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Home My WebLink About7.1 Resolution in Support of Zeelaid Tax Incentive5/11/2017 BoardDocs® Pro IN Agenda Item Details Meeting Apr 18, 2017 - REGULAR MEETING OF THE VILLAGE BOARD - 7:00 p.m. Category 7. NEW BUSINESS Subject 7.1 A RESOLUTION IN SUPPORT OF ZEELAID LLC's APPLICATION FOR A COOK COUNTY CLASS 6B TAX INCENTIVE FOR THE PROPERTY LOCATED AT 700 N. BUSINESS CENTER DRIVE, MOUNT PROSPECT, ILLINOIS Access Public Type Action Preferred Date Apr 18, 2017 Absolute Date Apr 18, 2017 Fiscal Impact No Recommended Approve the resolution supporting Zeelaid LLC's application for a Class 6b property tax incentive. Action Goals 05. Kensington Business Center: Next Step 06. Economic Development Incentives: Response to Requests Public Content Information Attached to this memorandum is a resolution that would grant approval of a Class 6b property tax incentive for Zeelaid LLC for the property located at 700 N. Business Center Drive. The subject property has been vacant for over 24 months since Watson Laboratories closed the 34,800 square foot facility. The Village has granted several Cook County Class 6b tax incentives to attract and retain businesses. The 6b incentive reduces the assessment level for qualified manufacturing and warehouse/distribution facilities from 25% to 10% for the first 10 years, 15% for year 11 and 20% in year 12. After year 12, the assessment level returns to the full 25% for the benefiting property. The 6b incentive can also be renewed for additional 12 year terms if supported by the Village. If approved, Zeelaid would purchase the 700 N. Business Center Drive and lease the space to three pharmaceutical companies. Two of the companies, Konvoy Pharmaceutical Technology Corporation and CurMed Pharmaceutical Inc., are currently located in Buffalo Grove while the third company would be a start-up pharmaceutical manufacturer. These companies will employ approximately 10 individuals and would generate over $100,000 annually in local sales taxes. Zeelaid is requesting the Class 6b abatement to reduce the property taxes to around $1.25 per square foot for the property. If the extension is not granted they estimate that their tax bill would rise to $3 per square foot. Similar properties in nearby Lake and Du Page County range from $1 to $1.50 per square foot. Please forward this memorandum to the Village Board for their review and consideration at their meeting on April 18th Staff will be present at that meeting to further discuss this matter. Alternatives 1. Approve the resolution supporting Zeelaid LLC's application for a Class 6b property tax incentive. 2. Action at discretion of Village Board. Staff Recommendation Staff recommends that the Village Board approve the resolution supporting Zeelaid LLC's application for a Class 6b property tax incentive. hftps://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 1/2 5/11/2017 BoardDocs® Pro Zeelaid LLC - 6b request.pdf (325 KB) class 6b request zeelaid Ilc.pdf (17 KB) Zeelaid 6b application.pdf (819 KB) Administrative Content Executive Content Motion & Voting Approve the resolution supporting Zeelaid LLC's application for a Class 6b property tax incentive. Motion by Michael Zadel, second by John Matuszak. Final Resolution: Motion Carries Yea: Paul Hoefert, John Matuszak, Steve Polit, Richard Rogers, Colleen Saccotelli, Michael Zadel hftps://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login 2/2 SARN0FF*BAcCASH P R O P E R T Y T A X L A W March 30, 2017 Bill Cooney Village of Mount Prospect Village Hall 50 S. Emerson St. Mount Prospect, Illinois 60056 econdev@mountprospect.org RE: Class 6b Resolution Request Zeelaid LLC 700 N. Business Center Dr. Mount Prospect, Illinois 60056 PINs: 03-35-104-009/-010 Dear Bill: Zeelaid LLC ("Applicant") is requesting a Resolution in support and consent of a Class 6b Incentive on the above -referenced property based on occupation of an abandoned property that has been vacant for greater than 24 continuous months with a purchase for value and substantial rehabilitation. The Applicant plans to purchase