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HomeMy WebLinkAboutRESOLUTION - 56-24 - 9/10/2024 - 2400 DEVON AVENUE, CLASS 6BRESOLUTION NO. 56-24 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 2400 EAST DEVON 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, the Petitioner has applied for or is applying for Class 613 property status pursuant to said aforementioned ordinance for certain real estate located at 2400 E. Devon Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-35-404-065-0000, 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 2400 E. Devon Avenue, Elk Grove Village, Cook County, Illinois, and identified by Property Index Number 08-35-404-065-0000, declared eligible for Class 613 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 133 (EXCEPT THE WEST 20 FEET THEREOF) AND ALL OF LOTS 134, 135, 136, 137, AND THE WEST 20 FEET OF LOT 138 IN CENTEX INDUSTRIAL PARK NUMBER 1 I BEING A SUBDIVISION IN SECTION 35, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED AS DOCUMENT NO 18782018 IN COOK COUNTY, ILLINOIS. Section 2: 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 6B 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 Number 08- 35-404-065-0000. Elk Grove Village is in receipt of an economic disclosure statement that is included with the application packet. Section 3: 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. New fagade and exterior lighting; b. Updated landscaping along with clean out the rear drainage ditch; C. Repair of parking lot, and add new storm drains; d. New ADA accessible walkways to the front entryways; e. New concrete dock drive and aprons. Section 4: 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 101h day of September 2024 APPROVED this 101h day of September 2024 ATTEST: Loretta M. Murphy, Village Clerk 2 APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village Zeidman & Carpenter PLLC T:312-893-6440 Zeidman&Carpenter PLLC Jade4711 G Golf Suite 1125 4711 Golf Rd., Suite 1125 ZC A MODERN APPROACH TO TODAY'S LEGAL NEEDS Skokie, Illinois 60076 www.zeidmancarpenter.com August 28, 2024 Sue Dees Director of Business Development & Marketina Village of Elk Grove Via Email: sdees@elkgrove.org Re: Letter of Transmittal Class 6b Incentive Resolution Request Hanover Displays Inc. 2400 East Devon Ave., Elk Grove Village, IL 60007 PIN:08-35-404-065-0000 Ms. Dees, Hanover Displays Inc. ("Applicant") is requesting a Resolution supporting and consenting to a Class 6B Incentive on the above -referenced property based on re -occupation of the property which has been vacant since May 19, 2023, and substantial rehabilitation. The Applicant purchased the vacant property in December of 2023 and will both own and occupy the property after rehabilitation. Applicant is a local manufacturing business that started in 2009, building Passenger Information Systems for both public and private transit markets. Applicant has called Elk Grove Village home since 2009, first at 358 Lively Blvd., then at 1601 Tonne Rd. (current location), and now 2400 E. Devon Ave. Applicant has grown over the years and is on a path to continue that trend. With 6b approval, Applicant will have the opportunity to invest further into the new building, their workforce and the community. The subject property consists of a 55,000 square foot building that has been 100% vacant and unused since May 2023. The property is in need of substantial rehabilitation. Therefore, with 6b approval, the Applicant plans to spend approximately $971,061.00 to rehabilitate and improve the subject property, exterior only. This will include the removal and replacement of existing concrete aprons, the removal and replacement of landscaping, the removal and replacement of a parking lot, and power washing and painting of the exterior along with new installations. But for the 6b incentive, Applicant would not be able to make such an investment to improve the property and build their business at this location. Applicant's first manufacturing location in 2009 was at 358 Lively, a leased facility, and started with a work force of one employee. At the time, Applicant subcontracted their electronic assemblies from local businesses, and finished the final assembly at their facility. From 2009 to 2013 Applicant grew from one employee to fourteen employees and leased two additional units in the same building. Near the end of 2013 Applicant made the decision to bring all electronic manufacturing equipment in house. This decision required Applicant to purchase 1601 Tonne and refurbish it to meet Applicant's requirements. Since their move to 1601 Tonne, Applicant has increased from fourteen employees to fifty-six employees. Applicant expects to add at least 23 new full-time employment positions over the next 5 years at this new location, if they receive the 6b incentive. Elk Grove Village can also expect that with a manufacturing business at the Attorney at Law • 4711 Golf Rd., Suite 1125, Skokie, IL 60076 • Tel: 312-809-8443 • Fax: 312-757-5318 subject property, its customers and employees will invest commercially back into the community by visiting local establishments. As the above indicates, there are multiple benefits Elk Grove Village will receive should the Applicant be granted the Class 6b Incentive. Therefore, please review this letter and the following attached materials, and place the Applicant on the Agenda for the next regularly scheduled Elk Grove Village Board meeting. 1. Petition Form for Class 6B 2. Legal Description of the subject property 3. Affidavit attesting to vacancy 4. Eligibility Checklist 5. Cook County Disclosure of Ownership Interest Statement 6. Job Creation Data 7. Project cost and proposed improvements, including landscaping and renderings 8. Current Color Photographs of the building and property 9. Prior Five years of tax history 10. Estimated taxes with and without 6b Incentive /property tax analysis 11. Letter from Applicant on Company Letterhead 12. $1,000 filing fee (provided separately) If you have any questions or concerns, please feel free to contact my office. Thank you for your cooperation in this matter, I appreciate your time. The preferred method of communication and delivery of correspondence is facsimile or email: jadec@zeidmancarpenter.com Sincerely, �/Iade 1--(---nax-x�rat�� Jade Carpenter Zeidman & Carpenter PLLC Attorney at Law Enclosures Petition Form for Class 6B Program For Office Use Only Address of Subject Property: Signed Affidavit Dated: To the Applicant: Anyone who intends to submit a request for a Cook County Class 6B Property Tax Abatement within the corporate limits of the Village of Elk Grove Village must first complete this petition in all its entirety. The contents of this petition are as follows: Petition Detailed Letter of Transmittal Property Tax Analysis Eligibility Checklist $1,000 Filing Fee Please read the entire form and complete every section as thoroughly as possible. If you have any questions, please call Sue Dees, Director of Business Development & Marketing, at 847-357-4005. i PETITION FOR COOK COUNTY CLASS 