HomeMy WebLinkAboutRes 35-18 11/07/2018 In Support of J2M 900, LLC's Application for a Cook County Class 6B TEERM Tax Incentive - 900 Business Center DriveRESOLUTION NO. 35-18
A RESOLUTION IN SUPPORT OF J2M 900, LLC'S APPLICATION FOR A COOK
COUNTY CLASS 6B TEERM TAX INCENTIVE FOR THE PROPERTY LOCATED AT
900 BUSINESS CENTER DRIVE
WHEREAS, the Village of Mount Prospect encourages community development to provide for
economic growth and career opportunities; and
WHEREAS, the Village of Mount Prospect desires to promote and preserve industrial uses in the
Village; 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, J2M 900, LLC has requested the Village of Mount Prospect to support its
application for the Class 6B Real Property Classification (TEERM Program) at 900 Business
Center Drive, Mount Prospect, Cook County, PIN: 03-35-104-007-0000 (Property) and has
proven to the Mayor and Board of Trustees of the Village of Mount Prospect that such Class 6B
Real Property Classification (TEERM Program) is necessary to encourage occupancy of the
Property that has been vacant for greater than 12 continuous months but less than 24 continuous
months without a purchase; and
WHEREAS, J2M 900, LLC intends to engage in substantial rehabilitation of the Property and its
prospective tenant, Dynamic Rubber, Inc., plans to use the Property for the manufacturing of
custom and specialty rubber inflatable seals and moldings; and
WHEREAS, the corporate authorities of the Village of Mount Prospect believe that J2M 900,
LLC's request is in the best interest of the economic development in the Village of Mount
Prospect; and
WHEREAS, an Economic Disclosure Statement has been received and filed by the Village of
Mount Prospect; and
WHEREAS, the Village of Mount Prospect supports and consents to the filing of a Class 6B
Real Property Classification (TEERM Program) application by J2M 900, LLC, with the
understanding that any occupant of the Property must meet the Class 6B Real Property
Classification (TEERM Program) qualifications for industrial warehousing, manufacturing and/or
distribution uses; and
WHEREAS, the Village of Mount Prospect has determined that the granting of a Class 6B Real
Property Classification (TEERM Program) to J2M 900, LLC for the Property would be beneficial
to the Village.
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 Real Property Classification
(TEERM Program) from Cook County for the Property located at 900 Business Center Drive and
legally described as:
LOT 3 IN KENSINGTON CENTER RESUBDIVISION IV, BEING A RESUBDIVISION OF
LOTS 2 AND 3 IN KENSINGTON CENTER, PHASE TWO, BEING A SUBDIVISION IN
PART OF THE NORTHWEST '/a OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11,
EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF
RECORDED DECEMBER 31, 1980 AS DOCUMENT NUMBER 25722781, IN COOK
COUNTY, ILLINOIS
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.
SECTION THREE: That the Village of Mount Prospect has determined that the Class 6B Real
Property Classification (TEERM Program) is necessary for development to occur on the Property
and without such designation the industrial enterprise would not be economically viable causing
the Property to be in imminent risk of remaining vacant and unused.
SECTION FOUR: 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
NAYS: None
ABSENT: None
PASSED AND APPROVED this 7TH day of November, 2018.
Arlene A. Juracek
Mayor
ATTEST:
r_ 1'
Karen Agoranos
Village Clerk