HomeMy WebLinkAboutRESOLUTION - 49-07 - 9/25/2007 - CLASS 6B/695 TOUHYRESOLUTION NO. 49-07
A RESOLUTION AMENDING RESOLUTION NO. 26-07, ADOPTED APRIL 24, 2007,
DETERMINING THE APPROPRIATENESS FOR CLASS 6B STATUS PURSUANT TO
THE COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE AS
AMENDED FEBRUARY 15, 2006 FOR CERTAIN REAL ESTATE LOCATED AT 695
TOUHY 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 February 15, 2006, which has instituted a program to
encourage industrial and commercial development in Cook County known as the Cook County
Real Property Classification Ordinance; and
WHEREAS, in the case of abandoned property, if the municipality or the Mayor and
Board of Trustees, finds that special circumstances justify finding that the property is
"abandoned" for purpose of Class 613, even though it has been vacant and unused for more
than 24 months and there has been no purchase for value, that finding, along with the
specification of the circumstances, shall be included in the resolution or ordinance supporting
and consenting to the Class 613 application. Such resolution or ordinance shall be filed with
the eligibility application. If the ordinance or resolution is that of a municipality, the approval
of the Board of Commissioners of Cook County is required to validate that the property is
deemed "abandoned" for purposes of the incentive, and a resolution to that effect shall be
included with the Class 6B eligibility application filed with the Assessor; and
WHEREAS, the Petitioner has applied for or is applying for Class 613 property status
pursuant to said aforementioned ordinance, for certain real estate located at 695 Touhy
Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index
Number 08-34-100-077-0000, has proven to this Board that such incentive provided for in said
ordinance is necessary for development to occur on this specific real estate.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, Illinois:
Section 1: That the request of the Petitioner to have certain real estate located at 695
Touhy Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and
with the Property Index Number 08-34-100-077-0000 declared eligible for Class 6B status
pursuant to the Cook County Real Property Classification Ordinance as amended February 15,
2006, 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 613 Tax Incentive Ordinance is
necessary for the said development to occur on the subject property:
Lot 403 in Centex Industrial Park Unit 250, being a Subdivision in the northwest 1/4
of 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 amended 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 Number 08-34-100-077-0000.
Section 4: That the Mayor and Village Clerk are hereby authorized to sign any necessary
documents to implement this Resolution.
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 25th day of September 2007
APPROVED this 25th day of September 2007
APPROVED:
Mayor Craig B: Johnson
Village of Elk Grove Village
ATTEST:
Ann I. Walsh, Village Clerk
Res6bTax6951-ouhyspecialamended
Exhibit "A"
GULLO
INTERNATIONAL
APR 11 2007
Nancy Carlson April 9, 2007
Village of Elk Grove
901 Wellington Avenue
Elk Grove Village, IL 60007
RE: 695 Touhy
Elk Grove Village, IL 60007
695 Touhy Avenue, located in Elk Grove Village has been vacant since March 2005.
The property is 86,300 S.F. and was not originally constructed to be divisible. This facility has been
difficult to lease these past few years due to its size with little options to divide into two or more units.
Therefore Lessor has been forced to search for a tenant looking to occupy the entire 86,000 S.F., which
in our experience, is not a sought after size in this market. Recently there has been more interest in this
type of space, however with the understanding that the property qualifies for the 6B Abatement due to
vacancy. This enables the tenant to help with the rent in exchange for taking more square footage than
needed.
Additionally, there are over 8 facilities currently on the market similar in square footage to the 695 Touhy
Property. There is more supply than demand in the O'Hare Market for this size which makes the 6B
incentive even more valuable when trying to lease this property. Owners have suffered hardship in
carrying the property for the past two years without any rental relief. We appreciate your consideration on
these special circumstances.
Should you have any questions, please do not hesitate to call.
cSincerel
1f nn Gullo
Director o erations
GULLO INTERNATIONAL DEVELOPMENT CORPORATION • GULLO INTERNATIOflAL REALTY GROUP LTD.
1100 Landmeier Road • Elk Grove Village, Illinois 60007 • TEL. 847.364.7000 • FAX. 847.364.7030
www ❑ li , com info@gUllo.Com
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