HomeMy WebLinkAboutORDINANCE - 3805 - 4/11/2023 - HOWARD STREET RIGHT-OF-WAYORDINANCE NO.3805
AN ORDINANCE APPROVING THE PLAT OF SUBDIVISION OF RIVERBEND
SUBDIVISION, INCLUDING THE VACATION OF A PORTION OF THE HOWARD
STREET RIGHT-OF-WAY
WHEREAS, the Village of Elk Grove Village is a home rule unit of local government
pursuant to the provisions of Article VII, Section 6 of the Illinois Constitution and the Village has
the authority to adopt ordinances and to promulgate rules and regulations that pertain to its
government and affairs and that protect the public health, safety, and welfare of its citizens; and
WHEREAS, the Final Plat of Subdivision ("Final Plat') of the Riverbend Subdivision
("Subdivision") contemplates the consolidation of six lots into one single lot; and
WHEREAS the Final Plat also contemplates the vacation of a 52,830 square -foot portion
of the Howard Street public right-of-way that is located entirely within the corporate limits of the
Village (the "Vacation Parcel'); and
WHEREAS, Burnham Fortune, LLC ("Owner") is the owner of real property located on
all adjacent sides of the Vacation Parcel; and
WHEREAS, the Owner has submitted a request to the Village to vacate the Vacation
Parcel; and
WHEREAS, the Village has the power to vacate the Vacation Parcel pursuant to Section
11 -9 1 -1 et seq. of the Illinois Municipal Code, 65 ILCS 5/11-91-1 et seq.; and
WHEREAS, the Village has determined that just and fair compensation for the Vacation
Parcel if used for industrial building purposes is $2,000,000.00 (approximately $37.85/square foot)
("Compensation Amount'); and
WHEREAS, the Owner intends to develop the property depicted on the Final Plat,
including the Vacation Parcel with a modern, single -story industrial building as generally depicted
on the Site Plan reviewed by the Village Board of Trustees as part of the Class 6B Property Tax
approval granted by the Village Board of Trustees on June 21, 2022; and
WHEREAS, the Village Board of Trustees has determined that it would be in the best
interests of the public to approve the Final Plat and vacate the Vacation Parcel, and the Owner has
requested this vacation.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows:
Section 1: RECITALS. The foregoing recitals are incorporated into, and made a part
of, this Ordinance as findings of the Village Board.
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Section 2: VACATION RECOMMENDED. The Village Board of Trustees does
hereby determine that there is no public benefit to be obtained by the Village's continued
ownership of the Vacation Parcel. The Village Board of Trustees further determines that it would
be in the best interests of the public to vacate the Vacation Parcel.
Section 3: CERTIFICATION OF JURISDICTION. The Mayor and Board of
Trustees do hereby certify that the Vacation Parcel is located entirely within the corporate limits
of the Village and is subject to the jurisdiction of the Village.
Section 4: APPROVAL OF VACATION. Approval is hereby given to the vacation
of the Vacation Parcel with title to the Vacation Parcel transferring to the Owner, subject to the
condition of vacation set forth in Section 5 of this Ordinance.
Section 5: CONDITION OF VACATION. The vacation of the Vacation Parcel
provided for in Section 4 of this Ordinance is expressly made subject to and contingent upon (a)
payment by Owner to the Village of the Compensation Amount, or the "Reduced Vacation
Amount" as provided in Section 8 of this Ordinance (b) the recordation of the Plat of Subdivision
and (c) the recordation of a Restrictive Covenant in the form attached to this Ordinance as Exhibit
A.
Section 6: APPROVAL OF PLAT OF SUBDIVISION. Approval is hereby given
to the final Plat of Subdivision of Riverbend Subdivision, prepared by CAGE Civil Engineering,
and dated September 9, 2022 with latest revision date of December 22, 2022, consisting of three
sheets, attached to and made a part of this Ordinance as Exhibit B.
Section 7: SIGNATURES. The Mayor and Village Clerk are hereby authorized to
sign said plat for and in the name of the Village and attach thereto the corporate seal.
Section 8: REDUCTION OF VACATION AMOUNT: In the event that, at any time
prior to the recordation of this Ordinance and the Plat of Subdivision, the Owner enters into a
binding contract to contribute, sell or lease the property depicted in the final plat to an entity that
will develop and use the property as a data center, then the Compensation Amount shall be reduced
to $1,000,000.00 (the "Reduced Compensation Amount").
Section 9: RECORDATION. The Village Manager is hereby authorized and
directed to cause a certified copy of this Ordinance, together with the Plat of Subdivision and the
Restrictive Covenant, to be recorded with the Cook County Recorder of Deeds upon compliance
with all the conditions and requirements of this Ordinance; provided that in no event shall such
recordation occur until the date that is the earlier to occur of (i) the Village Manager's receipt of a
written authorization to record from Owner or (ii) the date that is one year after the date of adoption
of this Ordinance by the Village.