611 VILLAGE OF ELK GROVE VILLAGE We, the undersigned, being owners of record of the following described real estate, do hereby request that the following business and legally described real estate be granted a Cook County Class 6B Property Tax Abatement: Business: HANOVER DISPLAYS, INC. Address: 2400 East Devon Ave.. Elk Grove Village. IL 60007 Permanent Real Estate Tax Index No. 08-35-404-065 Assessed Valuation 20 21 696,000 (last 3 years) 20 22 885,221 20 23 885,221 a Attach Legal Description of Property Owners of Record: HANOVER DISPLAYS, INC. Print Name: Brent Andemon, VP of Opertations 1601 Tonne Road, Elk Grove Village, IL 60007 (Address City, State) Phone: 773-334-9934 Email: bandcrurn ulhanovcrdiW1ays corn Fax: Business Applicant's Name: HANOVER DISPLAYS, 1 Print Name: Brent Anderson, VP ofOpertations HANOVER DISPLAYS, INC. Business/Corporation Name 1601 Tonne Road, Elk Grove Village, IL 60007 (Address City, State) Phone: 773-334-9934 Fax: Email: handcrson�Ohanoverdisplayscom EXHIBIT A Legal Description of Property LOT 133 (EXCEPT THE WEST 20 FEET THEREOF) AND ALL OF LOTS 134, 135, 136, 137, AND THE WEST 20 FEET OF LOT 138 IN CENTEX INDUSTRIAL PARK NUMBER 11 BEING A SUBDIVISION IN SECTION 35, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED AS DOCUMENT NO. 18782018 IN COOK COUNTY, ILLINOIS. I STATE OF h © ) ) SS COUNTY OF r Q ' ) AFFIDAVIT The undersigned, Avient Corporation, an Ohio corporation ("Company"), being first duly sworn, on oath, state and depose: 1. Company is the current owner of the property located at 2400 E. Devon Ave., Elk Grove Village, IL 60007 ("Property"). The Property was `'vacated" on or about May 19, 2023, which, for purposes of this affidavit, means the last day Company conducted ordinary business operations at the Property. 3. The undersigned has personal knowledge of the facts contained in this Affidavit and that the same are true in substance and fact. 4. Affiance further states: Naught. Subscribed and sworn to before me this a4P day of _I&,WA4, , 2021 Notaryu lic ,yun rrnrr„ Kimberly DeLeva Notary Public, State of Ohio My Commission Expires: 10/20/2026 AVIENT CORPORATION, an Ohio corporation By:_ Name: Its: sv? G`p'C V/� �f S Z Oti ,cfr. Disclosure of Ownership 1. When submitting documentation required for the Cook County Class 6B Property Tax Abatement Program, the applicant is required to submit all required and supporting documentation for the application. The applicant is REQUIRED to submit the following information: I A Letter of Transmittal detailing the existing and intended use of the property, reason for Class 613, property alterations, pertinent business operational information, or any information of note that nNay be beneficial for staff and the Village Board. M Completion of the Class 6B Eligibility Checklist for the property in question. I Completion of the property tax analysis spreadsheet. ji Current property photographs and renderings of property/building modifications, if applicable. ❑ Proposed Site Plan, if applicable. If property is: ❑ Owned by the individual(s); Title Tract Search, or One copy of the latest recorded deed with affidavit ❑ Administered by a trust; One certified copy of the trust agreement, trust deed and a list of beneficiaries * Has the property been, or is now, the subject of any other action by the Village? None. If YES, give details on a separate sheet of paper. ���pOVE V//� c�, a.. .' VILLAGE OF ELK GROVE VILLAGE, ILLINOIS Petition for Cook County Class 613 Property Tax Abatement The Village of Elk Grove prides itself on being a business friendly community. As such, the Village supports the use of the Cook County Class 6B Tax Abatement in cases where it is established that a tax disparity exists and is detrimental to tenancy and where the project presents a clear benefit to the community. The Village reserves the right to review applications and render its approval or disapproval based on the information provided. Adhering to all Village codes and ordinances with respect to building and landscaping alterations is required. Furthermore, proposed building and landscaping construction must follow the design guidelines promulgated in the Industrial and Commercial Revitalization Master Plan Update for 2011. Proposed enhancements should be in accordance with the attached Industrial Design Guidelines Packet. The purpose of the Cook County Class 6B Property Tax Abatement Program is to stimulate the re - occupancy of vacated industrial buildings through a reduction in property taxes. Property approved for Class 6B status allows the owner of the property to have the assessment level lowered for a period of twelve years. Under the program the assessment schedule is 10% of fair market value for ten years then 15% in the eleventh year and 20% in the twelfth year. Industrial property is regularly assessed at 25% of fair market value in Cook County. I - INITIATION: The following procedures are necessary for a completed petition for Cook County Class 613 Property Tax Abatement consideration: A. Documents required: 1. Petition (attached) completed in full 2. Detailed Letter of Transmittal demostraing need for the incentive "But For Clause." I Completion of Class 613 Eligibility Checklist 5. Legal description of the property. 6. Photographs, both aerial and land based, of the area for which the property tax exemption is requested 7. Detailed rehabilitation plans with color elevations and site plan 8. Detailed rehabilitation budget showing itemized total cost 9. Detailed landscaping plan and signage plan with color elevcations 10. For new construction, detailed colored elevations and an architectural site plan B. Fees: Submit a check made payable to the Village of Elk Grove Village to meet the following: 1. $1,000.00 filing fee. Documents and fees are to be submitted to the Village Manager's Office, Attn: Director of Marketing & Business Development, 901 Wellington, Elk Grove Village, Illinois 60007. II - REVIEW AND PROCESSING Upon receipt of the petition for Cook County Class 6B Property Tax Abatement and fee, the Director of Business Development & Marketing will: A. Examine the request for compliance with the above requirements for information, documents and fees. Incomplete inquiries will be returned to the petitioner or applicant for their action. Step "B" will be taken when all petition requirements have been fulfilled. B. Distribute petition and required documents for departmental review and comment by Village Manager's Office, Community Development, Public Works, and Finance. Departments will submit written comments to Director of Business Development & Marketing. C. Department comments will be communicated to applicant for correction. D. When your application is determined to be complete by staff, the petition will be presented to the Mayor & Board of Trustees at the next regularly scheduled Village Board Meeting for consideration. E. Fully completed petitions will be reviewed by the Mayor & Board of Trustees to ensure that the project has a clear and demonstrated benefit to the community. If the project