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Home My WebLink AboutRESOLUTION - 49-10 - 8/17/2010 - CLASS 6B/2425 ARTHUR AVENUERESOLUTION NO. 49-10 A RESOLUTION AMENDING RESOLUTION NO. 39-10 AND 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 2425 ARTHUR 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 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 2425 Arthur Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Numbers 08-35-404-004-0000, 08-35-404-005-0000, 08-35-404-006-0000, 08-35-404-007- 0000, 08-35-404-008-0000, 08-35-404-009-0000, 08-35-404-010-0000, 08-35-404-053-0000, and 08-35-404-076-0000, 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 2425 Arthur Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Numbers 08-35-404-004-0000, 08-35-404-005-0000, 08-35-404-006- 0000, 08-35-404-007-0000, 08-35-404-008-0000, 08-35-404-009-0000, 08-35-404-010-0000, 08-35-404-053-0000, and 08-35-404-076-0000, 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 104 (EXCEPT THE EAST 50 FEET THEREOF) AND ALL OF LOTS 105, 106, 107, 108, 109, 110, 111, 112 (EXCEPT THE WEST 37.5 FEET THEREOF) IN CENTEX INDUSTRIAL PARK UNIT 11, 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 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 08-35-404-004-0000, 08-35-404-005-0000, 08-35-404-006-0000, 08-35-404-007- 0000, 08-35-404-008-0000, 08-35-404-009-0000, 08-35-404-010-0000, 08-35-404-053-0000, and 08-35-404-076-0000. 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 17th day of August 2010. APPROVED this 17th day of August 2010. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Villalle Clerk Res6bTax242 5 Arthuramend Exhibit "A" Jack E. Boehm, Jr. FISK KART KATZ and REGAN, Ltd Jeffrey A. Brown James P. Regan * ATTORhrEYS AT LAW William J. Seitz Practice Limited to Real Estate Tax and Assessment Law Antonio J. Senagore Gilbert Kan (Of Counsel) * Also admitted in New York August 9, 2010 VIA EN1AIL Mr. Matt Roan, Deputy Village Manager Elk Grove Village 901 Wellington Ave. Elk Grove Village, IL 60007 mroan@elkgrove.org Re: Application for Cook County Class 6(b) Incentive Assessment 2425 Arthur Ave., Elk Grove Village Elk Grove "Township P.I.N.'s 08-35-404-004 through —010; -053 and -076 Dear Mr. Roan: Albert Fisk (1905-1964) Eugene Kart (1912-2006) Martin S. Katz (1946-2000) James P. Scheffke Real Estate Tax Administrator Lee A. Hampton Kelly Haufe Senior Property Tax Analysts On behalf of our client Mayo Properties, L.L.C. ("Mayo"), I sent you a letter on August 4, 2010. The Letter requested a revised Resolution from the Elk Grove Village Board of Trustees concerning Mayo's Class 6(b) Incentive Assessment Application. In particular, the revised Resolution must find that "special circumstances" justify finding the above -referenced property to be "abandoned," even though it has not been vacant for 24 consecutive months. This letter provides grounds for finding "special circumstances" for the above-mentioned property. Unless Mayo receives the Class 6(b) Incentive from Elk Grove Village, Mayo will not be able to buy the property. But for the Class 6B Incentive, Mayo could not justify the expense of buying and redeveloping this vacant property. The prospects of a revived market in the immediate future seem to be bleak. By developing this property, Mayo plans to have a larger facility available when the market turns around. But Mayo's lenders are not willing to fund this endeavor if the property's taxes are two -and -one-half times higher than provided in its Pro Forma, which assumes the Class 6(b) Incentive. When Mayo agreed to buy the above-mentioned property, Mayo believed it had been vacant and unoccupied for 24 consecutive months. Later, Mayo learned that the property had not been vacant for the t,vo-year period. However, if Elk Grove grants the Class 6(b) Incentive, Mayo plans to redevelop this vacant property and use it for distribution, warehousing, and truck transportation for its business. 77 West Washington Street Suite 900 Chicago, Illinois 60602-2801 (312) 726-1833 Fax: (312) 726-4622 www.proptax.com Mr. Matt Roan, Deputy Village Manager August 4, 2010 FISK KART KATZ and BEGAN, Ltd. Page 2 of 2 Accordingly, Mayo respectfully requests a Village Resolution approving the Class 6(b) Incentive for the subject property on the Village Board's Agenda for its meeting on August 17, 2010. I thank you for your consideration and attention to this matter. If there is any further information you require, please feel free to contact me. Very truly yours, FISK KART KATZ & REGAN, LTD. T, 46-vq-- James P. Regan U,