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HomeMy WebLinkAbout7.1 Resolution Supproting CRP-3 West Central's Application for a Renewal of a Class 6B Tax Incentive8/30/2017 Board Docs® Pro Agenda Item Details Meeting Category Subject Type Preferred Date Absolute Date Fiscal Impact Recommended Action Goals Aug 01, 2017 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m. 7. NEW BUSINESS 7.1 A RESOLUTION SUPPORTING CRP -3 WEST CENTRAL, LLC's APPLICATION FOR A RENEWAL OF A CLASS 6B TAX INCENTIVE FOR THEIR PROPERTY LOCATED AT 1800 W. CENTRAL ROAD Action Aug 01, 2017 Aug 01, 2017 No Approve the resolution supporting CRP -3 West Central, LLC's application for a renewal of a Class 6b tax incentive for their property located at 1800 W. Central Road Information Attached to this memorandum is a resolution that would grant approval of a renewal of a Class 6b property tax incentive for CRP -3 West Central LLC (Applicant) for their property located at 1800 W. Central Road. The renewal would be for an additional 12 years and would enable them to maintain existing tenants and competitively market their property against similar properties in neighboring counties. The Village originally granted the 6b incentive in 1998 and renewed it in 2008. 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. In this particular case, the entire property did not qualify for the full assessment reduction and therefore would have a "blended" assessment of approximately 19.44% if approved by the Village and Cook County. The 1800 W. Central Road building is a multi -tenant office/warehouse facility that is home to three tenants that employ over 1,000 individuals, making it home to one of the largest employment centers in the Village. The tenants include Robert Bosch Tool Corporation, Rauland-Borg Corporation and Multi -Pack Solutions, LLC. As indicated in the attached letter, both the Applicant and Bosch Tool Corporation will be investing a combined $2.4 million dollars to the Subject Property, adding an estimated 150 jobs by 2020. The Applicant is requesting the Class 6b abatement to maintain their taxes at around $2.00 per square foot for their property. If the extension is not granted they estimate that their tax bill would rise to $2.50 per square foot. Similar properties in nearby Lake and Du Page County range from $1 to $1.50 per square foot. Alternatives 1. Approve the resolution supporting CRP -3 West Central, LLC's application for a renewal of a Class 6b tax incentive for their property located at 1800 W. Central Road 2. Action at discretion of Village Board. Staff Recommendation Staff recommends that the Village Board approve the resolution supporting CRP -3 West Central, LLC's application for a renewal of a Class 6b tax incentive for their property located at 1800 W. Central Road http://www.boarddocs.com/il/vomp/Board.nsf/Public 1/2 8/30/2017 Board Docs® Pro 1800 Central 6b letter.pdf (204 KB) 1800 Central 6b Supplemental letter.pdf (252 KB) 1800 Central 6b Application.pdf (1,176 KB) Proposed Rewnewal Resolution - 1800 Central.pdf (14 KB) Motion & Voting Approve the resolution supporting CRP -3 West Central, LLC's application for a renewal of a Class 6b tax incentive for their property located at 1800 W. Central Road Motion by Paul Hoefert, second by Michael Zadel. Final Resolution: Motion Carries Yea: William Grossi, Eleni Hatzis, Paul Hoefert, Richard Rogers, Colleen Saccotelli, Michael Zadel http://www.boarddocs.com/il/vomp/Board.nsf/Public 2/2 THE LAW OFFICES OF LISTON & TSANTILIS A PROFESSIONAL CORPORATION 33 NORTH LASALLE STREET, 28TH FLOOR CHICAGO, ILLINOIS 00602 BRIAN P. LISTON (312) 580-1594 PETER TSANTILIS (312) 004-3808 FACSIMILE (312) 580-1592 May 30, 2017 Bill Cooney Economic Development Director Village of Mount Prospect 50 South Emerson Street Mount Prospect, Illinois 60056 RL: Class 6b Resolution Re uest CRP -3 West Central, LLC 1800 W. Central Mount Prospect, Illinois 60056 PIN: 03-33-300-081-0000 03-33-300-082-0000 Dear Bill: CRP -3 West Central, LLC ("Applicant") has owned the Subject Property since 2008 and respectfully requests a resolution of support from the Village of Mount Prospect for renewal of its Class 6b incentive. Applicant leases the property to Robert Bosch Tool Corporation ("Bosch"), Rauland-Borg Corporation ("Rauland") and Multi -Pack Solutions, LLC ("Multi"). Regarding this renewal request, due to the status of lease negotiations, Bosch is the primary involved tenant at this time. The Class 6b was originally obtained by a resolution of support from the Village of Mount Prospect in 1998 based on substantial rehabilitation at the Subject