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HomeMy WebLinkAboutRESOLUTION - 76-24 - 11/19/2024 - 6B, 951 LUNT AVENUE 1 RESOLUTION NO. 76-24 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 951 LUNT 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 Mayor and Board of Trustees finds that special circumstances justify finding that the property is "abandoned" for the purpose of a Class 6B designation, even though it has been vacant and unused for less than 12 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; and WHEREAS, the Petitioner has applied for or is applying for Class 6B property status special circumstances pursuant to said aforementioned ordinance for certain real estate located at 951 Lunt Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Numbers 08-34-102-011-0000 and 08-34-102-017-0000, 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 951 Lunt Avenue, Elk Grove Village, Cook County, Illinois, and identified by Property Index Numbers 08-34-102-011-01000 and 08-34-102-017-0000, declared eligible for Class 6B 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: PARCEL 1: LOT 99 IN CENTEX INDUSTRIAL PARK NO. 68, A SUBDIVISION IN SECTION 34, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINICPAL MERIDIAN IN COOK COUNTY, ILLINOIS. 2 PARCEL2: LOT 111 IN CENTEX INDUSTRIAL PARK NO. 79, A SUBDIVISION IN SECTION 34, 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 6B 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 6B tax incentives shall apply to the property identified as Permanent Real Estate Index Numbers 08- 34-102-011-0000 and 08-34-102-017-0000. 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 the approval of this Resolution: a. Removal and Replacement of existing concrete aprons; b. Replacement of landscaping and reconstruction of both parking lots; c. New front windows, a new concrete sidewalk and stairs to the main door; and d. New canopy and painting of the exterior drive-in doors of the existing precast concrete, as well as update façade. 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 19th day of November 2024 APPROVED this 19th day of November 2024 APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Loretta M. Murphy, Village Clerk 6b,951LuntAve VIA MAIL & EMAIL Sue Dees Village of Elk Grove 901 Wellington Avenue Elk Grove Village, IL 60007 November 11, 2024 Sue, Re: Class 6B Application VK 951 Lunt, LLC 951 Lunt Avenue Elk Grove, Illinois 60007 PINs: 08-34-102-011/-017 VK 951 Lunt, LLC, or its assignee (the “Applicant” or “Venture One”) is the contract purchaser of the above referenced property (the “Subject Property”) and is requesting a Resolution from Elk Grove Village supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on Reoccupation of Abandoned Property with Less than 12 Months of Vacancy with a Purchase for Value, Substantial Rehabilitation and Special Circumstances. The Applicant is under contract to purchase the existing building and lot to the West, subject to receiving a class 6b tax incentive. The Subject Property has been vacant and unused but for dead storage since approximately June 2024. Assuming the 6b is granted, the Applicant plans on leasing the property to a suitable industrial user. Venture One conservatively estimated 9-12 months of downtime upon closing on the Subject Property to make improvements and secure a tenant. Subject Property Characteristics The Subject Property consists of an approximately 74,985 square foot industrial building sited on a total of 127,552 square feet. The site is currently zoned I-2 Industrial, which allows for a number of potential industrial uses. The Subject Property was built in 1973 with a ceiling height of 20 clear, 8 interior loading docks, 48 standard parking spaces, 4 accessible parking spaces, a sprinkler wet system, power of 2,400 at an estimated 480v, heavy power service, existing compressed air infrastructure, and a rail service of Union Pacific and Chicago Terminal Rail is available. Subject Property History & Applicant Background Since 1972, the Subject Property was leased to Loyola Paper Company (“Loyola Paper”) until its liquidation in October 2023. Loyola Paper sold their assets and cut off leases of equipment that were previously used in operations. September 2023, Loyola Paper ceased buying for and from one of its major suppliers. The last piece of raw material inventory was sold back to its supplier at a loss in June 2024. The last remaining order was sent out in June 2024. As mentioned above, Venture One is under contract to purchase the property, subject to receiving a Class 6b tax incentive. Venture One is a real estate private equity fund manager, developer and operating company specializing in the industrial property sector. Venture One’s fully integrated platform includes a best-in- class team of investment and development professionals, as well as in-house construction, property, and asset management. Venture One’s decades of successful investment experience and long -standing relationships within the industry allow them to see and create opportunities where others do not. Subject Property Improvements & Real Estimate Taxes The Applicant is still in the process of receiving third party bids but plans to spend approximately $1,400,000 on construction and improvements. The Applicant currently expects to spend approximately $750,0000 on interior improvements, including a full renovation and sprinkler upgrade. As to exterior improvements, the Applicant has approximately $450,000 budgeted for updated landscaping, façade and paint, as well new signage. Additionally, the Applicant plans on spending approximately $200,000 on the existing parking lot,and apron. As a result of the purchase price of $6,100,000 and approximately $1,400,000 in improvements, the Applicant expects the property to have a market value of around $7,500,000, which would generate approximately $2,571,166 in taxes over the life of the incentive (or approx. $190,457 per year). Without the incentive, the Applicant will not close on the property, leaving it 100% vacant and unused. With full vacancy relief, the Subject Property would generate only $1,223,003 in taxes over the life of the incentive (or approx. $119,204 per year). Therefore, should the Class 6b be approved, the Subject Property would generate $1,348,162 in additional real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached “12 Year Tax Comparison