HomeMy WebLinkAboutRes 09-20 03/17/2020 Approving Class 7C Real Estate Tax incentive renewal for Grayhawk 4, at 1501 Feehanville Dr.RESOLUTION NO. 9-20
A RESOLUTION APPROVING A CLASS 7C REAL ESTATE TAX INCENTIVE
RENEWAL FOR THE BENEFIT OF GRAYHAWK 4, LLC, LOCATED AT 1501
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, Grayhawk 4, LLC (hereinafter referred to as the "Owner") is the owner of 1501
Feehanville Drive, Mount Prospect, Cook County, Illinois (hereinafter referred to as "Subject
Property"). The Subject Property is legally described in E�htlbt attached hereto and made a part
hereof; and
WHEREAS, the Subject Property was approved for a Class 7C Tax Incentive on March 16,
2016 and the incentive started with tax year 2017; and
WHEREAS, the Owner has applied to the Office of the Cook County Assessor for a Class
7C Tax Incentive Renewal relative to the Subject Property; and
WHEREAS, the Subject Property will continue to be utilized by the Owner for commercial
purposes, in the form of an ice facility with two (2) regulation size ice rinks and related amenities
including a full service pro shop and onsite restaurant, and will result in substantial improvements to
the Subject Property; 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 Renewal 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:
Resolution 9-20 Grayhawk 4
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 Renewal benefits pursuant to the
Ordinance, as amended; and
SECTION 2: The President and Board of Trustees further finds that the Class 7C Tax
Incentive Renewal for the Subject Property commonly known as 1501 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 Renewal application of the Owner for
the Subject Property commonly known as 1501 Feehanville Drive, Mount Prospect, Cook County,
Illinois; and
SECTION 4: The Class 7C Tax Incentive Renewal, pursuant to its terms, shall only be
renewed to the Owner of the Subject Property for a one term of five (5) years, effective with tax year
2020;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 17th day of March, 2020
Arlene A. Juracek
Mayor
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lat'en Agoranos
Village Clerk
Resolution 9-20 Grayhawk 4