Property (Control Number 61108). The Village granted a renewal of this incentive in 2008 based on the substantial investment Applicant has made in the property, the jobs supported at this location and the significant contributions to the Mount Prospect community made by the Applicant. Bosch arrived at the site in 2002. The subject property comprises an approximately 637,566 square foot building on a roughly 1,443,702 square foot site. The Applicant is currently engaged in lease renewal negotiations with Bosch for renewal of their lease at the site, comprising 221,863 square feet of the building. Without the renewal of the incentive, Bosch is expected to not renew its lease. THB LAW OFFICUS OF LISTON & TSANTILIS Bosch Tools: A Monnt )ect: Cominnni t y 1,eader Bosch is the most recognizable name in power tools in the world. A world leader in the design, manufacture and sale of power tools, rotary/oscillating tools, power tool accessories, laser and optical levels, range finding devices and countless other tools, Bosch is a manufacturing pioneer with over a century of experience in the tool industry. No matter what hardware store, construction site or family garage you visit, you are likely to see a Bosch product. Bosch has proudly called Mount Prospect home for its tool and accessory testing division for nearly 15 years. Since 2002, Bosch has employed over 650 employees, many of whom are Mount Prospect residents. Further, Bosch has been an active member of the Mount Prospect Community and wishes to remain in the community if a new lease arrangement can be reached. Historical Investments at the site Since 2008, Applicant has invested over $9,000,000 in improving the site to retain high quality tenants and to maintain the site. These improvements included: • Improving exterior signage • Tuck -pointing • Parking Lot replacements and re -lining + Roof Repairs This estimation does not include the substantial investments Bosch and the other tenants have made in the site regarding build out, personal property investments and installation of machinery. New Proposed Inidestments at the site As part of the lease renewal negotiations between Applicant and Bosch, both parties are planning to make substantial investments into the site. The parties are planning to invest approximately $2,422,633 dollars at the Subject Property, as set forth below. First, Bosch is planning to invest approximately $800,000 dollars in onsite improvements. Due to internal changes in Bosch's operations at the site, these improvements will include some changes and potential expansions to the facilities' tools, machinery, and IT departments. Once this work is completed, Applicant and Bosch estimate nearly 150 jobs will be added. Second, Applicant is planning to invest approximately $1,646,113 in site improvements. This substantial investment in the site includes: • Replace RTUs • BAS Repairs, Remaining Equipment • Ductwork Modifications for comfort of employees • Exterior Door Replacements • Ceiling Repairs • Remove Speakers and Replace Glass THE LAN OFFICES OF LISTON & TSANTILIS • Dock Equipment Repair and Maintenance • Parking Lot Repairs • Exterior Lighting Repairs • HVAC Repairs • General Landscaping and other necessary maintenance operations Jobs Bosch already has grown its workforce to over 650. full time employees at the site thanks to the support by Mount Prospect and the local business community. If this incentive is renewed for another period, Bosch projects it will add approximately 150 new full time jobs at this facility. This will be accomplished by 2020. Community Involvenletrt . A core principle of Bosch's operations is its interest in being heavily involved in the community. Specifically, Bosch employees at this site have participated in projects benefiting: • Habitat for Humanity — Tool donations, on-site building, volunteering • ISD 214 — Renovation of career technical center • ISD 57 — Annual district sponsor/member • ISD 211 — FIRST Robotics Team sponsor • Mount Prospect Fire Department — Toy Drives • Metropolis Art Center — Tool Donations • United States Marine Corp — Toys for Tots annual drive • Mount Prospect Library and Historical Society Relationship • Various customer driven charities such as the Home Depot Foundation Bosch and its 650 full time employees are proud to contribute to and participate in the Mount Prospect community. Beyond Mount Prospect, Bosch has donated tools to assist in recovery from natural disasters and actively encourages its employees to contribute to the community. Finally, this location has received the Call2Recycle Leader in Sustainability