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Home My WebLink AboutRESOLUTION - 67-17 - 12/13/2017 - Class 6B 170 Lively RESOLUTION NO. 67-17 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 170 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 July 17, 2013, 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 613 property status pursuant to said aforementioned ordinance for certain real estate located at 170 Lively Boulevard, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Numbers 08-22-402-040-0000, 08-22-402-041-0000 and 08-22-402-042-0000, and 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 170 Lively Boulevard, Elk Grove Village, Cook County, Illinois, identified by Property Index Numbers 08- 22-402-040-0000, 08-22-402-041-0000 and 08-22-402-042-0000, 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, legally described as follows: 1 PARCEL 1: LOT 60 IN HIGGINS INDUSTRIAL PARK UNIT 42, BEING A SUBDIVISION IN THE SOUTH EAST 1/4 OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS PARCEL 2: LOTS 70 AND 71 IN HIGGINS INDUSTRIAL PARK UNIT NUMBER 47, BEING A SUBDIVISION IN THE SOUTH EAST 1/4 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 Numbers 08- 22-402-040-0000, 08-22-402-041-0000 and 08-22-402-042-0000. 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. Improvement of fagade; b. Installation of Landscaping; c. Improvement of parking lot and site detention. 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 12th day of December 2017. APPROVED this 12th day of December 2017. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Loretta M. Murphy, Village Clerk 2 "EXHIBIT A" SARNOFF• AcCASH ti irc;isal C iremn stances RC rrestcet 1)I,' fialara.Sista-Cor oration m an ewit ° to ere muted, 171) hive*ly liiv€1, Elia Grove Village. Illinois(111Nss tltl 22 402-t)4LJLt)4lltit1=12) BalanStar(,,orporation, or an entity to be named, ("Applicant")is requesting it Resolution in support and consent of a Class 6b Incentive on the above-referenced property based on occupation of an abandoned property that has been vacant for less than 24 continuous months with a purchase for value, special circumstances and substantial rehabilitation. The Applicant plans on purchasing the subject property and HalanStar Corporation plans on occupying the entire hrcility for its use consisting of manufacturing, warehousing and distribution of balancing machinery and balancing service for industrial rotating party. The subject property consists of an approximately 50,347 square foot site with a roughly 25,000 square hoot building that leas been 100%vacant and unused since June 30,2017. The property is in need of substantial rehabilitation. "Therefore,the Applicant plans to invest approximately$125,000 to 5175,000 to immediately rehabilitate the subject property. Based on initial inspections these improvements will be to update the: facade,update the landscaping,install new building signage,repair the entry sidewalk, install a new loading dock drive apron per Elk Grove Village standards,paint the existing overhead door, reconstruct the drive aisle on the south side of the property,repair and stripe the parking lot, remove steel i-Beatus around the parking lot, remodel offices, fix interior concrete floor holes, install new electrical drops, remove interior wall in the loading dock and install a new crane system as well as to complete other general inaintenanee. Please note,however, that sill ol'the rehabilitation costs could significantly vary depending;on,,i variety of factors such as marke( variances. Further inspections of-'the subject property may require additional improvements. I1'he rehabilitation will create approximately 15 to 20 construction jobs. Currently, BalanStar Corporation is located in two facilities. Specifically, BalanStar Corporation owns an approxiii—wtely 10,000 square hoot building at 5030 W. Lake St. in Chicago as well as leases approximately 6,000 square feet at 1075 Morse Ave. in Schaumburg. BalanStar Corporation needs to consolidate its two operations under one roof to create cost efficiency measures and expand its operations. Therefore, BalanStar Corporation plans to move its entire operation to the sub)ect.property and bring 10 (all Cull-time) of its employees to the property. BalariStar Corporation plans on Lidding approximately 2 to 5 new employees within the first few years of operations at the subject property, We also mite that BalanStar Corporation will look to hire all qualified Elk Grove Village residents for future employment. F k Grove Village crus also expect that BalanStar Corporation 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,Elk Grove Village can expect that BalanStar Corporation will attract business and various customers to the Village in the course of its operations. Based on aur 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 successfirlly operate the 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 Cor the subject property based onoccupation or an abandoned property (fiat has been vacant for less than 24 continuous months with a purchase for value, special oit•cunistances and substantial rehabilitr-(tion.