HomeMy WebLinkAboutRes 22-02 04/16/200204/10/02
RESOLUTION NO. 22-02
A RESOLUTION IN SUPPORT OF ALBANY MOLECULAR RESEARCH INC.
MAKING APPLICATION FOR COOK COUNTY CLASS 6 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, vadous opportunities
exist for new businesses to become established in Mount Prospect, Cook County; and
WHEREAS, without the Cook County property tax incentives, Mount Prospect is at a
competitive disadvantage with the neighboring counties of Lake and DuPage in attracting
industrial development; and
WHEREAS, Albany Molecular Research, Inc., has requested the Village of Mount Prospect
to support their application for a Class 6 real property classification at 601 E. Kensington
Road; 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 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 of Albany Molecular Research, Inc.,
located at 601 E. Kensington Road, for a Class 6 Property Classification from Cook
County, which allows a 16% assessment level for the first 10 years, 23% in the 11th year
and 30% in the 12th year for the property legally described as follows:
Part of Lot 1 of Arner-Stone Subdivision of the North 644 feet of the West
450 feet of Section 35, Township 42 North, Range 11 East of the Third
Principal Meridian in Cook County, Illinois
and further identified by Permanent Index Number 03-35-200-019.
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 Subject Property.
lbany Molecular
P. 2/2
SECTION THREE: That development of the property is subject to compliance with all
requirements of the I-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: Corcoran, Hoefert, Lohrstorfer, Skowron, Wilks, Zadel
NAYS: None
ABSENT: None
PASSED and APPROVED this 16th day of Apdl, 2002.
ATTEST:
Velma/W. Lowe
Village Clerk
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Mayo'" ee~'al~ L. Farley/ ¢' / /~