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HomeMy WebLinkAboutRESOLUTION - 25-08 - 5/13/2008 - CLASS 6B/1225-1331 GREENLEAF AVENUERESOLUTION NO. 25-08 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 1225-1331 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 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 66, 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 1225-1331 Greenleaf Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property index Number OR -314-202-032-0000, has proven to this Roard 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 1225- 1331 Greenleaf Avenue, Elk Grove Village, Cook County; Illinois, legally described as follows, and Nvith the Property Index Number 08-34-202-032-0000 declared eligible for Class 613 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 FANUC RESUBDIVISION OF LOT 90 IN CENTEX INDUSTRIAL PARK UNIT 60 AND LOT 97 IN CENTEX INDUSTRIAL PARK UNIT 66 IN SECTION 34, TOWNSHIP 41 NORTH, RANGE 1 1 EAST OF THE THIRD PRINCIPAL MERIDIAN. ACCORDING TO THE PLAT OF SAID RESUBDIVISION RECORDED NOVEMBER 15, 1990 AS DOCUMENT NUMBER 90559541; 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 613 property pursuant to the Cook County Real Property Classification Ordinance and the Class 613 tax incentives shall apply to the property identified as Permanent Real Estate Index Number 08-34-202-032-0000. 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 13'h day of May 2008 APPROVED this 13'h day of May 2008 ATTEST: Ann I. Walsh, Villal4e Clerk Res6bTax 1225-1331 Greenleafspecial 2 APPROVED: Magor Craig B. Johnson Village of Elk Grove Village Exhibit 'W" Special Circumstances The property contains two separate buildings that are approximately 36,000 square feet each and connected by a walkway. One building has been vacant and unused for over one year and,the other has been vacant and unused for over five years. Currently the property lay vacant and in need of substantial rehabilitation. Gemstone Real Estate Partners, LLC ("Gemstone") is in the process of purchasing this property and plans to invest over $1.7 million to refurbish both buildings. The development will create approximately 80 permanent new full-time employees to the facility and thus the Village of Elk Grove. Based on our research and the additional costs that must be placed into the building in order for this to be a successful endeavor, Gemstone must possess a Class 6b to be competitive in the marketplace and secure a tenant. However, without the Class 6b, Gemstone will not be able to successfully operate the facility. It is for these reasons that it is necessary to grant Gemstone the Class 6b Incentive with Special Circumstances for vacancy.