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File #: 15-3225    Version: 1 Name: 3803-15 VENTURA DRIVE, LLC 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) Purchase for Value Status: Approved
File created: 5/5/2015 In control: Business and Economic Development Committee
On agenda: 5/20/2015 Final action: 7/1/2015
Title: PROPOSED RESOLUTION 3803-15 VENTURA DRIVE, LLC 6B PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b application containing the following information: Applicant: 3803-15 Ventura Drive, LLC Address: 3815 Ventura Drive, Arlington Heights, Illinois Municipality or Unincorporated Township: Village of Arlington Heights Cook County District: 14 Permanent Index Number: 03-06-304-001-0000; 03-06-304-002-0000;03-06-304-012-0000 and 03-06-304-013-0000 Municipal Resolution Number: Village of Arlington Heights Resolution No. R15-004 Number of month property vacant/abandoned: Five (5) months vacant Special circumstances justification requested: Yes Estimated Number of jobs created by this project: 10 full-time jobs Estimated Number of jobs retained at this location: 36 full-time, two (2) part-time Estimated Number of employees in Cook Cou...
Sponsors: TONI PRECKWINKLE (President), GREGG GOSLIN
title
PROPOSED RESOLUTION

3803-15 VENTURA DRIVE, LLC 6B PROPERTY TAX INCENTIVE REQUEST

WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b application containing the following information:

Applicant: 3803-15 Ventura Drive, LLC

Address: 3815 Ventura Drive, Arlington Heights, Illinois

Municipality or Unincorporated Township: Village of Arlington Heights

Cook County District: 14

Permanent Index Number: 03-06-304-001-0000; 03-06-304-002-0000;03-06-304-012-0000 and
03-06-304-013-0000

Municipal Resolution Number: Village of Arlington Heights Resolution No. R15-004

Number of month property vacant/abandoned: Five (5) months vacant

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: 10 full-time jobs

Estimated Number of jobs retained at this location: 36 full-time, two (2) part-time

Estimated Number of employees in Cook County: same as retained at location jobs

Estimated Number of construction jobs: 25 jobs

Proposed use of property: Industrial precision grinding and honing services

Living Wage Ordinance Compliance Affidavit Provided: Yes

WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b that provides an applicant a reduction in the assessment level for an abandoned industrial facility; and

WHEREAS, the Cook County Classification System for Assessment defines abandoned property as buildings and other structures that, after having been vacant and unused for at least 24 continuous months, have been purchased for value by a purchaser in whom the seller has no direct financial interest; and

WHEREAS, in the instance where the property does not meet the definition of abandoned property, the municipality or the Board of Commissioners, may determine that special circumstances may exist that justify finding that the prop...

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