is deemed to have merit and the Applicant has demonstrated that the project could not occur without the assistance provided by the Cook County Class 6B Property Tax Abatement, then the Mayor & Board of Trustees will provide the applicant with a Letter of Receipt from the Village. This letter may be used to inform the Cook County Assessor's Office that Elk Grove Village is in receipt of the Applicant's request for a Cook County Class 6B Property Tax Abatement. The Letter of Receipt is not a guarantee of approval and the Applicant can move ahead with their project at their own risk. F. The Village will maintain contact with the applicant to ensure that the stated obligations have been met. G. Once the stated obligations have been met, Village staff will present a Resolution of Support to the Mayor & Board of Trustees at a regularly scheduled Village Board Meeting for consideration. III -FINAL ACTION Upon their review, the Mayor and Board of Trustees at a Village Board Meeting will: A. Deny the request B. Approve the request with or without modification C. Adopt appropriate resolution If approved, the Applicant will receive a certified copy of the Village's Resolution in support of the Cook County Class 6B Property Tax Abatement. NOTE: While the Village will do its best to expedite the review and approval process, applicants should allow at least 30 days for review by staff and consideration by the Mayor & Board of Trustees. Furthermore, additional time may be needed depending on the complexity of the development. ,,OVEYI 'O f VILLAGE OF ELK GROVE VILLAGE, ILLINOIS Petition for Cook County Class 611 Property Tax Abatement Eligibility Checklist In order to be considered for the Cook County Class 613 Property Tax Abatement, the Eligibility Checklist must be completed. The initial application must score 16 out of 16 points. Each item will receive 1 point for Yes and 0 points for No. Packet Item Yes No Letter of Transmittal I Name of the Applying Company Hanover Displays INC. K IL WOO Current and Proposed Location/Addres"s o die % scan CO`e aye' 1 Proposed Use of the POW , anu acturtng and Assembly as rty (same use at onne) 1 Proof of Vacancy See attached affidavit I Job Creation and Retention Data(excluding one-time construction ohs c e 1 Total Project Cost of Proposed Improvements (exclude land purchitactieci1 Proposed Detailed Construction Budget of Proposed Im rovement ee attar e 1 Proposed Landscape Budget and Plan see attached 1 Total Square Footage of the Building 55,000 ftz 1 Current Color Photographs of the Building see attached 1 Prior Five Years of Tax History see attached 1 Breakdown of Taxes Paid Occupied With 613 v. Occupied Withou fttac w 1 Tax PIN see auaened 1 Legal Description Scc attaened 1 Letter from Applicant Explaining the Need for the Tax Abatement on Company Letterhead see auacncd 1 Application Fee of $1,000 1 Total Points 16 Below is a list of recommended items to be included in your Letter of Transmittal as part of the submission: • Nature of the proposed operation. • Documentation detailing how long the building has been vacant. • Owner occupied or leased. • Justification explaining the need for the property tax abatement. • Note if retail sales will take place at the proposed location. • Proposed number of employees, which should include full-time and part-time, as well as any potential growth and time -frame for filling new positions. • Detailed breakdown of what needs to be done to the property to make it suitable for the proposed operation. • How the proposed improvements conform with the Village's Industrial/Commercial Revitalization Master Plan. • How the proposed improvements will increase the valuation of the property. • How the neighboring businesses will benefit from the proposed improvements. b INI 1„� /1 fe Elk Grove Village Class 6B Property Tax Terms and Agreement 2400 East Devon Ave., Elk Grove Village, IL 60007 The APPLICANT shall perform the WORK upon the SUBJECT PROPERTY located at in accordance with the PLANS and in full compliance with all applicable codes, ordinances, rules, regulations, permits, and plans as outlined in Attachment A, imposed by the VILLAGE, and shall complete the WORK in a good and workmanlike manner or risk voiding this agreement. The WORK shall include all building and landscaping alterations as proposed by the APPLICANT in exchange for the VILLAGE'S approval of a Cook County Class 6B Property Tax Abatement. The APPLICANT, will be issued a Letter of Receipt upon submission of a completed Elk Grove Village Class 6B Application Packet. This letter may be used to inform the Cook County Assessor's Office that the Village of Elk Grove is in receipt of the Applicant's request for a Cook County Class 6B Property Tax Abatement. The Letter of Receipt is not a guarantee of final approval and the Applicant may move ahead with their project at their own risk. The Letter of Receipt will serve as official notice that the APPLICANT is eligible for the incentive; however, final approval is not complete until there is an official Resolution passed by the Village. The Resolution will not be executed until such time all proposed work is complete. The APPLICANT has 365 days from the execution of this Agreement to complete all proposed alterations and submit a full accounting of costs. If costs are not consistent with promises made in the original application, the APPLICANT may not be granted a final resolution of 6B approval. This AGREEMENT sets forth all the promises, inducements, agreements, conditions and undertaking between the APPLICANT and the VILLAGE relative to the subject matter thereof, and there are no promises, agreements, conditions or understandings, either oral or written, expressed or implied, between them, other than as set forth herein. No subsequent alteration, amendment, change or addition to this AGREEMENT shall be binding upon the PARTIEorized in accordance with the law and reduced in writing and signed by them. 1 In WITNI,BS WHEREOF, tl}e'parties hereto have executed this Agreement as set forth below: Village ofElk'Grove Viling 901 WeIlingtp n Aven"u4---' Elk Grove Village, IL 60M Signed: Name: Craig B. Johnson Title: Mayor Date: Attest:. �R 6t-f,� Lome Murphy, Village Clerk 61 Hanover Displays Inc. 2400 E. Devon Ave. Elk Grove Village, IL 69007-- Signed: Name: Brent Aa on Title: VP of Operat Date: 8/27/24 Elk Grove Village Class 613 Property Tax Terms and Agreement Terms & Conditions Attachment A The WORK must be completed in accordance with the application packet submitted. Any alteration of the proposed work requires Village approval. Please note all improvements must conform to the Village codes and ordinances. At the time of plan review and permitting, the Village reserves the right to alter the applicant's plan to ensure conformity. The 6b will not be granted until all improvements are completed to the satisfaction of the Village. The APPLICANT shall perform the WORK upon the SUBJECT PROPERTY as outlined below and shown in the 6b Application Packet... Exterior only Removal and replacement of existing concrete aprons Removal and replacement of landscaping Removal and replacement of a parking lot Power washing and painting of the exterior along with new installations, including Hanover signs 1. There is a large piece of equipment on the east side of the building. If it is not currently being utilized by the building, it needs to be removed and the facade restored. a. If it is a functional piece of equipment utilized by the building it can remain, but would be required to have screening installed on the south side of the equipment (landscaping or black 6' fence with screening inserts). 