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Home My WebLink About8.1 A RESOLUTION IN SUPPORT OF SEEFRIED INDUSTRIAL PROPERTIES, INC. OR ITS ASSIGNEE'S APPLICATION FOR A COOK COUNTY CLASS 6B TAX INCENTIVE FOR THE PROPERTY LOCATED AT 1305 E. ALGONQUIN ROADM+awn �'xyt�lts�=e Item Cover Page Subject A RESOLUTION IN SUPPORT OF SEEFRIED INDUSTRIAL PROPERTIES, INC. OR ITS ASSIGNEE'S APPLICATION FOR A COOK COUNTY CLASS 6B TAX INCENTIVE FOR THE PROPERTY LOCATED AT 1305 E. ALGONQUIN ROAD Meeting March 5, 2024 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Fiscal Impact (Y/N) Dollar Amount Budget Source Category Type Information N NEW BUSINESS Action Item Seefried Industrial Properties, Inc. or its assignee (Applicant) is seeking support for adoption of a resolution supporting the granting of a Cook County Class 6b Incentive for the property located at 1305 E. Algonquin Road. The incentive would be for 12 years and would enable them to demolish an existing structure and related improvements to construct a new 191,000 square -foot warehouse distribution facility. The new development will feature forty (40) docks, 36' clear height, 200 car parking stalls, 2 drive-in doors, and 15 trailer stalls. The Applicant plans to spend approximately $10.7 -million constructing the new 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. The Subject Property consists of an approximately 32,000 square foot building located on a more than 13 -acre site. The applicant recently completed a new 80,000 square -foot building located at 2240 S. Busse Road, which also received a 6b in 2021. The applicant pays approximately $60,000 in annual property taxes on that property, which will increase substantially given the recent completion of that project. Should the tax savings be granted, the project would support 200 temporary construction jobs and approximately 15 new permanent employees. The Applicant is requesting the 6b incentive to maintain their taxes at around $1.50 per square foot for their property. If the extension is not granted, they estimate their tax bill would rise to $3.50 per square foot. Similar properties in nearby Lake and DuPage County range from $1 to $1.50 per square foot. Staff has reviewed the submitted application and is supportive of the request. Approving the Cook County Class 6b tax incentive would help reactivate this parcel which has had no business license history since it was annexed into the Village in 2016. The most recent permit other than for what is currently proposed was a sign permit from 2018. Discussion Alternatives 1. Approve the resolution supporting Seefried Industrial Properties, Inc. or its assignee's application for the renewal of their Cook County Class 6b Incentive for the property located at 1305 E Algonquin Road. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends that the Village Board approve the resolution supporting Seefried International Properties, Inc. or its assignee's application for a Cook County Class 6b Incentive for the property located at 1305 E Algonquin Road. Attachments 1. Seefried Industrial, Inc. 613 Attachment 2-26-2024 (3) 2. Resolution 6b renewal Seefried Industrial doc THE LAW 0FFICE8 OF ILISTON & TSANTILIS A PROFEBSIONAL CORPORATION 33 NORTH 1,A8AL11,E BTREET. 28T1-1 FLOOR CHICAGO. ILLINOIS 60602 BRIAN R LIBTON (312) 680-1594 PETER T8AlVTILIB (312) 604-3808 FACSIMILE (312) 5$0-1592 November 7, 2023 VIA MAIL & EMAIL Bill Cooney Village of Mount Prospect 50 S. Emerson Mount Prospect, Illinois 60056 RE: Class 6b Resolution Request Seefried Industrial Properties, Inc. or its assignee 1305 East Algonquin Road, Mount Prospect, IL 60018 PINS: 08-23-102-005-0000 Dear Bill, Seefried Industrial Properties, Inc. or its assignee (the "Applicant") is the contract purchaser of the above -referenced property (the "Subject Property") and is requesting a Resolution from the Village of Mount Prospect supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. Current