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HomeMy WebLinkAboutRes 38-07 08/21/2007 RESOLUTION NO. 38-07 A RESOLUTION IN SUPPORT OF ALTER GROUP AND LCP 1660/1780, LLC MAKING APPLICATION FOR COOK COUNTY CLASS 6B TAX ABATEMENT FOR 1660 AND 1780 WALL STREET. MOUNT PROSPECT. COOK COUNTY. ILLINOIS 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, Alter Group and LCP 1660/1780, LLC, has requested the Village of Mount Prospect to support its application for a Class 6B Real Property Classification at 1660 Wall Street and 1780 Wall Street, Mount Prospect, Cook County (the "Subject Properties"); and WHEREAS, the corporate authorities of the Village of Mount Prospect believe that this request is in the best interest of the economic development in the Village of Mount Prospect. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS: SECTION ONE: That the Village President and Board of Trustees of the Village of Mount Prospect do hereby support and consent to the application of Alter Group and LCP 1660/1780, LLC , for a Class 6B Prope~ Classification from Cook County, which allows a 16% assessment level for the first 10 years, 23% in the 11 year and 30% in the 1 ih year for the Subject Properties located at 1660 Wall Street and 1780 Wall Street, and legally described in Exhibit "A" and further identified by Permanent Index Numbers: 1660 Wall Street - 08-23-203-028; 08-23-203-029 and 08-23-203-030 1780 Wall Street - 08-23-203-026; 08-23-203-027 and 08-23-203-038. 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 Subject Property is subject to compliance with all requirements of the 1-1 limited Industrial District. 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, Juracek, Korn, Lohrstorfer, Zadel NAYS: None ABSENT: None PASSED and APPROVED this 21" day of August, 2007. ~ h:dJ.d:? I r1aiia K. ilks ,. Mayor M. Lisa Angell Village Clerk H :\CLKO\files\WI N\RES\6b resolution forlakeplazawallstreetaugust2007.doc EXHIBIT "A" LEGAL DESCRIPTION LOTS 3 TO 7, INCLUSIVE, IN lAKE CENTER PlAZA, A RESUBDMSION OF PART OF LOT 4 IN LINNEMAN'S DMSION OF THE SOUTH 3/4 OF THE EAST 1/2 OF THE NORTHEAST 1/4 AND THE WEST 1/2 OF THE NORTHEAST 1/4 OF SECTION 23. TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, AND THE SOUlH 477.78 FEET OF THE WEST 1/2 OF THE SOUTHEAST 1/4 OF SECTION 14, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID LAKE CENTER PlAZA RECORDED JULY 1, 1988, />S DOCUMENT 88291118, IN COOK COUNlY, ILLINOIS. ALSO LOT 2 IN LAKE CENTER PLAZA RESUBDIVISION NO.2, A RESUBDMSION OF LOTS 1 AND 2 IN LAKE CENTER PLAZA, A RESUBDMSION OF PART OF LOT 4 IN LINNEMAN'S DMSION OF THE SOUTH 3/4 OF THE E/>ST 1/2 OF THE NORTHEAST 1/4 AND THE WEST 1/2 OF THE NORTHE/>ST 1/4 OF SECTION 23, TOWNSHIP 41 NORTH. RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, AND THE SOUTH 477.78 FEET OF THE WEST 1/2 OF THE SOUTHEAST 1/4 OF SECTION 14. TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID LAKE CENTER PLAZA RESUBDMSION NO.2 RECORDED JULY 1. 1991 /IS DOCUMENT 91321871. IN COOK COUNlY, IWNOIS. ALSO THAT PART OF VACATED WALL STREET IN LAKE CENTER PLAZA, A RESUBDIVISION OF PART OF LOT 4 IN LINNEMAN'S DIVISION OF THE SOUTH 3/4 OF THE E/>ST 1/2 OF THE NORTHEAST 1/4 AND THE WEST 1/2 OF THE NORTHE/>ST. 1/4 OF SECTION 23. TOWNSHIP 41 NORTH, RANGE 11. EAST OF THE THIRD PRINCIPAL MERIDIAN, AND THE SOUTH 477.78 FEET OF THE WEST 1/2 OF THE SOUTHEAST 1/4 OF SECTION 14. TOWNSHIP 41 NORTH. RANGE 11. EAST OF THE THIRD PRINCIPAL MERIDIAN. ACCORDING TO THE PLAT OF SAID LAKE CENTER PLAZA RECORDED JULY 1, 1988. AS DOCUMENT 88291118, BEING. BOUNDED AND DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF LOT 6 IN SAID LAKE CENTER PLAZA; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG THE EAST LINE OF SAID LOT 6, 171.83 FEET TO A POINT OF BEGINNING AT A CORNER OF SAID LOT 6; THENCE CONTINUING NORTH 00 DEGREES 00 MINUTES 00 SECONDS E/>ST ALONG THE NORTHERLY EXTENSION OF THE E/>ST LINE OF SAID LOT 6, 107.78 FEET TO AN INTERSECTION WITH THE CURVED SOUTHE/>STERLY LINE OF lOT 7 IN SAID LAKE CENTER PlAZA; THENCE SOUTHWESTERLY, SOUTHERLY AND SOUTHE/>STERLY ALONG THE SOUTHEASTERLY LINE OF SAID LOT 7 AND THE NORTHEASTERLY LINE OF SAID LOT 6, BEING A CURVED LINE CONVEX WESTERLY AND HAVING A RADIUS OF 55.00 FEET, AN ARC DISTANCE OF 150.64 FEET TO THE POINT OF BEGINNING (THE CHORD OF SAID ARC BEARS SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST. 107.78 FEET), IN COOK COUNlY. ILLINOIS.