Chart.” Potential Employment & Further Economic Analysis Based on the size of the property, the Applicant expects the eventual Occupant to employ around 20-30 full time employees. In addition to increased property tax revenues, the eventual Occupant’s employees and patrons will significantly benefit the local community. Each of the Occupant’s employees will frequent Village restaurants, gas stations, stores and more. The Applicant also expects the Occupant will attract both new and returning customers and visitors who will also frequent nearby establishments . According to the attached employee economic impact chart, the projected 20 full time employees are estimated to spend approximately $84,750 per year in the Village on gas, entertainment, groceries, etc., or approximately $1,017,000 over the life of the incentive. Including the increased property tax revenue, the project will generate a total of $2,365,162, in additional Village revenue over the life of the incentive. Conclusion Without the assistance from the Class 6b Tax Incentive, the Applicant will not close on the property, leaving the facility vacant and unused, thereby lowering its total taxes. Based on the foregoing, THE LAW OFFICES OF LISTON & TSANTILIS the Applicant requests that Elk Grove Village review its Class 6b Tax Incentive request and approve a Resolution supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on Re- Occupation of Abandoned Property with Less than 12 Months Vacancy with a Purchase for Value, Substantial Rehabilitation & Special Circumstances. Should you need any additional documentation or have any questions or concerns, do not hesitate to contact me at (312) 604-3898 or via email at mrogers@ltlawchicago.com. Respectfully Submitted, Mark Rogers COOK COUNTY ASSESSOR F RITZ K AEGI COOK COUNTY ASSESSOR’S OFFICE 118 NORTH CLARK STREET, CHICAGO, IL 60602 PHONE: 312.443.7550 FAX: 312.603.6584 WWW.COOKCOUNTYASSESSOR.COM CLASS 6B ELIGIBILITY APPLICATION Carefully review the Class 6B Eligibility Bulletin before completing this Application. For assistance, please contact the Assessor’s Office, Development Incentives Department (312) 603-7529. This application, a filing fee of $500.00, and supporting documentation (except drawings and surveys) must be filed as follows: This application must be filed PRIOR TO the commencement of New Construction or PRIOR TO the commencement of Substantial Rehabilitation Activities or PRIOR TO the commencement of Reoccupation of Abandoned Property. Applicant Information Name: ____________________________________ Telephone: ( ______ ) _________________ Company: ________________________________________________________________________ Address: _________________________________________________________________________ City: ________________________________ State: ______ Zip Code: _________________ Email: ___________________________________________________________________________ Contact Person (if different than the Applicant) Name: ____________________________________ Telephone: ( ______ ) _________________ Company: ________________________________________________________________________ Address: _________________________________________________________________________ City: ________________________________ State: _______ Zip Code: _________________ Email: ___________________________________________________________________________ Property Description (per PIN) If you are applying for more than three different PINs, please submit the additional PIN information in an attachment. Street Address: (1)_____________________________________________________________ Permanent Real Estate Index Number: _________________________________ (2)_____________________________________________________________ Permanent Real Estate Index Number: _________________________________ (3)_____________________________________________________________ Permanent Real Estate Index Number: _________________________________ City: ________________________________ State: ______ Zip Code: _________________ Township: ____________________________ Existing Class: ____________________________ Attach legal description, site dimensions and square footage and building dimensions and square footage. VK 951 Lunt, LLC 847 243-4304 Venture One IL 847 243-4304Roy Splansky Venture One 9500 Bryn Mawr Avenue, Suite 340 Rosemont IL 60018 9500 Bryn Mawr Avenue, Suite 340 Rosemont 60018 rls@ventureonere.com rls@ventureonere.com 951 Lunt Avenue Elk Grove Village IL 60007 Elk Grove 08-34-102-011/-017 593, 580 & 100 Identification of Person Having an Interest in the Property Attach a complete list of all owners, developers, occupants and other interested parties (including all beneficial owners of a land trust) identified by names and addresses, and the nature and extent of their interest. Industrial Use Attach a detail description of the precise nature and extent of the intended use of the subject property, specifying in the case of the multiple uses the relative percentages of each use. Include copies of materials, which explain the occupant’s business, including corporate letterhead, brochures, advertising material, leases, photographs, etc. Employment Opportunities How many construction jobs will be created as a result of this development? ________ How many new permanent full-time and part-time employees do you now employ in Cook County? Full-time: ________ Part-time: _________ How many new permanent full-time jobs will be created by this proposed development? ___________ How many new permanent full-time jobs will be created by this proposed development? ____________ Nature of Development Indicate nature of proposed development by checking the appropriate space: [ ] New Construction (Read and Complete Section A) [ ] Substantial Rehabilitation (Read and Complete Section A) Incentive only applied to the market value attributable to the rehabilitation [ ] Occupation of Abandoned Property - No Special Circumstance (Read and Complete Section B) [ ] Occupation of Abandoned Property - With Special Circumstance (Read and Complete Section C) [ ] Occupation of Abandoned Property - (CEERM Supplemental Application) (Read and Complete Section C) Approx. 60-80 N/A N/A part Approx. 