HomeMy WebLinkAbout8.2 A RESOLUTION IN SUPPORT OF ARTPIX HOLDINGS, LLC'S APPLICATION FOR A COOK COUNTY CLASS 6B TAX INCENTIVE FOR THE PROPERTY LOCATED AT 851 FEEHANVILLE ROADItem Cover Page
Subject A RESOLUTION IN SUPPORT OF ARTPIX HOLDINGS, LLC'S
APPLICATION FOR A COOK COUNTY CLASS 613 TAX INCENTIVE
FOR THE PROPERTY LOCATED AT 851 FEEHANVILLE ROAD
Meeting June 2, 2026 - REGULAR MEETING OF THE MOUNT PROSPECT
VILLAGE BOARD
Fiscal Impact (Y/N) N
Dollar Amount
Budget Source
Category NEW BUSINESS
Type Action Item
Information
ArtPix Holdings, LLC, (Applicant) is seeking support for a Cook County Class 6b Incentive for
the property located at 851 Feehanville Drive. The incentive would be for 12 years and would
enable the applicant to locate their business at the facility.
Discussion
The Village has granted several Cook County Class 6b tax incentives to attract and retain
businesses. The 6b incentive reduces the assessment level for qualified manufacturing and
warehouse/distribution facilities from 25% to 10% for the first 10 years, then increases from
10% to 15% for year 11, and increases from 15% to 20% in year 12. The benefiting property
returns to the full 25% assessment value after year 12. The 6b incentive can be renewed for
additional 12-year terms if supported by the Village.
The Subject Property contains an approximately 35,000 square -foot industrial building
situated on nearly three acres. The property is currently vacant, with the proposed acquisition
contingent upon the receipt and approval of a Class 6b Property Tax Incentive.
If the incentive is approved and the property is acquired, ArtPix proposes to relocate and
expand its customized gift manufacturing and e-commerce operations to the Subject Property.
The company anticipates investing approximately $200,000 in tenant improvements and
buildout costs and employing approximately 25 full-time employees at the site.
The applicant is requesting the 6b incentive to achieve a property tax rate of around $1.50 per
square foot. The applicant estimates their tax bill would rise to $3.50 per square foot if the
extension is not granted. Similar properties in nearby Lake and DuPage County range from $1
to $1.50 per square foot.
Staff reviewed the submitted application and is supportive of the request.
Alternatives
1. Approve the resolution supporting ArtPix Holdings, LLC's application for a Cook County
Class 6b Incentive for the property located at 851 Feehanville Road.
2. Action at the discretion of the Village Board.
Staff Recommendation
Staff recommends that the Village Board approve the resolution supporting ArtPix Holdings,
LLC's application for a Cook County Class 6b incentive for the property located at 851
Feehanville Road.
Attachments
1. 851 Feehanville (ArtPix Holdings, LLC) 5.15.2026
2. Class 6b Resolution (ArtPix Holdings LLC - 851 Feehanville)
LAW OFFICES
ROCK Fusco & CONNELLY, LLC
333 W. WAGKER STREET
JOHN J. ROCK
_)
19TH FLOOR J.....:.;......._➢ _L......:.) III.
CHICAGO, ILLINOIS 60606
(31 2) 494-1000
FAX (312) 494-1001
WWW.RFCLAW.COM
May 15, 2026
Via Email and FedEx
Mayor Paul Hoefert
Village of Mount Prospect
50 S . Emerson Street
Mount Prospect, IL 60056
RE: Class 6b Tax Incentive Application
ArtPix Holdings, LLC
851 Feehanville Drive
Mount Prospect, Illinois
PIN: 03-35-102-024-0000
Dear Mayor Hoefert,
ArtPix Holdings, LLC, or its nominee (collectively, the "Applicant"), is currently under
contract to purchase land at the above -referenced address located in Mount Prospect, Illinois and
identified by PIN 03-35-102-024-0000 (the "Subject Property") and is requesting a Resolution
from the Village of Mount Prospect supporting and consenting to a Class 6b Tax Incentive based
on new construction.
