HomeMy WebLinkAboutRes 46-21 12/14/2021 Declaring the Village of Mount Propsect's official intent to reimburse expenditures (Propsed South Mount Prospect Tax Increment Financing District)RESOLUTION NO. 46-21
A RESOLUTION DECLARING THE VILLAGE OF MOUNT PROSPECT'S OFFICIAL
INTENT TO REIMBURSE EXPENDITURES
(PROPOSED SOUTH MOUNT PROSPECT TAX INCREMENT FINANCING DISTRICT)
WHEREAS, the Village of Mount Prospect ("Village") is authorized, under the
Constitution of the State of Illinois, Section 8-1-2.5 of the Illinois Municipal Code, 65 ILCS
5/8-1-2.5 ("Economic Development Statute"), and the provisions of the Tax Increment
Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. ("TIF Act"), to promote and
incentivize economic development and redevelopment projects, and under the TIF Act, to
finance redevelopment project costs, as defined in Section 3(q) of the TIF Act, 65 ILCS
5/11-74.4-3(q) ("TIF Project Costs"), in connection with redevelopment project areas
established in accordance with the requirements set forth in the TIF Act; and
WHEREAS, on October 5, 2021, the Village President and Board of Trustees of the
Village authorized moving forward with a feasibility study under the TIF Act ("Feasibility
Study"), to determine if the area set forth on EXHIBIT A. attached hereto and made part
hereof ("Study Area"), may be designated as a redevelopment project area under the TIF
Act; and
WHEREAS, as a result of the authorization of the Feasibility Study, the Village will
be expending funds for TIF Project Costs which, if the Study Area is established as a TIF
district pursuant to the TIF Act, would be reimbursable from TIF incremental revenues
generated from properties within the Study Area ("TIF -eligible Expenditures"); and
WHEREAS, the Village reasonably expects to reimburse itself for TIF -eligible
Expenditures from incremental property taxes generated by properties within the Study
Area ("TIF Revenues") in relation to its TIF -eligible Expenditures, if a TIF district is
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established in the Study Area; and
WHEREAS, on September 3, 2021 Cloud HQ, LLC ("Developer"), submitted an
initial proposal for the redevelopment of property within the Study Area located generally at
1200 E Algonquin Rd, consisting of approximately sixty (60) acres ("Project"); and
WHEREAS, the Developer has requested that the Village consider assisting the
Project with economic incentives under the Economic Development Statute, the TIF Act
and/or through support of a Cook County property tax assessment classification incentive
(collectively the "Incentives'); and
WHEREAS, if the Project is approved by the Village, the Village and the Developer
may negotiate a redevelopment agreement containing such terms as are necessary for the
completion of the Project by the Developer, including, potentially, some of the Incentives
("Redevelopment Agreement"), and
WHEREAS, if the Redevelopment Agreement is approved by the Village, the
Village may provide the Developer with the Incentives on the terms set forth therein; and
WHEREAS, the Developer has stated that without and but for the Incentives, it
cannot complete the Project; and
WHEREAS, the Developer reasonably expects that it will pay or incur Project costs
prior to formal approval and execution of the Redevelopment Agreement, and Developer
desires reimbursement for the use of some of its capital expenses in connection with the
Project with the Incentives; and
WHEREAS, a purpose of this Resolution is to induce the Developer to pay or incur
certain Project costs in connection with the Project prior to creation of a TIF district within
the Study Area and prior to formal approval and execution of the Redevelopment
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Agreement, thereby advancing the purposes of the Economic Development Statute and
the TIF Act;
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Mount Prospect, Illinois, as follows:
SECTION 1: That the recitals set forth above are hereby incorporated herein by
reference and made a part hereof.
SECTION 2: That, subject to the Village approving the Project, and the Village and
the Developer agreeing on the terms of the Incentives and a Redevelopment Agreement,
the Village declares its intention to negotiate and enter into the Redevelopment Agreement
with the Developer which may provide for some of the Incentives. The Village
acknowledges that, in order to keep the Project moving forward on an acceptable
schedule, it will be necessary for the Developer to incur some Project costs prior to
creation of a TIF district within the Study Area and prior to negotiation, approval and
execution of the Redevelopment Agreement.
SECTION 3: That neither the Developer nor any other party is entitled to rely on
this Resolution as a commitment by the Village to approve the Project, to provide any of
the Incentives, to enter into the Redevelopment Agreement, or to create a TIF district
within the Study Area, and the Village reserves the right in its sole and absolute discretion to
not approve the Project, to not enter into the Redevelopment Agreement or to not create a
TIF district within the Study Area, and in such event the Village shall not be subject to any
liability or damages of any nature. Neither the Developer nor anyone claiming by or
through the Developer shall have any claim against the Village as a result
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of any decision by the Village not to approve the Project, to not provide any of the
Incentives, to not enter into the Redevelopment Agreement or to not create a TIF district
within the Study Area.
SECTION 4: That subject to the terms of this Resolution, the Village hereby
declares its official intent to use the TIF Revenues for the purpose of paying, or
reimbursing the Village, and/or the Developer under the terms of the Redevelopment
Agreement with some of the Incentives, for certain TIF -eligible Expenditures.
SECTION 5: That the Village reasonably expects to reimburse itself, and/or the
Developer under the terms of the Redevelopment Agreement, from the TIF Revenues for
costs of the TIF -eligible Expenditures paid prior to the receipt of TIF Revenues, including
TIF -eligible Expenditures incurred within sixty (60) days prior to adoption of this
Resolution.
SECTION 6: That this Resolution shall be in full force and effect from and after its
adoption and approval as provided by law.
SECTION 7: That if any section, paragraph, clause or provision of this Resolution
shall be held invalid, the invalidity thereof shall not affect any of the other provisions of this
Resolution.
SECTION 8: That all resolutions or parts of resolutions in conflict herewith are, to
the extent of such conflict, hereby repealed.
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AYES: Filippone, Gens, Matuszak, Pissarreck, Rogers, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 14th day of December, 2021
ATTEST:
/ZW
Karen M: Agorano
Village Clerk
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EXHIBIT A
DEPICTION OF THE BOUNDARY
OF THE STUDY AREA
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[:3 Proposed RPA Boundary
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. ... ... I PirVrnary Structure
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