Section 10: EFFECTIVE DATE. This Ordinance shall be in full force and effect only
upon, and not before:
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A. Passage and approval by three -fourths of the Trustees now holding office;
B. Publication in pamphlet form in the manner required by law; and
C. The recordation of this Ordinance together with such exhibits as the Village
Clerk deems appropriate for recordation in the Office of the Cook County
Recorder of Deeds.
VOTE: AYES: 5 NAYS: 0 ABSENT: 0
PASSED this IIt' day of April 2023
APPROVED this 11` day of April 2023
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
PUBLISHED in pamphlet form this 131h day of April 2023.
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FORM OF RESTRICTIVE COVENANT
{00127053.61 A-1
Prepared by and return to:
(Recorder's Use Only)
RESTRICTIVE COVENANT
(Riverbend Subdivision:
Howard Street Public Right -Of -Way, Elk Grove Village, Illinois)
THIS RESTRICTIVE COVENANT ("Restrictive Covenant's is made this //,* day
of it f , 2023, by BURNHAM FORTUNE, LLC ("Owner's, the owner of record title to the
parcel of real estate commonly known as the Riverbend Subdivision, Elk Grove Village, Illinois
and legally described in Exhibit 1 attached to and, by this reference, made a part of this
Restrictive Covenant ("Property's.
NOW, THEREFORE, OWNER VOLUNTARILY DECLARES that the Property shall
be held subject to the covenant set forth in this Restrictive Covenant, which covenant is for the
benefit of Elk Grove Village ("Village's.
SECTION 1. BACKGROUND.
A. The Final Plat of Subdivision ("Final Plat") of the Riverbend Subdivision
("Subdivision") contemplates the consolidation of six lots into one single lot, along with the
vacation of a 52,830 square -foot portion of the Howard Street public right-of-way that is located
entirely within the corporate limits of the Village (the "Vacation Parcel").
B. On ri. //, 2023, the Village President and Board of Trustees adopted
Ordinance No. 2023-.31fe, approving the Plat of Subdivision, including the Vacation of the
Vacation Parcel ("Vacation Ordinance'.
C. The Village determined that just and fair compensation for the Vacation Parcel is
("Compensation Amount"). This Compensation Amount takes into
account the benefit to the Village of the development of the Vacation Parcel and the continued
ownership of the Property by Owner ("Nonquantifiable Benefits').
D. In recognition of the Nonquantifiable Benefits which reduced the Compensation
Amount due to the Village, Owner agrees to restrict the conveyance of the Property in the
manner, and to the extent, expressly set forth in this Restrictive Covenant.
SECTION 2. CONVEYANCE COVENANT.
100127053.61 A-2
A. In consideration of the Nonquantifiable Benefits which reduced the Compensation
Amount due to the Village, Owner voluntarily agrees that, in the event that, within 10 years
after the date stated in the first paragraph of this Restrictive Covenant, Owner consummates a
"Conveyance" of any portion of the Property that includes the Vacation Parcel (the
"Conveyance Property"), Owner will pay the sum of $1,000,000.00 ("Additional
Compensation") to the Village within 30 days after the recordation of the deed in the Office of
the Cook County Recorder evidencing such Conveyance, except at provided in Subsection C
below.
B. For purposes of this Restrictive Covenant, the term "Conveyance" shall mean only
the consummation and closing, as evidenced by the recordation of a deed in the office of the Cook
County Recorder, of a bona fide sale of the Conveyance Property for which Owner receives actual
consideration. For purposes of this Restrictive Covenant, the term "Conveyance" shall not
include any of the following: (i) any assignment, sale, transfer or other conveyance of the
Property or any portion thereof by Owner to its heirs, successors, or permitted assigns; (ii) any
assignment, sale, transfer or other conveyance of the Property or any portion thereof for bona
fide estate planning purposes, including changing the ownership entity to a tenancy in common;
(iii) any assignment, sale, transfer or other conveyance of the Property or any portion thereof to
(1) an affiliate or subsidiary of Owner; (2) a successor entity to its business, whether by merger,
consolidation, reorganization, or by sale of all or substantially all of its assets or stock; (3) any
entity in which Owner or its affiliates have any direct or indirect equity investment; or (4) any
other entity directly or indirectly controlling, controlled by or under common control with Owner
or any of the foregoing; (iv) any change in ownership of the voting stock, partnership interests
or limited liability company interests, as the case may be, of Owner; (v) any change of ownership,
composition, partnership, membership or management of Owner or of any entity which now
constitutes a general partner, shareholder or member of Owner; (vi) the transfer (whether in one
transaction or a series of transactions and whether a direct or indirect transfer) of any limited
liability company interests, membership interests or other ownership interests in Owner or any
manager or member of Owner; (vii) any assignment, sale, transfer or other conveyance of the
Property or any portion thereof to any family member of any principal of Owner; (viii) the
creation or issuance of new interests, shares or units of Owner; (ix) any assignment, sale,
transfer or other conveyance of the Property or any portion thereof as the result of an eminent
domain proceeding, or under the threat of eminent domain by a governmental entity; and (x)
any assignment, sale, transfer in trust, or other disposition of the Property, or any beneficial
interest in the Property, in whole or in part, by merger, sale and leaseback, or consolidation.
