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HomeMy WebLinkAboutRes 41-17 12/05/2017 Approving a Class 7C Real Estate Tax IncentiveRESOLUTION NO. 41-17 A RESOLUTION APPROVING A CLASS 7C REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF CREW OF FIVE HOLDINGS, LLC, LOCATED AT 1250 FEEHANVILLE DRIVE, MOUNT PROSPECT, ILLINOIS, PURSUANT TO THE COOK COUNTY REAL ASSESSMENT PROPERTY CLASSIFICATION ORDINANCE WHEREAS, the Cook County Board of Commissioners has amended the Cook County Real Property Assessment Classification Ordinance (hereinafter referred to as the "Ordinance") to provide real estate tax incentives to property owners who build, rehabilitate, enhance and occupy property which is located within Cook County and which is used for commercial purposes; and WHEREAS, The Class 7C Incentive — Commercial Urban Relief Eligibility (CURE) of the Ordinance (the "Class 7C Tax Incentive") is intended to encourage commercial projects which would not be economically feasible without assistance, and is available to real estate used primarily for commercial purposes, including the buying and selling of goods and services; and WHEREAS, the Village of Mount Prospect (hereinafter referred to as the "Village"), consistent with the Ordinance, as amended, wishes to induce commercial businesses to locate and expand in the Village by offering financial incentives in the form of property tax relief, and WHEREAS, Crew of Five Holdings, LLC (hereinafter referred to as the "Owner") is the owner of 1250 Feehanville Drive, Mount Prospect, Cook County, Illinois (hereinafter referred to as "Subject Property"). The Subject Property is legally described in Exbihit A attached hereto and made a part hereof; and WHEREAS, the Owner has or will apply to the Office of the Cook County Assessor for a Class 7C Tax Incentive relative to the Subject Property; and WHEREAS, the Subject Property will, upon approval of the Class 7C Tax Incentive, be utilized by the Owner for commercial purposes, in the form of an office facility with tenants providing professional sales and marketing services for the retail hardware channel and services for the hospitality industry, and will result in substantial improvement to the Subject Property; and WHEREAS, the Village Manager of the Village of Mount Prospect has reviewed the Cook County Incentive Classification Initial Questionnaire ("IC -IQ") of the Owner, and that the four eligibility factors which must be present to demonstrate that the area is "in need of commercial development" have been satisfied by the Owner's statements in the IC -IQ; and WHEREAS, the Village President and Board of Trustees of the Village of Mount Prospect, having duly considered the request of the Owner, express their support for and consent to the Class 7C Tax Incentive Eligibility Designation for the Subject Property, find and determine that the use of the Subject Property by Owner is necessary and beneficial to the local economy and fords such support and consent to be in the best interests of the Village and its residents and property owners. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COUNTY OF COOK, STATE OF ILLINOIS, AS FOLLOWS: SECTION 1: The President and Board of Trustees of the Village of Mount Prospect find that the Subject Property is appropriate for Class 7C Tax Incentive benefits pursuant to the Ordinance, as amended; and SECTION 2: The President and Board of Trustees further finds that the Class 7C Tax Incentive for the Subject Property commonly known as 1250 Feehanville Drive, Mount Prospect, Cook County, Illinois is necessary to encourage this commercial project which would not be economically feasible without assistance, and is necessary and beneficial to the local economy; and SECTION 3: Pursuant to the Ordinance, as amended, the President and Board of Trustees approve, support and consent to the Class 7C Tax Incentive application of the Owner for the Subject Property commonly known as 1250 Feehanville Drive, Mount Prospect, Cook County, Illinois; and SECTION 4: The Class 7C Tax Incentive, pursuant to its terms, shall only be available to the Owner of the Subject Property for a term of five (5) years, with the possibility of renewal of one (1) additional five (5) year term, which the Village will consider at the time of Owner's application for renewal; and SECTION 5: Owner shall provide the Village Manager of the Village of Mount Prospect, or his or her designee, verification of the costs that Owner has incurred to build, rehabilitate, enhance and occupy the Subject Property, in the form of certified payroll reports, contracts, plans, or other documentation deemed required by the Village Manager during the term(s) of the incentive; and SECTION G: This Resolution shall be effective immediately upon its passage and approval, or as otherwise provided by law. AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel NAYES: None ABSENT: None PASSED and APPROVED this 5th day of December, 2017 Z, 0, M Arlene A. Juracek Mayor ATTEST: Karen Agoranos Village Clerk Lot 303 in Kensington Center Resubdivisjon as VIII rec-forded ill the Of lee Of tile COOk COUIlty Reconier of Deeds oil Jtlile22,1982 as Docuiiient 26268098, being a Resubdivision o I* Lots 303, 305 and 307 in Kcnsingtoi) Cewer-PhaseThroe-A, said Kensington Center-Phase'llirce-A beimg a Subdivision mid Resubdivision in par( of the Northwest 1.114 raid (he Northeast 1/4 of Section 35, Tomship 42 North, Range 11:, Fast of the 'I'hird Principal Meridian, ammlilig to tile plat thereof recorded in (lie Ofirice of the Cook COUTIty Recorder of Deeds oil May 4, 1981, as Documet'it 25859082, ill) located in Cook County, Illi'l101s, Commonly known as: 1250 FeehanvilIe Dr., Mount Prospect, Minois 600V PIN: 03-35-104-027-000*, 17 FM003450,067,1565344,6