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File #: 20-3334    Version: 1 Name: Grayhawk 4, LLC 7C COMMERCIAL URBAN RELIEF ELIGIBILITY ("CURE") RENEWAL PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 7c) Renewal Status: Approved
File created: 7/16/2020 In control: Business and Economic Development Committee
On agenda: 7/30/2020 Final action: 9/24/2020
Title: PROPOSED RESOLUTION GRAYHAWK 4, LLC 7C COMMERCIAL URBAN RELIEF ELIGIBILITY ("CURE") RENEWAL PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7c renewal application containing the following information: Applicant: Grayhawk 4, LLC Address: 1501 Feehanville Drive, Mount Prospect, Illinois 60056 Municipality or Unincorporated Township: Village of Mount Prospect Cook County District: 9 Permanent Index Number: 03-35-200-063-0000 and 03-35-200-064-0000 Municipal Resolution Number: Village of Mount Prospect's Resolution No. 09-20 Use of property: Commercial use - ice skating rink with locker rooms; pizza caf? and pro shop. WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7c or Commercial Urban Relief Eligibility ("CURE") that provides an applicant a reduction in the assessment level for newly constructed or substantially rehabil...
Sponsors: TONI PRECKWINKLE (President), PETER N. SILVESTRI
title
PROPOSED RESOLUTION

GRAYHAWK 4, LLC 7C COMMERCIAL URBAN RELIEF ELIGIBILITY ("CURE") RENEWAL PROPERTY TAX INCENTIVE REQUEST

WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7c renewal application containing the following information:

Applicant: Grayhawk 4, LLC

Address: 1501 Feehanville Drive, Mount Prospect, Illinois 60056

Municipality or Unincorporated Township: Village of Mount Prospect

Cook County District: 9

Permanent Index Number: 03-35-200-063-0000 and 03-35-200-064-0000

Municipal Resolution Number: Village of Mount Prospect's Resolution No. 09-20

Use of property: Commercial use - ice skating rink with locker rooms; pizza caf? and pro shop.

WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7c or Commercial Urban Relief Eligibility ("CURE") that provides an applicant a reduction in the assessment level for newly constructed or substantially rehabilitated or abandoned commercial property; and

WHEREAS, the Cook County Classification System for a Class 7c (CURE) Assessment defines abandoned property as " property where the buildings and other structures, or portions thereof, have been vacant and unused for more than 12 continuous months and as established by rule of the Assessor.; and

WHEREAS, Class 7c incentives that are granted are renewable and are limited to one renewal that requires the validation of the County Board. The applicant may apply for a renewal on or after the third year of the Incentive, but before the expiration of the fifth year of the Incentive. The applicant must obtain the municipal enabling Ordinance and present such municipal Ordinance to the Board of Commissioners of Cook County as to whether it will validate the renewal; and

WHEREAS, the municipality has submitted a Resolution or Ordinance expressly stating its support and consent to the renewal of the Class 7c incentive; and

WHEREAS, the mu...

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