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Home My WebLink About8.1 A RESOLUTION IN SUPPORT OF FACET HOLDING, LLC'S RENEWAL OF A COOK COUNTY CLASS 7C TAX INCENTIVE FOR THE PROPERTY LOCATED AT 303 E. KENSINGTON ROAD.Subject Meeting Fiscal Impact (Y/N) Dollar Amount Budget Source Category Type Information Item Cover Page A RESOLUTION IN SUPPORT OF FACET HOLDING, LLC'S RENEWAL OF A COOK COUNTY CLASS 7C TAX INCENTIVE FOR THE PROPERTY LOCATED AT 303 E. KENSINGTON ROAD. May 7, 2024 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD NEW BUSINESS Action Item Facet Holding, LLC (applicant and owner of Red Barn) is seeking support for the renewal of its Cook County Class 7c incentive for the property located at 303 Kensington Road. Prior to Facet Holding purchasing the property in 2018, the subject property was vacant for more than five years. The applicant 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 be renewed one time for one additional 5 -year term if supported by the Village. If approved, Facet would continue to lease the space to the Red Barn restaurant. The Red Barn offers barbecued meats, pizza, sandwiches, and craft beers. It also provides 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. The Red Barn currently employs 22 people, with additional staff during the summer and winter months as college students return for break. 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. Discussion Alternatives 1. Approve the resolution in support of Facet Holding LLC's application for a renewal of their Cook County Class 7c tax incentive for the property located at 303 E. Kensington Road. 2. Action at discretion of the Village Board. Staff Recommendation Approve the resolution in support of Facet Holding LLC's application for renewal of their Cook County Class 7c tax incentive for the property located at 303 E. Kensington Road. Attachments Facet Holding, LLC 7c Attachment 4-30-2024 i� hl REVELIOTIS LAW, P.C. www.reveliotisIaw.com January 17, 2024 Village of Mount Prospect Attn: Bill Cooney 50 S Emerson Street Mount Prospect, IL 60056 RE. Class 7c Renewal Application Location: 303 Kesington Road, Mount Prospect, IL 60056 Pin: 03-34-200-204-0000 and 03-34-200-205-0000 Dear Mr. Cooney and Fellow Parties: Now comes Facet Holding LLC owner of the subject property, by and through its attorney, Katerina N. Liapis, and respectfully asks the Village to approve an ordinance in support of the renewal of the Class 7c property tax Incentive for the subject property. The property in question comprises of a restored 10,000 square -foot barn home that serves as a family-owned and operated classic American restaurant specializing in comfort food. The restaurant also include a bar that showcases a selection of local, regional, and national craft beers. Moreover, the establishment features pool tables and, on a weekly basis, hosts live music, games, darts, and various other forms of entertainment for the enjoyment of its patrons. Since the applicant assumed occupancy, an impressive sum of over $150,000 in tax savings has been reinvested into further enhancements, renovations, and improvements for the Subject Property. The existing workforce consists of 22 employees, while the applicant is actively involved in recruiting seasonal staff. On average, approximately 10 additional team members are hired as the seasons transition from winter to summer and vice versa. This recruitment pattern aligns with the return of college -aged employees during their school breaks. Petitioner's continued use of the subject property conforms to the property's highest and best use in that it generates direct as well as incidental income for the Village. Applicant's presence in addition to beautifying the site, by its business has provided many opportunities of employment to people that reside in the immediate area. T312.230.0160 I F312-230-0161 1 1030 HIGGINS ROAD SUITE 101 1 PARK RIDGE ILLINOIS 60068 I,. IiEVELIC TIS LA'V6Vl", P.C. www.reveliotislaw.com The applicant is deeply committed to supporting the local community through a diverse range of initiatives. This commitment is evident in their hosting of numerous school fundraisers throughout the year, supporting local sports teams via AHYSA, and sponsoring softball and baseball teams within the community. Furthermore, Applicant actively participates in the local Chamber of Commerce events, including the annual MTP Block Party held every summer. Additionally, Appicant takes pride in contributing to various functions for the police department and fire departments, showcasing its dedication to fostering positive relationships and actively contributing to the overall well-being of the local community. Applicant deems the renewal of the Class 7c incentive materially necessary for the continued economic viability of the business because it will) allow for new and further investment, of all types, so that the Property may exist as a functioning, integral component of the local area serving the business interests of the Village as well as provide a significant fiscal impact to the Village and County by continuing to pay property taxes and provide sound employment opportunities. If the renewal is not granted, the applicant will face challenges in sustaining or enhancing the property and will substantially compromise the tenant's lease extension. In light of these circumstances, the Applicant requests the Village of Mount Prospect to review the renewal application and endorse a Class 7c Renewal Resolution. T312.230.0160 I F312-230-0161 1 1030 HIGGINS ROAD SUITE 101 1 PARK RIDGE ILLINOIS 60068 COOK COUNTY ASSESSOR FRITZ KAEGI 00* 0 COOK COUNTY ASSESSOR'S OFFICE Mw .