Site Characteristics The Subject Property currently consists of an approximately 62,016 square foot facility located on approximately 13.1 acre site. The property is zoned I-1 Limited Industrial which allows for a number of industrial uses. The Applicant is proposing to demolish the current structure and improvements and construct a new 190,606 square foot warehouse distribution facility. This new development will feature forty (40) docks, 36' clear height, two -hundred (200) car parking stalls, two (2) drive-in doors & fifteen (15) trailer stalls. Following construction, the Applicant will look to lease the premises out to a suitable industrial tenant(s) for the purpose of industrial warehousing and distribution. Identification of Persons Having an Interest in the Property Applicant: Seefried Industrial Properties, Inc. See Enclosed for Ownership Breakdown 3333 Riverwood Parkway SE, Ste. 200 Atlanta, GA 30339 Background of the Applicant Seefried Industrial Properties, Inc. was founded in 1984 and is a privately owned, nationally recognized leader in industrial real estate with over thirty (30) years of experience in development, leasing and management in core markets throughout the United States. The Applicant is continually expanding while looking to explore new markets and evaluating new business opportunities. The company prides itself on its transparency, consistency, financial strength, leadership and vision. Today, the company remains dedicated to providing efficient and economic solutions that generate competitive advantages for both its tenants and investors. Seefried just recently completed a new 80,000 square foot building located at 2240 S. Busse Road in the Village of Mount Prospect. Proposed Development, Improvements and Job Creation In the event that a Class 6b Tax Incentive is granted, the Applicant plans to spend approximately $10,696,000 to construct the 191,000 square foot facility. Once improvements are finished, the Applicant will lease the property to a speculative industrial tenant(s) which are expected to bring/hire approximately fifteen (15) employees for continued growth. All employees will be compensated in accordance with the Cook County Living Wage. Also, the planned improvements will result in approximately 200 temporary construction jobs. Real Estimate Tax Analysis After the purchase of the property for $13,000,000 and completion of the improvements, the Subject Property is projected to have a market value of approximately $23,696,000 which would generate an estimated $8,003,190 in total taxes (or approx. $592,829 per year) over the life of the Class 6b Tax Incentive. Without the incentive, the vacant lot will generate a total of only approx. $3,728,972 in total taxes (or approx. $310,748 per year) over the life of the incentive. Therefore, should the Class 6b Tax Incentive be approved, the Subject Property would generate approximately an additional $4,274,219 in real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached "12 Year Tax Comparison Chart" for more details. "But -For" Condition Statement Without the assistance from the Class 6b incentive, the Applicant will not purchase the Subject Property. The Applicant has determined that without the incentive, the heavy Cook County property tax burden (25.018%) will make the project infeasible. In the event the Subject Property is not purchased and developed, the site will remain a vacant & unused facility Conclusion Based on the foregoing, the Applicant requests that the Village of Mount Prospect review its Class 6b Tax Incentive request and approve a Resolution supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. Should you need any additional documentation or have any questions or concerns, do not hesitate to contact me at (312) 604-3898 or via email at mrogers@ltlawchicago.com. Respectfully Submitted, 144� Mark Rogers o �0Ot o COOK COUNTY ASSESSOR'S OFFICE a Z 118 NORTH CLARK STREET, CHICAGO, IL 60602 s Y PHONE: 312.443.7550 FAX: 312.603.6584 III i NON" WWW.