HomeMy WebLinkAboutRes 08-21 03/02/2021 Support of class 7C Real Estate Tax Incentive renewal for the benefit of crew Five Holdings LLC, located at 1250 Feehanville, Mount Prospect, qq I I I
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A RESOLUTION IN SUPPORT OF A CLASS 7C REAL ESTATE TAX INCENTIVE RENEWAL
FOR THE BENEFIT OF CREW OF FIVE HOLDINGS LLCI LOCATED AT 1250
FEEHANVILLE, 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. Crew of Five Holdings, LLC (hereinafter referred to as the "Owner") is the owner
of 1250 Feehanville Drive,, Mount Prospect, Cook County,, Illinois (hereinafter referred to as
"Subject Property"). The Subject Property is legally described in g'XhJJ:kft
attached hereto
and made a part hereof; and
WHEREAS, the Subject Property was approved for a Class 7C Tax Incentive in 2017; and
WHEREAS,, the Owner has applied to the Office of the Cook County Assessor for a Class 7C
Tax Incentive Renewal relative to the Subject Property; and
WHEREAS, the Subject Property will continue to be utilized by the Owner for commercial
purposes, and the approximately 26,000 square foot office component of 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.
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 is The President and Board of Trustees of the Village of Mount Prospect find that
the Subject Property is appropriate for Class 7C Tax Incentive Renewal benefits pursuant to
the Ordinance, as amended; and
7c crew of five renewal
SECTION 2: The President and Board of Trustees further finds that the Class X Tax Incentive
Renewal for the Subject Property commonly known as 1250 Feehanville Drive, 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 Renewal application of the Owner
for the Subject Property commonly known as 1250 Feehanville Drive, Mount Prospect, Cook
County, Illinois; and
SECTION 4: The Class X Tax Incentive Renewal,, 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 S: 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: Grossi,, Hatzis, Hoefertr Rogers,, Saccotelli,, Zadel
NAYES: None
ABSENT: None
PASSED and APPROVED this 2"d day of March,, 2021
Arlene A. Juracek
Mayor
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Karen Agoranos
Village Clerk
7c crew of five renewal
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Legal Deseripfion
Lot 303 in Kensington Center Itesubdi vision VIII ns isecorded in the office of Ilie Cook County
Recorder of Deeds on June 22, 1982 its Wournent 26268098, being a Restibdivision of Low 30-3)
305 and 307 in Kensington 'Center-Phaso 'rliree-A, stild Kensington Center-PhaseThree.-A being
a Subdivision and Resubdivision in part of the North mst 1/4 and the, Northeast 1/4 of Section
35, Township 42 North, Reinge I I j East of the Third Principal Meridian, according to the plat
thereof recorded in the Office of the Cook Coway Recorder of Deeds on May 4, 1981, as
Document 25859082, all located in Cook County, Illinois.
P.I.N.-D 03-35-104-027-0000
Address of Real Property: 1250 Feehanville Div., Mount Prospect, I U i)io is 60056