System. 5. The amount is to be collected by the Village from the owners of the benefited property at the time the owners apply to the Village connection to the Water System constructed by Owner. 6. The Village shall be entitled to an administrative fee of five percent (5%) of any amount collected to cover the costs incurred by the Village in collection of the recapture fee, 7. It is further understood that under no circumstances will the General Fund of the Village in any way be obligated for any amount to be reimbursed to Owner, nor shall the Village be liable, in any manner whatsoever, for its failure or neglect to collect any monies due from the owners of the benefited property. The Village is only obligated to pay Owner from those funds the Village actually collects from the benefited property owners. 8. This Recapture Ordinance shall remain in full force and effect until the first day of January, 2015. After that date the benefited property shall no longer be liable for the payment of fees pursuant to this Ordinance. 9. This Ordinance shall be of no force or effect until the Village has received from the Owner covenants not to sue the Village, its officers, agents and employees, their successor and assigns in any manner directly or indirectly in connection with the this Recapture Ordinance and a statement that the Owner agrees to all the terms of this Ordinance, including but not limited to paragraph 10, and that the officers whose signatures are on the letter have full corporate authority to execute the letter on behalf of the corporation. This Ordinance is adopted and the Village will attempt to collect the recapture as an accommodation to the Owner. The primary purpose of the Ordinance is to grant to the Owner the right to collect the recapture fees from the benefited property owners. 10. This Ordinance shall be enforceable by the Owner against the benefited properties in any court of competent jurisdiction by an appropriate action in law or in equity, mandamus or other proceeding to enforce and compel the payment of the Recapture fees. Under no circumstance shall the Village be made a defendant by the Owner in any legal action in order to enforce and compel the performance of the covenants in this Ordinance. The Owner will reimburse the Village for all expenses, including attorneys' fees incurred in connection with any such action, and that judgment can be rendered accordingly. Should any action be brought against the Village by any third party challenging the validity of this Ordinance or any ordinances or resolutions adopted pursuant to or in furtherance of the provisions of this Ordinance or challenging in any way the amount of the recapture fee, then and in that event, Owner shall jointly and severally indemnify and completely hold harmless the Village, its officers, agents and employees, their assigns and successor from any and all liability whatsoever for damages or expenses arising directly or indirectly out of or under any such action, including court costs and reasonable witness and attorneys' fees. 11. Northing in this Ordinance is intended to relieve Owner of its obligations under the regulations, rules and ordinances of the Village, except as specifically set forth. 12. This Ordinance and the attached Exhibits set forth all of the obligations of the Village relative to the subject matter and there are no other promises, inducements, agreements, conditions or undertakings, either oral or written, expressed or implied by the Village. 