Award for Li - Ion, NiCd battery recycling. Due to the nature of Bosch's operations at the site, Applicant and Bosch do not expect significant sales tax to be generated at this site. Without the renewal of the Class 6b Tax Incentive for the subject property, Bosch does not believe it will be financially feasible for it to maintain its expanding operation at this site. If the renewal is declined, Bosch will likely terminate lease extension negotiations and will be forced to look to properties with a lower tax burden, such as properties outside of Cook County or properties within Cook County with a Class 6b Tax Incentive in other communities. I'Aw OFFI.OFA Or Lis,PoN & TSANTILIS The Applicant believes that if it secures a Class 6b Tax Incentive for the subject property, it can secure the tenancy of Bosch for many years and continue to bring jobs and various contributions, to the Mount Prospect community. Therefore, please review this letter and attached materials, and place the Applicant on the agenda for the next available Village of Mount Prospect Board of Trustees' meeting. If you have any other questions, please contact me at (3 l2) 604-3 898. Regards, Conor P,.Desmond, Esq. Encls. THE LAW OFFICES OF LISTON & TSANTILIS A PROFESSIONAL CORPORATION 33 NORTH LASALLE STREET, 28TH FLOOR CHICAGO, ILLINOIS 60602 BRIAN P. LISTON (312) 580-1594 PETER TSANTILIS (312) 604-3808 FACSIMILE (312) 580-1592 June 1, 2017 Bill Cooney Economic Development Director Village of Mount Prospect 50 South Emerson Street Mount Prospect, Illinois 60056 RE: Class 6b Resolution Request SUPPLEMENTAL FILING CRP -3 West Central, LLC 1800 W. Central Mount Prospect, Illinois 60056 PIN: 03-33-300-081-0000 03-33-300-082-0000 Bill: Please allow this letter to serve as a supplemental filing to CRP -3 West Central LLC's request for a renewal of the Class 6b incentive at the above referenced property. The Class 6b Cook County Property Tax Incentive is a program that traditionally lowers the 25% assessment ratio to 10% for a ten year period. The basis for such a reduction is typically new construction, substantial rehabilitation or occupation of an abandoned property. In the case of substantial rehabilitation or new construction when added to an already existing structure, the assessment ratio reduction does not apply to the entire property. This results in a "blended" assessment ratio somewhere between 10 — 25% depending on how much of the property is assessed at the lower level. The class 6b tax incentive on the Subject Property (1800 W. Central, Mount Prospect, IL; PIN: 03-33-300-081/082) is one of those property's that is subject to this "blended" assessment ratio. As seen by the attached data sheets provided by the Cook County Assessor, this property's blended assessment ratio applicable to the property for both PINs is approximately 19.4388%. This ratio is not locked in, as it will modulate year-to-year between 19-20% depending on valuation of certain portions of the property. This calculation of the assessment ratio may be calculated by dividing the total assessed value for both pins by the sum of all individually calculated market values for the 9 portions of PINT (03-33-300-081-0000) and the 2 portions of PIN (03-33-300-082-0000). THE LAW OFFICES OF ]LISTON & TSANTILIS Total Assessed Value for All portions of the property: ($5,559,768) = 19.44% Total Market Value for all portions of the property: ($28,601,431) The second renewal of this incentive is not a traditional renewal within the usual meaning of a Class 6b renewal. Renewing this incentive for this property is essentially a 5% reduction in the assessment ratio, not the normal 15% reduction. The Village of Mount Prospect must take this significantly smaller reduction related to the Class 6b renewal here when considering renewing this incentive. Weighing this reduction in the assessment ratio versus the 800 potential jobs at this location, substantial support in the community and retaining a prestigious company in the Village, it is strongly suggestive that renewal of this incentive is in the best interest of the Village. If you have any other questions, please contact me at (312) 604-3898, Regards, Conor P, Desmond, Esq. Encls. VOLUME PROPERTY INDEX NUMBER TOWNSHIP TAX CODE NEIGH STREET CODE 235 03-33-300-081-0000 WHEELING 38056 070 1500 LOCATION 1800 W CENTRAL RD MOUNT PROSPECT TAXPAYER ALLYSON MASSENGILL RECORD 001 ADDRESS 5100 RIVER RD STE 175 LAND MEASUREMENT 1,443,702 SQUARE FEET CITY -ST ZIP SCHILLER PK IL 60176-1094 LAST TRI YEAR 2016 ASSESSMENT VALUATIONS 2014 2015 2016 PROPOSED LAND 1,263,239 1,263,239 1,353,470 IMPROVEMENTS 2,455,599 2,455,599 3,800,511 TOTAL 3,718,838 3,718,838 5,153,981 CLASS 6-63 LAND SQ FEET 1,443,702 IRREGULAR LOT NO HOMEOWNERS EXEMPTION 2015 SENIOR EXEMPTION 2015 NO CERTIFICATE OF ERROR 2015 NO IND. INCENTIVE EXEMPTION/YR APPLD.