The Subject Property contains approximately 125,389 square feet of land which currently
has a 34,875 square development that has been vacant since January of 2025. If Applicant is able
to secure a 6b incentive on the property, the Applicant intends to use the Subject Property for light
manufacturing of custom personalized gifts and office. The intended use is projected to produce
25 full-time jobs and 5 part-time jobs.
Due to the exorbitant real estate taxes imposed on industrial properties in Cook County, as
compared to neighboring collar counties, in order to ensure that the investment is economically
feasible the Applicant has conditioned the purchase of the Subject Property on receipt and approval
of a Class 6b Tax Incentive from the Village of Mount Prospect. As can be seen in the tax analysis
enclosed herewith, the real estate taxes would be double without the Class 6b Tax Incentive.
Therefore, but for the Class 6b Tax Incentive, it would not be economically feasible for the
Applicant to pursue the Subject Property.
In the event the Applicant is successful in receiving a Class 6b Tax Incentive, the Applicant
anticipates employing approximately 25 full-time employees as well as spending at least $200,000
on improving the Subject Property. In addition, the approximately 25 full-time employees will
help to stimulate the economy of Mount Prospect as its employees will frequent local businesses,
restaurants, and hotels, ultimately creating significant sales tax revenues for the Village.
Mayor Paul Hoefert
Village of Mount Prospect
May 15, 2026
Page 2
The Applicant is requesting a Class 6b Tax Incentive Class 6b Tax and is eager to work
with the Village of Mount Prospect in order to bring more jobs, tax revenues, and commerce to
the community through occupying the currently vacant building. Please review this letter and the
attached materials and, if possible, place the Applicant on the agenda for the next available Village
Board meeting to approve the Class 6b Tax Incentive for the Subject Property.
Should you have any questions or need any additional information, please do not hesitate
to contact me at (312) 494-1000.
Very Truly Yours,
ROCK FUSCO & CONNELLY, LLC
6��Jtw 6�1- / R-e/
John J. Rock
01% COOK COUNTY AsSESSOR'S OFFICE
0
COOK COUNTY AsSESSOR dinj ro
14 . I A A# 00 118 NORTH CLARK STREET9 CHICAGO, IL 60602
FPHONE; 3 2.44 .7550 FAx: 312.603.6584
RITZ KAEGI *1# 41, N 0 41% WM-COOKCOUNTYASSESSOR.COM
CLASS 6B
ELIGIBILITY APPLICATION
Carefully review the Class 6B Eligibility Bulletin before completing this Application. For assistance, please contact
the Assessor's Office, Development Incentives Department (312) 603-7529. This application, a filing fee
of $1000. 00, and supporting documentation (except drawings and surveys) must be filed as follows:
This application must be filed PRIOR TO the commencement of New Construction or PRIOR TO the
commencement of Substantial Rehabilitation Activities or PRIOR TO the commencement of Reoccupation of
Abandoned Property.
Applicant Informadon
Name: ARTPIX Holdings,, LLC Telephone:
COmPanY: ArtPix 3D
Address: 22,50 Arthur Ave
City: Elk Grove Villaqe State: I L Zip •Code: 07
Email.- info@artoix3d.com
Contact Person (if different than the Applicant)
Name: -Roman Sherhelashvill Telephone: ( 312
-) 347-9814
Company:
Address:
State: Zip Code. -
Email: roman@artpix3d.com
Property Description (per PIN)
If you are applying for more than three different PINs, please submit the additional PIN information in an
attachment,
Street Address: (1) 851 Fee hanville Drive
Permanent Real Estate Index Number: 03M35-102-024-000u
(2)
Permanent Real Estate Index Number:
(3)
Permanent Real Estate Index Number:
City.. Mount Prospect
State,-, IL Zip Code: 60056
Township: Wheelinq Existing Class.-'
I &
Attach legal description, site dimensions and square footage and building dimensions and square footage.
Identifieation of Person Having an Interest In the Property
Attach a 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.
