HomeMy WebLinkAbout7.1 A Resolution in Support of Facet Holdings LLC Application for Class 7C TAx Incentive - 303 E. Kensington Road
BoardDocs® ProPage 1 of 2
Agenda Item Details
MeetingJun 05, 2018 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m.
Category7. NEW BUSINESS
Subject7.1 A RESOLUTION IN SUPPORT OF FACET HOLDING LLC's APPLICATION FOR A COOK
COUNTY CLASS 7C TAX INCENTIVE FOR THE PROPERTY LOCATED AT 303 E. KENSINGTON
ROAD.
AccessPublic
TypeAction
Preferred DateJun 05, 2018
Absolute DateJun 05, 2018
Fiscal ImpactNo
Recommended ActionApprove the resolution in support of Facet Holding LLC's application for a Cook County Class
7C tax incentive for the property located at 303 E. Kensington Rd.
Public Content
Information
Attached to this memorandum is a resolution that would grant approval of a Class 7C property tax incentive for Facet
Holding LLC (Facet) for the property located at 303 E. Kensington Road. The subject property has been vacant since
Bogies Restaurant officially closed over five years ago. Facet is seeking the Class 7c incentive for the entire 10,630
square foot facility.
The Village has granted two other Cook County Class 7C tax incentives (Mount Prospect Ice Arena and EA Langenfeld)
to attract and retain businesses. The Class 7C incentive is applicable to office and retail properties as opposed to the
Class 6B which is applicable to industrial properties. The 7C incentive reduces the assessment level for qualified
facilities from 25% to 10% for the first 3 years, 15% for year 4 and 20% in 5. After year 5, the assessment level
returns to the full 25% for the benefitting property. The 7C incentive can also be renewed for one additional 5-year
term if supported by the Village.
If approved, Facet would lease the space to the Red Barn restaurant. The Red Barn would offer barbequed meats,
pizza, sandwiches and craft beers. It would also provide live entertainment and a variety of bar games for their
patrons. The owner/operator, DJ Harrington, is the former general manager of the Mount Prospect Bar Louie
restaurant and has many years of restaurant experience. They anticipate employing 10-15 full time and 15-20 part
time positions.
Facet is requesting the Class 7c incentive to reduce the property taxes from $7.80 to around $3.15 per square foot for
the property. Similar properties in nearby Lake and DuPage County range from $2.50 to $3.50 per square foot.
Alternatives
1. Approve the resolution in support of Facet Holding LLC's application for a Cook County Class 7C tax incentive for
the property located at 303 E. Kensington Rd.
2. Action at discretion of Village Board.
Staff Recommendation
https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login6/21/2018
BoardDocs® ProPage 2 of 2
Approve the resolution in support of Facet Holding LLC's application for a Cook County Class 7C tax incentive for the
property located at 303 E. Kensington Rd.
Red Barn business plan.pdf (767 KB)Red Barn application.pdf (405 KB)
7C Resolution Red Barn.pdf (108 KB)EXHIBIT A.pdf (37 KB)
Administrative Content
Executive Content
Motion & Voting
Approve the resolution in support of Facet Holding LLC's application for a Cook County Class 7C tax incentive for the
property located at 303 E. Kensington Rd.
Motion by Paul Hoefert, second by Michael Zadel.