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: Seefried Industrial Properties, Inc. of its assignee Telephone: ( 331 Company: Seefried Industrial Properties, Inc. Address: 3333 Riverwood Parkway, Suite 200 City: Atlanta State: GA Email: rrossberger@seefriedproperties.com Contact Person (if different than the Applicant) Name: Reid Rossberger Company: Seefried Industrial Properties, Inc. ) 201-8257 Zip Code: 30339 Telephone: ( 331 ) 201-8257 Address: 8745 W. Higgins Rd, Suite 220 City: Chicago State: IL Email: rrossberger@seefriedproperties.com Property Description (per PIN) Zip Code: 60631 If you are applying for more than three different PINS, please submit the additional PIN information in an attachment. Street Address (1) 1305 East Algonquin Road Permanent Real Estate Index Number: 08-23-102-005-0000 (2) Permanent Real Estate Index Number: (3) Pennanent Real Estate Index Number: City: Mount Prospect Township: Elk Grove State: IL Zip Code: 60056 Existing Class: 592 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. Employment Opportunities How many construction jobs will be created as a result of this development? Approx. 200 How many new permanent full-time and part-time employees do you now employ in Cook County? Full-time: N/A Part-time: N/A How many new permanent frill -time jobs will be created by this proposed development? TBD How many new permanent ftTh-time jobs will be created by this proposed development? TBD part Nature of Development Indicate nature of proposed development by checking the appropriate space: [� New Construction (Read and Complete Section A) [X] 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 - (CEERM Supplemental Application) (Read and Complete Section C) SECTION (NEW CONSTRUCTION/SUBSTANTIAL REHABILITATION) If the proposed development consists of New Construction or Substantial Rehabilitation, provide the following information: Estimated date of construction commencement (excluding demolition, if any): Approx. 7/1/24 Estimated date of construction completion: Approx. 3/1/25 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) 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) SECTION (ABANDONED PROPERTY WITH NO SPECIAL CIRCUMSTANCE) 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 12 continuous months prior to the purchase for value? [ ] YES [ ] NO 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 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: 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 SECTION C (SPECIAL CIRCUMSTANCES) 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 abandonmentprior to purchase was less than 12 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 12 continuous months or greater, complete section (2). 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 12 -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 2. How long has the subject property been unused? [ ] 12 or greater continuous months (Eligible for Special Circumstance) [ ] 3 continuous months and maintain/create 250 Employees (Eligible for Special Circumstance under CEERM) - Complete CEERM Supplemental Application [ ] Not Eligible for Special Circumstance if No purchase and less than 12 continuous months vacant, or not a CEERM 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: CEERM SUPPLEMENTAL APPLICATION (This form will ONLY be utilized for applicants who specifically elect for CEERM) This supplemental eligibility application is for properties that have been abandoned (due to special circumstances) where there has been no purchase for value and the buildings and other structures have been vacant and unused for at least three continuous months and applicant has provided sufficient documentation to establish that such applicant will create or maintain at least 250 jobs for employees at the subject location. The CEERMProgram shall be limited to the