Industrial Use
Attach a detail description of the precise nature and extent of the intended use of the subject property, specifying
in the case of the multiple uses the relative percentages of each use.
Include copies of materials, which explain the occupant's business, including corporate letterhead, brochures,
advertising material, leases, photographs, etc.
Emplorment Opportunities
How many construction jobs will be created as a result of this development?
How many new permanent full-time and part-time employees do you now employ in Cook County?
Full-time: 25 Part-time: 65
How many new permanent full-time jobs will be created by this proposed development?. 25
How many new permanent full-time jobs will be created by this proposed development? - 5
Nature of Development
Indicate nature of proposed development by checking the appropriate space:
[ ] New Construction (Read and Complete Section A)
[ ] Substantial Rehabilitation (Read and Complete Section A)
Incentive only applied to the market value attributable to the rehabilitation
[� Occupation of Abandoned Property - No Special Circumstance
(Read and Complete Section B)
[ ] Occupation of Abandoned Property -With Special Circumstance
(Read and Complete Section Q
[ ] Occupation of Abandoned Property - (CEERM Supplemental Application)
(Read and Complete Section Q
If the Proposed development consists of New Construction or Substantial Rehabilitation, provide the following
information:
Estimated date of construction
commencement (excluding demolition, if any):
Estimated date of construction completion:
Attach copies of the following:
I . Specific description of the proposed New Construction or Substantial Rehabilitation
2. Current Plat of Survey for subject property
3. Pt floor plan or schematic drawings
4. Building permits, wrecking permits and occupancy permits (including date of issuance)
5. Complete description of the cost and extent of the Substantial Rehabilitation or New Construction
(including such items as contracts, itemized statements of"all
affdavits, etc)
direct and indirect costs, contractor's
i
1'� '
SEC 'ION B (ABANDONED PROPERTY wITHNO SPECIAL CIRCUMSTA
If the proposed development consists of the reoccupation of abandoned property, purchased for value, complete (1) and
(2) below:
1. Was the subject property vacant and unused for at least 12 continuous months prior to the purchase for
value?
{YES [ ]NO
When and by whom was the subject property last occupied prior to the purchase for value?
Cummins -Allison Corp
Attach copies of the following documents:
(a) Sworn statements from person having personal knowledge attesting to the fact and the duration
of vacancy and abandonment
(b) Information (such as statements of utility companies) which demonstrate that the property was
vacant and unused and indicate duration of such vacancy
2. Application must be made to the Assessor prior to occupation:
Estimated date of reoccupation:
Date of Purchase:
Name of purchaser:
Name of seller:
Relationship of purchaser to seller:
December 2026/january 2027
ARTPIX Holdings, LLC
-Curnmins-Allison CorRt___
Attach copies of the following documents:
(a) Sale Contract
(b) Closing Statement
(c) Recorded Deed
(d) Assignment of Beneficial Interest
(e) Real Estate Transfer Declaration
If the applicant is seeking special
circumstances to establish that the property was abandoned fir of the
Incentive where there was a purchase for valuepurp
, but the period of abandonment prior to purchase was less than
12 months, complete section (1).
If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the
Incentive where there was no purchase for value, but the period of abandonment prior to the application 12
cont*
inuous, months or greater, complete section (2).
I . How long was the period of abandonment prior to the purchase for value?
When and by whom was the subject property last occupied prior to the purchase for value?
Attach copies of the following documents:
(a) Sworn statements from persons having personal knowledge attesting to the fact and the duration
of the vacancy and abandonment
(b), Information (such as statements of utility companies) which demonstrate that the property was
vacant and unused and indicate duration of vacancy
(c) Include the finding of special circumstances supporting "abandonment1l as determined by the
municipality, or the County Board, if located in an unincorporated area. Also include the
ordinance or resolution from the Board of Commissioners of Cook County stating its approval
for less than 12-month abandonment period.
Application must be made to the Assessor prior to the commencement of reoccupation of the abandoned
property.
