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HomeMy WebLinkAboutRESOLUTION - 7-22 - 1/25/2022 - 81 Northwest Point Boulevard 6BRESOLUTION NO. 7-22 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 81 NORTHWEST POINT BOULEVARD 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 6B property status pursuant to said aforementioned ordinance for certain real estate located at 81 Northwest Point Boulevard, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-22-100-022-0000, 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 I. That the request of the Petitioner to have certain real estate located at 81 Northwest Point Boulevard, Elk Grove Village, Cook County, Illinois, and identified by Property Index Numbers 08-22-100-022-0000, 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: LOT 2 IN THE FINAL PLAT OF RESUBDIVISION OF METROPOLITAN -VICTORIA SUBDIVISION, BEING A RESUBDIVISION OF PART OF LOT 1 IN THE PARK AT NORTHWEST POINT, BEING A SUBDIVISION OF PARTS OF SECTIONS 15, 16, 21 AND 22, ALL IN TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF RESUBDIVISION RECORDED AS DOCUMENT NUMBER 1534534024, 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 613 property pursuant to the Cook County Real Property Classification Ordinance and the Class 613 tax incentives shall apply to the property identified as Permanent Real Estate Index Numbers 08-22-100-022-0000. 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 including the Elk Grove Village Class 6b Property Tax Incentive Terms and Agreement subject to the petitioner completing new construction of a 58,858 square foot industrial building, in substantial conformance with the Applicant completing the improvements stated in their application. Section 4. That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTE: AYES: 6 NAYS: 0 ABSENT: 0 PASSED this 25t' day of January 2022. APPROVED this 25th day of January 2022./ APPROVED: NV.ayor Cr• ig B. Johnson Village o fElk Grove Village ATTEST: L etta M. Murph , Vill e Ctirk THE LAW OFFICES OF LiiSTON & TBANTILIS A PROFESSIONAL CORPORATION 33 NORTH LASALLE STREET. 28TH FLOOR CHICAGO, II.LINOIS 90602 13RIAN P. LISTON (312) 580-1594 PETER TSANTILIS (312) 604-3808 FACSIMILE (312) 500-1592 VIA MAIL & EMAIL Village Manager's Office ATTN: Josh Grodzin 901 Wellington Avenue Elk Grove, Illinois 60007 CC: Nick Radcliffe Dear Josh: January 20, 2022 ItE: Class 6b Resolution Reguest Bridge Point Elk Grove Village 58, LLC 81 Northwest Point Blvd. Elk Grove Village, IL 60007 PIN(s): 08-22-100-022-0000 Bridge Point Elk Grove Village 58, LLC (the "Applicant"), is the contract purchaser for the above - referenced property (the "Subject Property"), and is requesting a Resolution from the Village of Elk Grove supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. The Subject Property currently consists of vacant land comprising approximately 295,149 square feet. The Applicant plans to construct an approximately 58,858 square foot building with a clear height of thirty (30) feet. Additionally, the new building will include six (6) exterior docks and forty-six (46) new parking stalls. This newly constructed building will then be occupied by a suitable industrial tenant on a speculative basis. Subject Property Improvements and Job Creation In the event that a CIass 6b Tax Incentive is granted, the Applicant plans to spend approximately $7,000,000 to construct a new industrial building onsite and improve upon the existing lot. Once these improvements are finished, the Applicant plans eventually to find a suitable industrial tenant to occupy the entire Subject Property. In total, the Applicant intends that the building will accommodate an upwards of fifteen (15) to twenty (20) full time jobs, with room for expansion. Also, new development will result in approximately thirty (30) temporary construction jobs. Real Estate Tax and Economic Analysis After the completion of improvements, the Subject Property is projected to have a market value of approximately $9,I04,580, which would generate an estimated $3,286,825 in total taxes over the life of the Class 6b Tax Incentive (approximately $273,902 per year). Without the incentive and at full vacancy, the Subject Property would generate a total of only $1,688,378 in total taxes (approximately $140,698 per year) over the life of the incentive. Therefore, should the Class 6b Tax Incentive be approved, the Subject Property THE LAW OFM[OEB