the subject property and rehabilitate the same to lease to two entities as well as to have a related entity occupy part of the building for its use. The Applicant plans to lease approximately 10,000 square feet of the subject property to Konvoy Pharmaceutical Technology Corp. ("Konvoy") to use for its operations consisting of the development and manufacturing of new pharmaceutical products. The Applicant also plans to lease approximately 10,000 square feet of the subject property to CurMed Pharmaceutical Inc. ("CurMed") to use for its operations consisting of the development and manufacturing of new pharmaceutical products as well as the manufacturing of nutritional supplements. In addition, the Applicant plans on starting a new related entity that will occupy the remaining approximately 14,800 square feet of the subject property for its operations consisting of the development and manufacturing of new pharmaceutical products. The subject property consists of an approximately 132,727 square foot site with a roughly 34,800 square foot building that has been vacant and unused since January 31, 2014. The property is in need of substantial rehabilitation for anyone to occupy the same. Therefore, the Applicant plans to invest approximately $300,000 to immediately rehabilitate the subject property. Based on initial inspections these improvements will be to repair the parking lot, update the landscaping, repair the sidewalk, update the offices, update the lighting, paint and renovate the bathrooms as well as to complete other general maintenance. The Applicant also plans to spend an additional approximately $200,000 within the next 1 to 2 years to renovate the cGMP portion of the interior. Please note, however, that all of the rehabilitation costs could significantly vary depending on a variety of factors such as market variances. Further inspections of the subject property may require additional improvements. The rehabilitation will create approximately 10 to 20 construction jobs. One N. LaSalle Street • Suite 1920 • Chicago • Illinois • 60602 Ph 312.782.8310 • Fx 312.782.8635 Bill Cooney March 30, 2017 Page Two Konvoy currently leases approximately 2,000 square feet of a building located at 1335 Barclay Blvd. in Buffalo Grove, Illinois as well as some lab space at the University of Illinois -Chicago and because its business is growing they need to expand their operation as soon as possible. Therefore, Konvoy plans to move its entire operation to the subject property and bring all 5 (2 full-time and 3 part- time) of its employees that work at that site to the subject property and plans on adding approximately 2 new employees (full-time) as soon as possible at the subject property and 5 more in the next 3 years. Additionally, Konvoy will look to hire all qualified Village of Mount Prospect residents for future hires. CurMed also currently leases approximately 2,000 square feet of a building located at 1335 Barclay Blvd. in Buffalo Grove, Illinois as well as some lab space at the University of Illinois -Chicago and because its business is growing they need to expand their operation as soon as possible. Therefore, CurMed plans to move its entire operation to the subject property and bring all 2 (all part-time) of its employees that work at that site to the subject property and plans on adding approximately 3 new employees (full-time) as soon as possible at the subject property and 5 more in the next 3 years. Additionally, CurMed will look to hire all qualified Village of Mount Prospect residents for future hires. The Applicant expects the new entity to hire approximately 10 to 20 new employees within the next 3 years at the subject property. Additionally, this new company will look to hire all qualified Village of Mount Prospect residents for future hires. The Village of Mount Prospect can also expect that each of the tenants' employees will invest commercially back into the community by visiting local establishments such as restaurants, gas stations, grocery stores and more. In addition, the Village of Mount Prospect can expect that the tenants at this site