HomeMy WebLinkAboutRESOLUTION - 20-09 - 4/14/2009 - CLASS 6B/2401 LUNT AVENUERESOLUTION NO. 20-09
A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 613 STATUS
PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION
ORDINANCE AS AMENDED FEBRUARY 15, 2006 FOR CERTAIN REAL ESTATE
LOCATED AT 2401 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 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 6B 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"
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for purposes of the incentive, and a resolution to that effect shall be included with the Class 613
eligibility application filed with the Assessor; 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 2401 Lunt Avenue, in
the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-35-
202-024-0000, 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 2401 Lunt
Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the
Property Index Number 08-35-202-024-0000 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:
THAT PART OF LOT 13 IN CENTEX INDUSTRIAL PARK UNIT NUMBER 3,
(HEREINAFTER DESCRIBED) FALLING WITHIN THE SUBDIVISION OF THE
ESTATE OF HENRY LANDMEIER OF PARTS OF SECTIONS 26 AND 35,
TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN (EXCEPT FROM SAID PART OF LOT 13, THE WEST 1162.02 FEET
OF SAID LOT 13) IN CENTEX INDUSTRIAL PARK UNIT NUMBER 3, BEING
A SUBDIVISION IN SECTION 35, 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 08-35-202-024-0000.
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 14th day of April 2009.
APPROVED this 14th day of April 2009.
APPROVED:
Mavor Craip, B. Johnson
Village of Elk Grove Village
ATTEST:
Ann I. Walsh, Village Clerk
Res6b"fax2401 Lunt
Exhibit "A"
Special Circumstances
Requested by KTR IL, LLC (311 West Superior, Suite 210, Chicago, IL 60610)
the property consists of an approximately 309,284 square foot industrial building located on a
roughly 582,590 square foot site KTR IL, LLC ("KTR") has already spent $.359,189 to refurbish the site,
however, even with these improvements, they have not been able to lease the site . Furthermore, the
property.is in need of additional significant improvements, and therefore KTR has allotted approxirriately
$889,000 to refurbish the existing facility. The improvements to the site will be made to the entire
property in order to make it leasable to an industrial tenant KTR expects the development to bring
approximately 50 to 100 permanent full-time employees to the facility However, this is all contingent on
KTR receiving a Class 6b Incentive.
Based on research and the additional costs that must be placed into the building in order for this to
be a successful endeavor, KTR must possess a Class 6b to complete the renovations and to be competitive
in the marketplace and secure a tenant. KTR has been unable to lease the property in over two years,
despite the investment it has already put into the property, and the site is still. in need of significant
improvements. It is for these reasons that it is necessary to grant KIR a Class 6b Incentive with special
circumstances for vacancy