- DISABLED VETERANS EXEMPTION 2015 NO FREEDOM OF INFORMATION NUMBER 0032950 1 --LAND DESCRIPTION-- --IMPROVED LOT-- RECORD 001 LAND MEASUREMENT 1,443,702 SQUARE FEET UNIT -PRICE 3.75 S, �/�3j 3 CLASS LEVEL OF ASSESSMENT ADJUSTMENT FACTOR ASSESSED VALUE 5-50 25.0% 1,353,470 --IMPROVEMENT DESCRIPTION-- IND. INCENTIVE EXEMPTION/YR APPLD.- 2008 RECORD 002 CLASS DEPRECIATED COST C.D.U. 3 �� 471 2 6-63 310,982 PB AGE LEVEL OF ASSESSMENT PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 045 10.0% 31,098 --IMPROVEMENT DESCRIPTION-- IND. INCENTIVE EXEMPTION/YR APPLD.- 2008 RECORD 003 n CLASS DEPRECIATED COST C.D.U. 6-63 7,028,952 PB AGE LEVEL OF ASSESSMENT PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 045 10.0% 702,895 --IMPROVEMENT DESCRIPTION-- RECORD 004 CLASS DEPRECIATED COST C.D.U.7 7 5-87 925,771 GD AGE LEVEL OF ASSESSMENT PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 052 25.0% 231,442 --IMPROVEMENT DESCRIPTION-- CLASS DEPRECIATED COST C.D.U. RECORD 005 5-93 10,435,006 AV AGE LEVEL OF ASSESSMENT PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 045 25.0% 2,608,751 --IMPROVEMENT DESCRIPTION-- IND. INCENTIVE EXEMPTION/YR APPLD.- 2008 RECORD 006 CLASS DEPRECIATED COST C.D.U. �Z r 6-70 2,014,888 PB AGE LEVEL OF ASSESSMENT PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 020 10.0% 201,488 --IMPROVEMENT DESCRIPTION-- IND. INCENTIVE EXEMPTION/YR APPLD.- 2008 RECORD 007 CLASS DEPRECIATED COST C.D.U. 6-70 149,292 PB AGE LEVEL OF ASSESSMENT PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 021 10.0% 14,929 FREEDOM OF INFORMATION NUMBER 0032950 1 --IMPROVEMENT DESCRIPTION -- CLASS DEPRECIATED COST 5-80 28,453 AGE LEVEL OF ASSESSMENT 045 25.0% --IMPROVEMENT DESCRIPTION -- CLASS DEPRECIATED COST 5-80 11,180 AGE LEVEL OF ASSESSMENT 052 25.0% RECORD 008 C.AVIIµ PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 7,113 C.D.U. RECORD 009 AV PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 2,795 FREEDOM OF INFORMATION NUMBER 0032950 2 VOLUME PROPERTY INDEX NUMBER TOWNSHIP TAX CODE NEIGH STREET CODE 235 03-33-300-082-0000 WHEELING 38056 070 1500 LOCATION 1800 W CENTRAL RD MOUNT PROSPECT TAXPAYER ALLYSON MASSENGILL ADDRESS 5100 RIVER RD STE 175 3.75 CITY -ST ZIP SCHILLER PK IL 60176-1094 LAST TRI YEAR 2016 ASSESSMENT VALUATIONS OF ASSESSMENT ADJUSTMENT FACTOR 2014 2015 2016 PROPOSED LAND 276,088 276,088 295,809 IMPROVEMENTS 106,005 106,005 109,978 TOTAL 382,093 382,093 405,787 -- CLASS 6-70 LAND SQ FEET 315,530 IRREGULAR LOT NO HOMEOWNERS EXEMPTION 2015 SENIOR EXEMPTION 2015 NO C.D.U. CERTIFICATE OF ERROR 2015 NO l lJ F DISABLED VETERANS EXEMPTION 2015 NO PB FREEDOM OF INFORMATION NUMBER 0032950 3 --LAND DESCRIPTION-- LAND MEASUREMENT --IMPROVED LOT-- UNIT -PRICE RECORD 001 315,530 SQUARE FEET 3.75 1 CLASS LEVEL OF ASSESSMENT ADJUSTMENT FACTOR ASSESSED VALUE 5-50 25.0% 295,809 --IMPROVEMENT DESCRIPTION-- IND. INCENTIVE EXEMPTION/YR APPLD.- 2008 RECORD 002 CLASS DEPRECIATED COST C.D.U. l lJ F 6-70 1,099,786 PB AGE LEVEL OF ASSESSMENT PRORATION FACTOR RELATED PARCEL ASSESSED VALUE 020 10.0% 109,978 FREEDOM OF INFORMATION NUMBER 0032950 3 Property Data Exemption History Appeal History Certificate of Error Property Characteristics 2016 Tax Year Property Information PIN: 03-33300-081-0000 Address: 1800 W CENTRAL RD City: MOUNT PROSPECT Township: Wheeling Property Classification: 663 Square Footage (Land): 1,443,702 Neighborhood: 70 Taxcode: 38056 Assessed Valuation Land Assessed Value Building Assessed Value Total Assessed Value Property Characteristics 2016 First Pass 1,353,470 3,800,511 5,153,981 Estimated 2016 Market Value N/A Estimated 2015 Market Value NIA Description Industrial Age 45 Building Square Footage 0 Assessment Pass First Pass a= 2016 Board of Review Certified 1,263,239 2,455,599 3,718,838 Property Data Exemption History Appeal History Certificate of Error Property Characteristics 2016 Tax Year Property Information PIN: 03-33-300-082-0000 Address: 1800 W CENTRAL RD City: MOUNT PROSPECT Township: Wheeling Property Classification; 670 Square Footage (Land): 315,530 Neighborhood: 70 Taxcode: 38056 Assessed Valuation 2016 First Pass Land Assessed Value 295,809 Building Assessed Value 109,978 Total Assessed Value 405,787 Property Characteristics Estimated 2016 Market Value N/A Estimated 2015 Market Value NIA Description Other industrial minor improvements Age 20 Building Square Footage 0 Assessment Pass