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.