HomeMy WebLinkAboutRes 10-10 04/06/2010
RESOLUTION NO. 10-10
A RESOLUTION IN SUPPORT OF
FIRST INDUSTRIAL REALTY TRUST, INC.
580 SLAWIN COURT, 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 develqJment; and
WHEREAS, the subject property has been vacant for more than 24 consecutive months;
and
WHEREAS, First Industrial Realty Trust, Inc. has requested the Village of Mount Prospect
to support its application for a Class 6b Real Property Classification at 580 Slawin Court,
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 First Industrial Realty Trust,
Inc. for a Class 6B Property Classification from Cook County, which allows a 10%
assessment level for the first 10 years, 15% in the 11 th year and 20% in the 12th year for
the Subject Property located at 580 Slawin Court and legally described as:
PIN: 03-35-104-053-0000 and 03-35-104-55-0000
Lot 302D in the Kensington Center-Resubdivision Twenty, in part of the Northeast
Quarter of Section 35, Township 42 North, Range 11, East of the Third Principal
Meridian, in Cook County, Illinois.
Page 2/2
Class 6 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 Village
of Mount Prospect.
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:
Juracek, Matuszak, Polit, Wilks
NAYS:
None
ABSENT:
Hoefert, Korn, Zadel
Passed and approved this 6th day of April, 2010.
~~I:/I~
I~ana K. Wilks
Mayor
'~~~
M. Lisa Angell /
Village Clerk
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