party who is the initial applicant of the Class 6B Incentive under the CEERM Program and the subject of the municipal Resolution or Ordinance. Under the CEERMProgram, qualifying industrial real estate would be eligible for the Class 6B level of assessment from the date ofsubstantial 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. I applicant/representative hereby specifically elect to submit this Supplemental Application for the CEERM program. Further affiant sayeth not. Agent's Signature Agent's Mailing Address Applicant's Name Applicant's e-mail address Subscribed and sworn before me this day of Signature of Notary Public Agent's Name & Title Agent's Telephone Number Applicant's Mailing Address 20 LOCAL APPROVAL 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 itfinds Class 6B necessary for development to occur on the subjectproperty. 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". FINALIZING THE INCENTIVE PROCESS In order to finalize the class change you will need to file an Incentive Appeal with supporting documentation (including Proof of Occupancy) in the year that the property has been substantially occupied. It is advised that you access our website (www.cookcountyassessor.com) to determine the allowable filing dates for such action. When filing an appeal requesting an Incentive Class Change, a $100.00 filing fee (made out to the Cook County Assessor) must be included. The property cannot receive Class 6B designation until you file an Incentive Appeal Form, AND this office grants reclassification for the parcel(s). 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. Signature Reid Rossberger Print Name ADA 7 A- 3 Date Development Manager Title 41112022 EDS AFFIDAVIT I, gci d ZoSas agent for Seefried Industrial Properties, Inc. or its assignee (the "Applicant") does hereby certi y that it would attest to the following facts as required by Sections 74-46 and 74-62 through 74-73 of the Cook County Code if called to testify: That I am a duly authorized agent for Applicant Seefried Industrial Properties Inc., or its assignee who is the contract purchaser of the property located at located at 1305 East Algonquin Road, Mount Prospect, IL 60056 (PIN: 08-23-102-005-0000) (the "Subject Property"). 2. The Applicant does not own any other property in Cook County: Applicant's ownership is as follows: Ferdinand Seefried — (44.14% Ownership) 3333 Riverwood Parkway SE, Ste. 200 Atlanta, GA 30339 Robert S. Rakusin — (21.46% Ownership) 3333 Riverwood Parkway SE, Ste. 200 Atlanta, GA 30339 James M. Condon — (12.70% Ownership) 3333 Riverwood Parkway SE, Ste. 200 Atlanta, GA 30339 Gregory F. Herren— (12.70% Ownership) 3333 Riverwood Parkway SE, Ste. 200 Atlanta, GA 30339 Jason J. Quintel — (6.00% Ownership) 2201 E. Camelback Rd., Ste. 225B Phoenix, AZ 85016 4. To my knowledge and after reviewing the Applicant's records, Applicant is not delinquent in the payment of any property taxes administered by Cook County or by a local municipality. Further Affiant Sayeth Not Date: Subscribed and sworn before me This 2 � day of c Ob ,, 2023 Legal Description, Site and Building Square Footage 1305 East Algonquin Road, Mount Prospect, IL PIN: 08-23-102-005-0000 The Subject Property currently consists of an approximately 62,016 square foot facility sited on approximately 572,261 square feet. The property is zoned I-1 Limited Industrial which allows for a number of industrial uses. The Applicant is proposing to demolish the current structure and improvements and construct a new 190,606 square foot warehouse distribution facility. This new development will feature forty (40) docks, 36' clear height, two -hundred (200) car parking stalls, two (2) drive-in doors & fifteen (15) trailer stalls. Following construction, the Applicant will look to lease the premises out to a suitable industrial tenant for the purpose of industrial warehousing and distribution. Attached hereto please find: • Legal