HomeMy WebLinkAbout9.6 A RESOLUTION IN SUPPORT OF 1600 BISHOP PARTNERSHIP, LLC's APPLICATION FOR A COOK COUNTY CLASS 6B TAX INCENTIVE FOR THE PROPERTY LOCATED AT 1600 BISHOP COURTMORA
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Item Cover Page
Subject A RESOLUTION IN SUPPORT OF 1600 BISHOP PARTNERSHIP,
LLC's APPLICATION FOR A COOK COUNTY CLASS 6B TAX
INCENTIVE FOR THE PROPERTY LOCATED AT 1600 BISHOP
COURT
Meeting
Fiscal Impact (Y/N)
Dollar Amount
Budget Source
Category
Type
Information
October 20, 2026 - REGULAR MEETING OF THE MOUNT
PROSPECT VILLAGE BOARD
N
NEW BUSINESS
Action Item
1600 Bishop Partnership, LLC (Applicant) is seeking support for a Cook County Class 6b
Incentive for the property located at 1600 Bishop Court (Subject Property). The incentive
would be for 12 years and would enable the applicant to competitively market a new
speculative industrial building for lease at the Subject Property.
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 a vacant 4-story, 96,430 sq. ft. vacant office building on the
5.44-acre subject property. The applicant plans to spend approximately $11,000,000 to
demolish the existing building and related structures and construct a new N97,000 sq. ft.
Class A industrial facility. Once construction is completed, the applicant will lease the property
to speculative industrial tenants. The applicant expects that construction of the new
speculative warehouse building will generate 75-100 temporary construction jobs.
The applicant is requesting the Class 6b property tax incentive to achieve an effective property
tax burden of approximately $1.50 per square foot, compared to an estimated $3.50 per
square foot without the incentive. This reduction would bring the property's tax burden more
in line with comparable properties in neighboring Lake and DuPage Counties, where property
taxes generally range from $1.00 to $1.50 per square foot. Importantly, the applicant
estimates that, even with the Class 6b incentive in place, the redevelopment would generate
more than $3.2 million in additional property tax revenue over the life of the incentive
compared to the revenue that would be generated if the property remained fully vacant.
Staff reviewed the submitted application and is supportive of the request.
Alternatives
1. Approve the resolution supporting 1600 Bishop Partnership, LLC's application for a Cook
County Class 6b Incentive for the property located at 1600 Bishop Court.
2. Action at the discretion of the Village Board.
Staff Recommendation
Staff recommends that the Village Board approve the resolution supporting 1600 Bishop
Partnership, LLC's application for a Cook County Class 6b incentive for the property located at
1600 Bishop Court.
Attachments
1. 1600 Bishop Ct (1600 Bishop Partnership, LLC)
2. Class 6b Resolution (1600 Bishop Court)
'THE LAW OFFICES OF
LASTON & TSANTILIS
A PROFESSIONAL CORPORATION
BSI . LI STO "+T 4 1 ) 1 54 PT _ , Jl �AN.L I I (3 I ) , - � 8 FACSIMILE012)580-1592
July 23, 2026
VIA MAIL
Village of Mount Prospect
50 S. Emerson Street
Mount Prospect, IL 60056
Attn: Jason Shallcross
Re: Class 6b Tax Incentive Request
1600 Bishop Partnership, LLC
1600 Bishop Ct,
Mount Prospect, IL 60056
PIN: 03 -3 5-200-061-0000
Dear Jason:
1600 Bishop Partnership, LLC (the "Applicant") is the contract purchaser of the above -
referenced property (the "Subject Property") and is requesting a Resolution from the Village of Mount
Prospect supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New
Construction and Substantial Rehabilitation.
Current and Proposed Site Characteristics
The Subject Property currently consists of a 4-story, 96,430 SQFT office building. The building
served as the headquarters of NTN USA Corporation between 2011 and September 2025. NTN had
been searching for a new location for two years prior to the time of vacancy. The Subject Property is
zoned I-1 Limited Industrial District and is a part of a planned unit development which was established
in 1987 and subsequently amended in 1989.