20-30 TBD SECTION A (NEW CONSTRUCTION/SUBSTANTIAL REHABILITATION) If the proposed development consists of New Construction or Substantial Rehabilitation, provide the following information: Estimated date of construction commencement (excluding demolition, if any): ___________________________ Estimated date of construction completion: _____________________________ Attach copies of the following: 1.Specific description of the proposed New Construction or Substantial Rehabilitation 2.Current Plat of Survey for subject property 3.1st floor plan or schematic drawings 4.Building permits, wrecking permits and occupancy permits (including date of issuance) 5.Complete description of the cost and extent of the Substantial Rehabilitation or New Construction (including such items as contracts, itemized statements of all direct and indirect costs, contractor’s affidavits, etc) ASAP Approx. Q1/Q2 2025 SECTION B (ABANDONED PROPERTY WITH NO SPECIAL CIRCUMSTANCE) If the proposed development consists of the reoccupation of abandoned property, purchased for value, complete (1) and (2) below: 1.Was the subject property vacant and unused for at least 12 continuous months prior to the purchase for value? [ ] YES [ ] NO When and by whom was the subject property last occupied prior to the purchase for value? ______________________________________________________________________________ ______________________________________________________________________________ Attach copies of the following documents: (a)Sworn statements from person having personal knowledge attesting to the fact and the duration of vacancy and abandonment (b)Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of such vacancy 2.Application must be made to the Assessor prior to occupation: Estimated date of reoccupation: _________________________ Date of Purchase: _________________________ Name of purchaser: _________________________ Name of seller: _________________________ Relationship of purchaser to seller: _________________________ Attach copies of the following documents: (a)Sale Contract (b)Closing Statement (c)Recorded Deed (d)Assignment of Beneficial Interest (e)Real Estate Transfer Declaration SECTION C (SPECIAL CIRCUMSTANCES) If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was a purchase for value, but the period of abandonment prior to purchase was less than 12 months, complete section (1). If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was no purchase for value, but the period of abandonment prior to the application 12 continuous months or greater, complete section (2). 1.How long was the period of abandonment prior to the purchase for value? ________________ When and by whom was the subject property last occupied prior to the purchase for value? ____________________________________________________________________________ ____________________________________________________________________________ Attach copies of the following documents: (a)Sworn statements from persons having personal knowledge attesting to the fact and the duration of the vacancy and abandonment (b)Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of vacancy (c)Include the finding of special circumstances supporting “abandonment” as determined by the municipality, or the County Board, if located in an unincorporated area. Also include the ordinance or resolution from the Board of Commissioners of Cook County stating its approval for less than 12-month abandonment period. Application must be made to the Assessor prior to the commencement of reoccupation of the abandoned property. Estimated date of Reoccupation: ____________________________ Date of purchase: ____________________________ Name of purchaser: ____________________________ Name of seller: ____________________________ Relationship of purchaser to seller: ____________________________ Attach copies of the following documents: (a)Sale Contract (b)Closing Statement (c)Recorded Deed (d)Assignment of Beneficial Interest (e)Real Estate Transfer Declaration 2.How long has the subject property been unused? [ ] 12 or greater continuous months (Eligible for Special Circumstance) [ ] 3 continuous months and maintain/create 250 Employees (Eligible for Special Circumstance under CEERM) - Complete CEERM Supplemental Application [ ] Not Eligible for Special Circumstance if No purchase and less than 12 continuous months vacant, or not a CEERM Approx. 4-5 months Loyola Paper - See enclosed vacancy affidavit Approx. Q2/Q2 2025 TBD - Q4 2024 VK 951 Lunt, LLC None Nicholas J. Lavezzorio When and by whom was the subject property last occupied prior to the filing of this application? ____________________________________________________________________________ ____________________________________________________________________________ Attach copies of the following documents: (a)Sworn statements from persons having personal knowledge attesting to the fact and the duration of the vacancy and abandonment (b)Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of vacancy (c)Include the finding of special circumstances supporting “abandonment” as determined by the municipality, or the County Board, if located in an unincorporated area. Also include the ordinance or resolution from the Board of Commissioners of Cook County stating its approval for lack of a purchase for value. Application must be made to Assessor prior to the commencement of reoccupation of the abandoned property. Estimated date of reoccupation: ____________________________ CEERM SUPPLEMENTAL APPLICATION (This form will ONLY be utilized for applicants who specifically elect for CEERM) This supplemental eligibility application is for properties that have been abandoned (due to special circumstances) where there has been no purchase for value and the buildings and other structures have been vacant and unused for at least three continuous months and applicant has provided sufficient documentation to establish that such applicant will create or maintain at least 250 jobs for employees at the subject location. The CEERM Program shall be limited to the party who is the initial applicant of the Class 6B Incentive under the CEERM Program and the subject of the municipal Resolution or Ordinance. Under the CEERM Program, qualifying industrial real estate would be eligible for the Class 6B level of assessment from the date of substantial re-occupancy of the abandoned property. Properties receiving Class 6B will be assessed at 10% of market value for the first 10 years, 15% in the 11th year and 20% in the 12th year. The terms of this program are Not Renewable. I __________________________________ applicant/representative