Final Resolution: Motion Carries
Yea: William Grossi, Eleni Hatzis, Paul Hoefert, Richard Rogers, Colleen Saccotelli, Michael Zadel
https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login6/21/2018
Q
INEW t
R
OG
L
cn
L
'L
�Q
N
.Q
0
m
M
L
00
C'a
cn
ca
N
IY
•
L
O
U)
U)
O O
O
O �
CU CU
O
CU
N
O �
00
O �--'
U
CU O
ri
0
0
0
L
cn
O
E
O
O
C�
O
O
Ca
O
DL
x
W
E
O
L
U
O
L
Ca
C�
CU
O
U)
U_ �
U
O
Cl) O
CU
LL c:
Ll
7
•
cn
O
U
0
o �o
�
�., CU
CU ��E �
e�
CU�-0cnO�0
2-
0�aa)E=0a))�
�0 oa)oo
E 0
� �oo-�EcEca�
ca o a) 0- Ca0 CM o a)
C-> O 0�-�•� O= U0 CU � A
-- ca ca -0 ca cn -0 ca
o
cn —0;— 0 C:
a Co a)cc 0 — 0 a) �,. > E'�� co
p -c a-=� ca Co Co cr0�
—Ococa- ~Lo`�ca�_0
CL— CU ctf
0 0 +, 0) a) � cn a) cu
CD`~ a) L O -c-- -0 cu CD� a� O
-0cn -p-=0 E" cn
E 3� : �
co a) O cu =3L `�-- (] -- a -0
q- C[) O >, E CU �, —_
CD CO co 0 C:) > v
NC-
:t-- E co 0-75 -E co
1� C a) . EE 0 .� cn c-
a) c � co
0 �(n a)caa)��"'. �-0a
o��cua—I.-, �aoo
����oaCUQ —CD 0
}' cn !E E E
CO -E v0 ra 0 c o
Co C
}. O > >, cu—
O� 0 O 0� �-� O'0
�cu�-Ln E CD cn
o
Ca . c a) � = E 72
0
5; -9-- cn p M'Em 0 CR a)� p
�=
C[S4- " tn.�� CMO�=t=� =3o0- a) in-aca -aH 39: cn.0
`NEW E
O
&02 EE mE E E
1m m cz
CN E E cq
1 1cz
E
0
EcN E 1
E m r 1 CCS E
m r r.cz
V r Cz CZ r
-0 0 cz
_0 (n
C17
'a CD ca :3
U. CD U)
V
O
V
cn
(1)
m
E
(n
0
cn
0
cu
E
Eli
cu
cn
cu
a)
cn
a�
O
U
O
-N
a�
cn
m
E
cu
CD
E
cn
CCS
CCS
CZ—
CCS
0-
E
W
W
cu
U) L U)
CU
co U) (1) a3
Q a3 o E o
NWIO CL En CL cn 3ZC:)E
cn
0
WON
R
00
0
U
E
C► I
Cts
2 O
Co �
E
-0 -0
CU cu
a) +--o
4—. cm
CI]
Co �
l--.
O U
co
0
p4m;
cn
Ca
C�3
cn
0
0
cn
U
Irmo
0
4-
0
cz
L
ca
S
-Vs�
CD
Ca
CD
E
co
X33
C�
Ci?
- � Ct3
CD cn
-o
Ci3 Cu
U �
CLQ
0. 2
CD
cu
Jc
< 3:
0
E
Cu
�L
0
L
ow,
C1]
Cu
c
0
cn
cu
❑.7
cn
cn
►r
.
0
CI3
0
0
U.
.CD
P,
0011-1
E
11--1
o -
E
c"4
CSI
cu
EO
Cu
M
C:)r
M
cn
cn
-T—
CU
r
U
�
U
�
-�--'
Cf)
Ne
rn
U
U
C6
J
0
2`'
a)
0
U.
NC
.*�C
Q3
Q]
Ca
CI3
0
0
U.
.CD
P,
0
q-_-
0
L.-
}�
_
V
O
U
U
N
C!)
-U)
-V
�r
v
Co
co
stloo
Oa)
L
■�1<
rn
1
0)
C-
co
C/)
>`
>
C=
LL
_3
W
aim,
•�
'k
Qi
W
o
CU
rr-)
>
E
m
cu
E
-o
cn
0
-cn
cn
�
Cl]
—
p
Cn
CQ
CUL
L
CU
cu
C')
>
WOO.
CN
-4--j
0
V�
.
cu
0-
U
_O
m
•
C-
0
E
_N
cn
♦--a
a)
..r_
CD
O
U
O
CL
•
^L,
W
E
E
cn
cn
L
ca
U
CD
W,
•
IWI
cn
L
O
cn
O
CDL
C/)
E
coO
H
cn0-
Cn
11
ca
H
L
0
A
•
L
O
E
Cu
L
O
E
cuU
•
O
E
E
cn
C/)
.
y;
L
N
E
E
cn
H
R
C�
T.