First Pass No Image Available 2015 Board of Review Certified 276,088 106,005 382,093 Cc COOK COUNTY ASSESSOR'S OFFICE COOK COUNTY ASSESSOR Mp, 118 NORTH CLARK STREET, CHICAGO, IL 60602 JOSEPH B E R R I O S PHONE: 312.443.7550 FAX: 312.603.3352 �� '*µ WVWV.000KCOUNTYASSESSOR.COM CLASS 613I8 Control Number RENEWAL APPLICATION ::] [:6=1105 A certified copy of the resolution or ordinance obtained from the municipality in which the real estate is located, or from the Cook County Board of Commissioners if located in an unincorporated area, must accompany this Renewal Application. This application, resolution and a filing fee of $500.00 must be filed. For assistance in preparing this Renewal Application, please contact the Cook County Assessor's Office Development Incentives Department at (312) 603-7529. Name: CRP -3 West Central, LLC _ Telephone: ( 312 ) 777-2607 Address: Two International Place, Suite 2500 City, State: Boston, MA Email Address: wjenkins@clns.com s ,# Name: Walter Jenkins Zip Code: 02110 Telephone: ( 617 ) 235-6334 Address: Two International Place, Suite 2500 City, State: Boston, MA Zip Code: _ 02110 Email Address: wjenkins@clns.com Street address: 1800 W. Central Road City, State: Mt. Prospect, IL Permanent Real Estate Index Number (s): Township: Wheeling Zip Code: 60056 03-33-300-081.-0000 03-33-300-082-0000 Attach a current and 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. Attach legal description, site dimensions and square footage, and building dimensions and square footage. Attach a current and detailed description of the precise nature and extent of the use of the subject property, specifying in the case of multiple uses the relative percentages of each use. If there have been any changes from the original application, include current copies of materials which explain each occupant's business, including corporate letterhead, brochures, advertising material, leases, photographs, etc. Indicate the nature of the original development receiving the Class 613/8 designation [ ] New Construction [ x ] Substantial Rehabilitation [ ] Occupation of Abandoned Property - No Special Circumstance [ ] Occupation of Abandoned Property - With Special Circumstance How many permanent full-time and part-time employees do you now employ? On -Site: Full-time: See attached Part-time: See attached In Cook County: Full-time: See attached Part-time: See attached VII. Local Avproval 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) must accompany this renewal. The ordinance or resolution must expressly state that the municipality supports and consents to this Class 613/8 Renewal and has determined that the industrial use of the property is necessary and beneficial to the local economy. 2 Henry Brauer I, the undersigned, certify that I have read this Renewal Application and that the statements set forth in this Renewal 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. inatu e Henry Brauer Print Name Managing Principal Title Date RS~Nowmber4, 2014 INCENTIVES CLASS LIVING WAGE ORDINANCE AFFIDAVIT Henry Brauer as agent for the applicant set forth below, who is seeking a classification incentive as referenced below, I do 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 subject of a pending application/renewal (circle as appropriate) for one of the following development incentives provided by 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 6b _ Class 8 (industrial property) _ Class 9 3. The Cook County Assessor's Office has issued the following control number regarding this application/renewal (circle as appropriate), 61105 4. 1 have reviewed the Code of Ordinances of Cook County, Cook County Living Wage Ordinance, 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): Applicant is currently paying a living wage to its employees, as defined in the Ordinance. OR X Applicant is not required to pay a living wage, pursuant to the Ordinance. Furth r affiant sayeth not. Henry Brauer, Authorized Signatory _,.._..._._....rea � �...- g+ora a � urcr Two International Place, Suite 2500 Boston, MA 02110 Agee s a infj "1iMees ............... ..._............... .._.ww ....__ CRP -3 West Central, LLC pp cans ame ...,,.,.,.,._..._._............._.....__.........._.ww.._... hbrauer(aclns.co A 61 s m a- fifi � ...... ...., . .........w_w....�.�_ ........._ C ?�S-6� eqa-Fe: o -p ..a W-49— ----- — - —......._...�.�.�.�o........a�...W�_ Two International Place, Suite 2500 Boston, MA 02110 pp cants ai mg ress -,..ww_n.__,..._'. Subscribed and sworn before me this day of _µµ .