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HomeMy WebLinkAboutRESOLUTION - 46-10 - 8/17/2010 - CLASS 6B/1501 MORSE AVENUERESOLUTION NO. 46-10 A RESOLUTION 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 1501 MORSE 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 6B, even though it has been vacant and unused for less than 24 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. 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 such shortened period of qualifying abandonment, 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 6B property status pursuant to said aforementioned ordinance, for certain real estate located at 1501 Morse Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-34-403-018-0000, 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 1501 Morse Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Number 08-34-403-018-0000 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 6B Tax Incentive Ordinance is necessary for the said development to occur on the subject property: LOT 389 IN CENTEX INDUSTRIAL PARK UNIT 237, A RESUBDIVISION OF LOT 66 IN CENTEX INDUSTRIAL PARK UNIT 37, A SUBDIVISION IN SECTION 34, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, TOGETHER WITH PART OF LOT 60 IN CENTEX INDUSTRIAL PARK UNIT 31. 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 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 Number 08-34-403-018-0000. 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 17'h day of August 2010. APPROVED this 17'h day of August 2010. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Villalle Clerk Res6bTax 1501 Morsespecial Exhibit "A" Special Circumstances Requested by -Ella Holdinas,.LLC. 1-50.1 Morse Ave.. Elk Grove, Illinois .(PIN:: 08=34-403=018-0000) Ella Holdings, LLC ("Applicant") plans on purchasing the above -referenced property and .leasing the same to a related entity,'Perfection Plating, Inc. ("Perfcetion"); as well as to another potential industrial user. Perfection will be leasing approximately 55,000 square feet of the subject. property to use in its operations consisting of precious metal plating, warehousing and distribution. The Applicant.plans on leasing the remaining approximately 90,000 square feet of the subject property to an. industrial tenant for manufacturing, warehousing arid/or distribution use-. The suhject.property consists of an approximately 145,256 square foot building that is completely vacant and unused. The subject property was approximately 93% vacant and unused since May, 2008 and the remaining'7%o of the building is currently vacant and :unused .and was being used up until recently for mostly deadstorage. Currently, the property is vacant and unused. and in -need of: substantial rehabilitation. The Applicant plans on investing'r6ughly:$1,500,000 to $2,000,000 to refurbish the existing facility-. The substantial improvements will be made X ith regard' to, but not - limited to; the offices; bathrooms, boilers, plumbing, floors, interior and exterior v<�alls, landscaping and parkinglot. Additionally, the Applicant plans on replacing the.HVAC, upgrading the electrical and building new offices. The Applicant will. also be installing -new lines, of production, which will account .for approxiinately $500,000.to $700,000 of the above figure. Perfection has been. operating at.its current facility located at 775: Morse Ave. in. Elk Grove Village since 17979 and plans on continuing to operate at that location. itis because .Perfection's business is growing that it plans on occupying the subject property to have as an additional location to build new lines of operation. Perfection currently has approximately 105 jobs at its existing facility and will be bringing approximately 10 employees from that facility to the new s.ite.as well as hiring approximately 25 to 30 new employees to work at the -new site. Should Perfection's business continue to grow, it expects to have.approximatel.y 40 to. 50 employees at the subject property and will look io hire all qualified Village of Elk Grove Village residents :for future hires. In addition, the remaining approximately 90,000 .square feet of the site will :be leased to an industrial user for manufacturing, warehousing andlor distribution use, which will likely bring additional jobsto the Village. However, this is -all contingent on the Applicant receiving a Class 6b Tax Incentive. Based on our research and the additional costs that niusi be incurred to rehabilitate the building in -order :For this to be a successful endeavor, the Applicant rriustpossess a Class 6b Incentive to be able to successfully operate the facility and complete the necessary substantial rehabilitation. Perfection needs to expand and believes that this new facility will tit its needs. moving fonvard, however, Arithout a Class 6b Incentive, it will not be able to successfully operate at this site. It is for these reasons that it is necessary to grant the Applicant a.Resolution in support of a Class .6b:Incentive based on occupation of abandoned property for less than twenty-four months continuous vacancy with a purchase for value,special circumstances and substantial -rehabilitation for the above -referenced property.