13. The Village may condition annexation and intends to condition subdivision and issuance of any building, occupancy, connection, or access permits upon payment of the designated share of the Recapture Amount by the Owner or Owners of any Benefited Property making use of or benefiting from the Subject Improvements. 14. The obligations imposed upon each of the Benefited Properties under this Agreement shall be a covenant running with the land and shall constitute encumbrances against the land so as to bind the owners and any successor owners of record of such properties. 15. The Village agrees to approve this Recapture Ordinance and shall become effective upon its execution by the parties and the recording of this Ordinance with the Recorder of Cook County. 16. All payments and notice to the Owner under this Agreement shall be sent by regular U,S. mail, postage paid to: Metro Federal Credit Union, 24004 East Rand Road, Mount Prospect, Illinois 60056, with a copy to: Dommermuth, Brestal, Cobine and West, Ltd., 123 Water Street, Naperville, Illinois 60540, 17. This Ordinance shall inure to the benefit of and be binding upon the successors and assigns of the 6 18. This Ordinance shall be in full force and effect from and after its adoption, approval and publication in pamphlet form as provided by law. The Village Clerk is hereby directed to publish this Ordinance in pamphlet form. ADOPTED this day of , 2004 by the Corporate Authorities of the Village of Mount Prospect on a roll call vote as follows: AYES: NAYS: ABSENT: APPROVED this day of ,2004. Gerald F. Farley ATTEST: Velma Lowe, Village Clerk 7 Metro Federal Credit Union RCR: 6/4/02 PROPERTY ADDRESS: 2440 E. Rand Rd., Mt. Prospect P.I.N.s: Subject Property: 03-28-201-008 and 03-28-201-026 Benefited Properties: 03-28-201-022,03-28-201-014, 03-28-201-020,03-28-201-023, 03-28-201-024 RETURN TO: Village Clerk Village of Mount Prospect 100 S. Emerson Street Mount Prospect, IL 60056-3266 RECAPTURE AGREEMENT FOR METRO FEDERAL CREDIT UNION FOR THE CONSTRUCTION OF PUBLIC IMPROVEMENTS TIDS RECAPTURE AGREEMENT is entered into this day of 2002, by and between the Village of Mount Prospect, lllinois, a municipal corporation with offices at 100 S. Emerson S1reet, Mount Prospect, illinois 60056 (hereinafter referred to as the "ViI1age") and Me1ro Federal Credit Union (hereinafter refeITed to as the "Owner and Developer"). RE CIT AL S: WHEREAS, the ViI1age is a home rule municipality, pursuant to Article VII, Section 6 of the illinois Constitution of 1970; and WHEREAS, the ViUage is granted broad powers of contract pertaining to its government and affairs, by virtue of its home rule status; and WHEREAS, the lllinois Municipal Code (65 ILCS 5/9-5-1) recognizes the use of recapture agreements for the reimbursement of costs of public improvements to real estate which benefit more than one property; and WHEREAS, the powers granted to municipalities by 65 ILCS 5/9-5-1 do not serve to limit the powers of home rule municipaIities in the formation of such recapture agreements; and WHEREAS, the Owner and Developer is developing the property located at 2440 East Rand Road, Mount Prospect, illinois, legally described in Exhibit A and depicted on the site plan Exhibit B, and 47500/1 WHEREAS, in developing the property, the Owner and Developer has agreed to design, construct and install, at its sole cost and expense, a water main across the entire ITontage of the Subject Property and across property o\VI1ed by Old Orchard Country Club Village Home Owners Association, together with easements of access across the Subject Property (the "Subject Improvements") which are specified in the Plat