Loading...
HomeMy WebLinkAboutRes 51-08 10/07/2008 RESOLUTION NO. 51-08 A RESOLUTION IN SUPPORT OF CRP HOLDINGS A-2, LLC 520 BUSINESS CENTER DRIVE, MOUNT PROSPECT, ILLINOIS, MAKING APPLICATION FOR 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, through property tax incentives offered by Cook County, various opportunities exist for new businesses to become established 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, CRP HOLDINGS A-2, LLC has requested the Village of Mount Prospect to support its application for a Class 6b Real Property Classification at 520 Business Center Drive, Mount Prospect, Cook County (Property); and WHEREAS, the subject property has been abandoned for approximately 24 months and the Village of Mount Prospect has found that special circumstances exist in that the Village is at a competitive disadvantage with nearby DuPage and Lake Counties and their lower tax structures; and WHEREAS, the corporate authorities of the Village of Mount Prospect believe that their request is in the best interest of the economic development in the Village of Mount Prospect. NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS: SECTION ONE: That the President and Board of Trustees of the Village of Mount Prospect do hereby support and consent to the application of CRP Holdings A-2, LLC, for a Class 6B Property Classification from Cook County, which allows a 16% assessment level for the first 10 years, 23 % in the 11 th year and 30% in the 12th year for the Subject Property located at 520 Business Center Drive and legally described as: LOT 2 IN KENSINGTON CENTER PHASE ONE, BEING A SUBDIVISION IN THE EAST ~ OF SECTION 34 AND THE WEST ~ OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, ACCORDING TO THE PLAT OF SUBDIVISION RECORDED AS DOCUMENT 25173362 ON OCTOBER 2,1979. PIN: 03-35-103-002-0000 Page 2/2 Class 6 Tax Abatement SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased employment and economic development and this proposed development is in furtherance of this goal. The Board of Trustees of the Village of Mount Prospect further finds that this incentive is necessary for development to occur on the Property. SECTION THREE: That the President and Board of Trustees find that the subject vacant and abandoned property has been unused for greater than twenty-four (24) continuous months with no changes of ownership and that special circumstances justify that said property is "abandoned" for purposes of Class 6b, to wit: the vacancy and abandonment of the property is expected to continue and the building is in need of significant infrastructure repairs and significant renovations relating to the electrical and HVAC systems, roof, structural foundation and parking lot. SECTION FOUR: That the President and Board of Trustees support and consent to the filing of a Class 6b Application by the Applicant, with the understanding that pursuant to a separate agreement between the Village of Mount Prospect and the Applicant, attached as Exhibit "A", any occupant of the property must meet the Cook County Assessor's Class 6b Incentive qualifications for industrial warehousing, manufacturing and/or distribution uses and be approved by the Village with respect to a particular use within such use categories prior to the issuance of an Occupancy Permit of the property for a 6b Incentive. SECTION FIVE: That development of the property is subject to compliance with all requirements of the 1-1 (Light Industrial) District and development standards of the Village of Mount Prospect. SECTION SIX: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: Hoefert, Juracek, Korn, Matuszak, Polit, Zadel NAYS: None ABSENT: None Passed and approved this yth day of October, 2008. ~J:~~ IlI18na K. Wilks r Mayor (1~~ '--/Q:~~. " M. Lisa Angell (/ Village Clerk H: \C LKO\WI N\RESOLUTION\class6blaxcrphold ings520busi nesscenlerd riveocl2008.doc AGREEMENT Agreement made this day of 2008, between the Village of Mount Prospect ("Village") and CRP Holdings A-2, LLC ("CRP"), witness: WITNESSETH: NOW, THERFORE, in consideration of the mutual covenants of the Village and CRP below, the receipt and sufficiency of which are hereby acknowledged, the Village and CRP agree as follows: That the Village will grant a Resolution supporting and consenting to the Cook County Class 6b Property Tax Incentive for Special Circumstances for greater than twenty-four (24) continuous months of vacancy and abandonment with no change in ownership and the planned substantial rehabilitation of the property located at 520 Business Center Drive, Mount Prospect, Illinois (PIN: 03-35-103-002-0000) ("Property"), which Property is legally described as follows: LOT 2 IN KENSINGTON CENTER PHASE ONE, BEING A SUBDIVISION IN THE EAST ~ OF SECTION 34 AND THE WEST ~ OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, ACCORDING TO THE PLAT OF SUBDIVISION RECORDED AS DOCUMENT 25173362 ON OCTOBER 2, 1979. Special Circumstances exist because