HomeMy WebLinkAboutRes 46-09 12/15/2009
RESOLUTION NO. 46-09
A RESOLUTION IN SUPPORT OF PRINCIPAL REAL ESTATE INVESTORS
800 BIERMANN COURT, MOUNT PROSPECT, ILLINOIS,
MAKING AN APPLICATION FOR A
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, Principal Real Estate Investors has requested the Village of Mount
Prospect to support its application for a Class 6b Real Property Classification at 800
Biermann Court, Mount Prospect, Cook County, PIN: 03-35-104-005-0000 (Property);
and
WHEREAS, 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 tax structure; 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
ACTING 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 Principal Real Estate
Investors for a Class 6B Property Classification from Cook County, which allows a 10%
assessment level for the first 10 years, 15 % in the 11 th year and 20% in the 12th year
for the Subject Property located at 800 Biermann Court and legally described as:
LOT 1 IN KENSINGTON CENTER RESUBDIVISION 1 OF LOT 7 IN KENSINGTON
CENTER PHASE 1 AND LOSTS 1,4 AND 5 IN KENSINGTON CENTER PHASE 2, A
SUBDIVISION IN THE NORTHWEST % OF SECTION 35 TOWNSHIP 42 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS.
PI N: 03-35-104-005-0000
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 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:
Hoefert, Juracek, Korn, Polit, Zadel
NAYS:
None
ABSENT:
Matuszak
Passed and approved this 15th day of December, 2009.
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lr-v9i1a K. Wilks
Mayor
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M. bsa Angell
Village Clerk
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