of Easement for the Village of Mount Prospect, which PIat is attached hereto as Exhibit C, and in the plans titled Proposed Watennain Extension dated February 6, 2002, which plans are attached hereto as Exhibit D, and WHEREAS, the design, construction and installation of the Subject Improvements will benefit the Metro Federal Credit Union development as well as certain other property; and WHEREAS, the Village has required Owner and Developer to design, construct and install the Subject Improvements as a condition of developing its property so that the Subject Improvements would be available to the certain other properties, legally described in Exhibit E and depicted on Exhibit F (the "Benefited Properties") and WHEREAS, the Owner and Developer has agreed to pay the total costs of the Subject Improvements provided that the Village require reimbursement to the Owner and Developer ITom owners of the Benefited Properties in accordance with the tenns of this Agreement; and WHEREAS, the Village has determined that the estimate of the costs of the Subject Improvements is reasonable, and such costs have been fairly and reasonably apportioned between the Owner and Developer and the O\VI1ers of each of the Benefited Properties, as specified on Exhibits E and F; and WHEREAS, the parties agree that the owners of the Benefited Properties should pay Recapture Payments for the Subject Improvements on the basis of the actual costs incurred by the Owner and DeveIoper, which actual costs should include the Owner and Developer's reasonable engineering expenses NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement together with all.other agreements and obligations undertaken by the Owner and Developer with the Village, the parties hereby agree as follows: SECTION 1: The foregoing recitals are substantive and are incorporated in the body of this Agreement. 47500/1 2 SECTION 2: The parties agree that the Village shall not issue a building pennit for construction of any new structures or substantial remodeling by the owners or tenants of any of the Benefited Properties until such owners have reimbursed Owner and Developer for the portion of the actual costs incun-ed by the O\.V11er and Developer for engineering and construction of the Subject Improvements which is apportioned to that Benefited Property as sho\.V11 on Exhibit G ("Recapture Amount"). SECTION 3: An owner of a Benefited Property shall become obligated to pay the required Recapture AmOlmts to the Owner and Developer when the O\.V11er makes use of or benefits ITom the Subject Improvements, as detennined by the Village in the reasonable exercise of its discretion. SECTION 4: The Village may condition annexation, and shall condition subdivision and issuance of any buiIding, occupancy, connection, or access permits upon payment of the designated share of the Recapture Amount by the owner or O\.V11ers of any Benefited Property making use of or benefiting ITom the Subject Improvements. SECTION 5: The obligations imposed upon each of the Benefited Properties under this Agreement shall be a covenant running with the land and shall constitute encumbrances against the land so as to bind the . owners and any successor owners of record of such properties. SECTION 6: The Village agrees to approve this Agreement by Ordinance and this Agreement shall become effective upon its execution by the parties, and the recording of this Agreement and ordinances with the Recorder of Cook County. SECTION 9: All payments and notice to the Owner and Developer under this Agreement shall be sent by regular u.S. mail, postage paid to: Metro Federal Credit Union, 2440 East Rand Road, Mount Prospect, Illinois, 60056, with a copy to: Dommermuth, Brestal, Cobine and West, Ltd., 123 Water Street, Naperville, Illinois, 60540. 