2. Any overhead doors or man -doors that are in disrepair, are rusted, or are not function are required to be restored to like -new condition or replaced. 3. Remove and replace on -street loading dock and apron per EGV detail and specifications. 4. Remove and replace the parking lot driveway apron per EGV detail and specifications. 5. The parking lot is need of a minimum of 2" asphalt surface mill and resurfacing. Some full depth pavement patches will be required in addition to the proposed mill and resurface. a. The parking lot shall be restriped in accordance with previously permitted striping plan. See the Off Street Parking Chart detail. b. 110 parking spaces requires 5 ADA stalls. ADA stalls shall be located closest to the building's accessible entrance.Stripe ADA stalls and install signage in accordance with the ADA Parking Sign and ADA Parking Stall details. c. Curb and gutter is required around parking lot expansion and for all parking lot islands. d. The parking lot stormwater restrictor is not in place. A 4" plate restrictor shall be installed in the existing catch basin as shown in previously permitted Stormwater Plans. See the attached storm restrictor plate detail. e. Existing stormwater detention is provided per Metropolitan Water Reclamation District of Greater Chicago (MWRD) permit number 77-067. Additional stormwater management including detention and volume control will be required for the parking lot expansion. An MWRD permit will be required. 6. The man door at the southwest corner of the building needs to exit to hard surface. A concrete sidewalk a minimum of 48" wide is required from the man door to the parking lot. 7. The concrete sidewalk around the north side of the building has multiple sections that are cracked, missing sections, broken and in need of replacement. 8. The concrete pads for outdoor equipment are in disrepair and in need or replacement or remove and restore to grass. 9. The drainage ditch along the northern property line shall be cleared of all invasive species, trees, shrubs, and any debris and restored with IDOT Type 4/4A seed and erosion control blanket. 10. Landscaping and facade should be updated. I CONTRACT* 2308-02061A COOK COUNTY DISCLOSURE OF OWNERSHIP INTEREST STATEMENT The Cook County Code of Ordinances (§2-610 et seq.) requires that any Applicant for any County Action must disclose information concerning ownership interests in the Applicant. This Disclosure of Ownership Interest Statement must be completed with all information current as of the date this Statement is signed. Furthermore this Statement must be kept current, by fling an amended Statement, until such time as the County Board or County Agency shall take action on the application. The information contained in this Statement will be maintained in a database and made available for public viewing. County reserves the right to request additional information to verify veracity of information contained in this $tatement If you are asked to list names, but there are no applicable names to list, you must state NONE. An incomplete Statement will be returned and any action regarding this contract will be delayed. A failure to fully comply with the ordinance may result in the action taken by the County Board or County Agency being voided. "Applicant' means any Entity or person making an application to the County for any County Action. "County Action" means any action by a County Agency, a County Department, or the County Board regarding an ordinance or ordinance amendment, a County Board approval, or other County agency approval, with respect to contracts, leases, or sale or purchase of real estate. "Person" "Entity" or "Legal Entity" means a sole proprietorship, corporation, partnership, association, business trust, estate, two or more persons having a joint or common interest, trustee of a land trust, other commercial or legal entity or any beneficiary or beneficiaries thereof. This Disclosure of Ownership Interest Statement must be submitted by 1. An Applicant for County Action and 2. A Person that holds stock or a beneficial interest in the Applicant and is listed on the Applicant's Statement (a "Holder") must file a Statement and complete #1 only under Ownership Interest Declaration. Please print or type responses clearly and legibly. Add additional pages if needed, being careful to identify each portion of the form to which each additional page refers. This Statement is being made by the Applicant or IF-]] Stock/Beneficial Interest Holder This Statement is an: [�► Original Statement or [❑1 Amended Statement Identifying Information: Name Hanover Displays Inc. D/B/A Street Address 1601 Tonne Rd city: Elk Grove Village Phone No. 773-334-9934 Cook County Business Registration Number: (Sole Proprietor, Joint Venture Partnership) Corporate File Number (if applicable): Form of Legal Entity: Sale Proprietor Partnership Business Trust 0 Estate Other (describe) EDS-6 FEIN # Only: 20-2791 577 State: IL Zip Code: 60007 Number: Text Email:banderson@hanoverdisplays.com Q✓ Corporation Association ❑ Trustee of Land Trust ❑ Joint Venture CONTRACT #: 2308-02061A Ownership Interest Declaration: List the name(s), address, and percent ownership of each Person having a legal or beneficial interest (including ownership) of more than five percent (5%) in the Applicant/Holder. Name Address Percentage Interest in Applicant/Holder Gavin Williams 100% Southerham House, Southerham Lane, Lewes, East Sussex, BN8 6JN England 2. If the interest of any Person listed in (1) above is held as an agent or agents, or a nominee or nominees, list the name and address of the principal on whose behalf the interest is held. Name of Agent/Nominee Name of Principal Principal's Address 3. Is the Applicant constructively controlled by another person or Legal Entity? [ ❑ ] Yes [ a ] No If yes, state the name, address and percentage of beneficial interest of such person, and the relationship under which such control is being or may be exercised. Name Address Percentage of Relationship Beneficial Interest Corporate Officers, Members and Partners Information: For all corporations, list the names, addresses, and terms for all corporate officers. For all limited liability companies, list the names, addresses for all members. For all partnerships and joint ventures, list the names, addresses, for each partner or joint venture. Name Address Title (specify title of Term of Office Office, or whether manager or partner/joint venture) Gavin Williams - Southerham House, Southerham Lane, Lewes, East Sussex, BN8 6JN England - President - Permanent Steve Colquhoun - Southerham House, Southerham Lane, Lewes, East Sussex, BN8 6JN England - Treasurer- Permanent Brent Anderson - 1601 Tonne Road, Elk Grove Villace, IL 60007, USA - Secretary - Permanent Declaration (check the applicable box): Q I state under oath that the Applicant has withheld no disclosure as to ownership interest in the Applicant nor reserved any information, data or plan as to the intended use or purpose for which the Applicant seeks County Board or other County Agency action. Q✓ 1 state under oath that the Holder has withheld no disclosure as to ownership interest nor reserved any information required to be disclosed. EDS-7 CONTRACT #: 2308-02061A COOK COUNTY DISCLOSURE OF OWNERSHIP INTEREST STATEMENT SIGNATURE PAGE Brent Anderson Name of Authon nUH epresentative (please print or type) Signature bander. overdisplays.com E-mail address Subscribed to and sworn before me this %qh—. day of August, 2024. otary Vic Signature EDS-8 VP of Operations Title Ski 2L Date 773-334-9934 Phone Number My commission expires: Offina, Sea. MARGARET LYN ALLISON Notary Seal =or m'ssion No. 985344 'x +irm ,January 11. 2028 . "- .. . -.0 .0 - � OAfciai Seal MARGARET LYN ALLISON Notary Public, State of Illinois Commission No, 985344 My Commission Expires January 11. 2028 Job Creation Data Current iobs at the time of application at the proiect site: Executive Management $145,000.00 2 1 Management $76,000.00 11 12 Technicians $65,000.00 2 2 Ad m i nistrative Support $52,000.00 10 9 1 Operatives $40,000.00 35 31 2 2 60 55 3 2 New Full-time Positions expected over next 5 years: Executive Management $145,000.00 1 $145,000.00 Management $76,000.00 2 $152,000.00 Technicians $65,000.00 1 $65,000.00 Ad m i ni st rat i ve Su pport $ 52,000.00 4 $208,000.00 Operatives $40,000.00 15 $600,000.00 23 $1,170,000.00 arm, RM-111ITM, Axi-Im. T-l"MiAlTzallirtTim STAFF IN ELK GROVE 60 50 40 30 20 10 Project Costs and Proposed Improvements LANDMARK Proposed to: Hanover Displays, Inc. Brent Anderson 1601 Tonne Rd Elk Grove Village, IL 60007 Date: August 2, 2024 Location: 2400 Devon Ave. Elk Grove Village, IL 60007 Proposal and Acceptance RE: Construction 6B renovation project I. SCOPE OF WORK: The scope of work is to furnish and install Construction Services to perform exterior renovation project to include elevation renovation, concrete apron renewal, painting, landscaping, parking lot and removal of mechanical unit for Hanover Displays. ("Owner"). The Contractor shall furnish all the materials as defined below and perform all of the work as it pertains to work on the property located at: 2400 Devon Ave in Elk Grove Village, Illinois. 1.1 Landmark Design & Development Services shall be employed as the General Contractor and shall provide and furnish all labor, materials as defined below, tools, supplies, equipment, services, facilities, supervision, and administration necessary for the proper and complete performance and acceptance of the following portions of the work, hereinafter "the Contract Work", for the Project: 1.2 Scope, Conditions, and List of Work to be performed as Contract Work, Scope: Removal of existing on street concrete apron from overhead doors to main road Devon Ave o Replace concrete apron and SOG and replace with 8" think concrete slab w/ 6"x6" W2.9xW2.9 WWF reinforcement on 4" compacted granular fill o Remove and replace the parking lot driveway apron per EGV detail and specifications. o Note that a permit will be required from the Cook County Department of Transportation and Highways (CCCDOTH) for work within the Devon Avenue right-of-way. o Removal of abandoned concrete silo pads at north end, sidewalks as shown. Installation of new sidewalks and connections to Devon Ave sidewalk to allow access on all perimeter sides of building, includes walk off pads where existing have sunken or do not exist but are required by code Removal of existing landscaping out in front of south side of building plus two diseased trees at rear NW corner of lot o Installation of new landscape as per print o Add boundary landscaping along Devon Avenue. For every 40 feet of frontage, provide at least one (1) deciduous tree and eight (8) shrubs. o The rear drainage ditch shall be cleared of all debris and any invasive vegetation. Side slopes shall be restored to grass. Removal of existing asphalt parking lot by milling down existing o Install parking lot for 110 cars — 5 to be ADA, Stalls to be in accordance with Village off street parking requirements o Curb and gutter will be required around parking lot expansion and for all parking lot islands. o Full -depth pavement patches will be required in addition to the proposed mill and resurface. o Parking lot design will be reviewed under permitting process, separate permit to be pulled at same time as 613 requirements. o Existing stormwater detention is provided per Metropolitan Water Reclamation District of Greater Chicago (MWRD) permit number 77-067. Additional stormwater management, including detention and Hanover Displays 6B Renovation Elk Grove Village, IL I August 2, 2024 Page 2 volume control, will be required for the parking lot expansion. An MWRD permit will be required.\ o Upon execution of this agreement applications and permits shall be submitted, expected long lead times on permitting for MWRD permits o Existing concrete ramp and railings to remain — West elevation. Existing railings to be scraped, primed, repaired as necessary o Existing awing to be removed and replaced with new as per 6B submitted drawings Entire exterior precast warehouse to be power washed and painted, new coping to be installed to match zoning package color scheme o Overhead doors to be scraped, primed and painted (south and one overhead door to North) o Office front to receive in paint scheme as per 6B submittals o Office front to receive metal ACM panels, steel beams, steel framing, sheathing, flashing, copings and decorative ACM elements as per 6B submittals — ACM panels to match approved 6B submittals o New storefront glass, e-glass, tempered as per code, front storefront doors — double, tinting optional, anodized aluminum — black o All warehouse man service doors that are damaged or rusted shall be replaced like and kind, primed and painted • Hanover signs listed and shown on elevations will require a separate sign permit, under the sign design scope of work a budget shall be prepared under separate agreement due to many unknowns for cost estimating. General Conditions: • Permit cost not included in contract price. • Landmark Design & Development Services is to provide receipts for reimbursement. • Unforeseen utilities repairs, alterations, not in contract. o The proposed price is contingent on the existing base structure is adequate to support the scope of work. Landmark Design & Development Services, Inc. shall not be liable for failure due to poor sub- base structure or other unforeseen circumstances. • Complete clean up on a daily basis & removal of all job -related