HomeMy WebLinkAboutRESOLUTION - 24-07 - 4/24/2007 - CLASS 6B/1040 BONAVENTURE DRRESOLUTION NO. 24-07
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 1040 BONAVENTURE 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 6B eligibility application filed with the Assessor.
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 1040 Bonaventure
Drive, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index
Number 08-31-400-041-0000, 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 1040
Bonaventure Drive, Elk Grove Village, Cook County, Illinois, legally described as follows, and
with the Property Index Number 08-31-400-041-0000 declared eligible for Class 6B 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 1 IN JUST PANTS RESUBDIVISION OF LOT 2 IN ROHLWING GROVE UNIT 4, BEING A
SUBDIVISION OF PART OF THE SOUTH''/2 OF SECTION 31, TOWNSHIP 41 NORTH, RANGE
11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS
RECORDED ON FEBRUARY 23, 1978, AS DOCUMENT NO. 3000931, ACCORDING TO THE
PLAT THEREOF REGISTERED IN THE OFFICE OF THE REGISTRAR OF TITLES OF COOK
COUNTY, ILLINOIS ON DECEMBER 31, 1985 AS DOCUMENT NO. 3487187, 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
08-31-400-041-0000.
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 24`h day of April 2007
APPROVED this 241h day of April 2007
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Ann I. Walsh, Village Clerk
Ke,6b lug 104013unmeIII mespend
Etruscan Developers, LLC
P.O. Box 308 Exhibit "A"
Elk Grove Village, IL 60143
The building is in a area that is not predominately industrial, for example next
door to the immediate west is a Kinder Care children's day car center.
The street is a dead end street, which doesn't provide easy access for
employees, business etc.
Our real estate agent has indicated that the current taxes on the property are
much higher than most comparable properties in Elk Grove Village and the
neighboring Cook County communities. Taxes in the area on other buildings.,
range from $2.50 - $3.00 per square foot respectively while the taxes on the '
property we are Interested in purchasing are $8.20 per.square foot. The building
adjacent to the east is a 52,000 Sq. R. and the taxes are $1.82 per square foot.
The current tax rate on the building will deter us from purchasing the building as
the taxes alone are approximately $3,750.00 per month. Coupled with an
estimated mortgage payment of $2,600.00 would make the monthly payments
unaffordable.