Background of Applicant
1600 Bishop Partnership, LLC is a special purpose entity controlled by two developers:
Nicholas Family of Companies and 8th Street Partners, LLC. Formed in 1978, the Nicholas Family of
Companies is a distinctly different and deliberately personal collection of businesses that builds and
invests in communities. It is a second -generation family owned and operated organization and
headquartered in nearby 1001 Feehanville Drive and 1450 Feehanville Drive in the Kensington
Business Park. Founded in 2021, 8th Street Partners is a multi -specialty real estate development and
investment firm focused on industrial and healthcare properties. Drawing on broad experience with
development, acquisitions, leasing, and real estate advisory, 8th Street Partners works closely with
both tenants and investors to align interests and execute successful transactions that create lasting value
for its clients and partners.
Construction, Job Creation, and Fiscal Impact
Should the Class 6b be granted, the Applicant plans to spend approximately $11,000,000 to
demolish the existing, commercial building and supporting structures and construct a new 97,000+
square foot Class A industrial facility. Once construction of the new building is completed, the
Applicant will lease the property to speculative industrial tenants. The Applicant expects to secure a
user for warehousing, manufacturing, distribution, and other related uses and expects initial
employment figures of 10-12 full-time employees. All employees will be compensated in accordance
with the Cook County Living Wage. The Applicant expects the planned improvements on this specific
site will also result in 75-100 temporary construction jobs.
Upon completion of the new construction, the Subject Property is projected to have a market
value of approximately $15,200,000 which would generate an estimated $6,364,635 in total taxes (or
approximately $471,454 per year) over the life of the Class 6b Tax Incentive. Without the Class 6b
Tax Incentive, the Subject Property is likely to remain fully or partially vacant and, with vacancy full
relief, is expected to generate approximately $3,135,576 in taxes over the next 12 years (or
approximately $261,298 per year) based on the current market value. Therefore, with the Class 6b Tax
Incentive, the Subject Property would generate approximately $3,229,058 in additional real estate
taxes over the life of the Class 6b Tax Incentive. Please see the enclosed 12 Year Tax Comparison
Chart for more details.
In addition to increased property tax revenues, the eventual tenants' presence will significantly
benefit the local community. The Applicant expects the tenants' employees and visitors to frequent the
village's local establishments (including restaurants, gas stations, and retailers). According to the
enclosed New Employee Business Impact Chart, an estimated 10 full-time employees would spend
over $42,375 per year in the village on gas, entertainment, groceries, etc. In total, the construction and
reoccupation of the newly proposed facility could generate approximately $3,700,000+ in additional
revenue over the life of the incentive.
Employee Business Impact Chart
Purchase
Employees
%
Ex./Week
Weeks
Total
Lunch
10
55%
$55
50
$151125.00
Grocer
10
30%
$50
50
$7,500.00
Consumer Goods
10
25%
$35
50
$41375.00
Entertainment
10
15 %
$ 5 5
50
$ 4,12 5.0 0
Auto -Gas
10
75%
$30
50
$111250.00
TOTAL Per Year
$421375.00
"But -For" Condition Statement
The Applicant has determined that without the incentive, the heavy Cook County property tax
burden (31.017%) will make the project infeasible. The Subject Property would not be able to compete
with properties in the neighboring Lake and DuPage Counties, which offer significantly lower tax
environments. Furthermore, nearly all Cook County municipalities utilize this incentive to attract
developers. Without a level playing field, the Applicant cannot offer the competitive rental rates that
are necessary to attract high -quality tenants, thus rendering the project financially unfeasible.
concl»cion
Based on the foregoing, the Applicant requests that the Village of Mount Prospect review its
Class 6b Tax Incentive request and approve a municipal resolution supporting and consenting to a
Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial
Rehabilitation. Should you need any additional documentation or have any questions or concerns, do
not hesitate to contact me at (312) 604-3815 or via emal at111.awch.i...................................... .c .
........�...
Respectfully Submitted,
Keito Ido
Applicant's Attorney
Liston & Tsantilis P.C.