Estimated date of Reoccupation:
Date of purchase:
Name of purchaser:
Name of seller:
Relationship of purchaser to seller:
Attach copies of the following documents. -
(a) Sale Contract
(b) Closing Statement
(c) Recorded Deed
(d) Assignment of Beneficial Interest
(e) Real Estate Transfer Declaration
2. How long has the subject property been unused?
[ ] 12 or greater continuous months (Eligible for Special Circumstance)
[ ] 3 continuous months and maintain/create 250 Employees (Eligible for Special
Circumstance under CEERM) - Complete CEERM Supplemental Application
Not Eligible for Special Circumstance if No purchase and less than 12 continuous months
vacant, or not a CEE"
9
When and by whom was the subject property last occupied prior to the filing of this application?
Attach copies of the following documents:
(a) Sworn statements from persons having personal knowledge attesting to the fact and the duration
of the vacancy and abandonment
(b) Information (such as statements of utility companies) which demonstrate that the property was
vacant and unused and indicate duration of vacancy
(c) Include the finding of special circumstances supporting "abandonment" as determined by the
municipality, or the County Board, if located in an unincorporated area. Also include the
ordinance or resolution from the Board of Commissioners of Cook County stating its approval
for lack of a purchase for value.
Application must be made to Assessor prior to the commencement of reoccupation of the abandoned
property.
Estimated date of reoccupation:
CEERM SUPPLEMENTAL APPLICATION
(ThisfOrm will ONLYhe utilized.for a licants who specifically electfor CEERM)
This supplemental eligibility application isforproperties that have been abandoned (due to special circumstances)
where there has been no purchasefor value and the buildings and other structures have been vacant and unused
for at least three continuous months and applicant has provided sufficient documentation to establish that such
applicant will create or maintain at least 250jobs for employees at the subject location.
The CEERH Program shall be limited to the party who is the initial applicant of the Class 6B Incentive under
the CEERH Program and the subject of the munic1P*al Resolution or Ordinance.
Under the CEE"Program, qualifying industrial real estate would be eligiblefor the Class 6B level ofassessment
from the date ofsuhstantial re-occupancy ofthe abandoned property, Properties receiving Class 6B will be assessed
at 10% of market value for the first 10 years, 15% in the II th year and 2 0% in •the 12th year. The terms of this
program are Not Renewable.
I applicant/representative hereby specifically elect to submit
Su this pplemental Application for the CEE-RM program.
Further aft art sayeth not.
Agent's Signature
Agent's Mailing Address
Applicant's Name
Applicant's e-mail address
Subscribed and sworn before me this day of
Signature of Notary Public
Agent's Name & Title
Agent's Telephone Number
Applicant's Mailing Address
3,20
LOCAL APPROVAL
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) should accompany this Application. I e
ordinance or resolution must expressly state that the municipality supports and consents to this Class 6B
Application and that tends Class 6B necessaryfor development to occur on the subject property. If a resolution
is unavailable at the time the application is filed, a letter from the municipality or the County Board, as the case
may be, stating that a resolution or ordinance supporting the incentive has been requested may be filed with this
application instead. If the applicant is seeking to apply based on the reoccupation of abandoned property and
will be seeking a finding of "special circumstances" from the municipality, in addition to obtaining a letter from
the municipality confirming that a resolution or ordinance supporting the incentive has been requested, the
applicant must file a letter ftom the County Board confirming that a resolution validating a municipal finding
of special circumstances has been requested. If, at a later date, the municipality or the County Board denies the
applicant's request for a resolution or ordinance, the applicant will be deemed ineligible for the Class 6B
incentive, whether or not construction has begun. In all circumstances, the resolution must be submitted by the
time the applicant files an "Incentive Appeal".
FINALIZING THE INCENTIVE PROCESS
In order to finalize the class change you will need to file an Incentive Appeal with supporting
documentation (including Proof of Occupancy) in the year that the property has been substantially
occupied. It 'is advised that you access our webs to (www. coon countyassessor. com) to determine the
allowable filing dates for such action.
