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HomeMy WebLinkAboutRESOLUTION - 12-11 - 3/22/2011 - CLASS 6B/1440 CHASE AVENUERESOLUTION NO. 12-11 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 1440 CHASE 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 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 613 property status pursuant to said aforementioned ordinance, for certain real estate located at 1440 Chase Avenue, in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number 08-27-402-059-0000, 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 1440 Chase Avenue, Elk Grove Village, Cook County, Illinois, legally described as follows, and with the Property Index Number 08-27-402-059-0000 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 3 IN GULLO CHASE AVENUE INDUSTRIAL PARK SUBDIVISION, BEING A RESUBDIVISION OF LOT 2 IN FRISBY RESUBDIVISION OF LOT 318 IN CENTEX INDUSTRIAL PARK UNIT 194, A SUBDIVISION OF PART OF THE SOUTHEAST QUARTER OF SECTION 27 TOWNSHIP 41 NORTH, RANGE I 1 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 08-27-402-059-0000. 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 22"d day of March 2011. APPROVED this 22nd day of March 2011. APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Judith M. Keegan, Village Clerk Res6bTax 1400Chasespecial Exhibit "A" Special Circumstances Requested by Chase SRG, LLC Chase SRG, LLC ("Applicant') plans on purchasing the property located at 1440 Chase Ave. in Elk Grove Village, Illinois (PIN: 08-27-402-059-0000) and leasing the same to an industrial user for warehousing, manufacturing and/or distribution. The subject property consists of an approximately 17,400 square foot building on a roughly 35,182 square foot site that was 81 % vacant and underutilized in 2008, 91 % vacant and underutilized in 2009, and has been 100% vacant and unused since January 1, 2010. The subject property is in need of significant improvements, and therefore, the Applicant has allotted approximately $174,000 to refurbish the existing facility. The improvements will be made with regard to, but not limited to, the bathrooms, office, floors, walls, sprinklers, HVAC and electrical as well as paving the parking lot and installing a new roof. The Applicant plans to lease the rehabilitated property to an industrial user for warehousing, manufacturing and/or distribution, which will bring anywhere from 20 to 30 employees to the site. However, the Applicant will not be able to purchase, rehabilitate and lease the subject property without a Class 6b Incentive in place. Based on our research and the additional costs that must be incurred to rehabilitate the building in order for this to be a successful endeavor, the Applicant must possess a Class 6b Incentive to purchase the facility, complete the substantial rehabilitation thereof and successfully lease the same to an industrial user. Without a Class 6b Incentive; however, the Applicant will not purchase the site. It is for these reasons that it is necessary to grant the Applicant a Resolution in support and consent of a Class 6b Incentive for the above -referenced property based on occupation of abandoned property for less than twenty-four (24) months continuous vacancy with a purchase for value, special circumstances and substantial rehabilitation.