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HomeMy WebLinkAboutRESOLUTION - 28-13 - 5/28/2013 - CLASS 6B-221 JOEY DRIVERESOLUTION NO. 28-13 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 221 JOEY DRIVE, 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 613 eligibility application filed with the Assessor; and WHEREAS, the Petitioner has applied for or is applying for Class 6B property status special circumstances pursuant to said aforementioned ordinance, for certain real estate located at 221 Joey Drive, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-22-102-230-0000, 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 221 Joey Drive, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Number 08-22-102-230-0000 declared eligible for Class 6B special circumstances 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 2 IN PASTEL RESUBDIVISION OF PART OF LOT 3 IN MAYFAIR INDUSTRIAL PARK UNIT 2, A SUBDIVISION IN THE WEST'/ 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 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 08-22-102-230-0000. 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 28t1i day of May 2013. APPROVED this 28`h day of May 2013. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk Res6bTas22I IoeyDrivespecial Exhibit "A" Trn; OPPICES or Lis,j,oN & TsANTi:Lis .\ I'RUI+I•:HSIOv:\1. COIL i'Olt Afl`IOR ;13 NOR:11n LABAl.Ll1. 9'PR1E6'P, 25TI( FLOOR CHICAGO, ILLINOIS (10609 BRIAN P. LISTON (312) 5H0-15$14 PIS'PIa::r'tiAN1P3 Ll`J (al2)'1t114-3FIIF ISS\CNIIn I,F:(al2)-5Fl1-l G0'_' Special Circumstances Requested by VK Acquisitions LI, EL..0 or its Assi(Lnee VK Acquisitions, LLC or its assignee ("Applicant") phis on purchasigg the property located at 221 Joey Drive in Dill Grove Village, Illinois (PTN: 08-22-102-230-0000) and Icasino the same to an industrial user or users for warehousing, manufacturing and/or distribution. -rhe)property consists of an approximately 28,000 square foot 28 year old building on a roughly 89,765 square f000sne which%has-been 100% vacant and unused since at least January 2011 The previous occupant was Cargo Tech, Inc., until the property was foreclosed on iirOctober 2011. The sub.jcet.propergr suffors from functional obsolescence and is in need of signifi'caul improvements, aid therefore, the Applicant has allotted approximately $150,000 to refurbish the same. The overall improvements will be made with regard to, but not limited to the subject propertys lighting systems, oftice area, warehouse, landscaping, facade and HVAC system. 'rile Applicant expects said improvementsdo,bring approximately 10 construction jobs to the community. As descrihed above, the Applicant plans to lease tile subject property to an industrialuser or usors. For instance, the Applicant is currently in confidential' negotiations with an industrial user to lease the property. This organization would bring approximately 1 5 to 25 employees to the site. The Applicant's purchase and development of the subject properly is contingent on the property receiving a Class 6b Tax Incentive. Without a Class 6b Tax Incentive in place for the property, the Applicant does not believe it will be able to offer competitive rental rates because ol'Cook Countyrs comparatively•high taxes. The Applicant will be forced to look to pui chase and develop locations in collar counties where the taxes are considerably lower or to locations within Cook County that have an existing Class 6b Tax Incentive in:jilace. It for these reasons that it is neecssary to grant the Applicant a Resolution supporting and consenting to a Class 61) Tax incentive for the above -referenced property based on occupation of abandoned property for Tess than -twenty -flour (24) months continuous vacancy with a purchase for value, Special circurnstalleeS.,10d Substantial rehabilitation.