�, 20 ewwlk� 1/30/15 WALKER 4 Notary Public:EMMA onwealth of MassachusettsM Csslon x Iron Ma 24, 2024 Basic Site Information The total land area of the subject property located at 1800 W. Central Road in Mount Prospect, Illinois (PIN: 03-33-300-081/-082) is approximately 1,443,702 square feet, and the total building area located thereon is approximately 637,566 square feet. A copy of the following is attached hereto: • Legal description. s Aerial. • Pictures of the exterior of the subject property. m Plat of Survey. LOTS 1 AND 2 IN PLAT OF SUBDIVISION OF 1800 WEST CENTRAL ROAD RECORDED NOVEMBER 3, 2006 AS DOCUMENT NUMBER 0630717117, A SUBDIVISION OF PART OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 33, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS. COMMONLY KNOWN AS 1800 W. CENTRAL, MOUNT PROSPECT, IL 60056 PIN: 03-33-300-081-0000 03-33-300-082-0000 � mY"� --.CRP----. ColonyRealty Partners Space Available: 175,086 SF Total Building Size: 637,566 SF Submarket: Northwest Cook Electrical / Power: 800 amps @ 480 volt (expandable) Lighting: 400 watt metal halide lighting Heat/Air Conditioning: Roof mounted positive pressure heating units Clear Height: 27'6" (23,040 SF) 20'6" (149,409 SF) Parking: 871 cars Truck Loading: 10 interior truck level docks with levelers, seals and dock lights Fire Suppression: ESFR Sprinkler System Real Estate Taxes: $0.99 PSF (20 10) C.A.M.: $1.06 PSF (20 10) Pricing: Subject to Proposal --.CRP----. ColonyRealty Partners Matthew). Stauber, SIOR Thomas C. Rodeno 847-698-8236 847-698-8231 mstauber@colliersbic.com trodeno@colliersbk.com Jonathan Kohn 847-698-8279 ii(ohn@colliersblc.com �s Matthew). Stauber, SIOR Thomas C. Rodeno 847-698-8236 847-698-8231 mstauber@colliersbic.com trodeno@colliersbk.com Jonathan Kohn 847-698-8279 ii(ohn@colliersblc.com -CRP ColotiyPealty Partners 175,086 SF now DIVISIBLE TO 60,000 Building shell and large land site and parking suitable for hardened data center and/or disaster recovery site Utility studies completed confirming availability of 20+ MW of power Ample interior and exterior configurations available for facility equipment areas, including generators, switchgear, transformers and fuel and water tanks Matthew J. Stauber, SIOR Thomas C. Rodeno 847-698-8236 847-698-8231 mstauber@colliersbl<.com trodeno@colliersb1ccom Jonathan Kohn 847-698-8279 jl<ohn@colliersbl<.com Information Re ardin the ADplicant and User The Applicant is currently engaged in lease renewal negotiations with Bosch for renewal of their lease at the site, consisting of 221,863 square feet of the site. Without the grant of the renewal of the incentive, both Bosch is expected to not renew its lease. Bosch is the most recognizable name in power tools in the world. A world leader in the design, manufacture and sale of power tools, rotary/oscillating tools, power tool accessories, laser and optical levels, range finding devices and countless other tools, Bosch is a manufacturing pioneer with over a century of experience in the tool industry. No matter what hardware store, construction site or family garage you visit, you are very likely to see a Bosch product. To learn more about Bosch's operations, please visit https://www.boschtools.com/us/en/. Bosch has proudly called Mount Prospect home for its tool and accessory testing division for nearly 15 years. Since 2002, Bosch has employed over 650 employees, many of whom are Mount Prospect residents. Further, Bosch has been an active member of the Mount Prospect Community and wishes to remain in the community if a new lease arrangement can be reached. Bosch operates approximately 70 locations throughout the United States. In Illinois, Bosch operates three locations: • 1800 Central Avenue, Mount Prospect Illinois, home to 650 full time employees focused on the testing and development of Bosch's high end tools. + 2800 S. 25"' Avenue, Broadview, IL 60155, home to the Illinois division of Bosch Automotive. w 161 N. Clark Street, Chicago, IL 60601, Bosch's local regional office. Bosch has a great history, nearly 15 years, in Mount Prospect and has grown its operation substantially in that time. Should the Village of Mount Prospect support the renewal of the Class 6b incentive at this site, Bosch and Applicant will seek to: • Invest over $2,000,000 dollars in site improvements including additional seats for testing, roofing, windows and other improvements. • By end of year 2020, Bosch projects that it will add up to 150 new full time jobs at this location, bringing the total employment at this site to 800 workers. Many of these workers are proud Mount Prospect residents and Bosch looks forward to hiring all qualified Mount Prospect residents through job postings and other avenues. + Finally, Bosch looks forward to continuing to contribute to the Mount Prospect community through volunteering for events, sponsoring educational opportunities and donating tools to worthwhile projects in the community. Bosch Tools is part of Robert Bosch GmbH. The Robert Bosch GmbH is a multinational engineering and electronics company headquartered in Gerlingen, Germany. It is the world's largest supplier of automotive components and was originally founded in 1886. 