COOK COUNTY AsSESSOR'S OFFICE
118 NORTH CLARK STREET, CHICAGO, IL 60602
COOK COUNTY ASSESSOR
40)
PHONE: 312.443.7550 FAx: 312.603-6584
FRITZ KAEGI VVWW.COOKCOUNTYASSESSOR.COM
CLASS 61R
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 Information
Name: 1600 Bishop Partnership, LLC Telephone,:( 847 394-6200
Company160 Bishop Partnership, LLC
.
Address: 1001 Feehanville Drive
Mount Prospect IL 60056
City: State: Zip Code,,,
Email: info@wingspandev.com
Contact Person (if different than the Applicant)
Name. Nicholas Papanicholas Telephone:( 847 394-6200
Company.,.,1600 Bishop Investors LLC ........
Address. 1001 Feehanville Drive
.......................
city: � Mount u nt Prospect State: I L Zip Code,,-60056...
Email: info@wingspandev.com
Property Description (per PIN)
If you are applying for more than three different PINS, please submit the additional PIN information in an
attachment.
�)treet Address.- (1) 1600 Bishop Ct
(2) .... . ..
Permanent Real Estate Index Number:
(3)
Permanent Real Estate Index Number:
City. Mount Prospect I
Township: Wheeling
State, I L Zip Code- .60056
Existing Class:,, 5-91
Attach legal description, site dimensions and square footage and building dimensions and square footage.
Identr�cation 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.
Attach a detail description of the precise nature and extent of the intended use of the subject property, specifyin
in the case of the multiple uses the relative percentages of each use. i
Include copies of materials, which explain the occupant's business, including corporate letterhead, brochures,
advertising material, leases, photographs, etc.
, L1.11P.1amn nifies
How many construction jobs will be created as a result of this development? 75-100
How many new permanent full-time and part-time employees do you now employ in Cook County?
Full-time: N/A Part-time: N/A
How many new permanent full-time jobs will be created by this proposed development? 10-12
How many new permanent full-time jobs will be created by this proposed development?__ 0
no=$
Indicate nature of proposed development by checking the appropriate space:
IL 0
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
SF,C.TIONA NEW CONSTRUCTIONZVUB&TANTIAL REWABILHATI
,L,
If the proposed development consists of New Construction or Substantial Rehabilitation, provide the following
information:
Estimated date of construction.Q4 2026 - Q 1 2027
commencement (excluding demolition, if any)
Estimated date of construction completion:
Attach copies of the following.*
1. Specific description of the proposed New Construction or Substantial Rehabilitation
2. Current Plat of Survey for subject property
3. Is' 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 direct and indirect costs, contractor's
affidavits, I ts, etc)
SEiC770N',8,.64,BAND;0NED, PROPERTY WITH NO SPECIAL CIRCUMS
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?
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. -
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 for purposes of the
Incentive where there was a purchase for value, 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
continuous months or greater, complete section (2).
1. 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?
EMM=
(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 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:
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 (Eligiblefor Special Circumstance)
3 continuous months and maintain/create 250 Employees (Eligiblefor 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 CEERM
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
(Thisfbrm will ONLY be utilizedfor applicants who specifically electfor CEERM)
This supplemental eligibility application isforproperties that have been abandoned (due to special circumstances)
where there has been no purchase for 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 CEE" Program shall be limited to the party who is the initial applicant of the Class 6B Incentive under
the CEERMPro gram and the subject of the municipal Resolution or Ordinance.
Under the CEERMProg-ram, qualifying industrial real estate would be eligiblefor the Class 6B level ofassessment
from the date ofsubstantial re -occupancy ofthe abandonedproperty. Properties receiving Class 6B will be assessed
at 10% of market value for the first 10 years, 15% in the I Ith year and 20% in the 12th year. The terms of this
fi 0
applicant/representative hereby specifically elect to submit
this Supplemental Appficafion for the CEERM program.
Further affiant sayeth not.
