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HomeMy WebLinkAboutRESOLUTION - 58-21 - 10/26/2021 - Class 6B 1200 Chase AvenueRESOLUTION NO.58-21 A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 6B STATUS PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE AS AMENDED JULY 27, 2018 FOR CERTAIN REAL ESTATE LOCATED AT 1200 CHASE AVENUE, ELK GROVE VILLAGE, ILLINOIS WHEREAS, the Village of Elk Grove Village desires to promote the development of industry in the Village of Elk Grove; and WHEREAS, the Cook County Assessor is operating under an ordinance enacted by the Cook County Board of Commissioners, and amended from time to time, the most recent amendment becoming effective as of July 27, 2018, which has instituted a program to encourage industrial and commercial development in Cook County known as the Cook County Real Property Classification Ordinance; and WHEREAS, in the case of abandoned property, if the municipality or the Mayor and Board of Trustees, finds that special circumstances justify finding that the property is "abandoned" for purpose of Class 613, even though it has been vacant and unused for less than 24 months, that finding, along with the specification of the circumstances, shall be included in the resolution or ordinance supporting and consenting to the Class 6B application. Such resolution or ordinance shall be filed with the eligibility application. If the ordinance or resolution is that of a municipality, the approval of the Board of Commissioners of Cook County is required to validate such shortened period of qualifying abandonment, and a resolution to that effect shall be included with the Class 6B eligibility application filed with the Assessor; and WHEREAS, the Petitioner has applied for or is applying for Class 6B property status pursuant to said aforementioned ordinance for certain real estate located at 1200 Chase Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Numbers 08- 27-402-061-0000, and has proven to this Board that such incentive provided for in said ordinance is necessary for development to occur on this specific real estate. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois: Section 1: That the request of the Petitioner to have certain real estate located at 1200 Chase Avenue, Elk Grove Village, Cook County, Illinois, identified by Property Index Numbers 08-27-402-061-0000, declared eligible for Class 6B special circumstances status pursuant to the Cook County Real Property Classification Ordinance as amended July 27, 2018, is hereby granted in that this Board and the Village of Elk Grove Village, Illinois, has determined that the incentive provided by the said Class 6B Tax Incentive Ordinance is necessary for the said development to occur on the subject property, legally described as follows: LOT 2 IN FLORIDA TITLE RESUBDIVISION OF LOT 234 IN CENTEX INDUSTRIAL PARK UNIT 124, BEING A SUBDIVISION IN SECTION 27, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. Section 2: That the Special Circumstances as outlined by the petitioner are attached hereto as Exhibit "A" and made a part thereof. Section 3: That the Village of Elk Grove Village, Illinois hereby supports and consents to the Class 613 Application and approves the classification of the subject property as Class 613 property pursuant to the Cook County Real Property Classification Ordinance and the Class 613 tax incentives shall apply to the property identified as Permanent Real Estate Index Numbers 08- 27-402-061-0000. Elk Grove Village is in receipt of an economic disclosure statement that is required with the application packet. Section 4: That the Mayor and Village Clerk are hereby authorized to sign any necessary documents to implement this Resolution subject to the petitioner completing the following conditions within twelve months of closing: a. Update the landscaping; b. Update and improve the fagade with metal panels and paint; c. Refurbish the existing monument sign; d. Replace the concrete drive apron per Village standard; e. Add new energy efficient exterior lighting; f. Repair, seal coat and stripe existing parking lot; g. Clean out rear drainage ditch and east side drainage ditch and replace with sod; h. Provide energy dissipation feature in detention basin on west side of property; and i. Add new interior energy efficient lighting, repair and replace HVAC. Section 5: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTE: AYES: 6 NAYS: 0 ABSENT: 0 PASSED this 261h day of October 2021. APPROVED this 26th day of October 2021. ATTEST: Loretta M. Murphy, Village Clerk I cC4"h. i 2'0F)Chasc APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village 2 EXHIBIT "A" ARNOFF B ACCASH Special circumstances requested by VK 1200 Chase, LLC 1200 Chase Ave., Elk Grove Village, [Ilinois (PINs: 08-27402-061-0000) VK 1200 Chase, LLC ("Applicant') is requesting a Resolution supporting and consenting to a Class 6b Incentive on the above -referenced property based on occupation of an abandoned property that has been vacant for less than 24 continuous months with a purchase for value, special circumstances and substantial rehabilitation. The Applicant plans on purchasing the subject property and rehabilitating the same to lease to a warehousing, manufacturing and/or distribution user. The subject property consists of an approximately 91,171 square foot site with a roughly 38,989 square foot building that has been 100% vacant and unused since September, 2021. The property is in need of substantial rehabilitation. Therefore, the Applicant plans to spend approximately $250,000 to $300,000 to immediately rehabilitate and improve the subject property. Based on initial inspections these improvements will be to update the landscaping, update/improve the fagade, update the existing monument sign, replace the concrete drive apron per Elk Grove Village standards, add new energy efficient exterior lighting, repair and seal coat and stripe the parking lot and drive as necessary, clear out any brush from the rear ditch, provide energy dissipation on the west side of the property, add new interior energy efficient lighting, repair and replace the EIVAC and to complete interior upgrades as well as to complete other general maintenance. Please note that all of the rehabilitation costs could significantly vary depending on a variety of factors such as market variances. Further inspections of the subject property may require additional improvements. The rehabilitation will create approximately 30 to 35 construction jobs. The Applicant will be marketing the subject property to industrial users and has a strong history of purchasing properties in Elk Grove Village and filling them with industrial users. Additionally, the Applicant expects that an industrial user at the subject property will bring anywhere from 25 to 50 jobs to the same. Elk Grove Village can also expect that an industrial user at the subject property and its employees will invest commercially back into the community by visiting local establishments such as restaurants, gas stations, grocery stores and more. In addition, Elk Grove Village can expect that an industrial user at the subject property will attract business and various customers to the Village in the course of its operations. Based on our research and the additional costs that must be incurred to improve and rehabilitate the building for this to be a successful endeavor, the Applicant must possess a Class 6b Incentive to complete the improvements and to successfully operate the property. It is for these reasons that it is necessary to grant the Applicant a Resolution supporting and consenting to a Class 6b Incentive for the subject property based on occupation of an abandoned property that has been vacant for less than 24 continuous months with a purchase for value, special circumstances and substantial rehabilitation.