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HomeMy WebLinkAboutRESOLUTION - 6-11 - 1/25/2011 - CLASS 6B/1441 JARVIS AVENUE RESOLUTION NO. 6-11 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 1441 JARVIS 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 1441 Jarvis Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-27-401-016-0000, 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 1441 Jarvis Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Number 08-27-401-016-0000 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 129 in Higgins Industrial Park, Unit 87, being a subdivision in the South East 'A of Section 27, Township 41 North, Range 11, East of the Third Principle 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 08-27-401-016-0000. 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 251h day of January 2011. APPROVED this 251h day of January 2011. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk Res66T1¢144 Uanvisspecial 2 Exhibit"A" SPECIAL CIRCUMSTANCE 1441 JARVIS AVENUE ELK GROVE VILLAGE PIN 08-27-401-016 This property has been 100%vacant since May 1, 2009, when the previous tenancy expired. Dispite the listing with professional industrial real estate brokers, there has been no interest in leasing the property, due not only to the extreme national recession, but also to the fact that the property does not have the 61b real estate tax incentive, which puts it at a disadvantage not only to existing 6b properties, but also to lower tax burdens in Lake, Will and DuPage Counties. The potential buyer of this property, 1441 Jarvis Avenue, LLC will purchase the property and utilize it as a major warehouse/distribution center for natural stone, through its affiliate, M.S. International, Inc., the largest distributer of natural stone in the United States, if, and only if, the property receives the 6b classification. Due to the total vacancy for 21 months, the property is not being valued at its full potential by the assessing officials, and Elk Grove Village is not receiving its full potential tax revenue. Class 6b will enable the Village to realize greater revenue, and to welcome additional employment.