Loading...
HomeMy WebLinkAboutRESOLUTION - 11-11 - 3/8/2011 - CLASS 6B/160 LIVELY BOULEVARDRESOLUTION NO. 11-11 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 160 LIVELY 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 more than 24 months and there has been no purchase for value, 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 that the property is deemed "abandoned" for purposes of the incentive, 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 Lively Boulevard, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Numbers 08-22-205-004-0000 and 08-22-205-011-0000, 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 Lively Boulevard, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Numbers 08-22-205-004-0000 and 08-22-205-011-0000 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 13 IN GARLISCH SUBDIVISION UNIT NUMBER 12, BEING A SUBDIVISION OF PART OF THE WEST''/2 OF THE EAST %2 OF SECTION 22, 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 amended 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 08-22-205-004-0000 and 08-22-205-011-0000. 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 8th day of March 2011. APPROVED this 81h day of March 2011. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk Res6bTax 160Livelyspecial Exhibit "A" SPECIAL CIRCUMSTANCES CLASS 66 COOK COUNTY TAX ABATEMENT PROGRAM TOSHIO OGINO OWNER 160 LIVELY BOULEVARD ELK GROVE VILLAGE, ILLINOIS 60007 PARCEL: 08-22-205-004-0000 & 08-22-205-011-0000 The referenced property has been without a contractual lease since November 30, 2007 due to expiration of all existing leases for the property. As evidenced by the attached three leases Exton Corporation's lease signed May 1, 1996 using two leases for portions of the entire building expired April 30, 2006 and vacated the premises on October 1, 2006. Innovative Manufacturing Solutions, LLC entered into a letter lease agreement dated September 20, 2006 for a fourteen month period beginning October 1, 2006 and ending November 30, 2007. A exclusive right to sell or lease agreement was entered into between Toshio Ogino and Colliers B&K as of January 6, 2006 through July 15, 2006. Upon Innovative Manufacturing Solutions, LLC expiration of their lease and vacating the property in February 2009 a new exclusive right to sell or lease agreement was signed on June 22, 2009 with Colliers Bennett & Kahnweiler, Inc. and marketing resumed and it is still being actively marketed today. Not withstanding the ongoing marketing, and solely to reduce the carrying costs, due to a complete loss of income, the property has recently been occupied under a verbal agreement in place by an occupant to use the facility for storage. This occupant pays only the tax liability on the property until a tenant can be found. The special circumstance comes into the picture in that while attempting to obtain either a short term or long term tenant the Broker has been confronted with heavy competition from neighboring properties in the same immediate area advocating Class 6B eligibility resulting from the substantial vacancy prevalent throughout the Industrial Park. As a result of the current Economic Recession in the area it is not likely a tenant will be found until a Class 6B can be obtained to counter and equalize the competitive market. It is certified by my signature below that all requirements for Class 6B will be upheld in the selection of a tenant for the property. N RY: SAC ES. FF L �' A�?° OCTOBER 1, 2011 h OF ItJ TOSHIO OGINO