OF LISTON & TSANTILIS would generate an additional $1,598,448 in real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached "12 Year Tax Comparison Chart" for more details. In addition to increased mmne.rty tax revenues, the i-m-nfi,al r1^--.0. pre --ce wiii SignlliLaI Itiy benefit the local community. The Applicant expects the Occupant's employees and visitors wil I frequent Village restaurants, gas stations, stores and more. According to the attached employee economic impact chart, the projected 20 full time individuals are estimated to spend approximately $84,750 per year in the Village on gas, entertainment, groceries, etc. See attached "Employee Economic Impact Statement" for more details. "Rut -For" Condition Statement Without the assistance from the Class 6b Tax Incentive, the Applicant will not proceed with the purchase and construction of the new building. The Applicant has determined that without the incentive, the heavy Cook County property tax burden will not make the project feasible. In the event that the Applicant does not proceed with the new construction and rehabilitation on the Subject Property, it will remain vacant and unused, thereby lowering its total taxes. Conclusion Based on the foregoing, the Applicant requests that the Village of 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 New Construction and Substantial Rehabilitation. Should you need any additional documentation or have any questions or concerns, do not hesitate to contact me at (312) 580-1595 or via email at bpenny@ltlawchicago.com. Respectfully Submitted, Brendan Penny, Esq. Encls. COOK COUNTY ASSESSORS OFFICE COOK COUNTY ASSESSOR ` 118 NORTH CLARK STREET, CHICAGO, IL 60602 F R I TZ KA E G I mac. PHONE: 312.443.7550 FAX: 312.603.6584 �ti WWW.000KCOUNTYASSESSOR.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 fling 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: Bridge Point Elk Grove Village 58, LLC Telephone: ( ) Company: Address: 9295 W. Ban Mawr Ave. Ste. 700 City: Chicago State: IL Zip Code: 60631 Email: Contact Person (if different than the Applicant) Name: Doug Klein Telephone: (630) 803-2575 Company: Bridge Industrial Address:. 9295 W. Bryn Mawr Ave., Ste. 700 City: Chicago State: IL Zip Code: 60631 Email: dklein@bridgeindustrial.com 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) 81 NW Point Blvd., Elk Grove Village, 60007 Permanent Real Estate Index Number: 08-22-100-022-0000 (2 ) Permanent Real Estate Index Number: (3) Permanent Real Estate Index Number: City: Elk Grove Village State: IL Zip Code: 60007 Township: Elk Grove Existing Class: 100 Attach legal description, site dimensions and square footage and building dimensions and square footage. 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. Nature of Development Indicate nature of proposed development by checking the appropriate space: [x ] New Construction (Read and Complete Section A) [x ] 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 - (TEERM Supplemental Application) (Read and Complete Section C) [ ] Occupation of Abandoned Property - (CEERM Supplemental Application) (Read and Complete Section C) SECTIONA (NEW CONS TRUCTIONISUBSTANTIA.L REHABILITAT!'OM If the proposed development consists of New Construction or Substantial Rehabilitation, provide the following information: Estimated date of construction commencement (excluding demolition, if any): Q3 2022 Estimated date of construction completion: Q 1 /Q2 2023 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. 1" 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) SECTIONS 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 24 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 24 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 24 continuous months or greater, complete section (2). 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 was greater than 12 continuous months and less than 24 continuous month, complete section (2) and the TEERM Supplemental Application. 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 was greater than 3 continuous months and applicant will create or maintain at least 250 jobs for employees at the subject location, complete section (2) and the CEERM Supplemental Application. 