Description • ALTA Survey • Site Plan • Aerial Overview • Current Street View LEGAL DESCRIPTION ALL OF LOT 2 LYING SOUTH OF THE SOUTHWESTERLY LINE OF ALGONQUIN ROAD AS OCCUPIED (EXCEPT THE EAST 595 FEET THEREOF MEASURED AT RIGHT ANGLES TO THE EAST LINE OF SAID LOT 2 ANO ALSO EXCEPTING THEREFROM THAT PART THEREOF DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 2 IN THE CENTER OF THE ALGONQUIN - DES PLAINES ROAD RUNNING THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1108.10 FEET; THENCE EAST AT RIGHT ANGLES TO SAID WEST LINE 296.13 FEET; THENCE NORTH PARALLEL TO SAID WEST LINE 951.25 FEET TO THE CENTER LINE OF AFORESAID ROAD, AND THENCE NORTH 62 DEGREES 05 MINUTES 30 SECONDS WEST ALONG SAID CENTER LINE 335.10 FEET TO THE PLACE OF BEGINNING) IN FRIEDRICH BUSSE JR'S DIVISION OF LAND IN SECTION 23, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, AS RECORDED JANUARY 20, 1911 IN THE OFFICE OF THE COUNTY RECORDER OF COOK COUNTY IN BOOK 113 OF PLATS, PAGE 21 AS DOCUMENT NUMBER 4709799, IN COOK COUNTY, ILLINOIS. Commonly Known As: 1305 E. Algonquin Road, Mount Prospect, IL 60005 PIN: 08-23-102-005-0000 o,DwMDlofo Ave, h;lwnunnlonutnsii, r E Or%kit in_1tt VICINITY MAP NO SCALE SCHEDULE B EXCEPTIONS 112.1 RIGHTS OF THE INTERESTED PARTIES TO THE FREE AND UNOBSTRUCTED FLOW OF THE WATERS OF THE HIGGINS CREEK WHICH MAY FLOW ON OR THROUGH THE LAND. REGARDING SCHEDULE A: THE SURVEYED SITE IS PLOTTED HEREON. REGARDING SCHEDULE B: SCHEDULE B EXCEPTIONS 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 AND 13 ARE NOT SURVEY RELATED AND THEREFORE NOT SHOWN. 12. RIGHTS OF THE INTERESTED PARTIES TO THE FREE AND UNOBSTRUCTED FLOW OF THE WATERS OF THE HIGGINS CREEK WHICH MAY FLOW ON OR THROUGH THE LAND. HIGGINS CREEK IS PLOTTED HEREON. THERE WERE NO RECORDED DOCUMENTS REFERENCED IN THE TITLE COMMITMENT REGARDING HIGGINS CREEK. 1. THIS SURVEY IS BASED ON THE LEGAL DESCRIPTION AND EASEMENTS OF RECORD AS IDENTIFIED IN TITLE COMMITMENT NUMBER NCS-1183234—ATL ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY HAVING AN EFFECTIVE DATE OF JUNE 14, 2023. 2. THE BASIS OF BEARINGS FOR THIS SURVEY IS THE ILLINOIS STATE PLANE C' LEGAL DESCRIPTIO ALL OF LOT 2 LYING SOUTH OF TH ALGONQUIN ROAD AS OCCUPIED (EXI IN THEREOF MEASURED AT RIGHT ANGLES LOT 2 AND ALSO EXCEPTING THERE DESCRIBED AS FOLLOWS: BEGINNING AT SAID LOT 2 IN THE CENTER OF THE ROAD RUNNING THENCE SOUTH ALONG , 1108.10 FEET; THENCE EAST AT RIGHT 296.13 FEET, THENCE NORTH PARALLEL FEET TO THE CENTER LINE OF AFOI NORTH 62 DEGREES 05 MINUTES 30 CENTER LINE 335.10 FEET TO THE { FRIEDRICH BUSSE JR'S DIVISION OF LAt 41 NORTH, RANGE 11, EAST OF THE TF RECORDED JANUARY 20, 1911 IN TH RECORDER OF COOK COUNTY W BOOK ,? DOCUMENT NUMBER 4709799, IN COOK ui < > z 0 'PA w z Oh [If Ca ul Q NX W oj c w>- > > 00 x 3: Z 'n w U) U) 0 r, < E LIJ 10 Z U) 0II II II (n C) 4 W LIJ LIJ UJ ----------------- UA (X 3z: C) z M z (b 0 r, V) x ocr Z D H (ro w F- 0. —ON U) o N of NO 0 <,g q w 4n JPt>r Li 0- (A A z,o 0 (o Lo Li 0. z < wLj 'D Ac Sof , 6 Lo 0 04 cr u - z O:i Lj, w 0 CL 0 Q V) a- LJ Lj , A 19 w X (.) ' X E oo zc w 0 o; Lo 14 M w Wo p v) A<" (D fz ul 'A cn f� <� 0 ' , 0 A z - 9 + 0 X -A M LJ V) Iv > IQ aa, 3A Ssr«IP <s) to "(D ut-r, Owto (0 wocy-) 0. G! Lj 0 LJ (D (L W(] Lj w CL CL u 8) ow �11 S� w : �, co CP II Z w a,: 2 IN t. I > C) �— ll� LIj cf rl� -C6 < jo a 19cl. z o A < to of Lj II L I L I j Ljj AA. A 19 59 Zr yrs 0�0 19. P On. 051,19 , IOU 0 r, V) x ocr Z D H (ro w F- 0. —ON U) o N of NO 0 <,g q w 4n JPt>r Li 0- (A A z,o 0 (o Lo Li 0. z < wLj 'D Ac Sof , 6 Lo 0 04 cr u - z O:i Lj, w 0 CL 0 Q V) a- LJ Lj , A 19 w X (.) ' X E oo zc w 0 o; Lo 14 M w Wo p v) A<" (D fz ul 'A cn f� <� 0 ' , 0 A z - 9 + 0 X -A M LJ V) Iv > IQ aa, 3A Ssr«IP <s) to "(D ut-r, Owto (0 wocy-) 0. G! Lj 0 LJ (D (L W(] Lj w CL CL u 8) ow �11 S� w : �, co CP II Z w a,: 2 IN t. I > C) �— ll� LIj cf rl� -C6 < jo a 19cl. z o A < to of Lj II L I L I j Ljj AA. A 19 �Mllkd CN :�\�� «» . \�� }� / . }� , �Mllkd