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HomeMy WebLinkAboutRes 22-02 04/16/200204/10/02 RESOLUTION NO. 22-02 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, vadous 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 the first 10 years, 23% in the 11th year and 30% in the 12th year 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 Cook 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. lbany Molecular P. 2/2 SECTION THREE: That development of the property is subject to compliance with all requirements of the I-1 (Light Industrial) District 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: None PASSED and APPROVED this 16th day of Apdl, 2002. ATTEST: Velma/W. Lowe Village Clerk H:\GEN\flles\W[I~RES'C, lba nyMolecular tax abatement,2002,dcc Mayo'" ee~'al~ L. Farley/ ¢' / /~