'OA
.y
Q
mom,
.d
Ls
. MMM
"gym ,
4
i
l
mom,
.d
Ls
. MMM
"gym ,
4
CO
0
(1)
LL.
NO
ion
Owl
r
L J
t0
i
cc
co
N;
0
v
LM
m
MEMO
W2
r
L J
t0
i
cc
co
N;
L
UL
cc
LLI
a
0
2A
1L
M
J
O
N
Co
0
FACET HOLDING LLC -- KENSINGTON LLC
ANAND SHETH
Class 7c Application For
303 E. Kensington Road, Mount prospect
PIN(s):
03-34-200-204-0000
03-34-200-205-0000
f00;
ai V COOK COUNTY ASSESSOR'S OFFICE
COOK COUNTY ASSESSOR z 118 NORTH CLARK STREET, CHICAGO, IL 60602
JOSEPH B E R R I O S PHONE: 312.443, 7550 FAx: 312.603.6584
'+� M o.` V WWW.000KCOUNTYASSESSOR.COM
CLASS 7C CONT1101. NUMBER
ELIGIBILITY APPLICATION
Carefully review the Class 7e Eligibility Bulletin before completing this Application. For assistance,
please contact the Assessor's Office, Development Incentives Department (312) 603-7529. This
application, a filing fee of $500.00, and supporting documentation must be Filed as follows:
This application must be filed PRIOR TO the commencement of New Construction or the
commencement of Substantial Rehabilitation Activities or PRIOR TO the Reoccupation of
VacanllAbandoned Properly,
Applicant Information
Name: Anand Sheth Telephone: ( 312 ) 589-5797
Address: 23 N. Wabash Avenue
City: Chicago State: IL Zip Code: 60602
Email: anand@monamiiewelry.com
Contact Person (if different than the Applicant)
Name: Georqe N. Reveliotis
Company: Revellotis Law, P.C.
Address: 1030 Hiqqins Road, Suite 101
City: Park Ridge State: IL Zip Code: 60068
Email: onrammpertvtaxationc�om _ Telephone: ( 312 ) 230 - 0160
Property Description (per PIN)
If you are applying for more than three different P1Ns, please submit the additional PIN information in
an attachment.
Street Address: (1) 303 Kensinqton Road,
Permanent Real Estate Index Number: 03-34.200-204-0000
(2) 303 Kensington Drive
Permanent Real Estate Index Number: 03-34-200-205-0000
(3)
Permanent Real Estate Index Number:
City: Mountpr4snect _ __ State: IL
Township: Wheeling
Zip Codc: _ 60056 _
Existing Class: 5-17
Pagel of 8
Rovised 8%3;'2016
IdentiJlcation of Person Haring an Interest in tate Property
Attach a complete list of all owners, developers, occupants and other interested parties (including all
beneficial owners of a land trust) identified by names and addresses, and the nature and extent of
their interest. See Exhibit A
Property Use
General Description of Proposed Property Usage: Restaurant and Brewery
Attach a detail description of the precise nature and extent of the intended use of the subject property,
specifying in the case of the multiple uses the relative percentages of each use.
Attach copies of materials, which explain die occupant's business, including corporate letterhead,
brochures, advertising material, leases, photographs, etc.
