HomeMy WebLinkAboutRes 37-09 07/21/2009
RESOLUTION NO. 37-09
A RESOLUTION IN SUPPORT OF XTTRIUM LABORATORIES,
1200 NORTH BUSINESS CENTER DRIVE,
MOUNT PROSPECT, ILLINOIS, MAKING APPLICATION
FOR COOK COUNTY CLASS 6B TAX ABATEMENT
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 new businesses to become established 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, Xttrium Laboratories, Inc. has requested the Village of Mount Prospect to
support its application for a Class 6B Real Property Classification at 1200 North Business
Center Drive Mount Prospect, Cook County (Property); and
WHEREAS the Village of Mount Prospect has found that special circumstances exist in
that the Village is at a competitive disadvantage with nearby DuPage and Lake Counties
and their tax structure; 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 PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS:
SECTION ONE: That the President and Board of Trustees of the Village of Mount
Prospect do hereby support and consent to the application of Xttrium Laboratories, Inc., for
a Class 6B Property Classification from Cook County, which allows a 16% assessment
level for the first 10 years, 23% in the 11 th year and 30% in the 12th year for the "Property"
located at 1200 North Business Center Drive, legally described as follows:
That part of Lot 407 in Kensington Center Resubdivision Twenty Four described-
lying West of the West line of 402 in Kensington CenteF-Resubdivision Fourteen in
Section 35, Township 42 North, Range 11, in the Kensington Center-Resubdivision
Twenty Four of Lots 401 and 402 in Kensington Center-Resubdivision Fourteen and
Lot 403 in Kensington Center-Phase Four in part of the Northeast Quarter Section
35, Township 42 North, Range 11, East of the Third Principal Meridian, according to
the Plat thereof recorded March 30,1989 as document number T3782920, in Cook
County, Illinois.
PIN: 03-35-201-012-0000
Page 2/2
Xttrium Laboratories
Class 68 Tax Abatement
SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased
employment and economic development and this proposed development is in furtherance
of this goal. The Board of Trustees of the Village of Mount Prospect further finds that this
incentive is necessary for development to occur on the"Property."
SECTION THREE: That development of the property is subject to compliance with all
requirements of the 1-1 (Light Industrial) District and development standards of the
Kensington Center for Business.
SECTION FOUR: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
Hoefert, Juracek, Korn, Polit Zadel
NAYS:
None
ABSENT:
Matuszak
PASSED and APPROVED this 21st day of July 2009
~Vkh- ,If J:~
Irvana K. Wilks
Mayor
"-----;/J
M. Lisa Angell
Village Clerk
();(
H:\CLKO\WIN\RESOLUTION\Class 6 tax abatement1200northbusinesscenterdrivejuly2009.doc