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Move Towards OSHA Compliance with Bosch PRO+GUARDTm Dust Solutions ► Largest selection of dust solutions ► Engineered for maximum dust removal ► Best -in -class dust extraction (HT TPS://WW W.BOSCHT00LS.COM/P4?OU(JARb) LEARN MORE 9 A Revolution in Cordless Power Tools is starting Built around CORD 8VTm - the most advanced battery cell on the planet*. CORD 8V provides unleashed POWER and PERFORMANCE without compromising SIZE or WEIGHT**. *vs Leading Power Tool Competitors **vs DeWalt FLEXVOLT 6.0 Ah and Milwaukee 9.OAh f, (HTTPS://WWW.B05CHTOO LS.00M/ ORE1bv)", N LEARN MORE NEXT SECTION (1US-EG0NOMY.HTM. N.-)' Speed Clean TM Dust Extraction Drill Bits The traditional drill -blow -brush -blow method requires six steps and a time investment of more than three minutes per anchor. Speed CleanTm bits when connected to a vacuum can eliminates hole cleaning steps from the standard anchoring process and reduces the start -to -finish install time by 50%. (HTTPS://W WW.BOSCHTOOLS.COM/SPEEDCLEAN? LEARN MORE IICAMPMGN,y i LfRC KE'T IEF&C ,MPA0Go .iv1EDIU I. EAR MOREBUI T } {� DCI PP( A v1P wa 1, Ownershi Information Applicant: Since 2008, CRP -3 West Central, LLC (the "Applicant") has owned the property located at 1800 W. Central Road in Mount Prospect, Illinois (PIN: 03-33-300-081 /-082). Ownership: Colony Realty Partners III REIT(l 00% Ownership of Applicant) 2 International Place Suite 2500 Boston, MA 02110 Occupant: The Applicant plans to lease the subject property to Robert Bosch Tool Corporation, the national leader in power tools and related accessories. i File Number � � 260253,19 Entity Name CRP-3 WEST CENTRAL LLC Status[ACTIVE On 08!1812016 Entity Type LLC Type of LLC771 Forei File Date 09/1912008 Jurisdiction DE Agent Name � ILLINOIS CORPORATION � � Agent Change Date � � 09/19/20D8 SERVICE C _. g DLAI STEVENSON DRIVE Agent 801A Principal Office �.._.m. �. TWO INTERNATIONAL PL #2500 WC BOSTON MA. 021.1..,,....,.....__... Agent CI SPRINGFIELD( � Management Type MBR ... ........ ... ..........gy .,,....... --11H- Agent Zip R 62703. Duration ..., ,.... ETUAL _...... PERPETUAL ...... .�.... .. ....... .....r ,. Annual Report Filing ,. 08/16/2016 2016... � Date .... ......... ........._ ,.. . _..��ForYear,.... ,..,..,.,,... Series Name NOT AUTHORIZED TO ESTABLISH SERIES 9 gtlit'.n c . ;at rg W 4 cry:".:fin q Purchase Certificate of Good Standirig (One Certificate per Transaction) OTHER SERVICES File Annual Report Atiopti IiiAssume d Name Articles of Amendment Fftectirlg A Name Ctsarage Change of Registered Agent and/or Registered Office Address BACK TO CYBERDRIVEILLINOIS.COM HOME PAGE Entity Name CRP -3 WEST CENTRAL, LLC File Number 02602539 Name Address COLONY REALTY PARTNERS III REIT 2 INTERNATIONAL PLACE STE 2500, BOSTON, MA - 02110 Close BACK TO CYBERDRIVEILLINOIS.COM HOME PAGE RESOLUTION NO. -17 A RESOLUTION SUPPORTING THE APPLICATION FOR RENEWAL OF CLASS 6B REAL ESTATE TAX ASSESSMENT APPLICATION BY CRP -3 WEST CENTRAL LLC FOR AN INDUSTRIAL FACILITY LOCATED AT 1800 CENTRAL ROAD MOUNT PROSPECT, COOK COUNTY, ILLINOIS WHEREAS, the President and Board of Commissioners of Cook County have enacted an ordinance known as the Cook County Real Property Assessment Classification Ordinance, as amended from time to time ("Classification Ordinance"), which provides for a tax assessment incentive classification designed to encourage industrial development throughout Cook County by offering a real estate tax incentive for the development of new industrial facilities, the rehabilitation of existing industrial structures and the utilization of abandoned industrial building in order to create employment opportunities and expand the tax base; and WHEREAS, the Village of Mount Prospect encourages community development to provide for economic growth and career opportunities; and WHEREAS, without the Cook County property tax incentive program, the Village of Mount Prospect is at a competitive disadvantage with the neighboring counties of Lake and DuPage in attracting industrial development; and WHEREAS, CRP -3 West Central LLC ("Applicant") owns the