HomeMy WebLinkAboutRes 24-18 06/05/2018 Approving a Class 7C Real Estate TAx Incentive for Facet Holdings LLCRESOLUTION NO. 24-18
A RESOLUTION APPROVING A CLASS 7C REAL ESTATE TAX INCENTIVE FOR
THE BENEFIT OF FACET HOLDING LLC, LOCATED AT 303 KENSINGTON
ROAD, 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, Facet Holding LLC (hereinafter referred to as the "Owner") is the owner of
303 E. Kensington Road, Mount: Prospect, Cook County, Illinois (hereinafter referred to as
"Subject Property"). The Subject Property is legally described in Exhibit 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 a restaurant, The Red Barn, offering
food and craft beets with live entertainment 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 -1Q; 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 'fax 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 finds 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 303 E. Kensington Road, 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 303 E. Kensington Road, 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 6: 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 June, 2018
Arlene A. Juracek
Mayor
I �k P
1 a t,r� Agoranos
Village Clerk
EXHIBIT A
LEGAL DECSCRIPTION
LOTS 1 AND 2 IN LOFT SUBDIVISION OF LOT 1 IN CHRISTIE'S SUBDIVISION AND THE EAST 140 FEET OF
THE NORTH 500 FEET ALL BEING A PART OF THE NORTHEAST % OF SECTION 34, TOWNSHIP 42 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY ILLINOIS
PIN(S): 03-34-2.00-204-0000° 03-34-200-205-0000
Common Address: 303 E. Kensington Road Mount. Prospect, Cook Count IRInols 6'0055