hereby specifically elect to submit this Supplemental Application for the CEERM program. Further affiant sayeth not. __________________________________________ ___________________________________ Agent’s Signature Agent’s Name & Title __________________________________________ ___________________________________ Agent’s Mailing Address Agent’s Telephone Number __________________________________________ ___________________________________ Applicant’s Name Applicant’s Mailing Address __________________________________________ Applicant’s e-mail address Subscribed and sworn before me this _____ day of ________________ , 20 _____ _____________________________________________________________________ Signature of Notary Public LOCAL APPROVAL A certified copy of a resolution or ordinance from the municipality in which the real estate is located (or the County Board, if the real estate is located in an unincorporated area) should accompany this Application. The ordinance or resolution must expressly state that the municipality supports and consents to this Class 6B Application and that it finds Class 6B necessary for development to occur on the subject property. If a resolution is unavailable at the time the application is filed, a letter from the municipality or the County Board, as the case may be, stating that a resolution or ordinance supporting the incentive has been requested may be filed with this application instead. If the applicant is seeking to apply based on the reoccupation of abandon ed property and will be seeking a finding of “special circumstances” from the municipality, in addition to obtaining a letter from the municipality confirming that a resolution or ordinance supporting the incentive has been requested, the applicant must file a letter from the County Board confirming that a resolution validating a municipal finding of special circumstances has been requested. If, at a later date, the municipality or the County Board denies the applicant’s request for a resolution or ordinance, the applicant will be deemed ineligible for the Class 6B incentive, whether or not construction has begun. In all circumstances, the resolution must be submitted by the time the applicant files an “Incentive Appeal”. FINALIZING THE INCENTIVE PROCESS In order to finalize the class change you will need to file an Incentive Appeal with supporting documentation (including Proof of Occupancy) in the year that the property has been substantially occupied. It is advised that you access our website (www.cookcountyassessor.com) to determine the allowable filing dates for such action. When filing an appeal requesting an Incentive Class Change, a $100.00 filing fee (made out to the Cook County Assessor) must be included. The property cannot receive Class 6B designation until you file an Incentive Appeal Form, AND this office grants reclassification for the parcel(s). I, the undersigned, certify that I have read this Application and that the statements set forth in this Application and in the attachments hereto are true and correct, except as those matters stated to be on information and belief and as to such matters, the undersigned certifies that he/she believes the same to be true. __________________________________________ ___________________________________ Signature Date __________________________________________ ___________________________________ Print Name Title 4/1/2022 RepresentativeRoy Splansky VACANCY AFFIDAVIT I, Nicholas Lavezzorio, if called to testify, would attest to the following facts: 1.That I am an agent for Lester VI LLC who is the current owner of the property located at 951 Lunt, Elk Grove Village, 60007 (PIN: 08-34-102-010/-011) (the “Subject Property”). 2.The current owner took title of the Subject Property in 2008 upon the death of J.F. Lavezzorio. 3.Since 1972, the Subject Property had been leased to Loyola Paper Company (“Loyola Paper), until its liquidation as further set forth herein. 4.In October 2023, Loyola Paper ceased ongoing operations at the Subject Property and began the process of liquidating its assets, as follows: a.As a part of this process, Loyola Paper has been selling assets and cutting off leases of equipment previously used in its operations. b.In September 2023, Loyola Paper ceased buying for and from one of its major suppliers. c.Loyola Paper’s last piece of raw materials inventory was sold back to its supplier at a loss in June 2024 and its last remaining order was sent out in June 2024. 5.In June 2024, only four employees remained onsite as a skeleton crew for the sole purpose of securing and cleaning the Subject Property, removing scrap metals and assisting with the removal of remaining idle equipment for auction. 6.As of September 15th, 2024, the Subject Property is 100% vacant and unused but for dead storage, and all equipment sold at auction has been removed. 7.The Subject Property remains 100% vacant and unused through the date of this affidavit. Further Affiant Sayeth Not _______________________________ Date: ___________________________ Subscribed and sworn before me This ______ day of _______, 2024 ____________________________ Signature of Notary Public 9/24/2024 24 September EDS AFFIDAVIT I, Z.-:/;, ,.s;:•,.,.,..Tas a cepcesentative foe VK 951 Lunt, LLC (the "Applicant") does heceby certifythat it would at st to th�following facts as required by Sections 74-46 and 74-62 through 74-73 of the Cook County Code if called to testify: 1.That I am a duly authorized agent for Applicant VK 951 Lunt LLC who is the contract purchaser of the property located at located at 951 Lunt Avenue, Elk Grove Village, IL 60018 (PINs: 08-34-102-011/-017) (the "Subject Property"). 2.The Applicant does not hold title to any other properties in Cook County: 3.Applicant's ownership is as VK Industrial VII Holdings, LLC -100% Roy Sp Jansky -100% Manager 9500 Bryn Mawr A venue, Suite 340 Rosemont, IL 60018 4.To my knowledge and after reviewing the Applicant's records, Applicant is not delinquent inthe payment of any property taxes administered by Cook County or by a local municipality. JENNIFER LYNN IWANSKI Official Seal Notary Public• State of Illinois My Commission Expires Apr 11, 2026 Subscribed and sworn before me This 7= day of ()c;T , 2024 �� �ftafyPublic Further Affiant Sayeth Not 12a l Date: t l) / 'l { t. "( 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. 