Title
Resolution approving and executing a Real Estate Property Tax Abatement Agreement with Akhan Semiconductor, Inc.
Staff Summary
* Akhan Semiconductor, Inc. is a global leader in diamond semiconductor technology with applications in the microelectronics industry.
* Akhan Semiconductor, Inc. expressed interest in relocating its development and production center to Gurnee, Illinois.
* The Village of Gurnee approached Lake County, along with several other local governments, to partner in a property tax agreement to have Akhan Semiconductor, Inc. relocate its operations to Gurnee, Illinois.
* Lake County has the authority to abate real estate property taxes pursuant to Section 200/18-165 of the Illinois Property Tax Code, as amended (35 ILCS 200/18-165).
* The aggregate amount of the taxes abated to Akhan Semiconductor, Inc. by Lake County will not exceed $30,000 over five years.
* Lake County believes that it is in the best interest of its residents and taxpayers to attract new and diverse commercial and industrial businesses within the County in order to stimulate growth, encourage business expansion, and increase the assessed valuation within the County.
* Akhan Semiconductor, Inc. will be located at 1020 Lakeside Drive, Gurnee, Illinois.
Body
RESOLUTION
WHEREAS, Akhan Semiconductor, Inc. (Akhan) intends to develop a technology development and production center and related improvements (Facility) in the Village of Gurnee, Illinois; and
WHEREAS, Lake County, Illinois (Lake County) believes that it is in the best interest of its residents and taxpayers to attract new and diverse commercial and industrial businesses within the County in order to stimulate growth, encourage business expansion, and increase the assessed valuation within the County; and
WHEREAS, Lake County has the authority to abate real estate property taxes pursuant to Section 200/18-165 of the Illinois Property Tax Code, as amended (35 ILCS 200/18-165); and
WHEREAS,...
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