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HomeMy WebLinkAboutRes 01-04 01/06/2004 vwl 12/31/03 RESOLUTION NO. 1-04 A RESOLUTION AUTHORIZING THE EXECUTION OF A RESTRICTIVE COVENANT FOR STREET LIGHT IMPROVEMENTS AT 600 SEE-GWUN AVENUE (MOUNT PROSPECT GOLF COURSE) WHEREAS, the Mount Prospect Park District has received approval from the Mount Prospect Village Board and appropriate departments necessary to redevelop Mount Prospect Golf Course property, located at 600 See-Gwun Avenue; and WHEREAS, Chapter 16 (Development Code) of the Village Code of Mount Prospect requires installation of street lights in conjunction with the development of property; and WHEREAS, in certain instances the installation of public improvements, including but not limited to street lights, is not feasible at the time of development, however the developer is required to provide those improvements as such time as the Village, Cook County, or Illinois Department of Transportation deems appropriate; and WHEREAS, the Mayor and Board of Trustees have determined that the best interests of the Village would be served by having the developer enter into a Restrictive Covenant, a copy of which is attached hereto and hereby made a part hereof as Exhibit "A", guaranteeing the installation of specified improvements at such a time as deemed reasonable and proper. 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 execution of a Restrictive Covenant, a copy of which Restrictive Covenant is attached hereto and hereby made a part hereof as Exhibit "A", for property commonly known as 600 See-Gwun Avenue, which Restrictive Covenant guarantees the installation of public improvements in the form of street lights at such time deemed necessary. 600 See-Gwun Avenue Page 2/2 SECTION TWO- The Village Clerk is hereby directed to record with the Recorder of Deeds, a fully executed copy of the Agreement being the subject of this Resolution. 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: Hoefert, Lohrstorfer, Skowron, Wilks, Zadel NAYS: None ABSENT: Corcoran PASSED and APPROVED this 6th day of January, 2004. Gerald L. Farl y Mayor A nEST: ~..J..' "~ Velma W. Lo e Village Clerk H:\CLKO\files\WIN\RES\Restrictive Cov,Golf Course,Jan,O4.doc RESTRICTIVE COVENANT BY AND BETWEEN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND THE MT. PROSPECT PARK DISTRICT REGARDING COMPLETION OF REQUIRED PUBLIC IMPROVEMENTS PERTAINING TO THE DEVELOPMENT OF SAID PROPERTY 600 SEE GWUN WHEREAS, pursuant to the provisions of Chapter 15 entitled Subdivision, Development and Site Improvement Procedures of the Village Code of Mount Prospect, Illinois certain public improvements are required to be constructed and installed by owners and developers of property within the Village, as part of the approval for the development of such property; and WHEREAS, the schedule for accomplishing the construction and installation of such public improvements by the owner-developerofthe property under development is often in conflict with other public improvement projects adjacent to or within the vicinity of said property so as to render the accomplishment of such public improvements by the owner-developer to be practically or economically unfeasible until the same can be combined with or scheduled so as to conform with such other public improvements affecting the subject property under development; and WHEREAS, such other public improvement proj ects are administered by the Village, County or State, officials over which the owner-developer has no control, and in some instances those improvements to be accoI11plished by the owner-developer with respect to the property under development cannot be completed until the other improvements under Village, County or State control have been accomplished; and WHEREAS, under such circumstances, it is deemed to be inequitable to delay development of the property under development or to require the owner-developer to establish a cash escrow, letter of credit or improvement bond for the purpose of guaranteeing the completion of required public improvements due to the delay caused by the intervening or subsequent accomplishment of other public improvement projects under administration and control ofthe Village, County or State; and WHEREAS, Chapter 15 ofthe Village Code of Mount Prospect, Illinois provides that in lieu of a cash escrow, letter of credit or development bond, the owner-developer may execute a restrictive covenant to be recorded and to run with the land as a guarantee that the required public improvements shall be completed with respect to the property under development. NOW, THEREFORE, in accordance with the provisions ofthe said Chapter 15 ofthe Village Code of Mount Prospect, Illinois, the Mt. Prospect Park District does hereby covenant with the Village of Mount Prospect, an Illinois municipal corporation, as follows: 1. The Mt. Prospect Park District is the Owner and Developer of the following described property within the Village of Mount Prospect, Illinois, to wit: Block 23 in Prospect Park Country Club Subdivision being a subdivision of the Southeast Quarter of Section 11 and the South 15 acres of the East Half of the Northeast Quarter of Section 11, all in Township 41 North, Range 11 East of the Third Principal Meridian, according to the plat thereofrecorded July 10,1926 as Document 9335147 in Cook County, Illinois. 2. A plan of development ofthe described property by the Mt. Prospect Park District has been approved by the Village of Mount Prospect, which approval includes the completion ofthe following public improvements contained in and provided as a part of the plans, to wit: To purchase and install street lights according to and as required by Village Code when requested to do so by the Village of Mount Prospect. 3. For a period of twenty (20) years commencing from the date hereof, the Mt. Prospect Park District shall undertake the above-stated improvements within sixty (60) days after being so advised by the Village of Mount Prospect to commence such construction and installation work, and shall continue said work without interruption or delay, until the improvements are completed in a satisfactory manner and in accordance with Village plans and specifications pertaining thereto. 4. This Covenant to complete the said public improvements as herein contained shall run with the said property; and for the period oftime as set forth herein. Nothing in this Covenant shall in any way prevent the alienation or sale ofthe subject property or any portion thereof, except that said sale shall be subject to the provisions hereof and to the plan of development pertaining to the property, and the new owner shall be both benefited and bound by the conditions and restrictions herein expressed. 5. This Covenant shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns in title and interest and the provisions hereof shall be enforceable in a proceeding at law or in equity against the person or persons seeking to violate the same including an action for injunctive relief, specific performance or to recover damages or other fines and penalties as may be established in such violation. In the event that the Mt. Prospect Park District fails to complete the required improvements or pay a proportionate share ofthe required improvements by other contractors within the specified time periods herein, the value of such improvements shall be entered as a lien against the property due and payable within sixty (60) days after notification to proceed with the improvements. - 2 - IN WITNESS WHEREOF, the parties hereto have set their hands and seals this 1~ day of r;Ød47 ' 20 d. MT. PROSPECT PARK DISTRICT ~~&L CHIEF EXECUTIVE OFFICER /0 2. 2.. 03 DATE SIGNED VILLAGE OF MOUNT PROSPECT, VILIAGE PRESIDE T ~ 9- ¡(~ ~ ;t£>o/ A T, TE~: ,L, ~J'~, VILLAGE CLERK Real Estate Index No. 08-11-414-001 ,~. - 3 -