will attract business and various customers to the Village in the course of their operations. The Applicant also expects that the tenants will generate approximately $100,000 in sales tax at the subject property. As the above indicates, there are various benefits the Village of Mount Prospect will receive should the Applicant be granted the Class 6b Incentive. The Applicant is excited to move forward with the purchase, rehabilitation and reoccupation of the subject property. However, the above is all contingent on the Applicant receiving a Class 6b Incentive. Therefore, please review this letter and place the Applicant on the agenda for the next possible Village of Mount Prospect Board meeting. Should you have any other questions or concerns, please do not hesitate to contact me at (312) 782-8310. Sincerely, SA :1FF & BACCASH bac , ry A. Kafitr Encls.. David D. Orr COUNTY OF COOK MAP DEPARTMENT Date: 03-28-2017 THIS CERTIFIES THAT THE PERMANENT REAL ESTATE INDEX NUMBER KNOWN AS: - 35 - 104 - 009 - 0000 BEARS THE FOLLOWING LEGAL DESCRIPTION: DO .. . . . .................... . ........ I of Maarand Plats Clerk of Cook Couuty COUNTY OF COOK MAP DEPARTMENT Date: 03-28-2017 THIS CERTIFIES THAT THE PERMANENT REAL ESTATE INDEX NUMBER KNOWN AS: ._0.3.. - 35 - 104 - 010 ", . . . . . ............ -1---- bob BEARS THE FOLLOWING LEGAL DESCRIPTION: KENSINGTON CENTER RESUBDIVISION 1 OF LOT 7 IN KENSINGTON CENTER PHASE 1 AND LOTS 1, 4 AND 5 IN KENSINGTON CENTER PHASE 2, A SUBDIVISION IN THE NORTHWEST 1/4 OF SECTION 35 TOWNSHIP 42 NORTH RANGE 11 EAST OF THE THIRD PRIN.CIPALMERIDIAN IN BOOK COUNTY LINOIS Fee: $10.00 of Mata;- and Plats RESOLUTION NO. A RESOLUTION IN SUPPORT OF ZEELAID, LLC, 700 N. BUSINESS CENTER DRIVE, MOUNT PROSPECT, ILLINOIS, MAKING APPLICATION FOR COOK COUNTY CLASS 6B TAX ABATEMENT WHEREAS, the Village of Mount Prospect encourages community development to provide for economic growth and career opportunities; and WHEREAS, through property tax incentives offered by Cook County, various opportunities exist for industrial properties in the Village of Mount Prospect, Cook County; and WHEREAS, without the Cook County property tax incentives, the Village of Mount Prospect is at a competitive disadvantage with the neighboring counties of Lake and DuPage in attracting industrial development; and WHEREAS, Zeelaid LLC, has requested the Village of Mount Prospect support its application for the Class 6B Real Property Classification at 700 N. Business Center Drive, Mount Prospect, Cook County (Property); and WHEREAS, the corporate authorities of the Village of Mount Prospect believe that their request is in the best interest of the economic development in the Village of Mount Prospect. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect do hereby support and consent to the application for the Class 6B Tax Incentive from Cook County for the Property located at 700 N. Business Center Drive and legally described as: THAT PART OF LOT 7 IN THE NORTH'/2 OF THE NORTHWEST'/4 OF SECTION 35 IN KENSINGTON CENTER RESUBDIVISION 1 OF LOT 7 IN KENSINGTON CENTER PHASE 1 AND LOTS 1, 4 AND 5 IN KENSINGTON CENTER PHASE 2, A SUBDIVISION IN THE NORTHWEST'/ OF SECTION 35 TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS PIN: 03-35-104-009-0000 SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased employment and economic development and the "property" is in furtherance of this goal. SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this 18TH day of April, 2017. Arlene A. Juracek Mayor Karen M. Agoranos Deputy Village Clerk COOK COUNTY ASSESSOR'S OFFICE COOK COUNTY ASSESSOR w, . 118 NORTH CLARK STREET, CHICAGO, IL 60602 PHONE: 312.443.7550 FAx: 312.603.6584 JOSEPH BERRIOS VW4W.COOKCOUNTYASSESSOR.COM CLASS 6B ELIGIBILITY APPLICATION Carefully review the Class 6B Eligibility Bulletin before completing this Application. For assistance, please contact the Assessor's Office, Development Incentives Department (312) 603-7529. This application, a filing fee of $500.00, and supporting documentation (except drawings and surveys) must be filed as follows: This application must be filed PRIOR TO the commencement of New Construction or PRIOR TO the commencement of Substantial Rehabilitation Activities or PRIOR TO the commencement of Reoccupation of Abandoned Property. Applicant Information Name: Telephone:( 847 Address: 700, E.