HomeMy WebLinkAboutRes 23-17 06/20/2017 In Support of Malmo-Pratt LLD - Malmo Drive SeriesRESOLUTION NO. 23-17
A RESOLUTION IN SUPPORT OF MALMO-PRATT LLC — MALMO DRIVE SERIES,
3000 MALMO DRIVE, 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, the Village of Mount Prospect desires to promote and preserve industrial uses in the
Village; and
WHEREAS, through property tax incentives offered by Cook County, various opportunities exist
for industrial properties 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, Malmo -Pratt LLC — Malmo Drive Series, has requested the Village of Mount
Prospect to support its application for the Class 6B Real Property Classification (TEERM
Program) at 3000 Malmo Drive, Mount Prospect, Cook County, PIN: 08-23-202-035-0000
(Property) and has proven to the Mayor and Board of Trustees of the Village of Mount Prospect
that such Class 613 Real Property Classification (TEERM Program) is necessary to encourage
occupancy of the Property that has been vacant for greater than 12 continuous months but less
than 24 continuous months without a purchase; and
WHEREAS, Malmo -Pratt LLC — Malmo Drive Series intends to engage in substantial
rehabilitation of the Property and its related entity, PMI Cartoning Inc., plans to use the Property
for the refurbishing of used packaging machinery as well as the warehousing and distribution of
the same; and
WHEREAS, the corporate authorities of the Village of Mount Prospect believe that Malmo -Pratt
LLC — Malmo Drive Series' request is in the best interest of the economic development in the
Village of Mount Prospect; and
WHEREAS, an Economic Disclosure Statement has been received and filed by the Village of
Mount Prospect; and
WHEREAS, the Village of Mount Prospect supports and consents to the filing of a Class 6B
Real Property Classification (TEERM Program) application by Malmo -Pratt LLC — Malmo Drive
Series, with the understanding that any occupant of the Property must meet the Class 6B Real
Property Classification (TEERM Program) qualifications for industrial warehousing,
manufacturing and/or distribution uses; and
WHEREAS, the Village of Mount Prospect has determined that the granting of a Class 6B Real
Property Classification (TEERM Program) to Malmo -Pratt LLC — Malmo Drive Series for the
Property would be beneficial to the Village.
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 for the Class 6B Real Property Classification
(TEERM Program) from Cook County for the Property located at 3000 Malmo Drive and legally
described as:
LOT 6 (EXCEPT THE WESTERLY 141.0 FEET THEREOF) IN ELMHURST ALGONQUIN
INDUSTRIAL PARK UNIT NO. 1, BEING A RESUBDIVISION OF PART OF LOT 3 IN
LINNEMAN'S DIVISION IN SECTION 2, TOWNSHIP 41 NORTH, RANGE 11, EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased
employment and economic development and the Property is in furtherance of this goal.
SECTION THREE: That the Village of Mount Prospect has determined that the Class 6B Real
Property Classification (TEERM Program) is necessary for development to occur on the Property
and without such designation the industrial enterprise would not be economically viable causing
the Property to be in imminent risk of remaining vacant and unused.
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: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: NonL
PASSED AND APPROVED this 201h day of June, 2017:
Arlene A. Jura,
...
Mayor
ATTEST:
Karen Agoranos
Village Clerk