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HomeMy WebLinkAboutRESOLUTION - 63-10 - 11/9/2010 - CLASS 6B/1225-1235 PRATT BOULEVARD RESOLUTION NO. 63-10 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 1225-1235 PRATT 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 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 1225-1235 Pratt Boulevard, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-34-404-014-0000, 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 1225- 1235 Pratt Boulevard, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Number 08-34-404-014-0000 declared eligible for Class 6B status i t I I 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 2 OF THE RESUBDIVISION OF LOT 61 IN CENTEX INDUSTRIAL PARK, UNIT 32, A SUBDIVISION 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 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 613 tax incentives shall apply to the property identified as Permanent Real Estate Index Number 08-34-404-014-0000. 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 9'b day of November 2010. i APPROVED this 9" day of November 2010. APPROVED: Mayor Craig B. Johnson j Village of Elk Grove Village ATTEST: i Judith M. Keegan, Village Clerk Res6bTax 1460Howardspecial I I 2 I Exhibit "A" Special Circumstances Requested by VK Acquisitions, LLC VK Acquisitions, LLC("Applicant") plans on purchasing the property located at 1225-1235 Pratt Boulevard, Elk Grove Village, Illinois(PIN 08-34-404-014-0000)and will seek to lease the property to a user for warehousing, manufacturing and/or distribution. The subject property consists of an approximately 26,000 square foot building that,to date, has been vacant for approximately 13 months. Currently, the property is vacant and in need of substantial rehabilitation. The Applicant plans to invest approximately$100,000 to refurbish the existing facility. The improvements will be made with regard to, but not limited to,the office space,floors,walls, lighting, landscaping and parking lot. The Applicant is currently working with a number of confidential prospective tenants in the manufacturing,warehousing and distribution industry to occupy the entire site. Obtaining a Class 6b Incentive at this early stage in the process of locating a tenant is essential to securing a tenant for the subject property. The Applicant believes that any one of the confidential prospective tenants would bring approximately 25 to 30 employees to the site. It is anticipated that a tenant will look to hire all qualified Elk Grove Village residents for its employment needs. The Applicant is eager to purchase the site and rehabilitate the same as well as secure a tenant at the subject property, however, it will not be able to do so should it not obtain a Class 6b Tax Incentive. Based on our research and the additional costs that must be incurred to rehabilitate the building in order for this to be a successful endeavor,the Applicant must possess a Class 6b Incentive to successfully purchase the facility,complete the substantial rehabilitation and secure a tenant for a long-term lease at the subject property; however,without a Class 6b Incentive it will not purchase the site. It is for these reasons that it is necessary to grant the Applicant a Resolution in support and consent of a Class 6b Incentive based on occupation of abandoned property for less than twenty-four(24) months continuous vacancy with a purchase for value, special circumstances and substantial rehabilitation for the above-referenced property. i I I I I I I