-Busirlm-Genn er-lDT.- ...... City: ..Mount Ppospect State: IL Zip Code: 60056 Contact Person (ii(different than the Applicant) Name: Gui,,- Telephone: Address: .,bee alcove - ----- ............ --- .....- City.- City. - Email: Property Description (per PIN) State, .. — Zip Code, If you are applying for more than three different PINS, please submit the additional PIN information in an attachment. Street Address: (1) ..700E Business Permanent Real Estate index Number: (2) . ... .. Permanent Real Estate Index Number: 03-35-104-010-0000 .. . ........ .......... (3) _ . .... ---- — ------- Permanent Real Estate Index Number: City; Mount rose ct, State: IL Zip Code: .60056 Township: Township:.,V,y _h Existing Class: 5-93 and 5_60 Attach legal description, site dimensions and square footage and building dimensions and square footage. Identification of Person Having an Interest in the Property Attach a complete list of all owners, developers, occupants and other interested parties (including all beneficial owners of a land trust) identified by names and addresses, and the nature and extent of their interest. Industrial Use Attach a detail description of the precise nature and extent of the intended use of the subject property, specifying in the case of the multiple uses the relative percentages of each use. Include copies of materials, which explain the occupant's business, including corporate letterhead, brochures, advertising material, leases, photographs, etc. Nature of Development Indicate nature of proposed development by checking the appropriate space: [ ] New Construction (Read and Complete Section A) [ Substantial Rehabilitation (Read and Complete Section A) Incentive only applied to the market value attributable to the rehabilitation [ Occupation of Abandoned Property - No Special Circumstance (Read and Complete Section B) [ ] Occupation of Abandoned Property - With Special Circumstance (Read and Complete Section C) [ ] Occupation of Abandoned Property - (TEERM Supplemental Application) (Read and Complete Section C) If the proposed development consists of New Construction or Substantial Rehabilitation, provide the following information: Estimated date of construction commencement (excluding demolition, if any): ASAP Estimated date of construction completion: ASAP Attach copies of the following: 1. Specific description of the proposed New Construction or Substantial Rehabilitation 2. Current Plat of Survey for subject property 3. 1" floor plan or schematic drawings 4. Building permits, wrecking permits and occupancy permits (including date of issuance) 5. Complete description of the cost and extent of the Substantial Rehabilitation or New Construction (including such items as contracts, itemized statements of all direct and indirect costs, contractor's affidavits, etc) 8' T1'0NRLJ#d6L1,)NJ�D �PRQP�ERTY WITH NO If the proposed development consists of the reoccupation of abandoned property, purchased for value, complete (1) and (2) below: 1. Was the subject property vacant and unused for at least 24 continuous months prior to the purchase for value? [x] YES [ ] NO When and by whom was the subject property last occupied prior to the purchase for value? See Attached . ................. ... .......... Attach copies of the following documents: (a) Sworn statements from person having personal knowledge attesting to the fact and the duration of vacancy and abandonment (b) Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of such vacancy 2. Application must be made to the Assessor prior to occupation: Estimated date of reoccupation: un/ 2Q17 Date of Purchase: .,Est.,,,M, /4une,-?P!7 Name of purchaser: Zeelaid LLC .. .. . ...... f seller: Trus....... . ........... Name t Number 96-1163-67 Relationship of purchaser to seller: None Attach copies of the following documents: (a) Sale Contract (b) Closing