47500/1 3 THE PARTIES TO TillS AGREEMENT by their signatures aclmowledge they have read and understand this AgTeement and intend to be bound by its terms. METRO FEDERAL CREDIT UNION By: Attest: Richard Marra VILLAGE OF MOUNT PROSPECT By: Attest: Village President Village Clerk 47500/1 4 Exhibit "A" Legal description t~~CEL I: THE EAST 223.37 FE~T (EXCE?T TH~ NORTH 430 FEET) OF T~~T PART LYING EAST AND NORTH OF' FJ\ND ROM. OF' THE W::.9T HALF 11/2 J Of' THe NORTHEAST QUARTER (1/4) OF Sr;:CTION 26, TOWNSHIP 42 NORTH, RANGE 11. E}',ST OF THE TH!RD PRINCIPAL MERIDI.l\N, IN COOK cou~rr"{, ILLINOIS. PARCEL II: THE EAST 223.37 FEST (EXCEPT TH/IT PMT LYInG SOUTH OF" THE: NORTH 430 FEET THEREOF) l\ND (EXCEPT Tin: NORTH 413.0 FEET THEREOF) OF THAT PAR,. I,YING EAST ArfD NORTH OF PAND ROAD AND THE WEST '~LF (1/2) OF ~iE NORTH£AST QUARTER (1/4) OF SECTION 28. TOWNSH.U' 42 NOP,TH, P..ANGE: 11. .EAST OF THE: THIRD PRINCIPAL NERIDIJ\N rN COOK COONTY, ILLINors. 4170111 IH~ ~ ~ ~ ~ ~ ¡ ~~q ~ J 3 ¡q' '8 ~ . ¡ ~ ," o. ~H3 ~ ¡; à I .. ~ "it ~ ~ ¡: f ~ 1;" 3:H .. ~ a ! - ! II j P Ii p ~ ~ ~ oj Ii ! J!! ~~ . J j ~ ! > ti! .. ~ ;¡¡ ¡¡~ 'I&;J ~ !ì ~-ãJ~ . ~ ~¡!~~~ ~ :; : q§ ~ ! ~ ~ I ~" I¡ ~ i ~ .:0' ~ ~ ~ !!\ i ~ ~ !\ u£ " ~ ~~ .~ ~ ~ ÎÏ ~íi .., ¡¡ IPP -~ ~~ ~;¡ "é Exhibit B ~ å. I E& r- , ~ c ,~ [¡ I.i i ~ ~ !~ Æ ¡ "! 0 ¡ ; ~ ~ h!~ n :. ~ 9 ¡¡ :. S! fli ;I___,,~~ 6.1---- ~ 1--'-.-- >'.1 ~i=- - --' . 1 1==----- ! i Id . 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Ë~!~~ ; ~ ~S~..~ = j !li-ili.. = ! i;~i~.,~ . ~ S~Hi ~- ~ ¡¡¡~~¡ ~; - ~h;~ I;: ~.:~= iIi" S=.=i =~ :g:í ~; ~aol- =. ¡i~~. ~~ - ~ I i~ ~$ ,~\. ~ --~ - ~ , =E~.=~ - =~,gi ~J~:MI~.~~~~~a§: i~ihi =~h :~i;~ ih~~mN in-n 'I-i. o-.-¡¡O -~. g-h-U ';,,;; ~-i:= ~:;:;I:.MPn~:!U£; i!~~~! i~~- 1~¡¡!I£g~¡¡:¡¡~W ..0.=0¡¡ 'i-' . 00: 2<!MR~. sa. ¡¡ 5~~¡:: M: Ë~~!~U'-3~;~m - I &< ,~.."; ,¡¡-'on_e_.- < ~~:i~: S=:~ :~~i!l"§~~~':~@:: ~¡"M~' - .~~.. ==~~¡¡¡¡":HE::~!~ ¡~::o~ ¡¡-=. ~~~. !!a_==loR:"¡ .~o: ém¡ i;hi=m ~~i=mh=~Ui ~~¡:!¡ '~~:ëE~~i ¡¡¡i~~~m~r~æ;:E !~~~$: bm:;5= m:hW=:ô;"F: ~,.:~z~ ~~:~¡~:¡i i=:i~;.~H':"o:¡! .:.;:. 5~~.' ;:. o~;;...p=~.'-g=.: Pih.. ¡;~ ~iU== -=-.:'S==='~'5~- ~~::;i "i¡~.:~!; :¡~a¡.gjr:o=B: ~g:~ < ~';~i~E~ ~:~M=i5~i~¡;¡¡~ f~..- ,~. 'EO¡¡ "'<¡¡-f-._oc..... ;;1 "~E =.=~=<~ ¡ <= ..; =.O¡¡~iIi; ~ .. =~" "=:: ~ ~~ - - h ¡;¡E = - M . . t . ~ ~ ~ - ¥~I! i ~ .!... ~ ~==: ~ ~ =.~. d;;§ i ~~i~ - ~ ~Ë:~ .liIi~ i~i' ~¡~ =d ui in ~§~ u< :¡¡~ !H ~o~ ~ ~ j I II ¥I ~~ ~II~ ~¡¡:§;~æ .. ~I ;. . a; ~i .~ . i; ~; ~i i . ~ ~ ~ Exhibit C I j ; ~ ¡~--- b ì~ It I! ;~ "I h ëJ.. '!Hi !"'" 'ii> ~.. I::~~ ~~~ ~~:i! . """ z~" O§~i6 -:i! -'" §~; "~2 ;;1~,. -:i!~ ~"'!ô ag~ è'J1'! ..g ~i !i!¡;¡ 7':- CJ ::0 :t rr,\J :s;;r- r-þ j;:-; ~O --r¡ ~ç; 3::U) ~~ -i~ ;g-; a ~ ~ -i !!! a ~ .'..'.'. .. ' ,d,.. --~""'"_......... -~~¡1;~ ","" ~,..",~,",.."",..,...".,........ ".,.",".,....",.,..',. f'",. ...;;:;;..,.' Exhibit D /"\ .,.-.., E.L 14:71111' .t VðUlf RJm=(&9o.S1) PropD5t1d Wdwr cI: '(q¡¡11 þ,cpØ!æd Hjdnmf , ' ~~ \fI:t¡e rI' Vault Ðr. /Ibf..,.... lI&uI' Rim=(674.sl') PROJECT/CLlEtlT PROPOSED WATERMAIN EXTENSION LAJ:"Ton J:"J:"nI="R.ð.1 f'.Q~f)IT 11f\llnN . P/'Øpø5t1d Iot1fK' rI' It>t.IIt ORAWN BY: DFM 2-06-02 CHECK(D IN: APPROVED 8Y': SCALE: I'ICURE NO: 1. = 200' 1 Exhibit E. Legal Description: TAX # 03-28-201-022 THE WEST 111.69 FEET OF THE EAST 335.045 FEET OF THAT PART LYING EAST ~WD NORTH OF RAND ROAD, EXCEPTING THEREFROM THE NORTH 213.0 'FEET AS MEASURED ON TBE NORTH AND WEST LINES THEREOF, OF THE WEST 1/2 OF THE ,NORTHEAST 1/4 OF SECTION 28, TOWNSHIP 42 NORTH / RANGE ~1, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. TOGE1'BER WITH , TAX # 03-28~201-023 THE WEST 60.