951 Lunt Avenue, Elk Grove, Illinois 60007 October 3, 2024 PETITION FOR COOK COUNTY CLASS 6B 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: Address: Permanent Real Estate Tax Index No. Assessed Valuation 20____ ___________________________ (last 3 years) 20____ ___________________________ 20____ ___________________________ •Attach Legal Description of Property Owners of Record: Print Name: Signature: (Address City, State) Phone: Fax: Email: Business Applicant's Name: Print Name: Signature: Business/Corporation Name (Address City, State) Phone: Fax: Email: VK 951 Lunt, LLC 951 Lunt Avenue, Elk Grove Village, Illinois 60007 847-243-4304 rls@ventureonere.com 23 22 21 $922,500 $922,500 $830,250 08-34-102-011/-017 Roy L. Splansky 9500 Bryn Mawr Avenue, Suite 340, Rosemont, Illinois 847-243-4304 rls@ventureonere.com Roy L. Splansky Venture One 9500 Bryn Mawr Avenue, Suite 340, Rosemont, Illinois 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: A Letter of Transmittal detailing the existing and intended use of the property, reason for Class 6B, property alterations, pertinent business operational information, or any information of note that may be beneficial for staff and the Village Board. Completion of the Class 6B Eligibility Checklist for the property in question. Completion of the property tax analysis spreadsheet. 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? No If YES, give details on a separate sheet of paper. VILLAGE OF ELK GROVE VILLAGE, ILLINOIS Petition for Cook County Class 6B 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 6B 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.” 3.Completion of Class 6B 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. VILLAGE OF ELK GROVE VILLAGE, ILLINOIS Petition for Cook County Class 6B Property Tax Abatement Eligibility Checklist In order to be considered for the Cook County Class 6B 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 Name of the Applying Company Current and Proposed Location/Address of the Applicant Proposed Use of the Property Proof of Vacancy Job Creation and Retention Data (excluding one-time construction jobs) Total Project Cost of Proposed Improvements (exclude land purchase) Proposed Detailed Construction Budget of Proposed Improvements Proposed Landscape Budget and Plan Total Square Footage of the Building Current Color Photographs of the Building Prior Five Years of Tax History Breakdown of Taxes Paid Occupied With 6B v. Occupied Without 6B Tax PIN Legal Description Letter from Applicant Explaining the Need for the Tax Abatement on Company Letterhead Application Fee of $1,000 Total Points 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. x x x x x x x x x 16 x x x x x x x x Elk Grove Village Class 6B Property Tax Terms and Agreement 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 PARTIES hereto unless authorized in accordance with the law and reduced in writing and signed by them. In WITNESS WHEREOF, the parties hereto have executed this Agreement as set forth below: Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Elk Grove Village, IL 60007 Signed: Signed: Name: Craig B. Johnson Name: Title: Mayor Title: Date: Date: Attest: Lorrie Murphy, Village Clerk VK Industrial VII Holdings, LLC951 Lunt Avenue Roy Splansky Representative 951 Lunt Elk Grove Village Class 6B 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… 951 Lunt Ave., Elk Grove Village – Capital Budget $750,000 Interior Renovations + Sprinkler Upgrades Removal + Replacement of East + West Driveway Aprons Removal + Replacement of Both Loading Docks + Dock Aprons Replacement of Adjacent Driveway + Loading Dock Aprons for ADA Compliance Necessary Replacement of Bollards of Loading Docks + Dock Aprons if Bollards are Determined Unable to be Repaired $450,000 Landscape, Façade, Signage & Exterior Paint Cleaning of East + Front Side of Building Landscaping Reconstruction of Parking Lot Addition of Stormwater Management Practices Design Drawings by Illinois Licensed Professional Engineer Reconstruct existing 60’ wide legal non-conforming parking lots with 9’ x 18’ parking stalls facing the building, 24’ two-way drive aisle and 9’ x 17’ spaces facing away from the building to allow for curb and gutter to be brought to code 16’x18’ Striped Access Aisle facing the building, Necessary ADA Parking Stalls & ADA Signage Curb + Gutter for Perimeter of Parking Lots Clearing of Rear Drainage Ditch + Restored with IDOT Type 4/4A Seed + Erosion Control Blanket ADA Specific Slopes for Apron + Curb Addition of Public Sidewalk Extending to East Property Line Replacement of Sidewalk to Man Door in Rear of East Parking Lot ADA Accessible Building Entrances _____________________________________________________________________________________________ Project Minimum Cost: $1,400,000 Sidewalk and Parking Lots $200,000 Legal Description, Site and Building Square Footage 951 Lunt Avenue Elk Grove, Illinois 60007 PINs: 08-34-102-011/-017 The Applicant is under contract to purchase the existing building and lot to the West subject to receiving a class 6b tax incentive. The Subject Property has been vacant and unused but for dead storage since approximately June 2024. Assuming the 6b is granted, the Applicant plans on leasing the property to a suitable industrial user. Venture One conservatively estimated 9-12 months of downtime upon closing on the Subject Property to make improvements and secure a tenant. The Subject Property consists of an approximately 74,985 square foot industrial building sited on a total of 127,552 square feet of land. The Subject Property was built in 1973 with a ceiling height of 20 clear, 8 interior loading docks, 48 standard parking spaces, 4 accessible parking spaces, 68 trailer parking spaces, a sprinkler wet system, power of 2,400 at an estimated 480v, heavy power service, existing compressed air infrastructure, and a rail service of Union Pacific and Chicago Terminal Rail is available. Attached hereto please find: •Legal Description • Survey •Aerial of Subject Property •Street View •Renderings/Site Plan •Landscaping Plan • Marketing Brochure A-1 LEGAL DESCRIPTION PARCEL 1: LOT 99 IN CENTEX INDUSTRIAL PARK NO. 68 A SUBDIVISION IN SECTION 34, TOWNSHIP 41 NORTH, RANGE 11, EAST OP THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. PARCEL 2: LOT 111 IN CENTEX INDUSTRIAL PARK NO. 79, A SUBDIVISION IN SECTION 34, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. PINS: 08-34-102-011-0000; AND 