Statement (c) Recorded Deed (d) Assignment of Beneficial Interest (e) Real Estate Transfer Declaration Page 3 of 9 If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was a purchase for value, but the period of abandonment prior to purchase was less than 24 months, complete section (1). If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was no purchase for value, but the period of abandonment prior to the application 24 continuous months or greater, complete section (2). If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was no purchase for value, but the period of abandonment prior to the application was greater than 12 continuous months and less than 24 continuous month, complete section (2) and the TEERM Supplemental Application. 1. How long was the period of abandonment prior to the purchase for value? When and by whom was the subject property last occupied prior to the purchase for value? Attach copies of the following documents: (a) Sworn statements from persons having personal knowledge attesting to the fact and the duration of the vacancy and abandonment (b) Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of vacancy (c) Include the finding of special circumstances supporting "abandonment" as determined by the municipality, or the County Board, if located in an unincorporated area. Also include the ordinance or resolution from the Board of Commissioners of Cook County stating its approval for less than 24 -month abandonment period. Application must be made to the Assessor prior to the commencement of reoccupation of the abandoned property. Estimated date of Reoccupation: Date of purchase: Name of purchaser: Name of seller: Relationship of purchaser to seller: Attach copies of the following documents: (a) Sale Contract (b) Closing Statement (c) Recorded Deed (d) Assignment of Beneficial Interest (e) Real Estate Transfer Declaration Page 4 of 9 2. How long has the subject property been unused? [ ] 24 or greater continuous months (Eligiblefor Special Circumstance) [ ] 12 continuous months but less than 24 continuous months (IFli, ible for Special Circumstance under TEERM) - Complete TEERM Supplemental Application [ ] Less than 12 continuous months (Not Eligible for Special Circumstance) When and by whom was the subject property last occupied prior to the filing of this application? Attach copies of the following documents: (a) Sworn statements from persons having personal knowledge attesting to the fact and the duration of the vacancy and abandonment (b) Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of vacancy (c) Include the finding of special circumstances supporting "abandonment" as determined by the municipality, or the County Board, if located in an unincorporated area. Also include the ordinance or resolution from the Board of Commissioners of Cook County stating its approval for lack of a purchase for value. Application must be made to Assessor prior to the commencement of reoccupation of the abandoned property. Estimated date of reoccupation: Page 5 of 9 TEERM SUPPLEMENTAL APPLICATION (This form will ONLY be utilizer! for applicants who specifically elect for TEERM) This supplemental eligibility application is for properties that have been abandoned (due to special circumstances) for at least 12 continuous months and less than 24 continuous months with no purchase taking place. Under the TE :B`Af Program, qualifying industrial real estate would be eligible for the Class 6B level of assessment from the date of substantial re -occupancy of the abandoned property. Properties receiving Class 6B will be assessed at 10% of market value for the first 10 years, 15% in the 11th year and 20% in the 12th year. The terms of this program are Not Renewable. No applications will be taken after November 30, 2018. 1 �. applicant/representative hereby specifically elect to submit this Supplemental Application for the TEERM program. Further affiant sayeth not. Agent's Signature Agent's Mailing Address Applicant's Name Applicant's address e-mail .�...��.�......�.�....�.�.�.�......�.�.�.�.�.�.�.�.....�.�.�.�.�.�.�..�.�.�...