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Mount Prospect board approves 6B tax incentive support, adopts 2024 budget amendments and confirms appointments
Summary
Trustees unanimously passed a resolution supporting a Cook County Class 6B tax incentive for AGL 500 West LLC at 500 W Algonquin Rd., adopted Budget Amendment No. 3 to close 2024 items including higher fire overtime, and confirmed two finance‑commission appointments.
At its Dec. 17 meeting, the Mount Prospect Village Board took several formal votes: it adopted a resolution supporting AGL 500 West LLC’s Cook County Class 6B tax incentive request for property at 500 W. Algonquin Road, confirmed appointments to the Finance Commission, and adopted an ordinance amending the 2024 budget (Budget Amendment No. 3).
Director of Community Development Shellcross described the 6B request as a tool that would reduce the property’s tax multiplier from about 25% down to 10% for a 10‑year period (gradually escalating back to 25%), contingent on the applicant securing zoning approvals within six months. Shellcross said the business employs just over 80 people and intends to invest more than $1 million to relocate operations.
Director of Finance Zakar presented Budget Amendment No. 3 totaling approximately $2.17 million in adjustments across funds. The largest single line item is increased fire‑department overtime (the department’s year‑end estimate rose to roughly $1.7 million, citing 11 workers’ compensation cases and overtime for an engine at Station 11). Other adjustments included TIF increment returns to Cook County per an IGA with School District 214 and the Park District, increased student impact fees, developer incentive payments, timing adjustments in the Water and Sewer Fund, a parking fund increase and a carryover/commitment for two pending American Rescue Plan purchase orders (a transit study and a needs assessment).
Trustees moved to waive the rules and adopt the ordinance; roll call votes for the 6B resolution and the budget ordinance were recorded and both measures passed. The board also approved two appointments to the Finance Commission (Sinan Camo and Mary Rath) earlier in the meeting.
The budget amendment was accompanied by staff explanations of funding offsets (TIF receipts and other revenue sources) and assurances that the 2025 budget would not be negatively affected by these 2024 adjustments.
