Loading...
HomeMy WebLinkAboutRESOLUTION - 62-19 - 10/22/2019 - Class 6B -700 Touhy AvenueRESOLUTION NO.62-19 A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 6B STATUS PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE AS AMENDED JULY 27, 2018 FOR CERTAIN REAL ESTATE LOCATED AT 700 TOUHY 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 27, 2018, 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 6B, 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 613 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 700 Touhy Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08- 27-303-076-0000, 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 700 Touhy Avenue, Elk Grove Village, Cook County, Illinois, identified by Property Index Number 08-27- 303-076-0000, declared eligible for Class 6B special circumstances status pursuant to the Cook County Real Property Classification Ordinance as amended July 27, 2018, 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: LOT 1 IN VIRGINIA RESUBDIVISION OF LOT 402 IN CENTEX INDUSTRIAL PARK UNIT 249, A SUBDIVISION IN SECTIONS 27 AND 34, 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- 27-303-076-0000. Elk Grove Village is in receipt of an economic disclosure statement that is required with the application packet. 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. Interior buildout, b. Sealcoat and stripe parking lot; c. Reconstruct drive-in apron; d. Removal of debris and update landscaping; e. Installation of a new monument sign and building fagade sign. 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 22°d day of October 2019. APPROVED this 22°d day of October 2019. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Loretta M. Murphy, Village Clerk Exhibit "A" SARNOFF • BACCASH P R O P E R T Y T A X L A W ke is aI cirgymstances requested by Bengiaer LLC 700 Toulty AveElk Grove Village, Illinois (PIN: 08 27-303-076-0000) Benziger 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 to purchase the subject property and rehabilitate the same for its related entity, Frank Cooney Co., Inc., to occupy for its operations consisting of the light assembly, warehousing and distribution of educational furniture. The subject property consists of an approximately 126,654 square foot site with a roughly 39,545 square foot building that has been 100% vacant and unused since March 4, 2019. The property is in need of improvements. Therefore, the Applicant plans to spend approximately $48,000 to $53,500 to immediately rehabilitate and improve the subject property. Based on initial inspections these improvements will be to paint the interior, add new carpet, add new signage, update the landscaping, sealcoat and stripe the parking lot, reconstruct the drive-in apron and clean up debris around the site as well as to complete other general maintenance. In addition, please note 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 5 to 10 construction jobs. Frank Cooney Co., Inc. currently leases approximately 17,000 square feet in Wood Dale, Illinois. Frank Cooney Co., Inc. is growing and needs to expand its operations, and therefore, plans to move its entire operation to the subject property. As a result, Frank Cooney Co., Inc. plans to bring all 29 of its employees (25 full-time; 4 part-time) to the subject property and plans to hire an additional 2 to 4 employees initially and another 2 to'4 within the first three years of operations at the subject property. Additionally, Frank Cooney Co., Inc. will look to hire all qualified Elk Grove Village residents for future hires. Elk Grove Village can also expect that Frank Cooney Co., Inc. 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 Frank Cooney Co., Inc. 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 improve and rehabilitate the building in order for this to be a successful endeavor, the Applicant must possess a Class 6b Incentive to complete the improvements 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.