See Exhibit B
Nature of Development
Indicate nature of proposed development by checking the appropriate space:
[ J New Construction (Read and Complete Section A)
[ J Substantial Rehabilitation (Read and Complete Section A)
Incentive only applied to the market value attributable to the rehabilitation
jxJ Occupation of Abandoned Property
(Read and Complete Section B)
Page 2 of 8
MON A (NE 11 CONS TR
If the pN)osed development consists of New Construction or Substantial Rehabilitation, provide the
following ' ilnrmation:
Estimated da of construction commencement (excluding demolition if any):
Estimated date construction completion;
Total redeveiopm t cost, excluding land: $
Attach copies of the following:
Construction Documentation
Architectural Plans
Description of Improvement t be demolished or reoccupied
Development Schedule
Permits
Financial Documentation
Income Tax Statements (last three years)
Recent Appraisal (for Substantial Rehabilitation �-(o�jjeco,-)
Agreements with any taxing district for sharing prs
Identification of Persons Having an Interest in the Property
Page 3 of 8
SECTION -13 (VACANT/ABANDONED PROPERTY)
AmVication ;'trust be made to Assessor prior trr reac•cupatir»t
If the proposed development consists of the re -occupancy of abandoned property
(property must be twelve months or more vacant), provide the following information:
1. Vacancy Information:
a. How long has the property been vacant'? 5 years
b, When and by whom was the subject property last occupied and used'? Bogies Ale House
2. Attach copies of the following documents:
✓ Sworn statements from persons having personal knowledge attesting to the fact and
duration of vacancy and abandonment See Exhibit C
✓ Records (such as statements of utility companies), indicating that the property
has been vacant and unused and the duration of such vacancy See Exhibit D
✓ Records indicating that the property was marketed for 6 continuous months See Exhibit E
N/A Income Tax Statements (last tltree ))ears) Subject purchased in March of 2017,
3. If a sale has taken place:
Estimated date of reoccupation:
Date of purchase:
Name of purchaser:
Name of seller:
Relationship of purchaser to seller:
06-2018
$510,000
Facel HnidIng I t': - Karnsington LLC
Thp F-Ic,ntinatnn Natinnal bank, Sucessor to First Merit Bank, N.A.
None
Attach copies of the following documents:
�a) sale contract
�) recorded deed
(c) assignment of beneficial interest
(d) real estate transfer declaration
Page 4 of 8
See Exhibit F
EMPLOYMENT OPPORTUNITIES
How many construction jobs will be created as a result of this development? 20
How many permanent full-time and part -tune employees do you currently employ in Cook County'?
Full-time:
Part-time:
I -low many new permanent full-time jobs will be created as a result of this proposed development?
10-15
How many new permanent part-time jobs will be created as a result of this proposed development?
15-20
LOCAL APPROVAL
A certified copy of a resolution or ordinance from the municipality in which the real estate is located
(or the County Board, if the real estate is Iocale(i tit an unlncor1wrated area) should accompany this
Application. The ordinance or re.solulion must ea7)ress1y stale that the municipali(v supports and
consents to this Class 7C Application and that i1 finds Class 7C necessary fin• development to occur
on the subject properly. If a resolution is unavailable at the time the application is filed, a letter from
the municipality or the County Board, as the case may be, stating that a resolution or ordinance
supporting the incentive has been requested may be filed with this application instead, if, at a later
date, the municipality or the County Board denies the applicant's request for a resolution or
ordinance, file applicant will be deemed ineligible for the Class 7C incentive, whether or not
construction has begun. In all circumstances, the resolution must be submitted by the time the
applicant files an "Incentive Appeal" requesting the Class Change be applied to the property.
1, the undersigned, certify that 1 have read this Application and that the statements set forth in this
Application and in the attachments hereto are true and correct, except as those matters stated to be on
information and belief and as to such matters the undersigned certifies that he/she believes the same to
be true.
Anand Sheth
rru,r Name
05/01/2018
7AIV
Applicant 1 Owner
*Note: if tide to the property is held in trust or Gr a corporation or a partnership, this C lu.ss 7C F_ligihilitt' Application must he signed hr a
bencfckay, rjttic•er or general partner.