�, a Subscribed and sworn before me this day of --Si a of Notary Public Page 6 of 9 Agent's Name & Title Agent's Telephone Number Applicant's Mailing Address 20 ..............................e FW"fes+ 'y"I 'ANT tw p RTUN T ° How many construction jobs will be created as a result of this development?,Est,,„wn10 to 20 How many new permanent full-time and part-time employees do you now employ in Cook County? Full-time: See Attached Part-time: See Attached How many new permanent full-time jobs will be created as a result of this proposed development? See Attached How many new permanent full-time jobs will be created as a result of this proposed development? TBD L(ICAL A, ” ROVAL A certified copy of a resolution or ordinance from the municipality in which the real estate is located (or the County Board, if the real estate is located in an unincorporated area) should accompany this Application. The ordinance or resolution must expressly state that the municipality supports and consents to this Class 6B Application and that it finds Class 6B necessary for development to occur on the subject property. If a resolution is unavailable at the time the application is filed, a letter from the municipality or the County Board, as the case may be, stating that a resolution or ordinance supporting the incentive has been requested may be filed with this application instead. If the applicant is seeking to apply based on the reoccupation of abandoned property and will be seeking a finding of "special circumstances" from the municipality, in addition to obtaining a letter from the municipality confirming that a resolution or ordinance supporting the incentive has been requested, the applicant must file a letter from the County Board confirming that a resolution validating a municipal finding of special circumstances has been requested. If, at a later date, the municipality or the County Board denies the applicant's request for a resolution or ordinance, the applicant will be deemed ineligible for the Class 6B incentive, whether or not construction has begun. In all circumstances, the resolution must be submitted by the time the applicant files an "Incentive Appeal". I, the undersigned, certify that I have read this Application and that the statements set forth in this Application and in the attachments hereto are true and correct, except as those matters stated to be on information and belief and as to such matters the undersigned certifies that he/she believes the same to be true. April 1.3.2_0...1..7 . .. , . .. Signature ._._. . Date Gui-Dong Zhu Member and Chief Executive Manager Print Name Page 7 of 9 Title 10/4/13 INCENTIVES CLASS -4IVING WAGE ORDINANCE AFFIDAVIT _ n Z to _ as agent for the applicant set forth below, who i seeking a classification incentive as referenced below, ,Ido hereby state under oath as follows; 1. As the agent for the applicant set forth below, I have personal knowledge as to the facts stated herein. 2. The property identified by PIN(S) with commonly known address(es), listed in Exhibit A attached and herein incorporated, are/is the subiect of a pending s a mdatbo renewal (circle as atppropriate) for one of the following development incentives provided y the Code of Ordinances of Cook County, Chapter 74, Article II, Division 2, The Cook County Real Property Assessment Classification Ordinance, Sec.74-60 et seq., as amended: X Class 613 Class 8 (Industrial property) Class 9 3. 1 have reviewed the Code of Ordinances of Cook County, Chapter 34, Article IV, Division 1 and The Cook County Living Wage Ordinance, Sec. 34-127 et seq., as amended (the "Ordinance'), and certify that the applicant is in compliance with the above referenced Cook County Living Wage Ordinance, due to one of the following options (check as appropriate): X Applicant is currently paying a living wage to its employees, as defined in the Ordinance„ K' Applicant is not required to pay a living wage, pursuant to the Ordinance. � � not. urt er , �ym"tlt mrrt spm e Gui-DonZhu, Member Agent's Smgmmam' _.._..�. ..._..._ .................... tmm Agent's Name & Title venter ;iu��, Mount, Fart>t, l 60056..7--.