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HomeMy WebLinkAboutRESOLUTION - 4-15 - 1/27/2015 - CLASS 6B-300 BOND ST.RESOLUTION NO. 4-15 A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 6B STATUS PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE AS AMENDED JULY 17, 2013 FOR CERTAIN REAL ESTATE LOCATED AT 300 BOND 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 July 17, 2013, which has instituted a program to encourage industrialand 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 300 Bond Street, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Numbers 08- 22-102-071-0000 and 08-22-102-187-0000, 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 300 Bond Street, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Numbers 08-22-102-071-0000 and 08-22-102-187-00000, declared eligible for Class 6B special circumstances status pursuant to the Cook County Real Property Classification Ordinance as amended July 17, 2013, 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: THE SOUTH 46.52 FEET OF LOT 40 AND ALL OF LOT 41 IN HIGGINS ROAD COMMERCIAL SUBDIVISION UNIT 2 SUBDIVISION IN THE WEST %2 OF SECTION 22, A RESUBDIVISION OF LOTS 3 TO 8 IN ARTHUR B. SCHARRINGHAUSEN'S SUBDIVISION OF PART OF SECTIONS 21 AND 22 TOWNSHIP 41 NORTH, RANGE I 1 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. and LOT 18 (EXCEPT THE SOUTH 52 FEET) 1N HIGGINS ROAD COMMERCIAL SUBDIVISION UNIT NUMBER 2 A SUBDIVISION IN THE WEST/20F SECTION 22, A RESUBDIVISION OF LOTS 3 TO 8 IN ARTHUR B. SCHARRINGHAUSEMS SUBDIVISION OF PART OF SECTIONS 21 AND 22 TOWNSHIP 41 NORTH, RANGE 1 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 613 tax incentives shall apply to the property identified as Permanent Real Estate Index Numbers 08- 22-102-071-0000 and 08-22-102-187-0000. Section 4: That the Mayor and Village Clerk are hereby authorized to sign any necessary documents to implement this Resolution subject to the petitioner completing the following conditions within twelve months of closing: a. Update the landscaping and the facade b. Add illuminated signage c. Repair the docks/driveways/sidewalks/parking lot d. Repair the roof c. Interior demolition f Replace interior flooring g. Upgrade the electrical h. Update the HVAC and the sprinkler system. 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 27`h day of January 2015. APPROVED this 27`h day of January 2015. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk Cht,,6RIOORond Exhibit "A" SARNOFF+BACCASH P H O P E H T Y 'r A X I. A \V Mr. N Bond, LLC ("Applicant") is requesting a Resolution in support and consent of a Class 6b Incentive on the property located 300 Bond St. in Elk Grove Village, Illinois (PINS: 08-22-102-071/-187) based on occupation of an abandoned property that has been vacant for less than twenty-four (24) continuous months with a purchase for value, special circumstances and substantial rehabilitation. The Applicant plans on purchasing the subject property and its related entity, Superior Corporation of Illinois ("Superior"), plans on occupying the entire site for its own use consisting of the warehousing and distribution of products for the flooring and construction industries. The subject property consists of an approximately 75,311 square foot site with a roughly 35,490 square foot building that has been 100% vacant and unused since June, 2014. The property is in need of substantial rehabilitation in order for any occupant to use the same. Therefore, the Applicant plans to invest approximately $986,644 to immediately rehabilitate the subject property. Based on initial inspections, these improvements will be to update the landscaping, update the fagade, add illuminated signage, repair the docks/driveways/sidewalks/parking lot, repair the roof, interior demolition, replace interior flooring, upgrade the electrical, update the HVAC and update the sprinkler system as well as for other general maintenance. Further inspections of the subject property may require additional improvements. This rehabilitation will create approximately 10 to 15 construction jobs. Superior is currently located in two buildings in Elk Grove Village, Illinois: 750 Lee St. (approximately 20,000 square feet) and 951 E. Oakton St. (approximately 5,000 square feet). Superior plans to move its entire operation from 750 Lee St. and 951 E. Oakton St. to the subject property to serve as its headquarters, Superior plans to bring all 60 (all full-time) of its employees from 750 Lee St. as well as all 11 (10 full-time and one part-time) of its employees from 951 E. Oakton St. to the subject properly. Superior will also be bringing all 80 of its subcontractors to the subject property and plans on adding approximately 25 additional employees within the first few years of operations at the subject property. Additionally, Superior will look to hire all qualified Village of Elk Grove Village residents for future hires. A related entity of the Applicant owns 750 Lee St., and after Superior moves out of this facility, the Applicant's related entity plans to sell the same. A related entity of the Applicant owns 951 E. Oakton St., which is currently occupied by Superior as well as leased out to OHI. After Superior moves out of the 951 E. Oakton St. building and into the subject property, OHI plans to expand into the entire building located at 951 E. Oakton St. Additionally, the Applicant's related entity that owns the property located at 951 E. Oakton St. plans to improve the exterior of that building. The Village of Elk Grove Village can also expect that Superior and its employees will invest commercially back into the community by visiting local establishments such as restaurants, gas stations, grocery stores and more. In addition, the Village of Elk Grove Village can expect that Superior will attract business and various customers to the Village in the course of its operations. 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 complete the substantial rehabilitation thereof and to successfully operate the subject property. It is for these reasons that it is necessary to grant the Applicant a Resolution in support and consent of a Class 6b Incentive for the above -referenced property based on occupation of an abandoned property that has been vacant for less than twenty-four (24) continuous months with a purchase for value, special circumstances and substantial rehabilitation.