C. Notwithstanding the foregoing, no Additional Compensation shall be required to
be paid to the Village in the event of a Conveyance of the Conveyance Property to an entity that
will develop and use the property as a data center.
SECTION 3. TERM; COVENANTS RUNNING WITH THE LAND.
A. This Restrictive Covenant will automatically expire, without further action of the
Village or Owner, on the earlier to occur of the following (1) the date that is 10 years after the
date stated in the first paragraph of this Restrictive Covenant; (2) the date on which Owner
makes the payment to the Village for any Conveyance pursuant to Section 2.A of this Restrictive
Covenant; (3) the date on which the Property is transferred pursuant to a voluntary or
involuntary foreclosure; or (4) the date on which the Property is transferred to a receiver or a
trustee in bankruptcy. Upon such expiration, the Village shall cooperate with Owner in causing
100127053.6) A-3
a release of covenant to be recorded against the Property in the office of the Cook County
Recorder.
B. Until the expiration of this Restrictive Covenant, the rights granted and
restrictions imposed in this Restrictive Covenant shall be rights, restrictions, covenants and
agreements running with the land, and shall be binding upon Owner and its heirs, successors,
and assigns.
SECTION 4. GENERAL PROVISIONS.
A. Recordation. This Restrictive Covenant shall be recorded in the Office of the
Cook County Recorder of Deeds, and all leases, contracts, and deeds of conveyance relating to
the Property, or any part thereof, shall be subject to the provisions of this Restrictive Covenant.
B. Amendments and Modifications. This Restrictive Covenant may not be
amended, modified, released or annulled except upon the express, prior written approval of the
Village.
C. No Third -Party Beneficiaries. No claim as a third -party beneficiary under this
Restrictive Covenant by any person shall be made, or be valid, against the Village or the Owner.
D. Governing Law. This Restrictive Covenant shall be construed and enforced in
accordance with the laws of the State of Illinois.
E. Severability. If any provision of this Restrictive Covenant is construed or held
to be void, invalid, illegal, or unenforceable in any respect, the remaining part of that provision
and the remaining provisions of this Restrictive Covenant shall not be affected, impaired, or
invalidated thereby, but shall remain in full force and effect. The unenforce ability of any
provision of this Restrictive Covenant shall not affect the enforceability of that provision in any
other situation.
[SIGNATURE PAGE FOLLOWS)
{00127053.61 A-4
IN WITNESS WHEREOF, the Owner has executed this Restrictive Covenant as of the
date first above written.
BURNHAM FORTUNE, LLC
Its:
100127053.61 A-5
ACKNOWLEDGMENTS
STATE OF ILLINOIS
COUNTY OF COOK
The foregoing instrument was acknowledged before me on this day of
2023 by , an authorized representative of Burnham Fortune, LLC,
the record owner of the property commonly known as Burnham Fortune Subdivision, Elk
Grove Village, Illinois.
Signature of Notary
SEAL
My Commission expires:
{00127053.6} A-6
Restrictive Covenant Exhibit 1
LEGAL DESCRIPTION OF THE PROPERTY
OF LOTS 1,2,3,4,5, AND 6 IN VINCENT P. BIANCO SUBDIVISION, BEING A
SUBDIVISION OF PART OF THE WEST HALF OF THE NORTHWEST QUARTER OF
SECTION 26, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL
MERIDIAN, AS SHOWN BY THE PLAT OF SUBDIVISION RECORDED OCTOBER 5,
1988 AS DOCUMENT 88459425 AND RE -RECORDED AS DOCUMENT NUMBER
89099001, IN COOK COUNTY, ILLINOIS
Commonly known as: Burnham Fortune Subdivision
P.I.N.S: 08-26-100-035-0000, 08-26-100-036-0000, 08-26-100-037-0000, 08-26-100-038-0000,
08-26-100-039-0000, 08-26-100-040-0000
100127053.61 A-7
10:4:II:I00
PLAT OF SUBDIVISION
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