debris, dumpsters as per needed • Includes mobilization • All budgets listed above; pricing subject to change due to owner final selections on allowance items • Furnish and install labor and tools necessary • Haul away all debris " Landmark Design & Development Services offers a one-year labor warranty unless noted otherwise above. II. Pricing We propose to furnish material and labor in accordance with the above specifications, please select from one of the following itemized a la cart estimates by checking off in the box provided next to estimate, total selected sum: Metal ACM panels: $ 147,000.00 Steel Structure & Framing: $ 67,750.00 Landscape: $ 67,885.00 Paint / Power washing: $ 57,150.00 Window Storefront System: $ 63,345.00 Concrete Work — remove and replace: $ 211,098.00 HVAC (mechanical unit to be removed): $ 22,500.00 Parking Lot Mil and new, includes striping: $ 284,963.00 Roofing: $ 49,370.00 Total Project Cost: $ 971,061.00 NOTE: Permit fees are not included or by others, reimbursed by owner. Pricing good for 1 month(s), subject to change thereafter. www.landmardgi.cor Hanover Displays 6B Renovation Elk Grove Village, IL August 2, 2024 Page 3 Payment to be made as follows: 30% to be received for up front material costs and services 50% to be received after substantial completion of project — equaling 75% complete 20% to be paid upon the completion of the project and final sign off from city and owner Materials are guaranteed and all work will be completed in a workman -like manner according to standard practice. Permit cost and all related costs to obtain permit to be the responsibility of owner. Any alteration or deviation from above specifications involving extra costs will be executed only upon written order and are subject to a true -up to the cost of the original estimate based upon the changed activity charge over and above the original estimate. All agreements are contingent upon strikes, accidents, or delays beyond our control. Unpaid invoiced balance past 60 days will accrue a late fee of .9% each month thereafter. This proposal is null and void 30 days from above date. 111. Acceptance of Proposal IN WITNESS WHEREOF, the parties hereto have signed this Owner -Contractor Agreement for Construction Services as of the date shown above: Landmark Design & Development Services, Inc. 1000 Hart Road, Suite 300 Barrington, IL 60010 arcia - Pre Agreed and Accepted as of [Date] By: (Name and Title) www.landmarkdgi.com 2024 Hanover Displays 6B Renovation Elk Grove Village, IL August 2, 2024 Page 4 IV. Commencement and Completion of Work. 1. Contractor shall commence performance of the Work within ten business days after the issuance of construction permits, weather permitting. Contractor shall use his best efforts to complete the Work as expeditiously as is feasible and will perform all work in a good and workmanlike manner, subject to extension of the Contract Time by Change Order. a. If the Contractor is delayed at any time in the progress of the Work by any act or neglect of Owner or by any separate contractor employed by the Owner, or by changes ordered in the work, or by labor disputes, fire, unusual delay in transportation, casualties, weather, or any causes beyond the Contractor's control, or by any delay authorized by Owner, then the Contract Time shall be extended by Change Order for such reasonable time as the Contractor may determine. Warranties. The Contractor warrants that the Work will be performed in a good and workmanlike manner that all materials and equipment furnished under the Contract will be of good quality and new, unless otherwise required or permitted, that the Work will be free from defects not inherent in the quality required or permitted. Contractor warrants its labor for a period of one year from the date of completion of the Work. Contractor shall, insofar as is legally possible, assign to Owner any manufacturer's warranty with respect to any materials or equipment incorporated into the Work. If a manufacturer's warranty applies, Owner agrees to pursue any warranty claim against such manufacturer's warranty as its sole remedy for any defect. Contractor does not warrant the following: a. Any concrete work, whether interior or exterior, from cracking, pitting, spalling, or otherwise degrading. b. Woodwork, such as crown moldings, base moldings and wood floors. Wood typically shrinks or expands based upon the amount of humidity. Contractor has no control over this condition. 4. Insurance. The Contractor shall maintain in full force and effect, at all times during the performance of the Work, policies of insurance issued by a responsible carrier or carriers which afford the coverage customary in commercial or residential projects of comparable size, scale and cost as this Work. Insurance certificate will be issued upon award of project and maintained throughout during of project. 5. Change Orders. In the event Owner desires any change, extra, deletion or addition to or from the Contract Documents, Owner shall be required to execute a written Change Order before any such change, extra, deletion or addition shall be implemented. A flat fee of $ 250 per change order will be applied plus amount of change order to any work that has started or completed. All changes, extras or additions required by Owner which result in an increase in the Contract Sum shall be paid for by Owner in advance of the Contractor commencing work on the item covered by the Change Order. Deletions to the work shall require the issuance of a Change Order reflecting a reasonable credit to the Owner if the deletion actually causes there to be a reduction in the cost of completing the Work. Each Change Order approved and accepted by Owner and Contractor shall also state its effect, if any, on the Contract Time. 6. Lien Waivers and Related Documents. Contractor shall comply with any obligations imposed upon it by the Illinois Mechanics Lien Act, as it now exists or as it may be amended during the course of the Work. After the initial deposit, all payout requests shall be accompanied by a Sworn Contractor's Statement and by waivers of lien for all materials and labor associated with the payment amount requested. 7. Compliance with Laws. Contractor shall perform the Work in accordance with the applicable laws, ordinances, rules. codes, regulations and requirements of public authorities. 8. Allowances. Contractor has agreed to certain allowances. The stated dollar value for such allowance items shall be final. Actual cost of items if less than the stated amount shall result in a credit to Owner and if in excess of the stated dollar amount shall result in an increase in the cost of the Work. If the cost, when determined, is more than or less than the allowance, the Contract Sum shall be adjusted accordingly by Change Order which will include handling costs on the site, labor, installation cost, overhead, profit and other expenses resulting to the Contractor from any increase over the original allowance. Allowances are provided only to establish an arbitrary dollar amount for the purpose of bidding and are almost never exact. 