A 0 $100,0 filing When Meng an appeal requesting an Incentive Class Change, a 0 ft (made out to
the Cook County Assessor must be included. The property cannot receive Class 6B designation
a g" A
until you file an Incentive Appeal Form, AND this office grants reclassilication for the parcel(s).
1, the undersigned, certify that I have read this Application and that the statements set forth In this 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.
PI) at4 62
Date J
DL\cLvActq,jj--�e;j Me*,r\ke;r
�j
Title
41112022
INCENTIVES CLASS L IVING WAGE ORDINANCE A
ID i/T
Roman Sherhelashvill 2 as agent for the app\:
licant set forth b I
el w, who �s seeking a
assi cation incentive as referenced beZI' I do hereby state under oath Ias,foll(jws
P
A 11
pplecant is not required to pay a 111I�wage, pursuant to -the Ordinance.
0, FA l 77,
A%gent's $81gnature
11
hur Avenge, Elk Grove Vill
Aalle � I ing Address
ARTPIX Holdings, LLC
ame
r
=pri nisa-eZ/ \ j
.-ma i I acd dress
!d and sworn
me this_jj�' "ay of
(855) 227-5861
91� - — ------------------------- -------
..............
2miM2A3Le.L Di:aj�'
Applicant's Mailing Address
Official Seat
\� ELIZABETH G. AMEZ
Nota :Public, State of filinois
Commission No. 867867
my Commission Expires March 27, 203
EXHIBITA
(plassio (yPe lorprinit)
PIN(s) , i
dress
1i it t5
I1'211II 211D 1
BASIC SITE INFORMATION
ARTPIX Holdings, LLC, or its nominee (collectively, the "Applicant") is currently under
contract to purchase the property located at 851 Feehanville Drive, Mount Prospect, Illinois
(PIN: 03 -3 5-102-024-0000) (the "Subject Property").
The Subject Property is a single -story industrial warehouse built in 1989 with a total
building area of approximately 34,875 square feet that is currently 100% vacant. The subject site
is a rectangular -shaped, interior land parcel containing approximately 125,389 square feet (2.87
acres). If the Applicant receives a resolution in support of a Class 6b Tax Incentive from the
Village of Mount Prospect, the Applicant intends to use the Subject Property for light
manufacturing of custom personalized gifts and office.
Attached hereto please find:
• An aerial photo of the Subject Property as it currently exists
• The legal description of the Subject Property
• The Current ALTA Land Survey
C.0
Or,
LEGAL DESCRIPTION
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VACANCY INFORMATION
ARTPIX Holdings, LLC, or its nominee (collectively, the "Applicant") is currently under
contract to purchase the property located at 851 Feehanville Drive, Mount Prospect, Illinois (PIN:
03-35-102-024-0000) (the "Subject Property").
2025.
The Subject Property is currently 100% vacant and has been 100% vacant since January of
Attached hereto please find:
• Vacancy Affidavit signed by current owner.
DESCRIPTION OF PROPOSED INDUSTRIAL USE
ARTPIX Holdings, LLC, or its nominee (collectively, the "Applicant") is currently under
contract to purchase the property located at 851 Feehanville Drive, Mount Prospect, Illinois (PIN:
03-35-102-024-0000) (the "Subject Property").
If the Applicant receives a resolution in support of a Class 6b Tax Incentive from the
Village of Mount Prospect, the Applicant intends to use the Subject Property for light
manufacturing of custom personalized gifts and office. The intended use is projected to produce
25 full-time jobs and 5 part-time jobs.
Attached hereto please find:
• Letter of Intent
Docusign Envelope ID: FC6F614F-A1 E2-4CEA-8385-F53C4F44E688
MN�F �11 mm�
NON -BINDING LETTER OF INTENT TO PURCHASE
Al Caruana
Executive Managing Director
Cushman & Wakefield
al.caruana@cushwake.com
Britt Casey
Executive Vice Chairman
Cushman & Wakefield
britt.casey@cushwake.com
Michael Labek
Senior Associate
Cushman & Wakefield
michael.labek@cushcake.com
KBC Advisors I Chicago
330 W Chestnut St, #2nd
Floor
Hinsdale, IL60521
Seller Response — March 20, 2026
Re: 851 Feehanville Drive, Mount Prospect, IL (Kensington Business Center
This letter of intent ("LOI") states the basic terms and conditions for the negotiation of a mutually acceptable
Purchase and Sale Contract ("Agreement") for the Property.
Seller: CU M M I NS ALLISON CORP (Please Define Exact Ownership Entity)
Purchaser: ARTPIX LLC. and/or assigns. (www.ArtPix3d.com)
Property: An approximately 34,875 SF Building located at 851 Feeha nvi I le Dr, Mount
Prospect, I L
The Property will include the land, buildings, fixtures, and improvements, service
and other contracts affecting the Property which Purchaser elects to assume,
personal property owned by Seller located on and exclusively used in connection
with the operation of the Property and all intangibles (including names, permits,
warranties, licenses, and entitlements related to the Property).
Purchase Price: $316501000
Purchase Type: Conventional Mortgage Mortgage
Purchase intends to use Bank of America as lender. Purchaser already has
completed their lender Pre -qualification through BOA. Lender point of contact
is Mary Barrios, Vice President Business Banking at Bank of America.
Earnest Money: Within seven (7) business days following the effective date of the Agreement,
Purchaser will deposit the amount of $100,000 with a title company of the seller's
choosing. The Earnest Money will be non -interest -bearing, refundable prior to the
Purchase LOI
Docusign Envelope ID: FC6F614F-A1 E2-4CEA-8385-F53C4F44E688
m a. ley, L, I � ply, d 6W, 69,10=11
Letter of Intent
January 20t", 2026
expiration of the Contingency Period and as otherwise provided in the
Agreement, and applicable to the Purchase Price at Closing.
Title Insurance: Sel ler sha I I reasonably cooperate with Purchaser's efforts to secure, at its expense,
the current ALTA Form Owner's Policy of Title Insurance.
Survey & EPA: Seller will have prepared a current ALTA survey of the Property, and a copy of the
EPA Phase I report.
Due Diligence Seller will deliver copies of all documents pertaining to the occupancy,
Documents: development, ownership, or operation of the Property, including site plans,
surveys, ALTA, EPA Reports, drawings, title, tax, zoning, operating expense, and
environmental documents, if available
Contingency Period Purchaser will have a Forty -Five (45) day period commencing on the effective
for Physical Due date of the Agreement (the "Contingency Period") to inspect all aspects of the
Di I I igence: Physical Property and to determine in Purchaser's sole discretion whether the
Property is suitable. At anytime prior to the expiration of the Contingency Period,
Purchaser may, in its sole discretion, terminate the Agreement for any reason and
receive back the Earnest Money. The Agreement will automatically terminate
unless Purchaser delivers written notice to Seller that Purchaser has satisfied or
waived the contingency on or prior to expiration of the Contingency Period, in
which event the Earnest Money, together with interest thereon, will be refunded
to Purchaser.
Real Estate Tax Purchaser shall have 90 Days from the effective date (running concurrent with
ncentive Contingency Period & Financing Contingency, to obtain a resolution from Mt.
Contingency: Prospect for obtaining a 6B real estate tax incentive.
Financing Pu rchaser wi I I have 90 days commencing on the effective date of the Agreement
Contingency: (the "Financing Contingency"). **Note: Contingency Period for physical due
diligence and for the Financing Contingency shall both start and run
concurrently from the day that the PSA is fully executed.
Early Access: Purchaser will have the right to access the Property prior to the Contingency
Period under an Early Access Agreement provide by Seller for purposes of
environmental diligence, Phase 1 and Phase 2 testing, planning and measuring,
and any other activities to facilitate Purchaser's intended use(s) of and operations
at the Property. Purchaser, its vendors, or any representative of purchaser
conducting such diligence shall provide Seller with COI naming Seller as
certificate holder and additional insured for that period of time or other assurance
accepted by Seller in its reasonable discretion (for example an Early Access
Agreement).