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 24-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? [ ] 24 or greater continuous months (Eligible for Special Circumstance) [ ] 12 continuous months but less than 24 continuous months (Eligible for Special Circumstance under TEERM) - Complete TEERM Supplemental Application [ ] 3 continuous months and maintain/create 250 employee jobs (Eligible far 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 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: TEERM SUPPLEMENTAL APPLICATION (This form will ONLY be utilized for applicants who specifically elect for TEERM) This supplemental eligibility application is for properties that have been abandoned (due to special circumstances) Mr at least 17 continuot!s months and less than. 24 continuous months with no purchase taking place. Under the TEERM Program, qualifying industrial real estate would be eligible for the Class 6B level of assessment from the date ofsubstantial re -occupancy of the abandonedproperty. Properties receiving Class 6B will be assessed at 10% of market value for the first 10 years, 15% in the I1 th 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 TEERM program. Further affiant sayeth not. Agent's Signature Agent's Mailing Address Applicant's Name Applicant's e-mail address Agent's Name & Title Agent's Telephone Number Applicant's Mailing Address Subscribed and sworn before me this day of , 20 Signature of Notary Public 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 parry 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 the Class 6B will be assessed at 10% of market value for the first 10 years, 15% in the 11 th year and 20% in the 12th year. The terms of'this program are Not Renewable. licant/representative hereby specifically elect to submit this Supplemental Application for the CEERM program. Further affiant sayeth not. Agent's Signature Agent's Mailing Address Applicant's Name Applicant's e-mail address Subscribed and sworn before me this day of. Signature of Notary Public Agent's Name & Title Agent's Telephone Number Applicant's Mailing Address 20 EMPLOYMENT OPPORTUNITIES How many construction jobs will be created or maintained as a result of this development? 30 How many new permanent full-time and part-time employees do you now employ in Cook County? Full-time: N/A raa-LiincC N/A How many new permanent part-time jobs will be created as a result of this proposed development? TBD How many new permanent full-time jobs will be created as a result of this proposed development? 15-20 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 itfcnds 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 abandoned 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". 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 d as to such matters the undersigned certifies that he/she believes the same to be true. t/zo/zozz )A ISZ--, 3gnatur Date Doug Klein Development Manager Print Name Title 0310512021 Petition Form for Class 6B Proms For Office Use On1V 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 the Director of Business Development & Marketing at (847) 357-4007. 1 r 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 thaLL, thV F1Vl10 Wing b AJ 11tJJand. li Vgally d+s1i1b 4U rV ail 1st tc bV gral«Cla Q nook County Class 5B Property Tax Abatement: Business: Bridge Point Elk Grove Village 58. LLC as contract purchaser for the below)_ Address: 81 Northwest Point Blvd.. Elk Grove Village. IL 60007 Permanent Real Estate Tax Index No. M Assessed Valuation 2021 $210.458 (last 3 years) 2020 $210.457 2019 $210.457 22-100-022-0000 Attach Legal Description of Property Proposed Owner of Record: Print Name: Bridge Point Elk Grove Village 58. LLC Signature: 9525 W. Brvn Mawr Ave.. Ste. 700 (Address City, State) Phone:(6301803-2575 Fax: Email: dklein brill eindustrial.com Business Applicant's Name: Print Name: Doug Klein Signature Bridge Industrial AcaLiisition, LLC Business/Corporation Name 9525 W. Brvn Mawr Ave.. Ste. 700 (Address City, State) Phone: (630) 803-2575 Fax: Email: dkiein@bridgeindustrial.com S1 -' +{ Elk Grove Village Class 613 Property Tax Terms and Agreement The APPLICANT shall perform the WORK upon the SUBJECT PROPERTY located at 81 NW Point BLVD. 