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HomeMy WebLinkAboutRESOLUTION - 36-18 - 7/17/2018 - Class 6B 1850 GreenleafRESOLUTION NO.36-18 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 1850 GREENLEAF 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 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 6B property status pursuant to said aforementioned ordinance for certain real estate located at 1850 Greenleaf Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-35-103-021-0000, 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 1850 Greenleaf Avenue, Elk Grove Village, Cook County, Illinois, identified by Property Index Number 08-35-103-021-0000, 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: THE EAST 370 FEET OF THE WEST 801.72 FEET OF LOT 24, EXCEPTING THEREFROM THAT PART DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE WEST LINE OF SAID EAST 370 FEET AND THE SOUTH LINE OF SAID LOT 24, THENCE NORTH ALONG SAID WEST LINE A DISTANCE OF 15 FEET TO A POINT; THENCE SOUTHEASTERLY ALONG A STRAIGHT LINE A DISTANCE OF 175.64 FEET TO A POINT ON SAID SOUTH LINE, DISTANT 175 FEET EAST OF SAID WEST LINE OF SAID EAST 370 FEET; THENCE WEST ALONG SAID SOUTH LINE A DISTANCE OF 175 FEET TO THE POINT OF BEGINNING, IN CENTEX INDUSTRIAL PARK UNIT NO. 5 BEING A SUBDIVISION IN SECTION 35, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED SEPTEMBER 28, 1960 AS DOCUMENT 17976174 AND FILED SEPTEMBER 28, 1960 AS DOCUMENT LR 1944839 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- 35-103-021-0000. 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: Upgrade the facade, landscaping, signage, parking lot, office space and warehouse space. Section 5: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTE: AYES:4 NAYS:0 ABSENT:2 PASSED this 1711 day of July 2018. APPROVED this 17th day of July 2018. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Loretta M. Murphy, Village Clerk Exhibit "A" SARNOFF ,e, BAGCASH P R 0 1' F. H ) } "1' 1 A LA W Special circumstances requested by VK 1850 Greenleaf, LLC 1850 Greenleaf Ave., Elk Grove Village, Illinois (PIN: 08-35-103-021-0000) VK 1850 Greenleaf, LLC ("Applicant") is requesting a 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 rehabilitating the same in order to lease to a warehousing, manufacturing and/or distribution user. The subject property consists of an approximately 123,125 square foot site with a roughly 58,627 square foot building that will be 100% vacant and unused prior to the purchase. The property is in need of substantial rehabilitation for any tenant to occupy the same. Therefore, the Applicant plans to invest approximately $285,700 to immediately rehabilitate the subject property. Based on initial inspections these improvements will be to update the facade, upgrade the exterior lighting to LED, install a new address number, repair the existing signage, update the landscaping, remove existing railroad ties, replace dock shelters on the east side of the building, repair the sidewalk, tuckpoint as necessary, complete interior demolition, improve the office area, update the warehouse area, update the bathrooms, upgrade the fire protection, repair the HVAC and upgrade the electrical as well as to complete other general maintenance. Please note, however, that all of the rehabilitation costs could significantly vary depending on a variety of factors such as market variances. Further inspections of the subject property may require additional improvements. The rehabilitation will create approximately 30 to 35 construction jobs. The Applicant will be marketing the subject property to industrial users and has a strong history of purchasing properties in Elk Grove Village and filling them with industrial users. Additionally, the Applicant expects that an industrial user at the subject property will bring anywhere from 25 to 50 jobs to the same. Elk Grove Village can also expect that an industrial user at the subject property 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 an industrial user at the subject property 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 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 subject 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.