�..,.,.,.,., , .�.. A ent' Mailing ....mm . ..... .... ....._ ., 700 E. uain a g s 'lin Address Agent's Telephone Number Applicant's Name guidong.zhu@yypharm.org Applicant's e-mail address 1,umfilrr.laprt ,_pct, IL 60056 Applicant's Mailing Address Subscribed and sworn before me this day of , 20 Signature of Notary Public Pae 8. of ,,OF�FrI I L t fE.Al" 8 it ENO'TG0Y PIJU� I is Of I1.1.1 i01 PIN(S) EXHIBIT A (Please type or Print) Common Address 03-35-104-009-0000 700 E. Business Center IL 60056 03-35-104-010-0000 1-1--l- .-1111- ....... ... . ..... ... ... Page 9 of 9 AFFIDAVIT I, Gre Berkowitzif called to testify would attest to the following facts: 1. That I am trustee of "wolf Investment Properties, LLC which is a beneficiary of Trust Number 96-1163-67 that owns the property located at 700 N. Business Center Dr. in Mount Prospect, Illinois (PINS: 03-35-104-009/-010) ("Subject Property"); 2. That the prior occupant of the Subject Property was "Matson Pharmaceutic Com an 3. That as oftan 31 2014 completely vacated the Subject Property. 4. That since Januon 31 2014 the Subject Property and has been 100% vacant and unused. Further Affiant Sayeth Not Greg Berkowitz Date: Subscribed and sworn before me This apday of 1.. -og y . , 2017 Sanature6hfotary Public OFSEAL SOSEIDA SANTIAGO NOTARY PUBLIC, STATE OF IWNOIS COOK COUNTY MY COMMISSION EXPIRES 6126!2018 Legal Description, Site and Building Square l+oota ,e The total land area of the subject parcel located at 700 E. Business Center Dr. in Mount Prospect, Illinois (PINs: 03-35-104-0091-010) is approximately 132,727 square feet and the total building area of the existing structure located thereon is approximately 34,800 square feet. Attached please find the legal description of the subject property: COUNTY C I l 7014NOULTAgilLN THIS CERTIFIES THAT THE PERMANENT REAL ESTATE INDEX NUMBER KNOWN AS: 03 - 35 - 104 - 009OOOQ 1 BEARS THE FOLLOWING LEGAL DESCRIPTION: THAT PART OF LOT 7 IN THE NORTH 1/2 OF . . . . -- ...... NORTHWEST 114 OF SECTION 35 IN .... ...... T -.HE . KENSINGTON CENTER RESUBDIVISION 1 OF LOT 7 IN KENSIN..GTON CENTER PHASE 1 AND . ........ LOIS !,4-6N2A'jN ENSIN-G QN t EqiT�FR,211&5SUBDIVISION IN THE NORTI- WEST' 114 (�QQ-K� Q�-Jj4j David D. Orr Clerk of Cook County COUNTY OF COOK MAP DEPARTMENT Date: 0113-28-:2911-7 THIS CERTIFIES THAT THE PERMANENT REAL ESTATE INDEX NUMBER KNOWN AS: 03 35 104 .;� "I ... 1 -0-- :-0-0-60 BEARS THE FOLLOWING LEGAL DESCRIPTION: LOT _Zff-_XCEP_T,.a6_RT IN,.TH6 NORTH 112 OF THE NORTHWEST 1/4 OF SECTION 35 1 KEN SINGTCENTER RESUBDIVISION 1 OF LOT 7 IN KENSINGTON CENTER PHASE 1 AND LQIS J.4 N IN.-gN-.FqT E C ER S_-? A SUBDIVISION IN THE NORTHWEST 1/4 OF SECTION 35, T0WN,,$tj!p 4N;�Kj�,_13&NQC-. 11 EAST OF THE -rHIRD PRINCIPAI. MERIDIAN,, IN Fee: $10.00 ... ... . . ......... of wa ml Plats Description of the Nature of the Project the Intended Use of the Subject Pro er and Information Regarding the Applicant anti User Zeelaid LLC ("Applicant"), plans on purchasing the property located at 700 E. Business Center Dr. in Mount Prospect, Illinois (PINs: 03-35-104-009/-010) and rehabilitate the same to lease to two entities as well as to have a related entity occupy part of the building for its use. The Applicant plans to lease approximately 10,000 square feet of the subject property to Konvoy Pharmaceutical Technology Corp. ("Konvoy") to use for its operations consisting of the development and manufacturing of new pharmaceutical products. The Applicant also plans to lease approximately 10,000 square feet of the subject property to CurMed Pharmaceutical Inc. ("CurMed") to use for its operations consisting of the development and manufacturing of new pharmaceutical products as well as the manufacturing of nutritional supplements. In addition, the Applicant plans on starting a new related entity that will occupy the remaining approximately 14,800 square feet of the subject property for its operations consisting of the development and manufacturing of new pharmaceutical products. The subject property consists of an approximately 132,727 square foot site with a