Contingency Period Purchaser may extend the Real Estate Tax and Financing Contingency Periods
Extension (s): for up to one (1) additional thirty (30) day period, by delivering written notice to
Seller and depositing with the Title Company an extension fee of $100,00.0. If
Purchaser invokes said extension, 1% of the total Purchase Price shall become
Purchase L01
Docusign Envelope ID: FC6F614F-A1 E2-4CEA-8385-F53C4F44E688
m a. ley, L, I � ply, d 6M, 69,10=11
non-refundable.
Letter of Intent
January 20t", 2026
Closing: The Closing will take place within fifteen (15) days following the expiration of the
Contingency Period (as the same may be extended). The Seller will deliver to
Purchaser at Closing a Statutory Warranty Deed conveying to Purchaser fee
simple title to the Property free and clear of all matters affecting title except for
the permitted exceptions approved by Purchaser pursuant to the Agreement.
Costs: Closing costs will be apportioned between Purchaser and Seller in a manner
consistent with market convention, to be described in the Agreement. Each
party wi I I pay its own attorneys' fees.
Brokerage Seller will pay to KBC Advisors Inc, ("Broker") at Closing a brokerage commission
Commission: pursuant to a separate agreement between Seller and Broker.
Exclusivity: For a period of thirty (30) days following the date of this LOI and during the term
of the Agreement (if executed), Seller will not negotiate, or enter into, any
agreement pertaining to the sale, exchange, lease or transfer of all or any portion
of the Property to any person or entity other than Purchaser, and will not enter
into or extend any service or other agreements relating to the Property that
cannot be terminated at Closing.
Authority: Seller has all requisite power and authority to enter into this LOI and perform its
obligations pursuant to the Agreement (if executed). No consent, approval, order
or authorization of any third party on the part of Seller is required in connection
with this LOI.
Agreement Form: Purchaser shall prepare an Agreement consistent with the terms of this LOI using
Purchaser's standard form for review by Seller
Limiting Conditions: This LOI is intended to support negotiation of a mutually satisfactory Agreement.
Except for Seller's obligations for Exclusivity and Confidentiality stated above, this
LOI is not legally binding upon the parties, and no liability or obligation of any
kind is intended to be created in this LOI. The Agreement (or any other
agreements between the parties) will not be binding and in effect unless duly
executed and delivered by both Purchaser and Seller (in their respective sole
discretion). Neither Purchaser nor Broker will have any liability for any expenses
Seller incurs in anticipation of the Agreement or in replying to this LOI.
Purchase LOI
Docusign Envelope ID: FC6F614F-A1 E2-4CEA-8385-F53C4F44E688
m a. ley, L, I � ply, d 6W, 69,10=11
Letter of Intent
January 20t", 2026
If this LOI meets with your approval, please indicate Seller's acceptance of the same by signing below, and
return one executed copy to us.
If you have any questions, please feel free to contact me. Thank you for your consideration.
Michael Conway
+1 815 529 7100
Michael.conway@kbcadvisors.com
AGREED AND ACCEPTED:
Seller:
By:
Name:
Title:
Date:
Barrett Stephan
+1 847 4717373
Michael.conway@kbcadvisors.com
signed b
"11-7FDF460AF1054C7...
Roman Sherhelashvili
ArtPix LLC
Managing Member
3/20/2026
Purchase LOI 4
Docusign Envelope ID: FC6F614F-A1 E2-4CEA-8385-F53C4F44E688
m a. ley, m I � ply, d 6w, 69,10=11
Exhibit A:
Insert iplan
Letter of Intent
January 20t", 2026
Purchase LOI
OWNERSHIP INFORMATION
ARTPIX Holdings, LLC, or its nominee (collectively, the "Applicant") is currently under
contract to purchase the property located at 851 Feehanville Drive, Mount Prospect, Illinois
(PIN: 03-35-102-024-0000) (the "Subject Property"). The ownership of the Applicant is as
follows:
1. Roman Sherhelashvili 100% Ownership
In the event the Applicant is able to secure a Class 6b Tax Incentive the Applicant intends
to use the Subject Property for light manufacturing of custom personalized gifts and office.