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 taking ownership or tenancy to complete all proposed alternations 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 here Iess authorized in accordance with the law and reduced in writing and signed by them. In WITNRr S. WHEREOF, thA parties hereto have executed this Agreement as set forth below; Village of EIWGrove Village 901 Wellin ton Avenue Elk Grov illaze, IL 60007 Signed: Name: I Title: Iv Date: Attest: Lorne ,M6phy, Village Cler Bridge Point Elk Grove Village 58, LLC 81 NW Point Blvd. Elk Grove Village, IL 60007 Signed: Name: Doug Klein Title: Director, Development Date: 1/21/2022 Elk Grove Village Class 6B Property Tax Terms and Agreement Terms & Conditions Attachment A The APPLICANT shall perform the WORK upon the SUBJECT PROPERTY as outlined below: a New construction of a modern state of the art industrial speculative building Please note, all improvements must conform to Village codes and ordinances. At the time of plan review and permitting, the Village reserves the right to alter the applicant's plans to ensure conformity. The 6B will not be granted until all improvements are completed to the satisfaction of the Village. Any alteration of the proposed work by the applicant after Village Board approval requires additional Village Board approval. The aforementioned items must be completed in accordance with the application packet submitted and enumerated in the resolution. ,.puti5.1� �S y Disclosure of Ownership l . 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 indiuidualis; Title Tract Search, or v One copy of the latest recorded deed with affidavit ❑ Administcred 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. 6yU11 G 1 iU ti .{ 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 suppuits file use urthC Cuuk CuunLy Class UD Tax Abatu iWitL In uascs wbuir, lL is establlshud that 4 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. httP:Ilarca. /2AT5S6a 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 ViIlabe of Elk Grove ViIiage 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. �,an€ire 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 x Name of the Applying Company x Current and Proposed Location/Address of the Applicant x Proposed Use of the Property x Proof of Vacancy x Job Creation and Retention Data (excludin one-time construction jobs) x Total Project Cost of Proposed Improvements (exclude landpurchase) x Proposed Detailed Construction Budget of Proposed Improvements x Proposed Landscape Bud et and Plan x Total Square Footage of the Building x Current Color Photo ra hs of the Building x Prior Five Years of Tax History x Breakdown of Taxes Paid Occupied With 6B v. Occupied Without 613 x Tax PIN x Legal Description Letter from Applicant Explaining the Need for the Tax Abatement on Company Letterhead x Application Fee of $1,000 x 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 frill -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. EDS AFFIDAVIT I, Doug Klein , as agent for Bridge Point Elk Grove Village 58, LLC (the "Applicant"), do hereby certify that it would attest to the following facts as required by Sections 7446 and 74-62 through 74-73 of the Cook County Code if called to testify: That I am a duly authorized agent for Applicant, who is the contract -purchaser of the property located at located at 81 Northwest Point Blvd., Elk Grove Village, Illinois 60007 (PINs: 08- 22-100-022-0000) (the "Subject Property"). 2. Applicant does not own any other property in Cook County: 3. Applicant's ownership is as follows: Steve F. Poulos, Ownership Interest — 40.8700% 201 Oakdene Drive Barrington Hills, IL 60010 Anthony Pricco, Ownership Interest — 29.1300% 4521 N. Richmond Street Chicago, IL 60625 Dan Hemmer, Ownership Interest — 5.0000% 424 Glendale Avenue Hinsdale, IL 60521 Steve Groetsema, Ownership Interest — 17.5000% 95 N. Park Road LaGrange, IL 60525 Kevin Carroll, Ownership Interest — 7.5000% 2631 Marion Drive Ft. Lauderdale, FL 33316 4. To my knowledge and after reviewing the Applicant's records, Applicant is not delinquent in the payment of any property taxes administered by Cook County or by a local municipality. tiler Affiant 5 yelp loot Date: Subscribed and swo before me This_ day of 1, 2021 f Signature of otary ubic - 112012022 M NDEZ Ilinoispires Legal Description, Site and Building Square Fflotaec 81 Northwest Point Blvd. Elk Grove Village, IL 60007 PIN:08-22-100-022-0000 The Subject Property currently consists of vacant land comprising approximately 295,149 square feet. The Applicant plans to construct an approximately 58,858 square foot building with a clear height of thirty (30) feet. Additionally, the new building will include six (6) exterior docks, one (1) new drive-in entryway, and forty-six (46) new parking