HomeMy WebLinkAboutRes 51-01 09/18/2001 /w jo
09/04/01
RESOLUTION NO. 51-01
A RESOLUTION IN SUPPORT OF ALBANY MOLECULAR RESEARCH INC.
MAKING APPLICATION FOR COOK COUNTY CLASS 6 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 Mount Prospect, Cook County; and
WHEREAS, without the Cook County property tax incentives, Mount Prospect is at a competitive
disadvantage with the neighboring counties of Lake and DuPage in attracting industrial
develoPment; and
WHEREAS, Albany Molecular Research, Inc., has requested the Village of Mount Prospect to
support their application for a Class 6 real property classification at 601 E. Kensington Road; 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 MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect do hereby
support and consent to the application of Albany Molecular Research, Inc., located at 601 E.
Kensington Road, for a Class 6 Property Classification from Cook County, which allows a 16%
assessment level for 8 years for the property legally described as follows:
Part of Lot 1 of Arner-Stone Subdivision of the North 644 feet of the West 450 feet of
Section 35, Township 42 North, Range 11 East of the Third Principal Meridian in
C.ook County, Illinois
and further identified by Permanent Index Number 03-35-200-019.
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 I-1 (Light Industrial) Distdct and development standards of the Kensington Center for
Business.
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, Lohrstorfer, Skowron, Wilks, Zadel
NAYS: None
ABSENT: Farley
PASSED and APPROVED this 18th day of September, 2001.
Veln~ W. Lowe
Village Clerk