~4 FBET OF THE EAST 431.20 FEET, EXCEPT THE NORTH 208.0 FEET, AS MEASURED ON THE NORTH AND WST LINES THEREOF / OF THAT PART OF THE: WEST 1/2 OF THE NORTHEAST ~/4, LYING NORTHEASTERLY OF THE NORTH EASTERLY LINE OF RAND ROAD, OF SECTION 28, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLLINOIS. TOGETHER WITH TAX # 03-28-201-024 THE WEST 36.0 FEET OF THE EAST 371.05 FEET, (EXCEPT THE NORTH 208.0 FEET AS MEASURED ON THE EAST AND WEST LINES THEREOF, OF THAT PART OF TEE WEST 1/2 OF THE NORTHEAST 1/4 LYING NORTHEASTERLY OF THE NORTH EASTERLY LINE OF RAND ROAD IN SECTION 28, TOWNSHIP 42 NORTH, RANGE ~1, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. TOGETHER WITH TAX # 03-2e-20~-014 THE WEST 90.0 FEET OF THE EAST 521.20 FEET, EXCEPT THE NORTH ~5e.O FEET AS MEASURED ON THE EABT AND WEST LINES THEREOF OF' THAT PART OF TH:E: WEST 1/2 OF THE NORTHEAST 1/4 LYING NORTHEASTERLY OF TIm NORTHEASTERLY LINE OF RAND ROAD, OF SECTION 2B, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN; IN COOK COUNTY, ILLINOIS. ' TOGETHER WITH TAX #03-28-201-020 THAT PART LYING EAST AND NORTH OF RAND ROAD OF THE WEST 1/2 OF THE NORTHEAST 1/4 OF SECTION 28, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THE EAST 521.20 FEET THEREOF) DESCRIBED AS FOLLOWS: COMMENCING AT THE POINT OF INTERSECTI;ON OF THE WEST LINE: OF THE AFORESAID EAST 521.20 FEET WITH THE NORTHEASTÉRLY LINE OF AFORESAID RAND ROAD; THENCE NORTHWESTBRLY IN THE NORTHEAST LINE OF AFORESAID ROAD A DISTANCE OF 100.0 FEET, TO A POINT; TIlENCE NORTHEASTERLY IN A LINE DRAWN AT RIGHT ANGLES TO AFORESAID NORTHEASTERLY LINE OF RAND ROAD A DIST~CE OF 112.04 FEET TO A POINT IN THE WEST LINE OF AFORESÁID EAST 521.20 FEET TO THE WEST ~/2 OF THE NORTHEAST 1/4; THENCE SOUTH IN LAST DESCRIBED LrNE A DIST~CE OF 150.~8 FEET TO THE POINT OF BEGINNING, 1N COOK COUNTY, ILLINOIS. , ç', Exhibit F W'/2 N. E. 1/4 Sec. 28 - 4 2 - II WHEELiNG .~ T .,-_. '. CA "LL He' ~ '3~.~' -" H ,- --nr-V1J{ .~--.... -~ I '. T.... {..~, ~ I ", ~". ~ .'l" I i 0° ~ ..' I I .. -, I I ~ I "I .. -"I, -?=> " I~ ~ J .... . ~ . .,' - -Q9.' J~ ~ .. ..., oy~ "'" j, ,:' . --------- ------- " -R/J. .IU"'-r '! ! , "',~, I I I I ~ I -021 I~ I I I I I I I I I I I' I ;; " -ð¿S' - .,:> <:> .- .- ..- Cb<Ç ,~ "" "<¡ ~ ..D '.J .., '"j . ~~,~!.,.,;:_,~ ":~ ,;. .": '~ " , ,. . G' C'O ~ ? '. . .' . . -,18 4~ '/fI~ " @~ C"\ Q <:- ? ,., i' ..J:. . <:'> I" Go- 6/5/02 Exhibit G (page 1 of2) "...~ hoperty/P .IJ:i.1t Frontaie (feet) Proportion of Frontage Share of Cost Subject Property 03-28-201-008 and 3051 37.89% $ 30,011.66 03-28-201-026 Benefited Properties 03-28-201-020 100' 12.42% $ 9,837.55 03-28-201-014 120' 14_91 % $ 11,809.82 03-28-201-023 85' 10.56% $ 8,364.30 03-28-201-024 45' 5.59% $ 4,427.69 03-28-201-022 150' 18.63% $ 14,756.33 TOTAL 80S' 100% $ 79,207.35 , CEMCON, LTD. ENGINEER'S OPINION OF PROBAEILE CONSTRUCTION COST , METRO FED.ERAL CREDIT:UNION MOUNT PROSPECT, 1I..t..fNO'S Exhibit G (P~ge 2 of 2) PROJECT: JOB NO. 903.441 . , --.,.. DATE: REVISED: /'1 ÃPPROX. QUANTITY' UNIT w NO. ITEM, .:¡' f.' OFFSITf;: WMERMAIN NOVEME:JI3R 28. 2001 UNIT PRIC~ - AMOUNT ,. 1 B'I DIWM CI. 56 w¡Polyethyh~l1o Wrap 2 ft" Valve In Vault, 4' Dia. 3 Hydrant,w/Aux. Valva & ßo,c 4 B" X 12" Pressure Connection, 6' Dla. Vault 5 12" Insertion Valve, 61 Dla Vault' . 