Page 5 of 8
INCENTIVES CLASS LIVING WAGE ORDINANCE AFFIDAVIT
George N Reveliotis as agent for the applicant set forth below, who
is seeking a classification Incentive as referenced below, I do hereby state under oath as follows:
1. As the agent for the applicant set forth below, I have personal knowledge as to the facts stated herein.
2. The property identified by PfN(s) with commonly known address(es), listed in Exhibit A attached
and herein incorporated, are/is the subject of a pending application/renewal (circle as appropriate:)
for one of the following development Incentives provided by the Code of Ordinances of Cook
County, Chapter 74, Article 11, Division 2, The Cook County Real Property Assessment
Classification Ordinance, Sec.74-60 et seq., as amended
3. I have reviewed the Code of Ordinances of Cook County, Chapter 34, Article IV, Division 1 and The
Cook County Living Wage Ordinance, Sec. 34-127 et seq., as amended (the "Ordinance'), and
certify that the applicant is in compliance with the above referenced Cook County Living Wage
Ordinance, due to one of the following options (check as appropriate):
V Applicant is currently paying a living wage to its employees, as defined in the Ordinance.
OR
Applicant is not required to pay a living wage, pursuant to the Ordinance.
Further affiant sayet not.
Agent's Signa
1030 Higgins
Agent's Ma li
Anand Sheth
(Suite 101, Park Ridge, IL 60068
Address
Applicant's Name
anand@monamijewelry.com
Applicant's a -mail address
Subscribed and swot -n before me this day of
I
Signature of Notary-Pbblic
Page 6 of 8
George N Reveliotis
Agent's Name & Title
(312) 230-0160 _
Agent's Telephone Number
23 N wabash Avenue, Chicago IL 60602
Applicant's Mailing Address
EKATERINE LIAPIS
OFFICIAL SEAL
Notary Public, SWOOf Illinois
My Commission Expires
July 06, 2019
,20�
EXHIBIT A
(Please type or Print)
PIN(s) Common Address
03-34-200-204-0000 303 Kensn tan Road Mount Prospect, IL 60056
03-34-200-205-0000 303 Kensngton Road, Mount Prospect, IL 60056
Page 7 of 8
�I REVOCATION OR CANCF_LLA17IONAGREEM.E'NT
4
i In return for receiving the Class 7c incentive classification for the Subject property, the
1 undersigned owner(s) hereby stipulates and agrees that in the event of a voluntary cancellation
of the Incentive or upon revocation, that the undersigned shall be personally liable for and shall
reimburse to the County Collector an amount equal to the difference, if any, in the amount of
taxes that would have been collected had the subject property been assessed without the Class
7c classification and the amount of taxes actually billed and collected upon the subject property
s
for the tax year in which the incentive was revoked or cancelled during which the property was
being assessed with the Class 7c classification. Failure of the undersigned to make such a
" reimbursement to the County Collector shall not constitute a lien upon the subject property but
shall constitute an in personam liability, which may be enforced against the owners. Further, the
undersigned certifies that he/she has read this Application and that the statements set forth in
this Application and in the attachments hereto are true and correct, except as to those matters
stated to be on information and belief and as to such matters the undersigned certifies that
he/she believes the same to be true. The undersigned further certifies that he/she has received
and reviewed a copy of the COOK COUNTY LIVING WAGE ORDINANCE.
I, the undersigned, hereby agree to be bound by the terms of the revocation or
cancellation agreement.
Signature
05/01/2018
Date
Ananri Sheth Annlirant / Owner
Print Name Title
j *Note.- If title to 1be properly is bell in tars/ or 01 a corporation or a parinersbip, this Class 7c 1 ligibilily
Applicalion musl be signed by lbe beneficiag, Ighrr andl orgeneral partner.
r
J Revised 8/03/16
Page 8 of 8
1
1A
RESOLUTIONNO.