08-34-102-017-0000 < B ack Property Detail 0 C lear .:!:. p Export Fe edba ck 08-34-102-017-0000 95 1Lt;NTAVE ELK GROVE VILLAGE , IL 60007 Location Town ship Name Elk Grove Munici pali ty Incorp orated Elk Gr oYe Village Zoning Information Please co nt ac t n1u ni cipa lity Distri ct Info View District Deta ils Property Con1par isio n Compare parcel to others Comparable Properties Select su rrounding parcels Nearby Parce ls Tax Details • • , -- • :..... .,,., ,. , 08--34 102,-()16 -- , ,. • • CookCoun G IS2 \:Velcome to Cook Viewer 3.0! \V e hope you e njoy th e mo dern ize d use r expe rience. The previous version of Cook\"iewer wi ll still be av a ilable for a l imi te d t ime. � • , ,, 1 .,:, ' -- -- • • • • • • • • • • • ,j , , ✓ no ">A GIS Depattmen i / •.....' • • • f, ' ' • \ ' • ' • • , . " .,, , • .,.. ... ----.. ... ... , "' • ,, •' •\.' ' . , 08-34-102-011 ••' I• , / • ✓ � / '-------t •.. • • • • • �· I • I • • • • •• p, l • , .i • 1 ; 1 08-34 ·----· + •- 08 08-3ll!fj Oa!ID08 NOT I N C L U D E D Search Google Maps , • r <' .. '< o:, Lunt Ave <0. -• I Image ca.ptUre: Sep 2019 © 2024 Goog� Urnted States Terms Prrvacy Report a problem 951 LUNT AVE ELK GROVE VILLAGE, IL 60007 RE 1.0 project: date: revision: 24.116 11.11.24 16 PLAN N.T.S. NEW CONCRETE DRIVE APRON WITHOUT CURB PER VILLAGE STANDARDS NEW MONUMENT SIGN NEW CONCRETE DRIVE APRON WITHOUT CURB PER VILLAGE STANDARDS NEW LANDSCAPE - SEE LANDSCAPE PLAN FOR MORE DETAILS EXISTING PARKING LOT, LEGAL NON CONFORMING, TO BE RECONSTRUCTED. NEW STRIPING AND WHEELSTOPS, TYP. EXISTING ACCESSIBLE ENTRANCE TO REMAIN CLEAR DITCH TO END OF PROPERTY LINE NEW CONCRETE INDUSTRIAL DOCK APRON WITHOUT CURB PER VILLAGE STANDARDS NEW STRIPING AND NEW WHEELSTOPS ALL PARKING SPACES. TYP. REPAIR EXISTING SIDWALK EXISTING PARKING LOT, LEGAL NOT CONFORMING, TO BE RECONSTRUCTED. NEW ENTRANCE WITH ACCESSIBLE RAMP N 18’24’ 17’18’24’ 17’ 60’ EXIST VIF 60’ EXIST. VIF9’ TYP9’ TYP8’8’8’8’8’8’ 951 LUNT AVE ELK GROVE VILLAGE, IL 60007 RE 1.1 project: date: revision: 24.116 11.11.24 16 PERSPECTIVE PAINT EXISTING PRECAST, WARM BEIGE COLOR. PAINT BOTH EXISTING DRIVE-IN-DOORS WARM BEIGE. PAINT BOLLARD, TYP. NEW, HORIZONTALLY INSTALLED, WARM BEIGE METAL PANELS OVER EXISTING EXTERIOR WALL PAINT BOTH EXISTING DRIVE-IN-DOORS WARM BEIGE. PAINT BOLLARD, TYP. NEW LANDSCAPE - SEE LANDSCAPE PLAN FOR MORE INFORMATION RE1.2 RE1.3 951 LUNT AVE ELK GROVE VILLAGE, IL 60007 RE 1.2 project: date: revision: 24.116 11.11.24 16 NEW ENTRANCE WITH ACCESSIBLE RAMP LEADING INTO OFFICE NEW, HORIZONTALLY INSTALLED, BLACK ACCENT METAL PANELS OVER EXISTING EXTERIOR WALL NEW, HORIZONTALLY INSTALLED, WARM BEIGE METAL PANELS OVER EXISTING EXTERIOR WALL NEW, HORIZONTALLY INSTALLED, WARM BEIGE METAL PANELS OVER EXISTING EXTERIOR WALL EXISTING CANOPY TO REMAIN NEW WINDOWS AND SPANDREL PANEL TYP. NEW MONUMENT SIGN PAINT BOTH EXISTING DRIVE-IN-DOORS WARM BEIGE. PAINT BOLLARD, TYP. NEW STOREFRONT AND WINDOWS NEW LANDSCAPE - SEE LANDSCAPE PLAN FOR MORE INFORMATION 951 LUNT AVE ELK GROVE VILLAGE, IL 60007 RE 1.3 project: date: revision: 24.116 11.11.24 16 PERSPECTIVE NEW STOREFRONT DOOR & WINDOW NEW WINDOWS AND SPANDREL PANEL. TYP. NEW, HORIZONTALLY INSTALLED, WARM BEIGE METAL PANELS OVER EXISTING EXTERIOR WALL EXISTING CANOPY TO REMAIN NEW, HORIZONTALLY INSTALLED, WARM BEIGE METAL PANELS OVER EXISTING EXTERIOR WALL NEW, HORIZONTALLY INSTALLED, BLACK ACCENT METAL PANELS OVER EXISTING EXTERIOR WALL PAINT BOTH EXISTING DRIVE-IN-DOORS WARM BEIGE. PAINT BOLLARD, TYP. PAINT EXISTING PRECAST. WARM BEIGE COLOR. TYP. NEW LANDSCAPE - SEE LANDSCAPE PLAN FOR MORE INFORMATION SHADE TREE WITH STRONG CENTRAL LEADER. DO NOT STAKE, PRUNE OR WRAP TREES UNLESS APPROVED BY OWNER OR LANDSCAPE ARCHITECT. 2" DEPTH MULCH LAYER IN 6 FOOT DIAMETER RING AROUND TRUNK OF TREE. DO NOT MOUND ONTO THE BARK OF TREE TRUNK. CROWN OF ROOTBALL FLUSH WITH EXISTING GRADE LEAVING TRUNK FLARE VISIBLE AT THE TOP OF THE ROOT BALL. REMOVE ALL TWINE, ROPE, WIRE, AND BURLAP FROM TOP HALF OF ROOT BALL. IF ROOT BALL HAS WIRE BASKET, CUT IN AROUND PERIMETER OF BALL AND FOLD ENTIRE BASKET DOWN 8 INCHES BELOW GRADE INTO PLANTING PIT. 4 INCH HIGH SOIL SAUCER BEYOND EDGE OF ROOT BALL. PLANTING SOIL BACKFILL, DO NOT COMPACT TAMPED SOIL AROUND AROUND BASE OF ROOT BALL. TREE TRUNK SHALL BE PLUMB TO SURFACE. ROOT BALL SET ON UNEXCAVATED OR OR TAMPED SOIL X 3X (TREE PIT TO BE 3 TIMES THE DIAMETER OF ROOT BALL) SLOPE = 1:1 TREE WATERING BAG, INSTALL AT THE DATE OF INSTALLATION. BAG WILL REMAIN DURING THE DURATION OF THE WARRANTY. THEN WILL BE REMOVED BY CONTRACTOR. 3 INCH HIGH SOIL RIM BEYOND EDGE OF ROOT BALL FOR WATER DETENTION REMOVE ALL TWINE, ROPE, AND WIRE & BURLAP FROM TOP 2/3 OF ROOT BALL PLACE ROOT BALL ON UNEXCAVATED OR TAMPED SOIL TAMP SOIL AROUND ROOT BALL BASE FIRMLY WITH FOOT PRESSURE TO REDUCE SHIFTING OF ROOT BALL; TAMPED SOIL SHOULD NOT BE TOO COMPRESSED TO DETER ROOT GROWTH AROUND ROOT BALL. REMOVE ALL AIRPOCKETS OR POTENTIAL AIR POCKETS THAT WILL OCCUR DURING THE SETTLING OF THE SOIL. HOLE TO BE TWICE THE SIZE OF ROOTBALL SET ROOT BALL 2-3 INCHES HIGHER THAT SURROUNDING GRADE TO ALLOW SETTLING OF THE SOIL 2-3 INCHES OF MULCH ON SURFACE; DO NOT APPLY ADJACENT OR DIRECTLY ON PLANT BASE PREPARE PLANTING BED PRIOR TO INSTALLATION OF GRASS/PERENNIAL PLANTS. LOOSEN SOIL AND REMOVE ALL DEBRIS THAT WILL IMPAIR THE GROWTH OF THE PLANT(S). REMOVE MATERIAL FROM CONTAINER. NO CONTAINER MATERIAL TO BE LEFT ON THE SITE. PLACE ROOT BALL ON UNEXCAVATED OR TAMPED SOIL TAMP SOIL AROUND ROOT AREA REMOVE ALL AIRPOCKETS OR POTENTIAL AIR POCKETS THAT WILL OCCUR DURING THE SETTLING OF THE SOIL. 2-3 INCHES OF MULCH ON SURFACE; DO NOT APPLY ADJACENT OR DIRECTLY ON PLANT BASE EVENLY SPACE ALL PLANTING SPECIFIED WITHIN THE BED. L1PROJECT STAFFISSUEREVISIONSDATEPROJECT MANAGER:ENGINEER:ENGINEER:TECHNICIAN:G. LEHMAN RLA16b SUBMITTAL10-02-24COPYRIGHT: THIS DRAWING SHALL NOT BE USED, REPRODUCED, MODIFIED OR SOLD EITHER WHOLLY OR IN PART, EXCEPT WHEN AUTHORIZED IN WRITING BY THE LANDSCAPE ARCHITECT. PROJECT NO.: 24039 ISSUE DATE:OCT. 2, 2024 SCALE: SHEET NUMBER951 LUNT AVENUEELK GROVE VILLAGE , ILLINOISG. LEHMAN RLALANDSCAPE PLANSLANDSCAPE ARCHITECTURE5834 N TALMAN AVECHICAGO, ILLINOIS 60659773-732-0311GLEHMAN@GSTUDIODESIGN.NETDECIDUOUS TREE DETAIL SCALE: 1/4"=1'-0" 0 4'8' SHRUB DETAIL SCALE: 1/4"=1'-0" 0 4'8' PERENNIAL DETAIL SCALE: 1/4"=1'-0" 0 4'8' LANDSCAPE PLAN SCALE: 1"=20'-0" 0 20' 40' GENERAL NOTES: 1. SITE PLAN IS REFERENCED FROM CURRENT ARCHITECTURAL DRAWINGS. 