HomeMy WebLinkAboutRESOLUTION - 29-08 - 5/27/2008 - CLASS 6B/1201 ESTES AVENUERESOLUTION NO. 29-08
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 1201 ESTES 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 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; 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 1201 Estes
Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index
Number 08-34-205-016-0000, 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 1201
Estes Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and with
the Property Index Number 08-34-205-016-0000 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 130 in Centex Industrial Park Unit 95 Being a Subdivision in Section 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 08-34-205-016-0000.
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: 5 NAYS: 0 ABSENT: 1
PASSED this 27" day of May 2008
APPROVED this 27th day of May 2008
ATTEST:
Ann I. Walsh, Village Clerk
Res6bTa\ 1201 Estesspecial
2
APPROVED:
Mayor Craip, B. Johnson
Village of Elk Grove Village
"Exhibit A"
Special Circumstances
1201 Estes Ave.
Elk Grove, Illinois
PIN: 08-34-205-016
The owner of the property, Certified Tool, in lieu of filing for bankruptcy decided on a
re -organization and hired a turnaround specialist in July of 2007 to pay creditors and cease
operations. The property has been vacant -since July 2007 with only a skeleton staff and is in
need of significant repairs with only 15 foot clear ceilings throughout the approximately 52,345
square foot building. CenterPoint Properties, LLC ("CenterPoint") is in the process of
purchasing this property and plans to invest over $642,000 to $850,000 to refurbish the site in.
addition to the approximately $50,000-$100,000 that must be spent to resolve environmental
issues on site. The manufacturing tenant will create approximately 35-55 permanent new full-
time employees to the facility and thus the Village of Elk Grove.
Currently, all marketing efforts to lease the property have been unsuccessful without the
Class 6b Incentive. Based on our research and the additional costs that must be placed into the
building in order for this to be a successful endeavor, CenterPoint must possess a Class 6b to be
competitive in the marketplace and secure a tenant. However, without the Class 6b, CenterPoint
will not be able to successfully operate the facility. It is for these reasons that it is necessary to
grant CenterPoint the Class 6b Incentive with Special Circumstances for vacancy.