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HomeMy WebLinkAboutRESOLUTION - 10-11 - 2/22/2011 - CLASS 6B/1001 MORSE AVENUERESOLUTION NO. 10-11 A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 613 STATUS PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE AS AMENDED FEBRUARY 15, 2006 FOR CERTAIN REAL ESTATE LOCATED AT 1001 MORSE 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 more than 24 months and there has been no purchase for value, 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 that the property is deemed "abandoned" for purposes of the incentive, 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 1001 Morse Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-34-308-002-0000, 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 1001 Morse Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Number 08-34-308-002-0000 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 53 IN CENTEX INDUSTRIAL PARK UNIT 28, BEING A SUBDIVISION IN SECTION 34, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED SEPTEMBER 7, 1965 AS DOCUMENT 19580058, 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 amended 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 6B tax incentives shall apply to the property identified as Permanent Real Estate Index Number 08-34-308-002-0000. 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 22nd day of February 2011. APPROVED this 22nd day of February 2011. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk Res6bl' x 1001 Morsespecia1201I Exhibit "A" Re: CF III 1001 Morse LLC Class 6b Request for the property located at 1001 Morse, Elk Grove Village, Illinois (the "Property") Permanent Index No. 08-34-308-002-0000 The following constitute special circumstances for purposes of the Ordinance: 1. Under the current economic conditions, it is likely that there will not be a buyer for the Property, financing to acquire the Property and to make the Property functional is difficult to obtain and thus, it is likely to remain vacant indefinitely. 2. At the current market value, the real estate taxes for the Property at a 6b level will be more than at 100% vacancy. 3. The tenant will be creating significant additional employment opportunities to the community and residents of Cook County at a time of extremely high unemployment rates. 4. As a condition of entering into the Lease, the Property will be substantially improved which will benefit the Property and the community, as a whole, including but not limited to repaving the parking lot, replacing the roof and installing new heaters in the warehouse.