HomeMy WebLinkAboutRes 07-18 02/20/2018 6b CV Holdings LLCRESOLUTION NO. 7-18
A RESOLUTION IN SUPPORT OF C. V. LAND HOLDINGS, LLC
APPLICATION FOR A COOK COUNTY CLASS 611 TAX INCENTIVE FOR THE
PROPERTY LOCATED AT 1731 WALL STREET, MOUNT PROSPECT, COOK
COUNTY, ILLINOIS.
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, Illinois; and
WHEREAS, the Cook County Assessor is operating under an ordinance enacted by the Cook County
Board of Commissioners, and amended from time to time, the most recent amendment becoming
effective as of July 19, 2017, which has instituted a program to encourage industrial and
commercial development in Cook County known as the Cook County Real Property Classification
Ordinance; and
WHEREAS, C.V. Land Holdings, LLC has applied for or is applying for Class 6B property
status pursuant to said aforementioned ordinance and has requested the Village of Mount Prospect
support its application for certain real estate located at 1731 Wall Street, Mount Prospect, Cook
County, Illinois and has proven to this Board that such incentive provided for in said ordinance
is necessary for development to occur on this specific real estate; and
WHEREAS, without the Cook County property tax incentives, the Village of Mount Prospect is
at a competitive disadvantage with neighboring counties of Lake and DuPage in attracting industrial
development; 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 property tax reduction from a 25%
assessment level to a 10% assessment level for the first 10 years, 15% for year 11 and 20% in year
12.
After year 12, the assessment level returns to the full 25% for the benefitting property located at
1731 Wall Street and legally described as:
Lot #I of the Lake Center Plaza Resubdivision No. 4, being a resubdivison of lots 8, 9, 10 and 11
in Lake Center Plaza, a resubdivision in the northeast '/4 of Section 23, Township 41 North, Range
11, east of the Third Principal Meridian, Cook County, IL.
SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased
employment and economic development and this proposed development is in furtherance ofthis goal.
The Board of Trustees of the Village of Mount Prospect further finds that this incentive is necessary
for development to occur on the property.
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: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYES: None
ABSENT: None
PASSED and APPROVED this 20th day of February, 2018
Arlene A. Juracek
Mayor
ATTEST:
Karen Agoranos
Village Clerk