„ 118 NORTH CLARK STREET, CHICAGO, IL 60602 PHONE: 312.443.7550 FAx:312.603.6584 WWW.COOKCOUNTYASSESSOR.COM CLASS 66/7/8 Control Number RENEWAL APPLICATION A certified copy of the resolution or ordinance obtained from the municipality in which the real estate is located, or from the Cook County Board of Commissioners if located in an unincorporated area, must accompany this Renewal Application. This application, resolution and a filing fee of $500.00 must be filed. For assistance in preparing this Renewal Application, please contact the Cook County Assessor's Office Development Incentives Department at (312) 603-7529. 0 « • •r0=6 Name: Facet Holding LLC Address: 23 N Wabash Avenue City, State: Chicago, IL Telephone: (312 ) 589-5797 Email Address: anand@monamijewelry.com M Zip Code: 60602 Name: Katerina N. Liapis Telephone: ( 312 ) 230-0160 Address: 1030 Higgins Road, Suite 101 City, State: Park Ridge, IL Email Address: katerina@propertytaxation.com Street address: 303 Kensington Road City, State: Mount Prospect, Illinois Permanent Real Estate Index Number (s): Township: Wheeling Zip Code: 60068 Zip Code: 60056 03-34-200-204-0000 03-34-200-205-0000 IV. a am VII. mom Attach a current and 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. Exhibit A Attach legal description, site dimensions and square footage, and building dimensions and square footage. Exhibit B Property Use Exhibit C Attach a current and detailed description of the precise nature and extent of the use of the subject property, specifying in the case of multiple uses the relative percentages of each use. If there have been any changes from the original application, include current copies of materials which explain each occupant's business, including corporate letterhead, brochures, advertising material, leases, photographs, etc. Indicate the nature of the original development receiving the Class 66/7/8 designation [ ] New Construction [ ] Substantial Rehabilitation 1\4 Occupation of Abandoned Property - No Special Circumstance [ ] Occupation of Abandoned Property - With Special Circumstance Employment How many permanent full-time and part-time employees do you now employ? On -Site: Full-time: 12 Part-time: 10 In Cook County: Full-time: 12 Part-time: 10 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 located in an unincorporated area) must accompany this renewal. The ordinance or resolution must expressly state that the municipality supports and consents to this Class 613/7/8 Renewal and has determined that the industrial use of the property is necessary and beneficial to the local economy. 2 i, Katerina N. Liapis the undersigned, certify that I have read this Renewal Application and that the statements set forth in this Renewal 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. 01/17/2024 Signa re Date Katerina N. Liapis Print Name Attorney/Agent Title 3 02110/2020 [ This page is intentionally blank ] Exhibit A IDENTIFICATION OF PERSONS OR ENTITIES HAVING AN INTEREST The owner of the property is "Facet Holding LLC - Kensington LLC", which is comprised of the following members: 0 Name: Arland Sheth Address: 23 N. Wabash Avenue, Qhicggp-..IL 6Q6Q2 Entity Name FACET HOLDINGS LLC File Number 06177107 Name Address SHETH, ANAND H 23 N WABASH AVE, CHICAGO. IL - 60602 BACK TO CYBERDRIVEILUNOIS-COM HOME PAGE The tenant of the property is "Homestead Hospitality Group LLC", which is comprised of the following members: Name: Don?ld J, Harrington Address: 15 -W Pros -ct Avenue, Unit E. Mount ProSDect, IL 60Q -j ge Entity Name HOMESTEAD HOSPITALITY GROUP, File Number 06785212 LLG Name Address HARRBNGTON, DONALD J 303 E KENSINGTON RD., MOUNT PROSPECT, IIL - 60056 . ............. BACK TO CYBERDRIVEILLINOIS-COM HOME PAGE Exhibit B Legal Description 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 1/a OF SECTION 34, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY ILLINOIS Site Square Footage: 113,723± square feet Building Square Footage 10,630± square feet Exhibit C PROPERTY USE The property in question comprises of a meticulously restored 10,000 square -foot barn home. Presently, it serves as a family-owned and operated classic American restaurant specializing in comfort food. The premises also include a bar that showcases a selection of local, regional, and national craft beers. Moreover, the establishment features pool tables and, on a weekly basis, hosts live music, games, darts, and various other forms of entertainment for the enjoyment of its patrons. RESOLUTION NO. A RESOLUTION IN SUPPORT OF FACET HOLDING, LLC'S RENEWAL OF A COOK COUNTY CLASS 7C TAX INCENTIVE FOR THE PROPERTY LOCATED AT 303 E. KENSINGTON ROAD 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; 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, Facet Holding, LLC (hereinafter referred to as the "Owner") is the owner of the property located at 303 Kensington Road, Mount Prospect, Cook County, Illinois (hereinafter referred to as "Subject Property") and legally described as: 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 % OF SECTION 34, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY ILLINOIS PINs: 03-34-200-204-0000 and 03-34-200-205-0000; 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 to continue to lease the space to the Red Barn Restaurant; 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 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 Renewal; and SECTION 2: The President and Board of Trustees further finds that the Class 7C Tax Incentive Renewal for the Subject Property commonly known as Red Barn Restaurant, located at 303 E. Kensington Road, Mount Prospect, Cook County, Illinois is necessary and beneficial to the local economy; and Res Class 7C 303 kensington 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 303 E. Kensington Road, Mount Prospect, Cook County, Illinois; and SECTION 4: This Resolution shall be effective immediately upon its passage and approval, or as otherwise provided by law. AYES: NAYES: PASSED and APPROVED this 7th day of May, 2024 Paul Wm. Hoefert, Mayor ATTEST: Karen Agoranos, Village Clerk Res Class 7C 303 kensington