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HomeMy WebLinkAboutRes 47-02 10/15/2002 wl 10/11/02 11/20/02 RESOLUTION NO. 47-02 A RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND VILLAGE LOFTS, L.L.C. (NORWOOD BUILDERS) FOR OFF-SITE PARKING FOR THE LOFTS AND SHOPS DEVELOPMENT, MOUNT PROSPECT, ILLINOIS AYES: NAYS: ABSENT: WHEREAS, the Corporate Authorities of the Village of Mount Prospect have determined that it would be in the best interests of the Village to participate with Village Lofts, L.L.C. ("The Lofts and Shops") to provide off-site parking as part of the development of The Lofts and Shops development; and WHEREAS, it has been further determined that it would be in the best interest of all concerned to enter into an agreement to provide parking, in conjunction with the development of said project; and WHEREAS, the Agreement shall specify the number of spaces and costs to be paid to the Village. 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 is hereby authorized to sign and the Clerk is authorized to attest his signature on the Agreement between the Village of Mount Prospect and The Village Lofts, L.L.C. being the subject of this Resolution, a copy of said Agreement is attached hereto and hereby made a part hereof as Exhibit "A". SECTION TWO: This Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. Corcoran, Hoefert, Skowron, Wilks, Zadel None Lohrstorfer PASSED and APPROVED this 15m dayof October, 2002. ATTEST: Village Clerk H:\GEN\files\WIN\RES~AUIh agrmt,VOMP & Norwood,pa rking,Oct ,02,doc PARKING AGREEMENT THIS AGREEMENT is made and entered into this 15th day of October, 2002, by and between the ~t~Village of Mount Prospect, an Illinois municipal corporation ("Village") and Village Lo~-'~L.C., an I~linois limited liability Company ("Lofts LLC"). WHEREAS, Lofts LLC is the developer of that certain real estate development within the Village styled as the "Shops & Lofts at Village Centre" commonly to be known as 2-90 East Northwest Highway ("Shops & Lofts"); and WHEREAS, the Village owns a certain municipal parking lots and on-street parking spaces ("Surface Lots"); and WHEREAS, the Village is about to redevelop and build a municipal parking garage on Emerson Street between Busse Avenue and__~e?~t~r~! R(~ad ("Village Garage"); and WHEREAS, the Surface Lots and the Village Garage (if and when built) all are located within 1,000 feet of Shops & Lofts; and WHEREAS, Lofts LLC or its affiliates has an option to develop the Village's Village Hall property into a mixed use residential and retail/commercial development ("Village Hall Redevelopment"); and WHEREAS, the parties agree and acknowledge that it is in the best interests of the parties to improve downtown parking facilities and provide for improved traffic flow in the downtown area; NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, it is agreed by and between the parties as follows: Lofts LLC shall lease from the Village, on an annual basis, monthly parking permits for the Surface Lots, up to a maximum of 40 such permits in aggregate at any given time. These permits shall be for the use of the commercial and retail tenants of the Shops & Lofts. If and when the Village Garage is made available for use by the public, these permits may be transferred to that location if approved in writing by the Village. If from time to time and at any time Lofts, LLC requires additional parking pursuant to the Village Code, Lofts LLC shall lease from the Village additional monthly parking permits on the same basis. Lofts LLC will pay the rental fee established by the Village. All parking permits for the Surface Lots shall be monthly permits and shall be payable monthly in advance. The fee shall be $25 per permit per month for the first five (5) years after the effective date of this Agreement, provided that there shall never be a monthly fee of any kind for parking spaces on the block on which Shops & Lofts is located. To the extent that any of the permits are transferred to the Village Garage within the initial five (5) years' period, the same monthly fee shall apply for the unexpired portion of that period after the transfer date. Parking permits will be available for purchase reasonably in advance of each year and shall be available to be purchased for the entire year or any portion of the year in full monthly increments). Payment for parking permits shall be made at the time of issuance; issuance shall not be unreasonably delayed. Lofts LLC shall have the right to rebill actual permit holders for their respective share of the actual parking fees as a condition of delivery of each such permit. ] ermit holders shall abide by all Village rules and regulations of general applicability for display of the permits and use of public parking facilities in the Village in effect from time to time. Lofts LLC shall not be responsible for compliance of such permit holders. This Agreement shall remain in full force and effect for a period of five (5) years from and after its effective date. This Agreement shall be mutually renewable for successive periods of five (5) years. Notwithstanding the foregoing, if Lofts LLC at any time acquires or provides, permanently through other means, 40 parking spaces (alone or in combination with additional spaces and/or uses) for exclusive use of its tenants within 1,000 feet of the Shops & Lofts, Lofts LLC shall have the right to terminate this Agreement effective as of the end of any calendar month on not less than 30 days' prior written notice, and the Village agrees to rebate and refund parking fees paid in advance for calendar months thereafter. Lofts LLC shall have the right freely to assign its rights under this Agreement to the successor owner and assignee of the commercial and retail areas of the Shops & Lofts and to the successor owner and assignee of the commercial and retail areas of the Village Hall Redevelopment (to the extent applicable). Lofts LLC shall notify the Village of each such successor and assignee. Upon each succession and assignment and the successor's and assignee's agreement to abide by the agreements of Lofts LLC under this Agreement, Lofts LLC shall be released from this Agreement to the extent of each such succession and assignment. If any provision of this Agreement is invalid, illegal or unenforceable, that provision shall be severable from the rest of this Agreement and the validity, legality and enforceability of the remaining provisions will in no way be effected or impaired. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first written above. VILLAGE LOFTS, L.L.C., an Illinois Limited liability company By: Norwood Construction, Inc., an Illinois Cgrporation, its Manager Bruce~/~dreani, President VILLAGE OF MOUNT PROSPECT, an Illinois municipal corporation