6 Parkway Rasoratlon wI Sod 7 Tree Removal Total Olfslta Watermaln 1 101 . LoF, $ : 28.95 $ 31,873.95 1 £:A. 2,400.00 ~ 2,400,00 .3 ¡:A. ~,oaa.oo $ G,ODO.CO 1. EA. 3,600.00 $ 3,800,00 1 EA. 11,500.00 $ 11,500.00 2,856 S.Y. 2.65 $ 7,833.40 1 1..oS, 18,000.00 $ 16,000.00 $ 79,207.36 I' Village of Mount Prospect Community Development Department Mount Prospect MEMORANDUM DATE: DECEMBER 16, 2004 REQUEST FOR AUTHORIZATION TO INITIATE NEGOTIATONS ON A REDEVELOPMENT AGREEMENT WITH FOUNDERS ROW LLC FOR THE DEVELOPMENT OF SUB-AREA #3 TO: FROM: MICHAEL E. JANONIS, VILLAGE MANAGER WILLIAM J. COONEY JR., DIRECTOR OF COMMUNI"f¡ SUBJECT: Attached to this memorandum is a resolution that would authorize the Village to initiate negotiations with Norwood Builders, on behalf of Founders' Row LLC, for a Redevelopment Agreement for sub-area #3 in the Downtown Tax Increment Financing District. On November 23rd, the Village Board entertained presentations from four development teams for the redevelopment of sub-area #3. After carefully reviewing the proposals from the four teams (The Enterprise Companies, The Hummel Group Ltd., Keystone Partners and Norwood Builders), the Village Board has determined that the Norwood proposal best met the stated goals of the Downtown Strategic Plan. The next step in the selection process is to enter into negotiations with Norwood Builders to finalize a Redevelopment Agreement that would govern the sub-area #3 development. Please forward this memorandum and attached resolution to the Village Board for their review and consideration at their December 21 st meeting. Staff will be at that meeting to answer any questions related to this matter. ~~ loo~L # t vwl-12/15/04 RESOLUTION NO. A RESOLUTION AUTHORIZING THE VILLAGE OF MOUNT PROSPECT TO ENTER INTO NEGOTIATIONS FOR A REDEVELOPMENT AGREEMENT WITH FOUNDERS ROW, LLC. FOR THE DEVELOPMENT OF DOWNTOWN SUB-AREA #3, MOUNT PROSPECT, ILLINOIS 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 formally adopted a Tax Increment Financing Program to upgrade the quality and image of a portion of South Emerson Street designated Downtown Tax Increment Redevelopment Project Sub-Area #3; and WHEREAS, the Village of Mount Prospect considered Requests for Proposals for the development of Sub-Area #3 from various developers including Norwood Builders, Inc. ("Na/") which submitted a proposal on behalf of FOUNDERS' ROW, LLC, an Illinois limited liability company ("FRLLC"); and WHEREAS, the Mayor and Board of Trustees of the Village Mount Prospect have determined that it would be in the best interest of the Village to enter into a purchase and redevelopment agreement with FRLLC, NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: The Mayor and Board of Trustees do hereby authorize entering into negotiations for a Redevelopment Agreement with FRLLC for the development of that portion of South Emerson Street in downtown Mount Prospect known as Sub- Area #3, subject to the terms and conditions of the referenced Request For Proposal and said Agreement, both attached hereto and hereby made a part hereof as Exhibits "A" and "B" respectively, SECTION TWO: If a Redevelopment Agreement is not entered into between the Village of Mount Prospect and FRLLC by the close of the business day on , 2005, the proposal submitted by NBI on behalf of FRLLC shall be deemed as rejected by the Village, Page 2/2 Emerson St. development " SECTION THREE: This Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this ATTEST: Velma W. Lowe Village Clerk H:ICLKOIfiiesIWINIRESlAuth agrmt,VOMP & Norwood,SubArea 3,Dec,2004.doc day of ,2004. Gerald L. Farley Mayor 2