A RESOLUTION APPROVING A CLASS7CREALESTATETAXINCENTIVEFOR
THE BENEFIT OF FACET HOLDING LLC, LOCATED AT 303 KENSINGTON
ROAD, MOUNT PROSPECT, ILLINOIS, PURSUANT TO THE COOK COUNTY
REAL ASSESSMENT PROPERTY CLASSIFICATION ORDINANCE
WHEREAS, theCookCountyBoard of Commissioners has amended the Cook CountyReal
Property Assessment Classification Ordinance (hereinafter referred to as the “Ordinance”) to provide
real estate tax incentives topropertyownerswho build, rehabilitate, enhance and occupy property
which is located within CookCounty andwhichis usedforcommercialpurposes; and
WHEREAS, TheClass7CIncentive – Commercial UrbanReliefEligibility (CURE) ofthe
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, theVillage 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,Facet Holding LLC (hereinafter referred to as the “Owner”) is the owner of
303 E. Kensington Road, Mount Prospect, Cook County, Illinois (hereinafter referred to as
“Subject Property”). The Subject Property is legally described in Exhibit A attached hereto and made
a part hereof; and
WHEREAS, theOwnerhas orwill apply to theOffice of the Cook County Assessor for a
Class 7C Tax Incentive relative to the Subject Property; and
WHEREAS, the Subject Property will, upon approval of the Class 7C Tax Incentive, be
utilized by the Owner for commercial purposes, in the form of a restaurant, The Red Bar, offering
food and craft beers with live entertainment and will result in substantial improvement to the Subject
Property; and
WHEREAS, the Village Manager of the Village of Mount Prospect has reviewed the Cook
CountyIncentiveClassification Initial Questionnaire(“IC-IQ”) of the Owner, 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 Owner’s statements in theIC-IQ;and
WHEREAS, the VillagePresidentandBoardofTrusteesofthe VillageofMountProspect,
havingdulyconsidered the request oftheOwner,express their support for and consent totheClass
7C Tax IncentiveEligibilityDesignationfortheSubjectProperty,find and determinethattheuse of
the Subject Property by Owner is necessary and beneficial to the local economy and finds such support
andconsenttobeinthebestinterestsof the Village and its residents and property owners.
NOW THEREFORE, BEITRESOLVED BY THEBOARDOF TRUSTEES OFTHE
VILLAGE OF MOUNT PROSPECT, COUNTY OF COOK, STATE OF ILLINOIS, AS
FOLLOWS:
SECTION 1: ThePresidentandBoard of Trustees of the Village of Mount Prospect find
that the Subject Property is appropriateforClass7C Tax Incentive benefits pursuant to the Ordinance,
asamended; and
SECTION 2: The President and Board ofTrustees furtherfinds that theClass7C Tax
Incentive for the Subject Property commonly known as 303 E. Kensington Road, Mount Prospect,
CookCounty,Illinois isnecessary toencouragethiscommercialprojectwhich would not be
economicallyfeasiblewithoutassistance,andisnecessaryand beneficial tothelocaleconomy;and
SECTION 3: Pursuant totheOrdinance,as amended, the President and BoardofTrustees
approve, supportandconsent tothe Class 7C Tax Incentive application of the Owner for the Subject
Property commonly knownas303 E. Kensington Road, MountProspect,CookCounty, Illinois; and
SECTION 4: TheClass7C Tax Incentive,pursuantto itsterms, shall only be available to
the Owner of the Subject Property for a term of five (5) years, with the possibility of renewal of one
(1) additional five (5) year term, whichtheVillagewill considerat the time of Owner’s application for
renewal; and
SECTION 5: Owner shall provide 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
andoccupythe SubjectProperty,intheformofcertifiedpayrollreports,contracts,plans,orother
documentation deemed required by the VillageManagerduringthe term(s) of the incentive; and
SECTION 6: This Resolution shall beeffectiveimmediately upon its passageand approval,
orasotherwiseprovidedbylaw.
AYES:
NAYES:
ABSENT:
PASSEDandAPPROVEDthis5thdayofJune, 2018
Arlene A. Juracek
Mayor
ATTEST:
Karen Agoranos
Village Clerk
EXHIBIT A
LEGAL DECSCRIPTION
LOTS 1 AND 2 IN LOFT SUBDIVISION OF LOT 1 IN CHRISTIE’S SUBDIVISION AND THE EAST 140 FEET OF
THE NORTH 500 FEET ALL BEING A PART OF THE NORTHEAST ¼ OF SECTION 34, TOWNSHIP 42 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY ILLINOIS
PIN(S): 03-34-200-204-0000; 03-34-200-205-0000
Common Address: 303 E. Kensington Road, Mount Prospect, Cook County, Illinois 60056