CN :�\�� «» . \�� c 0 VII oll 0 19 rl C41- 9 10 WMn nff OID 0 C D LU 73 0 CL v Property Improvements, Employment & Economic Impact 1305 East Algonquin Road, Mount Prospect, IL PIN: 08-23-102-005-0000 After the purchase of the property for $13,000,000 and completion of the improvements, the Subject Property is projected to have a market value of approximately $23,696,000 which would generate an estimated $8,003,190 in total taxes (or approx. $592,829 per year) over the life of the Class 6b Tax Incentive. Without the incentive, the vacant lot will generate a total of only approx. $3,728,972 in total taxes (or approx. $310,748 per year) over the life of the incentive. Therefore, should the Class 6b Tax Incentive be approved, the Subject Property would generate approximately an additional $4,274,219 in real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached "12 Year Tax Comparison Chart" for more details. In addition to increased property tax revenues, the eventual occupants' presence will significantly benefit the local community. The Applicant expects the Occupants' employees and visitors will frequent Village restaurants, gas stations, stores and more. Applicant also expects the Occupant will attract both new and returning customers who will also frequent nearby establishments. According to the enclosed employee impact chart, an estimated 15 full time individuals are estimated to spend approximately $63,563 per year in the Village on gas, entertainment, groceries, etc. In total, the purchase, rehabilitation and reoccupation of the Subject will generate over $4,000,000 in additional revenue over the life of the incentive. New Employee Business Impact Chart Purchase Emp. % Exp.Meek Weeks Total Lunch 15 55% $55 50 $22,688 Grocery 15 30% $50 50 $11,250 Consumer Goods 15 25% $35 50 $6,563 Entertainment 15 15% $55 50 $6,188 Auto -Gas 15 75% $30 50 $16,875 TOTAL (Per Year) $63,563 2 _ ! \ \ \ \ \ RESOLUTION NO. A RESOLUTION IN SUPPORT OF SEEFRIED INDUSTRIAL PROPERTIES, INC. OR ITS ASSIGNEE'S APPLICATION FOR A RENEWAL OF A CLASS 6B INCENTIVE FOR THEIR PROPERTY LOCATED AT 1305 E. ALGONQUIN ROAD, MOUNT PROSPECT, ILLINOIS 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, Seefried Industrial Properties, Inc. has requested the Village of Mount Prospect support its application for renewal of the Class 6B Real Property Classification at 1305 E. Algonquin Road, Mount Prospect, Illinois, Cook County; 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 Renewal of a property tax reduction from 25% to 10% for years 1 through 10, 15% in year 11, and 20% in year 12 from Cook County for the Property located at 1305 E. Algonquin Road and legally described as: ALL OF LOT 2 LYING SOUTH OF THE SOUTHWESTERLY LINE OF ALGONQUIN ROAD AS OCCUPIED (EXCEPT THE EAST 595 FEET THEREOF MEASURED AT RIGHT ANGLES TO THE EAST LINE OF SAID LOT 2 ANO ALSO EXCEPTING THEREFROM THAT PART THEREOF DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 2 IN THE CENTER OF THE ALGONQUIN - DES PLAINES ROAD RUNNING THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1108.10 FEET; THENCE EAST AT RIGHT ANGLES TO SAID WEST LINE 296.13 FEET; THENCE NORTH PARALLEL TO SAID WEST LINE 951.25 FEET TO THE CENTER LINE OF AFORESAID ROAD, AND THENCE NORTH 62 DEGREES 05 MINUTES 30 SECONDS WEST ALONG SAID CENTER LINE 335.10 FEET TO THE PLACE OF BEGINNING) IN FRIEDRICH BUSSE JR -S DIVISION OF LAND IN SECTION 23, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, AS RECORDED JANUARY 20, 1911 IN THE OFFICE OF THE COUNTY RECORDER OF COOK COUNTY IN BOOK 113 OF PLATS, PAGE 21 AS DOCUMENT NUMBER 4709799, IN COOK COUNTY, ILLINOIS. Property Index No. 08-23-102-005-0000 SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased employment and economic development and the subject 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 5th day March 2024. Paul Wm. Hoefert Mayor ATTEST: Karen M. Agoranos Village Clerk Pg. 2 of 2 6b Seefried