2. CONTRACTOR TO LAYOUT PLANTING MATERIAL PRIOR TO INSTALLATION. REVIEW ALL UTILITIES PRIOR TO CONSTRUCTION AND MODIFY LOCATIONS AS NECESSARY. PLANT SCHEDULE SEASONAL INTEREST DIAGRAM LANDSCAPE SKETCH LUNT AVENUE TREE ORN. TREE SHRUB EVGRN. SHRUB ORN. GRASS PERENNIAL GRD. COVER GRASS GRAPHIC KEY BUILDING DRIVE LOADING FRAME ENTRANCE WITH PLANTING EXISTING TREESSCREEN DRIVE DRIVE LOADING 7-JUNIPERUS 7-HYDRANGEA 20-RUDBECKIA 15-HEMEROCALLIS 15-IRIS 11-ALLIUM EXISTING TREE 1-PICEA 5-SPIREA EXISTING TREEEXISTING TREEEXISTING TREEEXISTING TREE 1-AMELANCHIER 5-PHYSOCARPUS1-PICEA18-TAXUS1-CORNUS 6-HYDRANGEA 20-HEUCHERA 15-HEMEROCALLIS 15-IRIS 8-TAXUS 12-TAXUS 8-HYDRANGEA 1-AMELANCHIER 3-ILEX1-CELTIS 2-THUJA 2-ILEX 13-VIBURNUM 10-VIBURNUM 7-HYDRANGEA 2-THUJA 1-AMELANCHIER 20-HEUCHERA 15-HEMEROCALLIS 15-IRIS 3-PHYSOCARPUS 12-HEMEROCALLIS 12-IRIS 5-JUNIPERUS 3-SPIREA 1-CELTIS 11-ALLIUM MATCH LINE AMATCH LINE ALUNT AVENUE 4-ACER 1-ACER Industrial | Available 74,975 SF Building and Additional 1.82-AC Land Site 951 Lunt Avenue Elk Grove Village, IL Property Specifications Site Size 2.94 AC 1.82 AC (land site) - can be sold separately Building Size 74,975 SF Office Size 3,005 SF Ceiling Height 20’ clear Loading 8 interior docks Car Parking 70 spaces Sprinkler Wet system Power 2,400a @ 480v (estimate – to be verified) Rail Service Union Pacific/Chicago Terminal Rail available Date Available July 1, 2024 Real Estate Taxes 08-34-102-011-0000: $2.91 PSF (paid 2023 – on building) 08-34-102-010-0000: $0.38 PLSF (paid 2023 – on land site) Asking Lease Rate Subject to offer Asking Sale Price Subject to offer2.7 mi / 8 min to I-90 2.1 mi / 6 min to IL-390 0.7 mi / 2 min to Busse Rd 1.82 ACLand 74,975 S F Facilit y 951 Lunt Avenue Elk Grove Village, IL Available Building Plan - 74,975 SF Office Plan - 3,005 SF ---¥---------89'-7½" ____ ___,,,__ __ 57'-11 "--------J#'----61'-o½"--___,,,_--57'-11 "--______,,__ ____ 90•-101/2H-------¥---/'; l II � I ix> N 22' OH I 22' OH II 22' OH I 22' OH I I I II I I 0 I m ---+ ---1----t----�r-----+ ----t---,-:----I") I I II 2 INT. 2 INT. II 2 INT. 2 INT. DOC� DOC� DOC� DOC� ---J_ ----�I ===IE:::l. --- � - - - _JL_ - - - _L - - - ------lh - -�(_J_ - - - J_ - - - -I I :II I ���� I II I II I I ---l --_J_ ---L---JL _ --J_ --_ _i _ --_J_ ---1---- I o I J �I I I I I g � I ---r I-I I I I I = ---,----r---r---i----7----,----r----! I I II I I I I � I I II I I I I ---T----,----r----7, ----r----r----,----T---- 40• o"39'-1½"I J 39'-8" -�-39'-8" J J TYP --UNO J 39'-4½" I ---+ � I ix> I II ---1----t----t----+----r----1----+---- II II 360'-5½" EXISTING PLAN ±74,975 SF � b I I <O ix>0 0 N N A+M ARCHITECTS, LLC CBRE 951 LUNT AVENUE o 1 o· 20·30• 40• 50• 60' 11111111111 I I I I I I I I I I 36837 N. Lake Street Ingleside, Illinois 60041 Phone: 815-790-6401 ELK GROVE VILLAGE, ILLINOIS Date: 04/01 /24 Dwg: 24-039 Drawn by. AA C, 2024 A+M Archltecb A1 © 2024 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited. Contact Us Matt Mulvihill Vice Chairman +1 312 493 5522 matt.mulvihill@cbre.com Cal Payne Executive Vice President +1 312 343 7707 calum.payne@cbre.com 951 Lunt Avenue Elk Grove Village, IL Available +Free-standing, precast concrete construction +Existing rail infrastructure can be repaired and reactivated +Existing compressed air infrastructure +Potential to secure Cook County Class 6B Tax Incentive +Potential for land & building to be sold separately Property Highlights +Potential to combine parcels allows for additional car parking, trailer parking, building expansion, and/or outside storage capabilities +Heavy power service well distributed throughout facility +East half of roof replaced in 2014 with warranty through 2034 +West half of roof replaced in 2012 with warranty through 2032 \ Identifications of Persons Having an Interest in the Property 951 Lunt Avenue Elk Grove, Illinois 60007 PINs: 08-34-102-011/-017 Applicant: VK 951 Lunt, LLC VK Industrial VII Holdings, LLC – 100% Roy Splansky - 100% Manager 9500 Bryn Mawr Avenue, Suite 340 Rosemont, IL 60018 Occupant: TBD • Assuming the 6b is granted, the Applicant plans on consolidating the PINs and leasing the property to a suitable industrial user. Venture One conservatively estimated 9-12 months of downtime upon closing on the Subject Property to make improvements and secure a tenant. Business Entity Search Entity Information Entity Name Principal Address File Number Entity Type Org. Date/ Admission Date Duration Annual Report Filing Date Agent Information VK 951 LUNT, LLC 9500 W. BRYN MAWR AVE., STE 340 ROSEMONT,IL 600180000 15244321 LLC 09-16-2024 PERPETUAL 00-00-0000 LP AGENTS. LLC 120 S RIVERSIDE PLZ STE 1800 CHICAGO, IL 60606-3911 Services and More lnforn,ation Status ACTIVE on 09-16-2024 TypeofLLC Domestic Jurisdiction IL Annual Report Year Agent Change Date 09-16-2024 Choose a tab below to view services available to this business and more 1nformation about this business. I Available Services Managers Old LLCName Assumed Name Series Name Rle History Purchase Master Entity Certificate of Good Standing Articles of Amendment Effecting A Name Change Adopting Assumed Name Change of Registered Agent and/or Registered Office Proposed Industrial Use & Property Improvements 951 Lunt Avenue Elk Grove, Illinois 60007 PINs: 08-34-102-010/-011/-017 The Applicant is under contract to purchase the existing building and lot to the West, subject to receiving a class 6b tax incentive. The Subject Property has been vacant and unused but for dead storage since approximately June 2024. Assuming the 6b is granted, the Applicant plans on consolidating the PINs and leasing the property to a suitable industrial user. Venture One conservatively estimated 9-12 months of downtime upon closing on the Subject Property to make improvements and secure a tenant. Venture One is a real estate private equity fund manager, developer and operating company specializing in the industrial property sector. Venture One’s fully integrated platform includes a best-in-class team of investment and development professionals, as well as in-house construction, property, and asset management. Venture One’s decades of successful investment experience and long-standing relationships within the industry allow them to see and create opportunities where others do not. The Applicant is still in the process of receiving third party bids but plans to spend approximately $1,400,000 in construction and improvements. The Applicant currently expects to spend approximately $750,000 on interior improvements, including a full renovation and sprinkler upgrade. As to exterior improvements, the Applicant has approximately $450,000 budgeted for updated landscaping, façade and paint, as well new signage. Additionally, the Applicant plans on spending approx. $200,000 on the existing parking lot, and apron. As a result of the purchase price of $6,100,000 and approximately $1,400,000 in improvements, the Applicant expects the property to have a market value of around $7,500,000, which would generate approximately $2,571,166 in taxes over the life of the incentive (or approx. $190,457 per year). Without the incentive, the Applicant will not close on the property, leaving it 100% vacant and unused. With full vacancy relief, the Subject Property would generate only $1,223,003 in taxes over the life of the incentive (or approx. $119,204 per year). Therefore, should the Class 6b be approved, the Subject Property would generate $1,348,162 in additional real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached “12 Year Tax Comparison Chart.” Tax Year 2023 Tax Rate 2023 Multiplier Estimated Effective Tax Rate* Estimated Taxes Value Assessment Level with a Class 6b** Estimated Assessed Value With a Class 6b Estimated Tax With a Class 6b Estimated Market Value Assessment Level With NO Class 6b Estimated Assessed Value Without a Class 6b Estimated Taxes Without a Class 6b Estimated Market Value Assessme nt Level With NO Class 6b Estimated Assessed Value Without a Class 6b Estimated Taxes Without a Class 6b 2025 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2026 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2027 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2028 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2029 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2030 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2031 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2032 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2033 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2034 8.419%3.0163 25.394%$7,500,000 10%$750,000 $190,457 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2035 8.419%3.0163 25.394%$7,500,000 15%$1,125,000 $285,685 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 2036 8.419%3.0163 25.394%$7,500,000 20%$1,500,000 $380,913 $1,605,356 25%$401,339 $101,917 $7,500,000 25%$1,875,000 $476,142 $2,571,166 $1,223,003 $5,713,702 $1,348,162 $84,750 Elk Grove Village, IL Estimated Taxes Based on: Estimated Taxes based on tthe Proposed Purchase Price + $1,400,000 in Improvements & a 6b Compared to Estimated Taxes based on the Current Market Value with Full Vacancy and no 6b Compared to Estimated Taxes based on tthe Proposed Purchase Price + $1,400,000 in Improvements & no 6b 951 Lunt Avenue 12 Year Tax Estimates **The above is based on the assumption that the Class 6b Tax Incentive renewal for the subject property will be granted in 2024 and activated in 2025 The above estimates are speculative, and should be treated as such. Total Estimated Taxes (2025 to 2036)Total Estimated Taxes (2025 to 2036) Estimated Taxes based on the Current Market Value with Full Vacancy and no 6b Estimated Taxes based on tthe Proposed Purchase Price + $1,400,000 in Improvements & a 6b Notes: Total Additiona Tax Revenue Generated by the Class 6b Tax Incentive Estimated Additional Revenue Generated by Approx. 20 Full Time Employees (PER YEAR) *The 2023 Tax Rate (the 2023 tax rate x the 2023 multiplier) was used. It does not take into account any increases or decreases in the Effective Tax Rate between 2025 and 2036. Estimated Taxes based on tthe Proposed Purchase Price + $1,400,000 in Improvements & no 6b Total Estimated Taxes (2025 to 2036) PINs: 08-34-102-011/-017 ***A 20% Occupancy Factor was applied to said the 2023 building market value to come up with the estimated market value with full vacancy relief. Page 1 of 1 Employment & Financial Impact 951 Lunt Avenue Elk Grove, Illinois 60007 PINs: 08-34-102-011/-017 Based on the size of the property, the Applicant expects the eventual Occupant to employe around 20-30 full time employees. In addition to increased property tax revenues, the eventual Occupant’s employees and patrons will significantly benefit the local community. Each of the Occupant’s employees will frequent Village restaurants, gas stations, stores and more. The Applicant also expects the Occupant will attract both new and returning customers and visitors who will also frequent nearby establishments. According to the attached employee economic impact chart, the projected 20 full time employees are estimated to spend approximately $84,750 per year in the Village on gas, entertainment, groceries, etc., or approximately $1,017,000 over the life of the incentive. Including the increased property tax revenue, the project will generate a total of $2,365,162, in additional Village revenue over the life of the incentive. Special Circumstances 951 Lunt Avenue Elk Grove, Illinois 60007 PINs: 08-34-102-011/-017 Since 1972, the Subject Property was leased to Loyola Paper Company (“Loyola Paper”) until its liquidation in October 2023. Loyola Paper sold their assets and cut off leases of equipment that were previously used in operations. September 2023, Loyola Paper ceased buying for and from one of its major suppliers. The last piece of raw material inventory was sold back to its supplier at a loss in June 2024. The last remaining order was sent out in June 2024 As a result of the long-time user vacating, the Subject Property is in desperate need of renovations and improvements in order for the space to be usable for any modern industrial tenants. Based on the Applicant’s estimates, the interior of the property itself requires upwards of $750,000 (see property improvements exhibit and rendering). The costs to complete the proposed project are significant, and it’s unlikely there will be another buyer/user who will be able to immediately undertake and complete the project. As such, without the purchase the property is likely to sit vacant for an extended period of time, which will eventually take it out of the ‘special circumstances’ arm of the 6b. In order to avoid continued vacancy, special circumstances exist to support a 6b for the immediate purchase and renovation of the property.