9. Permits. The Contractor shall apply for and diligently pursue procurement of all permits with the appropriate agencies. All costs related to all permits, including, permits fees, governmental fees, license fees, inspection www.landmarkdgi.com Hanover Displays 6B Renovation Elk Grove Village, IL August 2, 2024 Page 5 fees, architectural fees, engineering fees, arborist fees, bonds and the like, are not included in the Contract Sum and are the sole and exclusive responsibility of Owner. Owner Responsibilities 1. Change Orders. Any alteration or deviation from above specifications involving extra costs will be executed only upon written order and are subject to a true -up to the cost of the original estimate based upon the changed activity charge over and above the original estimate. All agreements are contingent upon strikes, accidents, or delays beyond our control. Unpaid invoiced balance past 60 days will accrue a late fee of 9% each month thereafter. This proposal is null and void 30 days from above date. 2. Installments. Installments will be paid as specified in section II 3. Access. Owner shall provide the Contractor the necessary access to the Property and the necessary gas, electric and water needed for the construction process. Owner will pay for any utilities used during the course of the Work. 4. Insurance and Indemnity. A. Owner shall provide property insurance upon the entire Work at the site to the full insurable value thereof. B. Indemnity of Contractor by Owner. To the fullest extent permitted by law, Owner shall indemnify and hold harmless Contractor and all of their respective employees, agents, representatives, officers and directors from and against all liability, claims, damages, losses, costs and expenses (including, but not limited, to attorneys' fees) arising out of or resulting from any negligent act or series of acts by Owner which cause or contribute to cause any personal injury, or to bodily injury, sickness, disease or death, or to injury to or destruction of tangible property (other than to the Work itself) including loss of use resulting therefrom. The obligations set forth above shall not be construed to negate, abridge, or reduce other rights or obligations of indemnity which would otherwise exist as to a party or person described in this subparagraph B. 5. Failure of Payment. If Owner should fail to make any payment within ten (10) business days after the date of payment established by this Contract, then the Contractor may upon ten (10) additional days written notice to the Owner, stop the work until payment of the amount owing has been received. Late payments to invoiced balance will accrue interest after 60 days past invoice date and are subject to 3.5% monthly interest charges each month. General Provisions 1. Supervision. Contractor shall supervise, direct and inspect the Work using Contractor's best skill and attention. The Contractor shall be solely responsible for and have control over construction means, methods, techniques, sequences and procedures and for coordinating all portions of the Work. 2. Contractor Liability. Contractor shall be responsible to Owner for acts and omissions of Contractor's employees, subcontractors and their agents and employees, and other persons performing portions of the Work. 3. Assignment. The Contractor shall not assign this Agreement or assign, pledge, or hypothecate any amount payable hereunder without the prior written consent of Owner. 4. Termination. A. Either party may terminate this Contract upon the material breach of its terms by the other party. B. In the event of termination, Contractor shall be entitled, in addition to any other remedies it may have at law or in equity, to the reasonable value of all labor and materials supplied to date in connection with the Project performed prior to the effective date of termination, including a reasonable allowance for profit and overhead, and for items properly and timely fabricated off the Project site, delivered and stored in accordance with Owner's instructions, all material handling and re -stocking charges, if any, and all subcontract early termination penalties, if any. C. This Contract may be terminated at any time by the mutual, written consent of the Owner and Contractor. 5. Notices. All Notices required under the terms of this Contract shall be sent via certified mail, return receipt requested to the addresses of the Owner and Contractor specified in this Contract. 6. Choice of Law. Owner and Contractor agree that the substantive law of the State of Illinois shall apply in all matters related to this Contract, including its performance, interpretation and breach. www.landmarkdgi.com PROJECT: HANOVER DISPLAYS 2400 DEVON AVE ELK GROVE VILLAGE, ILLINOIS 60007 BUILDING IMPROVEMENTS FOR 6B REQUIREMENTS CODE: F _PROJECT INFORMATION FDRAWING INDEX 20181CCENERGVCONSERVATIO14 CODE: PROJECT DESCRIPTION: GENERAL: varz ReOR IM .�wN EeTIRW AExTs axee 1 MECAV oEvwE I~Exa,sE-1— . R�oMtcaas ima�nauo. /yu,rwa(MiWr B�wm RgOr e+1.0a •ne.n ADAPTED CODES: ARCHITECTURAL: w A.w�aawa. zois INTERNAL euuaxo coDE w.a srAOE ov uuxas xuxallo cove '^ •a vamyaromw+�m Rw«r IwauaNO THE xon RecExr Aaexosexrs z vmRo..aemror EAnamm •cogreron All cDNRERVAr1aNCODE 1-11 ENERav ANDNEIN-1 Na ADDR 1 M w.aymwe Flyapnrim. AMW. w1e INTENEX-AL FlRe co0e awE Ixec, T. T. _ NTEDmoxwvER THE erATE so.. wmdaw �.r�em �v �++w«• ua<uoz..o cuunxwe. oaielxreRrunaxu wEcw,nrwi coDE oElwuas .mr v«naEv... nW AN, wu. raw.,« R.M caNTwcran WMIED AwLIARIECODESwcwDE eUTARe NOTEwnEITDTxEr« ND +wa Rwa amww.wwAavwN,.a,mo eNwx .sm Rw+w•+N,ww xma R«m..aaw R.a.Rsu. mwo oxww r«.Nw. vnmv.a. aNa...«raw>. __AA. . ..a PROJECT DIRECTORY ARCHITECT LANDMARK DESIGN GROUP, LLC 1460 MARKET STREET, STE 205 DES PWNES, IL 60016 (847) 971-6424 ISSUANCE: 6B REQUIREMENTS INONS(ALL -NAOE iS e.OTxERs ANDUNDER sevAwre —1m) VICINITY MAP N.F.S. .o ...._0 a 0 .., .. i m.. _......0 � Oc" �ocwlwN STATEMENT OF COMPLIANCE ]I i .w 25' G SETBACK UTILITY POLE tJ'vl P T •' £.J ' __ _ _�[ UU RANT ..`�•. 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C PROPOSED WALL SECTION CORNER E— '—TMW i °�°nYY.rF EDGE b ED E b bE iL BEw /.Ho wwUn,clueEa66xEDFrt,i MAVaE,ciUlNFRCFIGIxIxe $ ""°a Las B e,la W T—i, WALL TYPE NOTES :oiu "n°lo`n"a`a `,.'oe`o�°iw000.. eL%,00D.xo lrc� +w. bnaiwa o,avc. siuoa xxErwar Exrexwx v.LL EEnaB.EaE 4 DEE>aB.E,E 4 aDroL. aE.ar ,® EB .r °g eDalDxa } a.B EI„I,.ID 4-!r —ti_b ix relwluKroeaD cD r.wE oE� N acw.alwoura ,a vOBo iriis AL veniED Fn sanr v rEu — vexreo xn x or cEFExrlrwua R F,rExu, Ilcoxvoarte aevoxD Erwsl vain vu.Eas Eusl—v,xEu eEraD evnpgl XT rxnxe (1 PROPOSED WALL SECTION CORNER %l PROPOSED WALL SECTION BETWEEN PRECAST WINGS �LROPOSED WALL SECTION EXISTING PRECAST WINGS ,a - ilanWt It .c✓fOfip .fW LC/14A cLVMc. 