HomeMy WebLinkAboutRESOLUTION - 41-19 - 7/16/2019 - Class 7B Elk Grove Tech Park-Repealed on 5-24-22RESOLUTION NO. 41-19
**Repealed 5-24-22 Resolution 25-22**
A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 7B STATUS
PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION
ORDINANCE AS AMENDED JULY 27, 2018 FOR CERTAIN REAL ESTATE LOCATED
IN THE ELK GROVE TECHNOLOGY PARK, 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, the Petitioner has applied for or is applying for Class 7B property status
pursuant to said aforementioned ordinance for certain real estate located at the northwest corner
of the Elk Grove Technology Park in the Village of Elk Grove Village, Cook County, Illinois,
has proven to this Board that such incentive provided for in said ordinance is necessary for
development to occur on this specific real estate.
WHEREAS, The Subject Property is vacant and remains unimproved. The Applicant has
proposed constructing a new hotel branded by the Inter -Continental Hotel Group as avid. The
planned four story hotel will have approximately seventy nine to eighty five rooms at a
development cost of approximately $10 million.
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
the northwest corner of the Elk Grove Technology Park, Elk Grove Village, Cook County,
Illinois, declared eligible for Class 7B 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 7B Tax Incentive Ordinance is necessary for the said development to occur on the subject
property, legally described as follows:
LOT 2 IN THE FINAL PLAT OF ELK GROVE TECHNOLOGY PARK
RESUBDIVISION, BEING A SUBDIVISION OF THAT PART OF THE SOUTHWEST
QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE
THIRD PRINCIPAL MERIDIAN IN COOK COUNTY, ILLINOIS, ACCORDING TO
THE PLAT THEREOF RECORDED JUNE 19, 2018 AS DOCUMENT 91817016002 IN
THE OFFICE OF THE COOK COUNTY RECORDER OF DEEDS.
Section 2: That the Village of Elk Grove Village, Illinois hereby supports and consents to
the Class 7B Application and approves the classification of the subject property as Class 7B
property pursuant to the Cook County Real Property Classification Ordinance and the Class 7B
tax incentives shall apply to the designated property located at the northwest corner of the Elk
Grove Technology Park, specifically:
1. The area containing the Subject Property is within a redevelopment area as designated
by the Village of Elk Grove Village known as the Higgins Road Corridor Tax
Increment Financing District; and
2. The assessed value of the Subject Property and real estate taxes generated by the
Subject Property have remained stagnant and shows a decrease for the last six years;
and
3. With the Class 7B incentive, the project is both viable and likely to proceed on a
reasonably timely basis, thereby contributing to the economic enhancement of the
Subject Property and surrounding area; and
4. But for the 7B incentive, the Hotel Project would not go forward; and at the conclusion
of the twelve year Class 7B incentive period, the Hotel Project should be viable and
economically feasible for the foreseeable future; and
5. The Class 7B incentive is reasonably expected to ultimately result in a substantial
increase in real estate tax revenue and new employment opportunities on the Subject
Property.
Elk Grove Village is in receipt of an economic disclosure statement that is included with the
application packet.
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Section 3: That the Mayor and Village Clerk are hereby authorized to sign any necessary
documents to implement this Resolution including the Elk Grove Village Class 713 Property Tax
Incentive Terms and Agreement subject to the petitioner completing new construction of a new
hotel development, in substantial conformance with the Applicant completing the improvements
stated in their application.
Section 4: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES:5 NAYS:0 ABSENT:1
PASSED this 1611 day of July 2019.
APPROVED this 16" day of July 2019.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk