FIRST EQUITY GROUP, LLC FIRST EQUITY PROPERTY HOLDINGS, LLC January 18, 2019 Mr. Jason Shallcross VILLAGE of MOUNT PROSPECT 50 South Emerson Mount Prospect, Illinois 60056 RE: 10 North Main Street NWC Main and Central Mount Prospect, Illinois Dear Jason, Enclosed, please find a copy of the Zoning Request Application and supporting site-specific information regarding the proposed redevelopment of 10 North Main Street at the northwest corner of Main Street and Central Road in downtown Mount Prospect. This application is submitted on behalf of the partnership between First Equity Group and Harlem Irving Companies. PROPOSAL The development proposal is for a Planned Unit Development (PUD) allowing the construction of a five-story 97-unit multifamily residential apartment building with rooftop amenity, 128 on-site parking stalls (1.4 spaces per unit), IDOT improvements in the Main Street (Route 83) ROW, corresponding landscaping, site lighting, and streetscape improvements on the property at 10 North Main Street at the northwest corner of Main and Central. The unit mix for the project currently anticipates 14 studio apartments, 51 1-bedroom units, 28 2-bedroom units, and 4 3-bedroom units. The floor area for the project is 102,544 which equates to a 1.59 FAR, and the lot coverage of the proposed development is 38.2%. A Market Study has been prepared by Integra Realty Resources and their analysis of the subject location and the current trends in the northwest suburban rental apartment market supports the viability of the proposal. PROJECT SCHEDULE The project development schedule anticipates a Mount Prospect Planning and Zoning Commission hearing in February 2019 with a recommendation going before the Village Board in March 2019. Provided approval for the project is granted, permit drawings will be submitted for review and permits for on-site improvements could be issued late Summer 2019, with closing and construction commencing early Fall 2019. A fifteen- month construction schedule could accommodate occupancy beginning at the end of 2020. SUPPLEMENTAL INFORMATION In addition to the enclosed application, which consists of engineering and architecture plans, we have provided supplemental information including a detailed Market Study 205 West Wacker Drive, Suite 901 Chicago, Illinois 60606 (312) 857-7000 Telephone (312) 857-7015 Facsimile Mr. Jason Shallcross 10 North Main Street, Mount Prospect January 19, 2019 – Page 2 prepared by Integra Realty Resourses (IRR), a Traffic Impact Study, and a spreadsheet illustrating the estimated student generation for this project. Thank you for your assistance Jason. We are available to discuss any aspect of the enclosed information and we look forward to working with you on this project. If you need additional information to process the request, please do not hesitate to call. Sincerely, FIRST EQUITY ACQUISITIONS, LLC Thomas Lowe w/encl. cc: Richard Filler, Harlem Irving Companies 205 West Wacker Drive, Suite 901 Chicago, Illinois 60606 (312) 857-7000 Telephone (312) 857-7015 Facsimile Village of Mount Prospect Community Development Department 50 S. Emerson Street Mount Prospect, Illinois 60056 Phone: (847) 818-5328 Zoning Request Application Official Use Only (To be completed by Village Staff) Case Number: P&Z -_______-_______ Date of Submission: _________________ Hearing Date:_______________ Project Name/Address: __________________________________________________________________________ I. Subject Property Address(es): __________________________________________________________________________________10 North Main Street, Mount Prospect, 60056 Zoning District (s): ______RX Single_______________ Family Residential________ Property Area (Sq.Ft. and/or Acreage): _______73,939 square________ ft Parcel Index Number(s) (PIN(s): _____________03-34-331-018-0000_____________________________________________________ II. Zoning Request(s) (Check all that apply) Conditional Use: For _________________________________________________________________________ Variation(s): To _____________________________________________________________________________ X Zoning Map Amendment: Rezone From ________________________RX To _______________________________B5C Zoning Text Amendment: Section(s) ____________________________________________________________ X Other: ______________________________________________________Planned Unit Development (PUD) _______________________________ III. Summary of Proposal (use separate sheet if necessary) Please see attached. IV. Applicant (all correspondence will be sent to the applicant) Name: Thomas Lowe Corporation: First Equity Acquisitions, LLC Address: 205 West Wacker Drive, Suite 901 City, State, ZIP Code: Chicago, Illinois 60606 Phone: (312) 857-7007 Email: [email