Agent's Signature
5 -
Applicant's Name
Applicant's e-mail address
Agent's Name & Title
Agent's Telephone Number
Applicant's Mailing Address
Subscribed and sworn before me this day of 120
Signature of Notary Public
LOCAL APPROVAL
1
A certified copy of a resolution or ordinA nce from the municipality in which the real estate is located (or thi
County Board, if the real estate is located in an unincorporated area) should accompany this Application. Tho
ordinance or resolution must expressly state that the municipdlity supports and consents to this Class 61
Application and that itfinds Class 6B necessaryfbr development to occur on the subjectproperty. If a resolutiol
is unavailable at the time the application is filed, a letter from the municipality or the County Board, as the cas(
may be, stating that a resolution or ordinance supporting the incentive has been requested may be filed with thi:
application instead. If the applicant is seeking to apply based on the reoccupation of abandoned property am
will be seeking a finding of "special circumstances" from the municipality, in addition to obtaining a letter fron
the municipality confirming that a resolution or ordinance supporting the incentive has been requested, th(
applicant must file a letter from the County Board confirming that a resolution validating a municipal findin�
of special circumstances has been requested. If, at a later date, the municipality or the County Board denies th(
applicant's request for a resolution or ordinance, the applicant will be deemed ineligible for the Class 6E
incentive, whether or not construction has begun. In all circumstances, the resolution must be submitted by th(
time the applicant files an "Incentive Appeal".
FINALIZING ME INCENTI VEPROC ESS
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 website (www. cookountyassessor. com) to determine the
allowable ng dates for such action.
When filing an appeal requesting an Incentive Class Change, '$ a jL0.00, filia9f (made out to
1*014 10 1 M 1,111,
the Cook CountyAssesso,E) must be included. The property cannot receive Class 6B designation
until you file an Incentive Appeal Form, AND this office grants reclassification 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 tosuckm atters,, the undersigned certifies that he/she believes the same to be true.
M-=$-
-71,;L1 " 9,
J1 - -------------
Da e
Nicholas Papanicholas
r I t 10 "t
Print Name F Itle
41112022
V
I, Nicholas Pap Lnieliola's as an authorized agent of 1600 Bishop Partnership, LLC (the "Applicant"),
do hereby certify that I would attest to the following facts as required by Sections 74-46 and 74-62 through
74-73 of the Cook County Code if called to testify that:
J. I am a duly authorized agent for the Applicant which is the contract -purchaser of the property
located at located at 1600 Bish I Ct Mount PrWo,,elct 11, 60056 (PIN: 03-35-200-061 -0000).
2, The Applicant does not own any other property in Cook County.
3 *, The Applicant's ownership is as follows:
1600 Bishop Investors, LLC — 100%
1001 Feehanville Drive, Mount Prospect, IL 60056,
4. To my knowledge and after reviewing the Applicant's records, the Applicant is not
delinquent in the payment of any property taxes administered by Cook County or by a local
municipality.
Subscribed and sworti before me
This day of 2026
Notary Public
Further Affian Sayeth J�
Ncfl
Date:
I �. �/
CAROLYN STRAHAMMER
Official Seat
Notary Public - State of Illinois
my Commission Expires Sep 22, 2026
Property Information
1600 Bishop Ct,
Mount Prospect, IL 60056
PIN: 03 -3 5-200-061-0000
The Subject Property currently consists of a 4-story, 96,430 SQFT office building. The
building served as the headquarters of NTN USA Corporation between 2011 and September
2025. NTN had been searching for a new location for two years prior to the time of vacancy. The
Subj ect Property is zoned I-1 Limited Industrial District and is a part of a planned unit
development which was established in 1987 and subsequently amended in 1989.
Attached hereto please find:
• Legal Description
• Plat of Survey
• Current Site Plan
• Aerial View of Subject Property
• Street View of the Subject Property
LEGAL DESCRIPTION
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Common Address: 1600 Bishop Ct, Mt Prospect, IL 60056
PIN: 03 -3 5-200-061-0000
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Identification of Persons Having an Interest in the Property
1600 Bishop Ct,
Mount Prospect, IL 60056
PIN: 03 -3 5-200-061-0000
Applicant: 1600 Bishop Partnership, LLC
Occupant(s):
The Applicant plans to demolish the existing office building and accessory
structures and construct a new 97,000+ square foot Class A industrial facility and
make related site improvements. After construction and marketing, the Applicant
expects to secure a user for warehousing, manufacturing, distribution, and other
related and permitted uses.