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NEW SIGNAGE REPLACE EXISTING STOREFRONT WITH WINDOWSON WINDOWS WITH FULL HEIGHT AND INFILL WITH CONCRETE• +\ STOREFRONT SYSTEM LOWER OPENING REPLACE EXISTING SOFFITS WITH NEW Affi0k1EL$, N"IHA OR " ti SIMIt �1(t, DSCAPE NEW MTL COPING PAINT EXISTING PRECAST .::• WALLS ' ° . - m ® .r , --� ALL RUSTED EXISTING MAN DOORS ARE • • TO BE REPLACED LIKE AND KIND, PAINTED NEW CONCRETE STAIRS AND RAILING TO C8NNECT SIDEWALKS CONNECTING ALL EXISTING MAN DOORS • • EAST AND NORTH SIRE • 1 1 I v E • 'R:� ti..,.f... �?. K�. .. a L, .L , apt n..�1. z t,. ,��. lc.,X � ,i ,. 711 (Hi.wa inn N311VId) W31SAS MOONIM 1NOW3801S YH TTn:l M3N M03 MOIIV 0103AOW3a 38 Ol S1N0W3WIS JNIISIX3 JO 1N0SJ NI S0Nf10W H121V3 SNIISIX3 3WVN/000I ANVdW00 M3N H11M H3A001N3wnNOW SNIISIX3 30V1d3a V34 MM.I# '3AV NOA30 SNOW SNIVM301S ONIISIX3 01103NN00 Ol SNIVM301S M3N SNI00V 031NIVd 'ONIH 0NV 3XIl 030VId3b 39 01 3MV SHO00 NVW SNIIW Q _�lV , i 14 Current Color Photos of the Property As Photo of Proposed Renovations/Modifications to Property Five Years of Tax History for PIN: 08-35-404-065-0000 Tax Year Assessed Property Value Date of 1st Installment Amount of 1st Installment Date of 2nd Installment Amount of 2nd Installment Total Amount Billed Total Amount Paid Exemptions /Deductions 2023 $885,221.00 3/1/24 $118,959.10 8/1/24 $105,835.95 $224,795.05 $224,795.05 None 2022 $885,221.00 4/3/23 $106,265.12 12/1/23 $110,024.15 $216,289.27 $216,289.27 None 2021 $696,000.00 3/1/22 $102,365.78 12/30/22 $90,843.53 $193,209.31 $193,209.31 None 2020 $696,000.00 3/2/21 $93,195.28 1011121 $92,924.32 $186,119.60 $186,119.60 None 2019 $696,000.00 3/3/20 $84,008.74 8/3/20 $67,664.87 $151,673.56 $169,445.96 None Estimated Taxes With and Without 6B Incentive PIN: 08-35-404-065-0000 Year Estimated Market Value Estimated Assessed Value without 6B Estimated Assessed Value with 6B Estimated Tax Rate Estimated Multiplier Estimated Tax without 6B Estimated Taxes/Sq. Ft. without 6B Estimated Tax with 66 Estimated Taxes/Sq. Ft. with 6B Estimated Taxes With 100% Vacancy Relief Estimated Taxes/Square Foot With 100% Vacancy Relief Estimated Building Square Feet 2022 $3,540,888.00 $885,222.00 $354,088.80 8.357% 2.9237 $216,289.49 $3.93 $86,515.79 $1.57 $129,773.69 $2.36 55,000 2023 $3,540,888.00 $885,222.00 $354,088.80 8.419% 3.0163 $224,79S.31 $4.09 $89,918.12 $1.63 $134,877.18 $2.45 55,000 2024 $4,511,949.00 $1,127,987.25 $4S1,194.90 8.419% 3.0163 $286,443.67 $5.21 $114,577.47 $2.08 $171,866.20 $3.12 55,000 2025* $5,414,338.80 $1,353,584.70 $541,433.88 8.419% 3.0163 $343,732.41 $6.25 $137,492.96 $2.50 $206,239.44 $3.75 55,000 2026 $5,414,338.80 $1,353,584.70 $541,433.88 8.419% 3.0163 $343,732.41 $6.25 $137,492.96 $2.50 $206,239.44 $3.75 55,000 2027 $5,414,338.80 $1,353,584.70 $541,433.88 8.419% 3.0163 $343,732.41 $6.25 $137,492.96 $2.50 $206,239.44 $3.75 55,000 2028* $6,497,206.56 $1,624,301.64 $649,720.66 8.419% 3.0163 $412,478.89 $7.50 $164,991.S6 $3.00 $247,487.33 $4.50 55,000 2029 $6,497,206.56 $1,624,301.64 $649,720.66 8.419% 3.0163 $412,478.891 $7.50 $164,991.56 $3.00 $247,487.33 $4.50 55,000 2030 $6,497,206.56 $1,624,301.64 $649,720.66 8.419% 3.0163 $412,478.89 $7.50 $164,991.S6 $3.00 $247,487.33 $4.50 55,000 2031* $7,796,647.87 $1,949,161.97 $779,664.79 8.419% 3.0163 $494,974.67 $9.00 $197,989.87 $3.60 $296,984.80 $5.40 55,000 2032 $7,796,647.87 $1,949,161.97 $779,664.79 8.419% 3.0163 $494,974.67 $9.00 $197,989.87 $3.60 $296,984.80 $5.40 55,000 2033 $7,796,647.87 $1,949,161.97 $779,664.79 8.419% 3.0163 $494,974.67 $9.00 $197,989.87 $3.60 $296,984.80 $5.40 55,000 2034* $9,355,977.44 $2,338,994.36 $935,597.74 8.419% 3.0163 $593,969.60 $10.801 $237,587.84 $4.32 $356,381.76 $6.48 55,000 2035 $9,355,977.44 $2,338,994.36 1 $935,597.74 8.419%1 3.01631 $593,969.60 $10.801 $237,S87.841 $4.32 $356,381.761 $6.481 55,000 Total Taxes Paid (2022-2035): 1 1 1 1 1 $5,669,025.56 $2,267,610.22 $3,401,415.34 * Denotes Reassessment Year Assumptions: 1. Years 2024-2036 assume a tax rate of 8.419% and a multiplier of 3.0163, taken from the 2023 tax year (2022 uses actual rates) 2. Years 1-10 (2024-2033) of t he p roposed 6 B t ax incentive are assessed at 10% of m arket value 3. Year 11(2034) of the proposed 6B tax incentive is assessed at 15% of market value 4. Year 12 (2035) ofthe proposed 613tax incentive is assessed at 20%of market value 5. Market value of property was reassessed in 2022, and will be reassessed every three years, starting in 2025, assuming a 20% increase in market value of property per reassessment year 6. 2024 Market Value based on approximately $971,061.00 cost to complete improvements and increasing 20%per reassessment year 7. Taxes based on 100%vacancy assume no 6b incentive and 40% reduction in assessed value Hanover Displays Inc. 4 ►HANOVER Elk Tonne Road Elk Grove Village, IL 60007 T +1 (773) 334 9934 hanoverdisplays. com To Elk Grove Village Representatives, Hanover Displays is requesting a 6B Tax Abatement for our recently purchased building located at 2400 Devon. We are a local manufacturing business that started in 2009. We have called Elk Grove Village home since 2009, first at 358 Lively Blvd, then at 1601 Tonne Rd., our current location, and most recently at 2400 Devon. We have grown immensely and are on a path to continue that trend. With your approval of our 6B we will be able to complete the proposed project and have the opportunity to invest further into our new building, our workforce and the community around us. Hanover Displays is a family owned business that is debt free and interested in investing in long term continued growth. We build Passenger Information Systems for both the public and private transit markets. Passenger Information Systems consist of electronic signage, and audio and visual announcements used on buses and trains to allow for information to be shared with transit ridership. All Hanover assemblies supplied with the North American markets are produced out of our facility in Elk Grove Village. Our first manufacturing location in 2009 was at 358 Lively, a leased facility, and started with a work force of one employee. We subcontracted our electronic assemblies from local businesses, and finished our final assembly at our facility. From 2009 to 2013 we grew from one employee to fourteen employees and leased two additional units in the same building. Near the end of 2013 Hanover made the decision to bring all electronic manufacturing equipment in house. This decision required us to purchase 1601 Tonne and refurbish it to our requirements. Since our move to 1601 Tonne we have increased from fourteen employees to fifty-six employees. With our growth as a business Hanover has outgrown our 1601 Tonne location, and as a result we have recently purchased our new facility at 2400 Devon. We expect the new facility at 2400 Devon to be our home for years to come. With your approval of the 6B on the property at 2400 Devon, Hanover will be able to complete the proposed improvements and reinvest the savings into our future by investing in our new building, our workforce and our community. Hanover's vision with doubling our production facility size at 2400 Devon will allow us to double our workforce as well. Regards, Brent Anderson, VP of Operations, Hanover Displays YOUR DESTINATION. OUR INNOVATION. HANOVERDISPLAYS. COM