roughly 34,800 square foot building that has been vacant and unused since January 31, 2014. The property is in need of substantial rehabilitation for anyone to occupy the same. Therefore, the Applicant plans to invest approximately $300,000 to immediately rehabilitate the subject property. Based on initial inspections these improvements will be to repair the parking lot, update the landscaping, repair the sidewalk, update the offices, update the lighting, paint and renovate the bathrooms as well as to complete other general maintenance. The Applicant also plans to spend an additional approximately $200,000 within the next l to 2 years to renovate the cGMP portion of the interior. Please note, however, that all of the rehabilitation costs could significantly vary depending on a variety of factors such as market variances. Further inspections of the subject property may require additional improvements. The rehabilitation will create approximately 10 to 20 construction jobs. Konvoy currently leases approximately 2,000 square feet of a building located at 1335 Barclay Blvd. in Buffalo Grove, Illinois as well as some lab space at the University of Illinois - Chicago and because its business is growing they need to expand their operation as soon as possible. Therefore, Konvoy plans to move its entire operation to the subject property and bring all 5 (2 full-time and 3 part-time) of its employees that work at that site to the subject property and plans on adding approximately 2 new employees (full-time) as soon as possible at the subject property and 5 more in the next 3 years. Additionally, Konvoy will look to hire all qualified Village of Mount Prospect residents for future hires. CurMed also currently leases approximately 2,000 square feet of a building located at 1335 Barclay Blvd. in Buffalo Grove, Illinois as well as some lab space at the University of Illinois -Chicago and because its business is growing they need to expand their operation as soon as possible. Therefore, CurMed plans to move its entire operation to the subject property and bring all 2 (all part-time) of its employees that work at that site to the subject property and plans on adding approximately 3 new employees (full-time) as soon as possible at the subject property and 5 more in the next 3 years. Additionally, CurMed will look to hire all qualified Village of Mount Prospect residents for future hires. The Applicant expects the new entity to hire approximately 10 to 20 new employees within the next 3 years at the subject property. Additionally, this new company will look to hire all qualified Village of Mount Prospect residents for future hires. Ownership Information Ownership: Zeelaid LLC ("Applicant") plans on purchasing the property located at 700 E. Business Center Dr. in Mount Prospect, Illinois (PINs: 03-35-104-009/-010). See attached Secretary of State webpage print-out showing the Members and their addresses. 4/13/2017 LLC - File Detail Report File Number Entity Name Status Entity Type File Date Agent Name Agent Street Address Agent City 061,54816 ZEELAID LLC ACTIVE LLC 02/20/2017 GUIDONG ZHU 1335 BARCLAY BLVD BUFFALO GROVE Agent Zip 60089 Annual Report Filing 00100/0000 Date On Type of LLC Jurisdiction Agent Change Date Principal Office Management Type Duration For Year Series Name NOT AUTHORIZED TO ESTABLISH SERIES ft .f l:Qb .$Pr@ n OTHER SERVICES File Annual Report Adopting Assumed Name Articles of Amendment Effecting A Name Change 02120/2017 Doniesti,a IL 02/20/2017 1335 BARCLAY BLVD BUFFALO GROVE, IL 600890000 MBR VieW PERPETUAL Purchase Certificate of Good Standing (One Certificate per Transaction) https:/AAtww.ilsos.gov/corporatellc/CorporateLicController 1/2 4/13/2017 LLC - MEMBERS Entity Name Name 7HU,GUIDONG LIU,YING ZEELAID LLC WU,HUAILIANG BETTER TIME MANAGEMENT LIMITED File Number 06154816 Address 1395 ALMADEN LN, GURNEE, IL - 60031 413 PARK AVE, CLARENDON HILLS, IL - 60514 8094 RFD BREKENRIDGE DR, LONG GROVE, IL - 60047 TORTOLA,BRITISH VIRGIN ISLANDS, , - https://www.i lsos.gov/corporatellc/CorporateLIcControl ler?corn m and=m ms&fileN br=06154816&type= M BR 1/1