Industrial Use and Fiscal Impact
1600 Bishop Ct,
Mount Prospect, IL 60056
PIN: 03 -3 5-200-061-0000
Should the Class 6b be granted, the Applicant plans to spend approximately $11,000,000 to
demolish the existing, commercial building and supporting structures and construct a new 97,000+
square foot Class A industrial facility. Once construction of the new building is completed, the
Applicant will lease the property to speculative industrial tenants. The Applicant expects to secure a
user for warehousing, manufacturing, distribution, and other related uses and expects initial
employment figures of 10-12 full-time employees. All employees will be compensated in accordance
with the Cook County Living Wage. The Applicant expects the planned improvements on this specific
site will also result in 75-100 temporary construction jobs.
Upon completion of the new construction, the Subject Property is projected to have a market
value of approximately $15,200,000 which would generate an estimated $6,364,635 in total taxes (or
approximately $471,454 per year) over the life of the Class 6b Tax Incentive. Without the Class 6b
Tax Incentive, the Subject Property is likely to remain fully or partially vacant and, with vacancy full
relief, is expected to generate approximately $3,135,576 in taxes over the next 12 years (or
approximately $261,298 per year) based on the current market value. Therefore, with the Class 6b Tax
Incentive, the Subject Property would generate approximately $3,229,058 in additional real estate
taxes over the life of the Class 6b Tax Incentive. Please see the enclosed 12 Year Tax Comparison
Chart for more details.
In addition to increased property tax revenues, the eventual tenants' presence will significantly
benefit the local community. The Applicant expects the tenants' employees and visitors to frequent the
village's local establishments (including restaurants, gas stations, and retailers). According to the
enclosed New Employee Business Impact Chart, an estimated 10 full-time employees would spend
over $42,375 per year in the village on gas, entertainment, groceries, etc. In total, the construction and
reoccupation of the newly proposed facility could generate approximately $3,700,000+ in additional
revenue over the life of the incentive.
Employee Business Impact Chart
Purchase
Employees
%
Ex./Week
Weeks
Total
Lunch
10
55%
$55
50
$151125.00
Grocer
10
30%
$50
50
$7,500.00
Consumer Goods
10
25%
$35
50
$41375.00
Entertainment
10
15 %
$ 5 5
50
$ 4,12 5.0 0
Auto -Gas
10
75%
$30
50
$111250.00
TOTAL (Per Year)
$421375.00
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RESOLUTION NO.
A RESOLUTION IN SUPPORT OF 1600 BISHOP PARTNERSHIP, LLC'S APPLICATION
FOR A CLASS 6B INCENTIVE FOR THEIR PROPERTY LOCATED AT
1600 BISHOP COURT, 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, 1600 Bishop Partnership, LLC has requested the Village of Mount Prospect
support its application for a Class 6B Real Property Classification at 1600 Bishop Court,
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 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 6B property tax reduction from
25%to 10%foryears 1 through 10, 15% in year 11, and 20% in year 12 from Cook County for
the Property located at 1600 Bishop Court and legally described as:
LOT 807 IN KENSINGTON CENTER — RESUBDIVISION TWENTY EIGHT, A
RESUBDIVISION OF LOTS 803 AND 805 IN KENSINGTON CENTER —
RESUBDIVISION TWENTY ONE, IN PARTOFTHE NORTH EAST 1/4 OF SECTION
35, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, ACCORDING TO THE PLAT THEREOF FILED JANUARY 10, 1990 AS
DOCUMENT LR3852830, EXCEPTING FROM SAID LOT 805 THAT PART
THEREOF LYING NORTHEASTERLY OF A STRAIGHT LINE DRAWN FROM A
POINT IN THE NORTH LINE OF SAID LOT WHICH IS 20 FEET WEST OF THE
NORTH EAST CORNER OF SAID LOT 805 TO A POINT IN THE EAST LINE OF
SAID LOT WHICH IS 20 FEET SOUTH OF SAID NORTH EAST CORNER OF LOT
Property Index Number: 03-35-200-061-0000
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:
PASSED and APPROVED this 20th day of October, 2026
Paul Wm. Hoefert, Mayor
ATTEST:
Karen M. Agoranos, Village Clerk
Village Clerk