HomeMy WebLinkAboutRes 40-24 12/17/2024 In Support Of AGL 500 West, LLC Making Application For Cook County Class 6B Tx Incentive For The Property Located At 500 W. Algonquin RoadRESOLUTION NO. 40-24
A RESOLUTION IN SUPPORT OF AGL 500 WEST, LLC
MAKING APPLICATION FOR COOK COUNTY CLASS 6B TAX INCENTIVE FOR
THE PROPERTY LOCATED AT 500 W. ALGONQUIN ROAD
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 industrial properties 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, AGL 500 West, LLC, has requested the Village of Mount Prospect support
its application for the Class 6B Real Property Classification at 500 W. Algonquin Road,
Mount Prospect, Cook County (Property); 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 MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect
do hereby support and consent to the application for the Class 613 Tax Incentive of a
property tax reduction from 25% to 10% for years 1 through 10, 15% in year 11, and 20%
in year 12 from Cook County for the Property located at 500 W. Algonquin and legally
described as:
LOT 1 IN LAKE CENTER PLAZA RESUBDIVISION NO. 2 OF PART OF THE
NORTHEAST 1/4 OF SECTION 23 TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN IN COOK COUNTY, ILLINOIS.
PIN: 08-23-203-037-0000
SECTION TWO: That the Village's support of AGL 500 West, LLC's application for the
Class 6B Real Property Classification at the Property is conditioned on the Village Board
approving an ordinance amending the Planned Unit Development that includes the
Property to include construction of a new warehouse on the Property as generally set
forth in attached Exhibit A.
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SECTION THREE: That AGL 500 West, LLC must secure approval of an ordinance
amending the Planned Unit Development referenced in Section Two above within six (6)
months of the passage of this Resolution; otherwise, this Resolution supporting the AGL
500 West, LLC application for the Class 613 Real Property Classification at the Property
will automatically become invalid and Cook County will be advised of the same. The
amendment shall provide for additional development that is substantially similar to that
described in Exhibit A to this Resolution, subject to final adjustments as developed in the
zoning approval process.
SECTION FOUR: That the Village of Mount Prospect supports industrial growth,
increased employment and economic development and the "property" is in furtherance of
this goal.
SECTION FIVE: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES: Dante, Filippone, Gens, Grossi, Saccotelli, Matuszak
NAYS: None
ABSENT: None
PASSED and APPROVED this 17th day of December 2024
Karen M. Agoranos
Village Clerk
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