HomeMy WebLinkAboutRes 12-16 03/16/2016 Approving a Class 7C Real Estate Tax Incentive for Grayhawk 4RESOLUTION NO. 12-16
A RESOLUTION APPROVING A CLASS 7C REAL ESTATE TAX INCENTIVE FOR
THE BENEFIT OF GRAYHAWK 4, LLC, LOCATED AT 1501 FEEHANVILLE DRIVE
AND 430 LAKEVIEW COURT, MOUNT PROSPECT, ILLINOIS, PURSUANT TO THE
COOK COUNTY REAL ASSESSMENT PROPERTY CLASSIFICATION ORDINANCE
WHEREAS, the Cook County Board of Commissioners has amended the Cook
County Real Property Assessment Classification Ordinance (hereinafter referred to as
the "Ordinance") to provide real estate tax incentives to property owners who build,
rehabilitate, enhance and occupy property which is located within Cook County and
which is used for commercial purposes; and
WHEREAS, The Class 7C Incentive — Commercial Urban Relief Eligibility
(CURE) of the Ordinance (the "Class 7C Tax Incentive") is intended to encourage
commercial projects which would not be economically feasible without assistance, and
is available to real estate used primarily for commercial purposes, including the buying
and selling of goods and services; and
WHEREAS, the Village of Mount Prospect (hereinafter referred to as the
"Village"), consistent with the Ordinance, as amended, wishes to induce commercial
businesses to locate and expand in the Village by offering financial incentives in the
form of property tax relief; and
WHEREAS, the Nicholas E. Papanicholas, Jr. Living Trust, the Joseph J.
Papanicholas Living Trust, the Anthony T. Papanicholas Living Trust, and the Gina M.
Papanicholas Living Trust (hereinafter referred to as the "Owners") are the Owners of
1501 Feehanville Drive and 430 Lakeview Court, Mount Prospect, Cook County, Illinois
(hereinafter referred to as "Subject Properties"). The Subject Properties are legally
described in Exhibit A attached hereto and made a part hereof; and
WHEREAS, the Owners have or will apply to the Office of the Cook County
Assessor for a Class 7C Tax Incentive relative to the Subject Properties; and
WHEREAS, the Subject Properties will, upon approval of the Class 7C Tax
Incentive, be utilized by Owners for commercial purposes, in the form of an ice facility
with two (2) new, regulation size ice rinks and related amenities, and will result in
substantial improvements to the Subject Property; and
WHEREAS, the Village Manager of the Village of Mount Prospect has reviewed
the Cook County Incentive Classification Initial Questionnaire ("IC -IQ") of the Owners,
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and that the four eligibility factors which must be present to demonstrate that the area is
"in need of commercial development" have been satisfied by the Owners' statements in
the IC -IQ; and
WHEREAS, the Village President and Board of Trustees of the Village of Mount
Prospect, having duly considered the request of the Owners, express their support for
and consent to the Class 7C Tax Incentive Eligibility Designation for the Subject
Property, find and determine that the use of the Subject Properties by Owners is
necessary and beneficial to the local economy and finds such support and consent to
be in the best interests of the Village and its residents and property owners.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COUNTY OF COOK, STATE OF ILLINOIS, AS
FOLLOWS:
SECTION 1: The President and Board of Trustees of the Village of Mount
Prospect find that the Subject Properties are appropriate for Class 7C Tax Incentive
benefits pursuant to the Ordinance, as amended; and
SECTION 2: The President and Board of Trustees further find that the Class 7C
Tax Incentive for the Subject Properties commonly known as 1501 Feehanville Drive
and 430 Lakeview Court, Mount Prospect, Cook County, Illinois is necessary to
encourage this commercial project which would not be economically feasible without
assistance, and is necessary and beneficial to the local economy; and
SECTION 3: Pursuant to the Ordinance, as amended, the President and Board
of Trustees approve, support and consent to the Class 7C Tax Incentive application of
the Owners for the Subject Properties commonly known as 1501 Feehanville Drive and
430 Lakeview Court, Mount Prospect, Cook County, Illinois; and
SECTION 4: The Class 7C Tax Incentive, pursuant to its terms, shall only be
available to the Owner of the Subject Properties for a term of five (5) years, with the
possibility of a renewal of one (1) additional five (5) year term, which the Village will
consider at the time of Owners' application for renewal; and
SECTION 5: Owners shall provide to the Village Manager of the Village of Mount
Prospect, or his or her designee, verification of the costs that Owner has incurred to
build, rehabilitate, enhance and occupy the Subject Properties, in the form of certified
payroll reports, contracts, plans, or other documentation deemed required by the Village
Manager during the term(s) of the incentive; and
SECTION 6: This Resolution shall be effective immediately upon its passage and
approval, or as otherwise provided by law.
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AYES: Hoefert, Matuszak, Polit, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
PASSED and APPROVED this 16th day of March, 2016
Arlene A. Jurace
Mayor
ATTEST:
rLisa Angell11Village Clerk
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Exhibit A
Legal Description of the Subject Property
PARCEL 1:
LOT 510 IN KENSINGTON CENTER — RESUBDIVISION TWENTY NINE, A RESUB.
OF LOTS 508 AND 509 (BEING ALL OF) KENSINGTON CENTER — RESUB. TWENTY
SEVEN, A RESUBDIVISION OF LOTS 505 AND 507 IN KENSINGTON CENTER —
RESUBDIVISION TWENTY SIX, A RESUBDIVISION OF LOTS 503 & 504 IN
KENSINGTON CENTER RESUB. 22 A RESUB. OF LOT 53 AND VACATED PORTION
OF LAKEVIEW COURT IN KENSINGTON CENTER — RESUB. 17 A RESUB. OF LOTS
502 & 503 IN KENSINGTON CENTER — PHASE 5, A SUB IN PART OF THE NORTH
EAST % OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF FILED JANUARY 21,
1993 AS DOCUMENT 93054431, ALL IN COOK COUNTY.
PARCEL 2:
LOT 511 IN KENSINGTON CENTER — RESUBDIVISION TWENTY NINE, A RESUB.
OF LOTS 508 AND 509 (BEING ALL OF) KENSINGTON CENTER — RESUB. TWENTY
SEVEN, A RESUBDIVISDION OF LOTS 505 AND 507 IN KENSINGTON CENTER —
RESUBDIVISION TWENTY SIX, A RESUBDIVISION OF LOTS 503 & 504 IN
KENSINGTON CENTER RESUB. 22 A RESUB. OF LOT 53 AND VACATED PORTION
OF LAKEVIEW COURT IN KENSINGTON CENTER — PHASE 5, A SUB IN PART OF
THE NORTH EAST '/4 OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11, EAST
OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF
FILED JANUARY 21, 1993 AS DOCUMENT 93054431, ALL IN COOK COUNTY.
Permanent Index Numbers: 03-35-200-063-0000 and 03-35-200-064-0000
Commonly known as: 1501 Feehanville Drive and 430 Lakeview Court, Mount
Prospect, Illinois 60056
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