HomeMy WebLinkAboutRes 27-25 09/16/2025 Consenting To & Supporting A Class 7b Tax Incentive For The Real Property Located At 200 E. Rand Road, Mount Prospect, Illinois 60056RESOLUTION No. 27-25
A RESOLUTION CONSENTING TO & SUPPORTING A CLASS 7b TAX INCENTIVE FOR THE
REAL PROPERTY LOCATED AT 200 E. RAND ROAD, MOUNT PROSPECT, ILLINOIS 60056
WHEREAS, Article VII, Section 10 of the 1970 Illinois Constitution authorizes the Village of
Mount Prospect ("Village" to contract with individuals, associations, and corporations in any
manner not prohibited by law or ordinance; and
WHEREAS, the Village desires to promote and preserve commercial uses in the Village; and
WHEREAS, REIT 200, LLC is the current record title holder/contract purchaser of that certain real
property located at 200 E. Rand Road, Mount Prospect, Illinois 60056, legally described as
EXHIBIT A, attached hereto and made a part of this resolution (the "Subject Property"); and
WHEREAS, the Cook County Assessor is operating under the Cook County Real Property
Classification Ordinance (the ''Ordinance") enacted by the Cook County Board of
Commissioners, as amended from time to time, which provides propertyowners, in certain
cases, with a reduction in the assessed valuation of a commercial facility, in order to induce
companies to locate, expand, and remain in Cook County; and
WHEREAS, REIT 200, LLC or its assignee (the "Petitioner") has applied, or is applying, for a Class
7b Real Estate Tax Assessment Classification under the Ordinance, and has proven to the
President and Board of Trustees of the Village (the "Village Board") that such Class 7b
Classification is necessary to develop and maintain occupancy of the subject property under the
eligibility criteria based on Reoccupation of Abandoned Property with Greater than 12 Months
Vacancy, A Purchase for Value & and Substantial Rehabilitation as well as designating the area
as blighted pursuant to Section 74-65(a) in compliance with the County Ordinance; and
WHEREAS, an Economic Disclosure Statement has been received and filed bythe Village of
Mount Prospect; and
WHEREAS, the Applicant desires to redevelop the Property as a new extended stay hotel.
WHEREAS, the Petitioner plansto invest over$9,000,000to purchase &re -develop he Subject Property
as an IHG branded Staybridge Suite Extended Stay Hotel (the "Proposed Improvements"); and
WHEREAS, the Village Board supports and consents to the filing of a Class 7b Classification
application by the Petitioner. with the understanding that any occupant of the subject property
must meetthe Class 7b Classification qualifications for commercial purposes; and
WHEREAS, the Village Board has determined that approving the Class 7b Classification to
the Petitioner, forthe Subject Property, subjectto certain conditionswouLd be beneficialtothe
Village;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, A HOME RULE MUNICIPALITIY:
The foregoing recitals are incorporated into and made a part of this
Resolution as findings of the Village Board.
SECTIQN The Village Board hereby finds and determines that: (a) the subject
property meets the requirements of Section 74-65(a) of the Classification Ordinance and is thus
appropriate for the Class 7b classification; (b) Class 7b Classification of the subject property is
necessary for the Development of the subject property, the continued occupation of the subject
property and completion of the proposed improvements; (c) the completion of the development
and proposed improvements is necessary for the Applicant to occupy the subject property; and
(d) the subject property constitutes an abandoned property under the purpose of Class 7b
Classification.
The Village's support and consent to the Class 7b
Classification is subject to and contingent upon the conditions, restrictions, and provisions
set forth in this Section:
A. The Applicant will secure approval of an ordinance granting a conditional use to
operate a hotel on the property within six (6) months of the passage of this Resolution; otherwise,
this Resolution supporting the Reit 200, LLC application for the 7B Real Property Classification
at the Property will automatically become invalid and Cook County will be advised of the same.
B. The Applicant will obtain all necessary building and/or construction -related
permits from the Village for the construction of the Improvements.
C. The subject property will be occupied, operated, and maintained at all times in
compliance with the applicable codes and ordinances of the Village.
D. Allwork performed will be conducted in a good and workmanlike manner, with due
dispatch, and within any deadlines provided pursuant to this resolution or set forth in the Village
Code.
5ECTIThe Village Board finds that the Subject Property
qualifies for purposes of the Class 7b Classification, and hereby supports, consents to, and
approves the subject property being designated under the Class 7b Classification by the Cook
County Assessor, with a copy of the Class 7b Classification application of the Petitioner, based
on Reoccupation of Abandoned Property with Greater than 12 Months Vacancy with a Purchase
for Value and Substantial Rehabilitation as well as designating the area as blighted pursuant to
Section 74-65(a) in compliance with the County Ordinance; , as outlined by the Petitioner in said
application, being attached hereto as Exhibit and made a part hereof.
SECTIQN FIVE: FILING, The Village Clerk is hereby directed to transmit a certified copy of this
resolution to the Applicant. The Applicant shall be responsible for presenting such certified copyto
the Board of Commissioners of Cook County and filing such certified copy with the Office of the
Assessor.
AYES: Dante, DiPrima, Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
Legal Description of Subject Property
PARCEL 1:
THE WEST 210 FEET OF THE EAST 490 FEET OF THE NORTH 300 FEET OF THE
NORTHWEST'/a OF THE NORTH EAST '/a OF SECTION 34, TOWNSHIP 42 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PARCEL 2:
THAT PART LYING NORTH OF RAND ROAD OF THE WEST 210 FEET OF THE EAST 490
FEET OF THE NORTHWEST'/a OF THE NORTH EAST '/a OF SECTION 34, TOWNSHIP 42
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, (EXCEPT THE
NORTH 300 FEET), IN COOK COUNTY, ILLINOIS.
Commonly Known As: 200 E. Rand Road, Mount Prospect, Illinois 60056
PIN(s): 03-34-200-061-0000 & 03-34-200-062-0000
PASSED AND APPROVED this 16th day of September, 2025
Paul Wm. Hoefert
Village Mayor 4
ATTEST:
Karen Agoranos _........
Village Clerk