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Home My WebLink About5.8 A RESOLUTION IN SUPPORT OF GRAYHAWK 4, LLC'S APPLICATION FOR A CLASS 7C TAX INCENTIVE FOR 1501 FEEHANVILLE DRIVE AND 430 LAKEVIEW COURT�f i,Item Cover Page i wubject A RESOLUTION IN SUPPORT OF GRAYHAWK 4. LLC'S APPLICATION FOR A CLASS 7C TAX INCENTIVE FOR 1501 FEEHANVILLE DRIVE AN 430 LAKEVIEW COURT Meeting March 2. 2021 - REGULAR MEETING OF THE MOUN PROSPECT BOARD ':1scal Impact .' I so 701011 . • • ry CONSENT AGENDA Type Consent Information The Village approved a Class 7C property tax incentive for Grayhawk 4, LLC for the Mount Prospect Arena (MPIA) Kensington`'Center/ • and approved renewal last year. w w I purchased building andconverted the former •ff .rehouse into an arenawith twofull ice rinks,wfull service restaurant,w • pro shop. The applicant requests that the Village Board support a Class 7C incentive for a planned expansion to the ice arena. The Arena opened its doors in the fall of • and has been . huge success offering ice existinghockey, figure skating, and free skating to the public. They host several tournaments throughout the year, drawing teams and fans from throughout the region who in turn support local restaurants, hotels, and retail establishments. The applicant plans to expand the MPIA by constructing a more than 33,000 square foot addition to the south fagade of the building cost of $3.5M. The proposed expansion would add a third sheet of ice and associated locker rooms to accommodate the Reapers• • t • Mount Prospecthome.new Conditional Use Amendment to expand the arena was approved by the Village Board at the January 5. 2021 Village Board Meeting. The Mount Prospect Ice Arena currently employees 20 full and part time employees and projects hiring an additional 7 employees once construction is completed. abatementIf the • granted .'te that their tax• • increase to --?pproximately $5.60 per square foot. Similar properties in nearby Lake and DuPage County 1 range from $2.50 to $3.50 per • . - foot. Staff. • the Petitioner'sapplication • is supportive of the request. Due to file size, the application packet for this 7C is posted on the Village's Transparenc s • Fact Check • • below. Grayhawk4, LLC Application Packet (Link) resolutionAlternatives 1. Approve a in support of Grayhawk 4, LLCs application 7C tax incentive ille Drive and 430 Lakeview 2. Action i iVillage Board Staff Recommendation Approve . resolution in supportof . •n for a Class Tj tax incentive for 1501 Feehanville Drive and 430 Lakeview Court. I ATTACHMENTS Cover Letter. pdf 7C Resolution (1501 Feehanville Drive and 430 Lakeview Ct) Grayhawk new.pdf 1501 feehanville and 430 lakeview ct legal.pdf 2 R R 0 S BE R K S H I R AT T 0 FIR N EYS A"I"" R.,,A W Mayor Arlene A. Juracek Village of Mount Prospect Village Hall 50 S. Emerson Street Mount Prospect, IL 60056 PAGE DATE CONCERN 02.02.21 Class 7c Eligibility Application 1/2 Grayhawk 4, LLC 1501 Feehanville Drive, Mount Prospect, IL 60056 430 Lakeview Court, Mount Prospect, IL 60056 PINS: 03-35-200-063-0000f 03-35-200-064-0000 Near Mayor Juracek: On behalf of Grayhawk 4, LLC (the "Applicant"), enclosed please find a Class 7c Eligibility Application, based on New Construction, related to the expansion of the Mount Prospect Ice Arena. Completed in 2016, the Mount Prospect Ice Arena ("MPIA") is a state of the art sports facility ideally suited for major tournaments and special events. The 71,179 square foot arena sits on a 467,307 square foot site. it is located within the Kensington Business Park in Mount Prospect, Illinois. The facility includes two (2) full NHL size sheets of ice, one of which has been activities and sled hockey. The designed to accommodate ADA accessible facility includes spectator seating for 450 fans at each rink, ten (10) team locker rooms, and a full service pro shop. The on-site restaurant offers a full bird's eye view of both ice rinks from a conditioned indoor space located on the second level of the facility. Nicholas Field is the centerpiece and latest addition to the premier sports campus in northern Illinois. i Nicholas Field boasts two (2) specialized synthetic turf training areas: a 36,000 SF turf -field custom made for sports such as football, lacrosse and soccer, and a 23,000 SF baseball and softball training field. The Applicant plans to expand the MPIA by constructing a 33, 32 6 square foot addition to the south fagade of the existing building. This addition is for the purpose of adding a third sheet of ice and associated locker rooms. A Conditional Use Amendment was approved by the Village Board at the January 5, 2021 V-111age Board Meeting. The Applicant requests that the Village Board review the enclosed materials and consider a resolution, which supports and consents to a Class 7c Tax Incentive on the expansion. 225 WEST RANDOLPH STREET 312„701,1234 SUITE 2950 312.701,1222 FAX CHICAGO, ILLINOIS 60606 VERROSBERKSlilRE.COM 7 Please do not hesitate to contact me at (312) 988-0207 if you have any questions or if you need any additional information. Thank you for your consideration. Sincerely, 44 el: )14� Gregory DI -1, an'topoulos coo :# William J. Cooney, Jr., Director of Community Development Michael J. Cassidy, Village Manager Lance Malina, Village Attorney r El RESOLUTION NO. A RESOLUTION IN SUPPORT OF 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, Grayhawk 4, LLC (hereinafter referred to as the "Owner") is the owner of 1501 Feehanville Drive and 430 Lakeview Court, 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, the Owner has applied to the Office of the Cook County Assessor for a Class 7C Tax Incentive relative to the Subject Property for a planned expansion to the ice arena; and WHEREAS, the Subject Property will continue to be utilized by the Owner for commercial purposes, and the planned expansion adds a third sheet of ice and associated locker rooms, and will result in substantial improvements to the Subject Property; and WHEREAS, the Village President and Board of Trustees of the Village of Mount Prospect, having duly considered the request of the Owner, express their support for and consent to the Class 7C Tax Incentive Renewal for the Subject Property, find and determine that the use of the Subject Property by Owner 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. Res Class 7C Grayhawk 4 5 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 Property is appropriate for Class 7C Tax Incentive; and SECTION 2: The President and Board of Trustees further finds that the Class 7C Tax Incentive for the Subject Property 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 Owner for the Subject Property 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 renewed to the Owner of the Subject Property for a one term of five (5) years; 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 and occupy the Subject Property, 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. AYES: NAYES: ABSENT: PASSED and APPROVED this 2nd day of March, 2021 Arlene A. Juracek, Mayor ATTEST: Karen Agoranos, Village Clerk Res Class 7C Grayhawk 4 6 jam- " RAW i and 03-35-200-064-0000 C0,111111,01111Y killolwn 4'As's. 1501 Feehativi Ile Drive, Mount Prospect�, Illinois 60056 and '► i