HomeMy WebLinkAboutRes 43-06 09/19/2006
RESOLUTION NO. 43-06
A RESOLUTION IN SUPPORT OF WINCHESTER REALTY LLC, 501 W.
ALGONQUIN ROAD, MOUNT PROSPECT, ILLINOIS, MAKING APPLICATION FOR
COOK COUNTY CLASS 6B TAX ABATEMENT
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 new businesses to become established 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, Winchester Realty LLC has requested the Village of Mount Prospect to
support its application for a Class 6B Real Property Classification at 501 W. Algonquin
Road, Mount Prospect, Cook County (the Subject Property); and
WHEREAS, the subject property has been abandoned for approximately 22 months and
the Village of Mount Prospect has found that special circumstances exist in that the Village
is at a competitive disadvantage with nearby DuPage and Lake Counties and their lower
tax structures; 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 PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
ACTINT IN THE EXERCISE OF THEIR HOME RULE POWERS:
SECTION ONE: That the President and Board of Trustees of the Village of Mount
Prospect do hereby support and consent to the application of Winchester Realty LLC, for a
Class 6B Property Classification from Cook County, which allows a 16% assessment level
for the first 10 years, 23 % in the 11 th year and 30% in the 1 ih year for the Subject Property
located at 501 W. Algonquin Road and legally described as follows:
Lot 1 in Keolyn Plastics, Inc., Subdivision of the North 683.46 feet of the East 200 feet
of that part of the North East Quarter of Section 23, Township 41 North, Range 11 East
of the Third Principal Meridian, lying West of the East 20 acres of said North East
quarter of the South East quarter, in Cook County, Illinois.
Page 2/2
Class 6 Tax Abatement
SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased
employment and economic development and this proposed development is in furtherance
of this goal. The Board of Trustees of the Village of Mount Prospect further finds that this
incentive is necessary for development to occur on the Subject Property.
SECTION THREE: That development of the property is subject to compliance with all
requirements of the 1-1 (Light Industrial) District and development standards of the Village
of Mount Prospect.
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:
Corcoran, Hoefert, Korn, Lohrstorfer, Skowron, Zadel
NAYS:
None
ABSENT:
None
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frvana K. Wilks
Mayor
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M. Lisa Angell)
Village Clerk
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