protected] Interest in Property: Developer (e.g. owner, buyer, developer, lessee, architect, etc…) 1 V. Property Owner Check if Same as Applicant Name: Village of Mount Prospect Corporation: Address: 50 South Emerson City, State, ZIP Code: Mount Prospect, Illinois 60056 Phone: (847) 392-6000 Email: In consideration of the information contained in this petition as well as all supporting documentation, it is requested that approval be given to this request. The applicant is the owner or authorized representative of the owner of the property. The petitioner and the owner of the property grant employees of the Village of Mount Prospect and their agent’s permission to enter on the property during reasonable hours for visual inspection of the subject property. I hereby affirm that all information provided herein and in all materials submitted in association with this application are true and accurate to the best of my knowledge. Applicant: Date: January 18, 2019 (Signature) Thomas M Lowe (Print or Type Name) If applicant is not property owner: I hereby designate the applicant to act as my agent for the purpose of seeking the zoning request(s) described in this application and the associated supporting material. Property Owner: Date: (Signature) (Print or Type Name) 2 Mr. Jason Shallcross 10 North Main Street, Mount Prospect January 19, 2019 – Page 9 ZONING REQUEST APPLICATION – STANDARDS Conditional Use - No conditional use shall be recommended for approval by the planning and zoning commission unless it finds: 1. That the establishment, maintenance, or operation of the conditional use will not be detrimental to, or endanger the public health, safety, morals, comfort, or general welfare; RESPONSE: The proposed development will not be detrimental to, or endanger the public health, safety, morals, comfort, or general welfare. The project proposal is to develop an appropriately scaled multifamily residential apartment building at an intersection where similar uses exist. A residential development at the corner is a lower intensity use than a commercial use that previously existed on the property or could otherwise be permitted on the property, and the proposed use is compatible with adjoining properties. 2. That the conditional use will not be injurious to the uses and enjoyment of other property in the immediate vicinity for the purposes already permitted, nor substantially diminish and impair property values within the neighborhood in which it is to be located; RESPONSE: The proposed development will not be injurious to the uses and enjoyment of other property in the immediate vicinity for the purposes already permitted, nor substantially diminish and impair property values within the neighborhood. Other than the Mount Prospect library on the southeast corner and Huntington Bank adjacent to the north of the subject property, the adjoining and surrounding parcels contain residential uses. The proposed multifamily residential apartment building is a compatible use and the significant investment in the site and building will enhance the property’s value and be an improvement to an otherwise vacant, underutilized, and unsightly property. 3. That the establishment of the conditional use will not impede the normal and orderly development and improvement of the surrounding property for uses permitted in the district; RESPONSE: The proposed development will not impede the normal and orderly development and improvement of the surrounding properties for uses permitted in the district since the property is an in-fill location with all surrounding properties already developed. The proposed development will not affect or impact any adjoining property that undergoes a future redevelopment. 4. That adequate public utilities, access roads, drainage and/or necessary facilities have been or will be provided; RESPONSE: The proposed development utilizes existing public utilities, roads, and drainage systems or will install new improvements to accommodate the project demand, as required. Preliminary engineering and architectural improvement plans depicting existing and proposed improvements accompany this application. 5. That adequate measures have been or will be taken to provide ingress and egress so designed as to minimize traffic congestion in the public streets; 205 West Wacker Drive, Suite 901 Chicago, Illinois 60606 (312) 857-7000 Telephone (312) 857-7015 Facsimile Mr. Jason Shallcross 10 North Main Street, Mount Prospect January 19, 2019 – Page 10 RESPONSE: The application includes engineering plans that support adequate measures are being taken to provide ingress and egress so designed as to minimize traffic congestion in the public street. Access will be provided via an existing access on Main Street (Route 83) which is shared