HomeMy WebLinkAboutRes 01-17 01/17/2017 LIT Industrial Limited Partnership - Renewal of Cook County Class 6B Tax AbatementRESOLUTION NO. 01-17
A RESOLUTION IN SUPPORT OF
LIT INDUSTRIAL LIMITED PARTNERSHIP,
601-609 DEMPSTER STREET,
MOUNT PROSPECT, ILLINOIS, MAKING APPLICATION FOR A
RENWAL OF COOK COUNTY CLASS 6B TAX ABATEMENT
WHEREAS, the Village of Mount Prospect encourages community development to provide
for economic growth and career opportunities; and
WHEREAS, through property tax incentives offered by Cook County, various opportunities
exist for industrial properties in the Village of Mount Prospect, Cook County; and
WHEREAS, without the Cook County property tax incentives, the Village of Mount
Prospect is at a competitive disadvantage with the neighboring counties of Lake and
DuPage in attracting industrial development; and
WHEREAS, LIT Industrial Limited Partnership, has requested the Village of Mount
Prospect support its application for Renewal of the Class 6B Real Property Classification at
601-609 Dempster Street, Mount Prospect, Cook County (Property); and
WHEREAS, the corporate authorities of the Village of Mount Prospect believe that their
request is in the best interest of the economic development in the Village of Mount
Prospect.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect
do hereby support and consent to the application for the Class 6B Renewal of a property
tax reduction from 25% to 10% for years 1 through 10, 15% in year 11, and 20% in year 12
from Cook County for the Property located at 601-609 Dempster Street, and legally
described as:
BRIARWOOD BUSINESS CENTER SUBDIVISION OF PART OF LOTS 6 AND 7, AND
LOTS 12 TO 16 IN ELMHURST-ALGONQUIN INDUSTRIAL PARK UNIT NO. 1 AND
OF PART OF LOTS 2 AND 3 IN LINNEMAN'S DIVISION IN THE W'/2 OF THE NE'/4
OF SECTION 23, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, IL.
PIN: 08-23-200-0551-0000
SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased
employment and economic development and the "property" is in furtherance of this goal.
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601-609 Dempster Street
Class 613 Tax Abatement
SECTION THREE: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES: Hoefert, Matuszak, Polit, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
PASSED and APPROVED this 17th day of January, 2017.
Arlene A. Juracek
Mayor
115 � 0 6A,
K ren M. Agoranos
Deputy Village Clerk