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HomeMy WebLinkAboutRESOLUTION - 65-10 - 12/14/2010 - CLASS 6B/160-200 KING STREET RESOLUTION NO. 65-10 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 160-200 KING STREET, 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 160-200 King Street, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-22-102-242-0000, 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 160-200 King Street, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Number 08-22-102-242-0000 declared eligible for Class 6B status pursuant I 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 I IN SERVICE TOOL INTERNATIONAL INCORPORATION RESUBDIVISION OF LOTS 3 AND 4 IN HIGGINS ROAD COMMERCIAL SUBDIVISION UNIT NUMBER 5, BEING A RESUBDIVISION LOT OF LOTS 50 TO 53 IN THE RESUBDIVISION OF LOTS 5 AND 6 IN HIGGINS ROAD COMMERCIAL SUBDIVISION UNIT NUMBER 2, BEING A RESUBDIVISION OF LOTS 3 TO 8 IN BLOCK 2 IN A.B. SCHARRJNGHAUSEN'S SUBDIVISION OF SECTION 21 AND SECTION 22 TOWNSHIP 41 NORTH, RANGE I I 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 Number 08-22-102-242-0000. 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 14 1h day of December 2010. APPROVED this 14 1h day of December 2010. APPROVED: Mayor Craia B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk Res6b Tax I 60-20OKingspecial 2 Exhibit "A" Special Circumstances Requested by EMCO Gears, Inc. EMCO Gears, Inc. ("Applicant") plans on purchasing the property located at 160-200 King St. in Elk Grove Village, Illinois (PIN: 08-22-102-242-0000) and using the same for its own operations which consist of the manufacturing, warehousing and distribution of transmission parts for the autornotive and aerospace industries. The subject property consists of an approximately 40,150 square foot building that by the time it is oc,cupied in roughly February, 2011, will have been vacant for over one year. Currently, the property is vacant and in need of substantial rehabilitation. The Applicant will be purchasing the site and plans to invest approximately $500,000 over the life of the Incentive to refurbish the existing facility. The improvements will be made with regard to, but not limited to, the office, lighting and to the remainder of the facility for general maintenance. The Applicant will also be re-leveling the floors with epoxy and quartz as.well as replacing the FIVAC. The Applicant is currently located in Indiana, North Carolina and in the City of Chicago at 4329 N. Kedzie Ave. The Applicant intends to move its current City of Chicago location to the subject property and plans to bring all 22 of its current employees to the site. The Applicant will be adding approximately 8 to 10 employees within the first five years of its operations and will look to hire all qualified Village of Elk Grove Village residents for future hires. However, the above is all contingent on the Applicant receiving 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 operate the facility and complete the substantial rehabilitation. The Applicant wishes to move its City of Chicago location to the subject property where it hopes to stay for a long time moving forward; however, without a Class 6b Incentive it will not move to the site. It is for these reasons that it is necessary to grant the Applicant a Resolution supporting and consenting to 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-ret-erenced property.