industrial property commonly known as 1800 W. Central Road, Village of Mount Prospect, Wheeling Township, Illinois, identified by permanent index numbers 03-33-300-081-0000 and 03-33-300-082-0000 (hereafter referred to as the "Subject Property"); and WHEREAS, the Subject Property previously received a Cook County Class Real Tax Assessment Classification for the Subject Property beginning in tax year 1998 (the "1998 Class 6b"), as said term is defined in the Classification Ordinance, with Village of Mount Prospect support; and WHEREAS, the Subject Property previously received a renewal of its Cook County Class Real Tax Assessment Classification for the Subject Property beginning in tax year 2008 (the "2008 Class 6b"), as said term is defined in the Classification Ordinance, Village of Mount Prospect support; and WHEREAS, the Applicant has requested that the President and Board of Trustees of the Village of Mount Prospect support and consent to the filing of an application for the renewal of the Subject Property's Class 6B Tax Assessment Classification; and WHEREAS, to ensure the ongoing viability of the industrial base of the Village and to safeguard the tax base of the Village, the President and Board of Trustees have determined that it is necessary and in the best interests of the Village to support and consent to the filing of -1- applications by Applicant with Cook County for the renewal of the Subject Property's Class 6B Tax Assessment Classification when the 2008 Class 6B tax incentive is eligible for renewal pursuant to the Cook County Assessor's Office, and WHEREAS, the President and Board of Trustees have determined that the renewal of the incentive complies with the Village of Mount Prospects goal of encouraging redevelopment of underutilized or vacant sites; and WHEREAS, Applicant intends to lease the Subject Property to a tenant or tenants who will use the property primarily for industrial purposes as defined in the Cook County Property Tax Ordinance (Sec. 74-63 of the Cook County Code), and WHEREAS, the Village of Mount Prospect has received an Economic Disclosure Statement as defined in the Cook County Property Tax Ordinance (Sec. 74-63 of the Cook County Code) from the Applicant. NOW, THEREFORE BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS: SECTION ONE: That the President and Board of Trustees of the Village of Mount Prospect do hereby support and consent to the application of CRP -3 West Central LLC for the renewal of the Class 6B Property Classification from Cook County, which allows a 10% assessment level for the first 10 years, 15% in the 11th year and 20% in the 12"' year for the relevant portions of the Subject Property located at 1800 W. Central Road and legally described as: LOTS 1 AND 2 IN PLAT OF SUBDIVISION OF 1800 WEST CENTRAL ROAD RECORDED NOVEMBER 3, 2006 AS DOCUMENT NUMBER 0630717117, A SUBDIVISION OF PART OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 33, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS. COMMONLY KNOWN AS 1800 W. CENTRAL, MOUNT PROSPECT, IL 60056 PIN: 03-33-300-081-0000 03-33-300-082-0000 SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased employment and economic development and this proposed development is in furtherance of this goal. The Board of Trustees of the Village of Mount Prospect further finds that this incentive is necessary for occupancy to occur on the Property. SECTION THREE: That occupancy of the property is subject to compliance with all requirements of the I-1 (Light Industrial) District and development standards of the Village of Mount Prospect. -2- SECTION FOUR: 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 _ day of 12017. ATTEST: Karen Agoranos Village Clerk -3- Arlene A. Juracek Mayor STATE OF ILLINOIS) ) SS COUNTY OF COOK) CERTIFICATION I, Karen Agoranos, do hereby certify that I am the duly appointed Village Clerk of the Village of Mount Prospect and as such, am keeper of the records and files of said Village. I do further certify that attached hereto is a true and correct copy of Resolution No. _- 17, "A RESOLUTION SUPPORTING THE APPLICATION FOR RENEWAL OF THE CLASS 6B REAL ESTATE TAX ASSESSMENT BY CRP -3 WEST CENTRAL LLC FOR AN INDUSTRIAL FACILITY LOCATED AT 1800 CENTRAL ROAD MOUNT PROSPECT, COOK COUNTY, ILLINOIS," passed at the regular meeting of the Mayor and Village Board of Trustees held , 2017 at which time the Village Board voted as follows: AYES: NAYS: ABSENT: All as appears in the official records and filed of the Village of Mount Prospect. Dated this day of , 2017 in Karen Agoranos Village Clerk VILLAGE OF MOUNT PROSPECT Cook County, Illinois