HomeMy WebLinkAboutRes 09-21 03/02/2021 Support of Class 7C real estate tax incentive for the benefit of Grayhawk 4, LLC. located at 1501 Feehanville Dr and 430 Lakeview Ct. Mount Prospect , ILi 0 1! "
A RESOLUTION IN SUPPORT OF A CLASS TC REAL ESTATE TAX INCENTIVE
FOR THE BENEFIT OF GRAYHAWK 4, LLC, LOCATED AT 1501 FEEHANVILLE
DRIVE AND 430 LAKEVIEW COURT, MOUNT PROSPTCTr 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 reel 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, Crayhawk 4, LLC (hereinafter referred to as the "Owner") is the owner
of 1501 Eeehanville Drive and 430 Lakeview Court, Mount Prospect, Cook County,
Illinois (hereinafter referred to as "Subject Property"). The Subject Property is legally
described in T iattached hereto and made a part hereof; and
WHEREAS, the Owner has applied to the Office of the cook county Assessor for a
Class 7C Tax Incentive relative to the Subject Property for a planned expansion to
the ice arena; and
WHEREAS, the subject Property will continue to be utilized by the owner for
commercial purposes, and the planned expansion adds a third sheet of ice and
associated locker rooms, 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 TC 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.
Res Class 7C Grayhawk 4
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; and
SECTION 2: The President and Board of Trustees further finds that the Class 7C Tax
Incentive for the Subject Property commonly known as 1501 Feehanville Drive and
430 Lakeview Court, 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 1501 Feehanville Drive and
430 Lakeview Court,, Mount Prospect, Cook County, Illinois; and
SECTION 4: The Class 7C Tax Incentive, pursuant to its terms, shall only be renewed
to the Owner of the Subject Property for a one term of five (5) years; 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: Grossii,, Hatzis,, Hoefert, Rogers, Saccotelli, Zadell
NAYES: None
ABSENT: None
PASSED and APPROVED this 2nd day of March,, 2021
Al
Arlene A. Juracek,, Oyor
ATTE
Karen Agoranos, Village Clerk
Res Class 7C Grayhawk 4
PARCEL 1:
commonly hown 118: 1501 Feehanvi Ile Drive, Mount Prospect, Illinois 60056 and
430 Lakeview Coud, Mount Prospect, Illinoi'60056