stalls. This newly constructed building will then be occupied by a suitable industrial tenant on a speculative basis. Attached hereto please find: • Legal description Aerial of Subject Property • Site Plan, ■ Landscaping Plan • Models, Renderings, and Elevations Leval DescritAlon LOT 2 IN THE FINAL PLAT OF RESUBDIVISION OF METROPOLITAN -VICTORIA SUBDIVISION, BEING A RESUBDIVISION OF PART OF LOT 1 IN THE PARK AT NORTHWEST POINT, BEING A SUBDIVISION OF PARTS OF SECTIONS 15, 16, 21 AND 22, ALL IN TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF RESUBDIVISION RECORDED AS DOCUMENT NUMBER 1534534024, IN COOK COUNTY, ILLINOIS Common Address: 81 Northwest Point Blvd., Elk Grove Village, Illinois 60007 PIN: 08-22-100-022-0000 Cook County CookViewer January 20, 2022 1:2,083 0 0.0175 0.035 0.07 mi 0 0.0275 0.055 0.11 km Cook County GlS Dept Cook County GIS De parlm.nt ©2019 Cook County. AN Cook County geospallal dataand maps are copyrighted. All materials appearing on the web site are trensmlGed without warranty olany kind and are subject to the tons oflhedisclaimer Or -4f hZ „j7,N O m 0 z Z ^� , i1 � w a u°dampc z ve MIL-1 UAJyaA - - II '30VIIIA 3AOMO NI3 'OAIB 1NIOd MN LB X•� �_ — _ 1N3Wd03n30 03SOdOtld NV -1d 3dVOSONV-1 wnld3ONOO a i . r..r 61' r t =, d C O �: C � �' O :- I� U w Q w O O G O � ; U ` CP; ,� a L. w O -; u 0 �� o� a V w Q w O O 0 P4 P-4 Identification of Persons Having an Interest in the Property 81 Northwest Point Blvd., Elk Grove Village, Illinois 60007 PIN: 08-22-100-022-0000 Applicant: Bridge Point Elk Grove Village 58 LLC Steve F. Poulos, Ownership Interest — 40.8700% 201 Oakdene Drive Barrington Hills, IL 60010 Anthony Pricco, Ownership Interest — 29.1300% 4521 N. Richmond Street Chicago, IL 60625 Dan Hemmer, Ownership Interest — 5.0000% 424 Glendale Avenue Hinsdale, IL 60521 Steve Groetsema, Ownership Interest — 17.5000% 95 N. Park Road LaGrange, IL 60525 Kevin Carroll, Ownership Interest — 7.5000% 2631 Marion Drive Ft. Lauderdale, FL 33316 Occupant: Speculative, TBD The Applicant plans to construct an approximately 58,858 square foot building with a clear height of thirty (30) feet. Additionally, the new building will include six (6) exterior docks, one (1) new drive-in entryway, and forty-six (46) new parking stalls. This newly constructed building will then be occupied by a suitable industrial tenant on a speculative basis. Industrial Use: 81 Northwest Point Blvd. Elk Grove Village, IL 60007 PIN: 08-22-100-022-0000 The Subject Property currently consists of vacant land comprising approximately 295,149 square feet. The Applicant plans to construct an approximately 58,858 square foot building with a clear height of thirty (30) feet. Additionally, the new building will include six (6) exterior docks, one (1) new drive-in entryway, and forty-six (46) new parking stalls. This newly constructed building will then be occupied by a suitable industrial tenant on a speculative basis. In the event that a Class 6b Tax Incentive is granted, the Applicant plans to spend approximately $7,000,000 to construct a new industrial building onsite and improve upon the existing lot. Once these improvements are finished, the Applicant plans eventually to find a suitable industrial tenant to occupy the entire Subject Property. In total, the Applicant intends that the building will accommodate an upwards of fifteen (15) to twenty (20) full time jobs, with room for expansion. Also, new development will result in approximately thirty (30) temporary construction jobs. Employment_ Opportunities Bridge Point Elk Grove Village 58, LLC 81 Northwest Point Blvd., Elk Grove Village, IL 60007 PIN:08-22-100-022-0000 The Subject Property currently consists of vacant land comprising approximately 295,149 square feet. The Applicant plans to construct an approximately 58,858 square foot building with a clear height of thirty (30) feet. Additionally, the new building will include six (6) exterior docks and forty-six (46) new parking stalls. This newly constructed building will then be occupied by a suitable industrial tenant on a speculative basis. In the event that a Class 6b Tax Incentive is granted, the Applicant plans to spend approximately $7,000,000 to construct a new industrial building onsite and improve upon the existing lot. Once these improvements are finished, the Applicant plans eventually to find a suitable industrial tenant to occupy the entire Subject Property. In total, the