Attached hereto please find:
• Economic Disclosure Statement
I.... lrii iii ,Ir" DISCLOSURE
ii� III"� � ,Ire �� I� � " h
ENT
I Ih n' iII
IIt to the following facts:
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1. "11"m I am a r piresentative ofIII„ Holdings, „C, (the "Aj,,,i,,plicanC').
2. The jilkpPlicant doles not own any other piroplerties within Cook County.
III . The jI c a is, not delinquent in t1ile
playment
of
any
f,X�l W;�� �" � � ��� �� �� pll Cook
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,� lCounty or by a local municirlality.
Offliciliall SM, Il
ELIZABETH GAMEZ
CiDimmilission Noill, 816791617
l "m l l' I lfI I Expires March 'tl l I,
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NECESITY OF 6B
ARTPIX Holdings, LLC, or its nominee (collectively, the "Applicant") is currently under
contract to purchase the property located at 851 Feehanville Drive, Mount Prospect, Illinois (PIN:
03-35-102-024-0000) (the "Subject Property").
Due to the exorbitant real estate taxes imposed on industrial properties in Cook County,
as compared to neighboring collar counties, in order to ensure that the investment is
economically feasible the Applicant has conditioned the purchase of the Subject Property on
receipt and approval of a Class 6b Tax Incentive form the Village of Mount Prospect. Therefore,
but for the Class 6b Tax Incentive it would not be financially feasible for the Applicant to pursue
the Subject Property.
As can be seen on the attached tax analysis, assuming the entirety of the proposed
$200,000 property improvements are applied to the Subject Property's assessment, and relying
on the most recent tax rate and Cook County Multiplier, the estimated yearly real estate taxes for
the Subject Property will be approximately $3,570,162 without the Class 6b Tax Incentive and
approximately $1,808,612 with the Class 6b Tax Incentive. The Applicant has determined that
without the Class 6b Tax Incentive, moving to the Subject Property is not economically feasible
to maintain a profitable business.
Attached hereto please find:
• Tax Analysis
Prior Five Years of Tax History
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4
RESOLUTION NO.
A RESOLUTION IN SUPPORT OF ARTPIX HOLDINGS, LLC'S APPLICATION FOR A
CLASS 6B INCENTIVE FOR THEIR PROPERTY LOCATED AT
851 FEEHANVILLE ROAD, MOUNT PROSPECT, ILLINOIS
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 neighboring counties Lake and DuPage in attracting
industrial development; and
WHEREAS, ArtPix Holdings has requested the Village of Mount Prospect support its
application for a Class 6B Real Property Classification at 851 Feehanville Road, Mount
Prospect, Illinois, Cook County; and
WHEREAS, the corporate authorities of the Village of Mount Prospect believe that their
request is in the best interest of economic development in the Village of Mount Prospect.
NOW, THEREFORE, BE IT ORDAINED BYTHE 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 Class6B 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 851 Feehanville Road and legally described as:
LOT 311 IN KENSINGTON CENTER — RESUBDIVISION X, BEING A
RESUBDIVISION OF LOT 311 IN KENSINGTON CENTER RESUBDIVISION V OF
LOTS 206AND 311 IN KENSINGTON CENTER— PHASE THREE —A; ALSO BEING
A RESUBDIVISION OF LOT 310-C IN KENSINGTON CENTER— RESUBDIVISION
VII OF LOT 310 IN KENSINGTON CENTER— PHASE THREE —A, IN PART OFTHE
NORTHWEST QUARTER OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MERIDIAN, AS PER PLAT THEREOF
RECORDED JUNE 29, 1983 AS DOCUMENT 26666343, IN COOK COUNTY,
ILLINOIS
Property Index Number: 03-35-102-024-0000
SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased
employment, and economic development and the subject property is in furtherance of this
goal.
SECTION THREE: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this 2nd day of June, 2026
PauLWm. Hoefert, Mayor
ATTEST:
Karen M. Agoranos, Village Clerk
Village Clerk