the vacancy and abandonment of the Property is expected to continue and the building is in need of significant infrastructure repairs and significant renovations relating to the electrical and HV AC systems, roof, structural foundation and parking lot. That CRP agrees that the occupant of the Property will meet the Class 6b Incentive qualifications for industrial warehousing, manufacturing and/or distribution uses at the Property and be approved by the Village with respect to a particular use within such use categories prior to the issuance of an Occupancy Permit of the Property for a 6b Incentive. That both CRP and the Village agree that this Agreement is binding upon the parties hereto and that the uses on the Property shall remain consistent with the Cook County Assessor's Class 6b Incentive requirements for industrial warehouse, manufacturing and/or distribution uses. IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the date set forth below: ~ /r ,2008 Village of Mount Prospect CRP Holdings A-2, LLC By:~J:#/~ By: ~~?ti1t~ Its Agent or Assigns Property Tax Incentives Special Circumstances to Abandonment Cook County offers property tax incentives for reoccupation of abandoned industrial and commercial property Special Circumstances under the 24 Month Rule The Real Property Assessment Classification Ordinance defines abandoned property as buildings that have been vacant and unused for at least 24 continuous months and purchased for value. New provisions now allow a building to be deemed "abandoned" if there are special circumstances for abandonment of less than the 24 months and purchase for value, or there are special circumstances for abandonment of more than 24 months without a purchase for value (no change in ownership). Requirements for Filing The Assessor and the Chicago-Cook Business Center (CCBC) must receive a complete Eligibility Application prior to the reoccupation of the abandoned pro.perty. In all cases of abandonment with special circumstances, the resolution of the municipality detailing the special circumstances that led to the finding of abandonment and the resolution of the Cook County Board shall be submitted with the application. Letters from the municipality and the CCBC may be ftled in lieu of a resolution prior to reoccupation, but the resolutions must be ftled before the incentive can be awarded by the Assessor. Filing Process Steps (1) The applicant must gain municipal approval in a resolution or ordinance to have the property qualify as abandoned. For special circumstances. the local municipal resolution must state (a) the period of abandonment. (b) a finding of special circumstances that justifies the building is deemed "abandoned". (c) a description of the special circumstances. and Cd) that the incentive is necessary for development to occur. (2) The applicant fdes the Eligibility Application along with the letter in lieu or municipal resolution with the CCBC and the Assessor's Office prior to reoccupation of the property. The CCBC will send a letter in lieu of the resolution to the applicant and this letter must also be submitted to the Assessor. Cook County CCBC requires a municipal resolution before submitting the application to the Board of Commissioners. (3) The Eligibility Application, municipal resolution and the report of the CCBC will be forwarded to the Cook County Board for consideration. The applicant must also comply with the County's Living Wage Ordinance. After a resolution of the Cook County Board is approved, a copy of this resolution must be submitted to the Assessor. Special Circumstances to Abandonment may be used in these Incentive Programs CLASS 6bThe Class 6b incentive is designed to encourage industrial development throughout Cook County by offering a real estate tax incentive for the development of new industrial facilities, the rehabilitation of existing industrial structures, and the redevelopment and occupancy of abandoned property or buildings. CLASS 7a The Class 7a incentive is designed to encourage, in areas determined to be "in need of commercial development", commercial projects with total development costs, exclusive ofland, that do not exceed $2 million and would not be economically feasible without the incentive. CLASS 7b The Class 7b incentive is designed to encourage, in areas determined to be "in need of commercial development", commercial projects with total development costs, exclusive ofland, that exceed $2 million and would not be economically feasible without the incentive. CLASS 8 The Class 8 real estate tax incentive is designed to encourage industrial and commercial development in areas of Cook County that are experiencing severe economic stagnation. To contact a business assistance representative, email info(&'i-'chicago-collk.org or caD 312.603.1070, fax 312.603.9971. Visit www.chicago-cook.org for more details and information on other programs. @ 2007 Chicago-Cook Business Center. All rights reserved.