Applicant intends that the building will accommodate an upwards of fifteen (15) to twenty (20) full time jobs, with room for expansion. Also, new development will result in approximately thirty (30) temporary construction jobs. In addition to increased property tax revenues, the eventual Occupant's presence will significantly benefit the local community. The Applicant expects the Occupant's employees and visitors will frequent Village restaurants, gas stations, stores and more. According to the attached employee economic impact chart, the projected 20 full time individuals are estimated to spend approximately $84,750 per year in the Village on gas, entertainment, groceries, etc. See attached "Employee Economic Impact Statement" for more details. Employee Economic Impact Purchase E=m . % Ex JWeek Weeks ITotal Lunch 20 55% $55 50 $30,250 Groce 20 30% $50 50 $15,000 Consumer Goods 20 25% $35 50 $8,750 Entertainment 20 15% $55 50 $8,250 Auto -Gas 20 75% $30 50 $22,500 TOTAL 1 1$84,750 Potential Growth & Property l:n rovennents Bridge Point Elk Grove Village 58, LLC 81 Northwest Point Blvd., Elk Grove Village, IL 60007 PIN: 08-22-100-022-0000 Bridge Point Elk Grove Village 58, LLC (the "Applicant"), is the contract purchaser for the above -referenced property (the "Subject Property"), and is requesting a Resolution from the Village of Elk Grove supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. The Subject Property currently consists of vacant land comprising approximately 295,149 square feet. The Applicant plans to construct an approximately 58,858 square foot building with a clear height of thirty (30) feet. Additionally, the new building will include six (6) exterior docks, one (1) new drive-in entryway, and forty-six (46) new parking stalls. This newly constructed building will then be occupied by a suitable industrial tenant on a speculative basis. In the event that a Class 6b Tax Incentive is granted, the Applicant plans to spend approximately $7,000,000 to construct a new industrial building onsite and improve upon the existing lot. Once these improvements are finished, the Applicant plans eventually to find a suitable industrial tenant to occupy the entire Subject Property. In total, the Applicant intends that the building will accommodate an upwards of fifteen (15) to twenty (20) full time jobs, with room for expansion. Also, new development will result in approximately thirty (30) temporary construction jobs. After the completion of improvements, the Subject Property is projected to have a market value of approximately $9,104,580, which would generate an estimated $3,286,825 in total taxes over the life of the Class 6b Tax Incentive (approximately $273,902 per year). Without the incentive and at full vacancy, the Subject Property would generate a total of only $1,688,378 in total taxes (approximately $140,698 per year) over the life of the incentive. Therefore, should the Class 6b Tax Incentive be approved, the Subject Property would generate an additional $1,598,448 in real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached "12 Year Tax Comparison Chart" for more details. Without the assistance from the Class 6b Tax Incentive, the Applicant will not proceed with the purchase and construction of the new building. The Applicant has determined that without the incentive, the heavy Cook County property tax burden will not make the project feasible. In the event that the Applicant does not proceed with the new construction and rehabilitation on the Subject Property, it will remain vacant and unused, thereby lowering its total taxes. In addition to increased property tax revenues, the eventual Occupant's presence will significantly benefit the local community. The Applicant expects the Occupant's employees and visitors will frequent Village restaurants, gas stations, stores and more. According to the attached employee economic impact chart, the projected 20 full time individuals are estimated to spend approximately $84,750 per year in the Village on gas, entertainment, groceries, etc. See attached "Employee Economic Impact Statement" for more details. || � �� ■� |||- � , ! - § , | - ■ 2 ■ , � ■ , ! / ■ � § � � | �|| |■;■■!§£|;!;| || ! / | �| | ■ , ¥ # ■ , ■ • ! ! , , � � , � ■ , ■ m K ■ | ! | ,T aa,a, \ � k � | ■ | ji it # ! • 7 ! k ` .| | $| |�� ■ � 4 � � � ■ ■ � � § ■ | = 10 10 Ill II MEN 11 =1011 11=011111111111111111,11 =111111111010111111101111 � | ,