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File #: 16-4194    Version: 1 Name: 3860 Ventura, LLC
Type: Resolution (Class 6B) Purchase for Value Status: Approved
File created: 6/28/2016 In control: Business and Economic Development Committee
On agenda: 7/13/2016 Final action: 8/3/2016
Title: PROPOSED RESOLUTION 3860 VENTURA, 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: 3860 Ventura, LLC Address: 3860 North Ventura, Arlington Heights, Illinois 60004 Municipality or Unincorporated Township: Village of Arlington Heights Cook County District: 14 Permanent Index Number: 03-06-303-009-0000 Municipal Resolution Number: Village of Arlington Heights approved 5/3/2016 Number of month property vacant/abandoned: 20 months vacant Special circumstances justification requested: Yes Estimated Number of jobs created by this project: Five (5) full-time jobs Estimated Number of jobs retained at this location: Nine (9) full-time, four (4) part-time Estimated Number of employees in Cook County: Not applicable Estimated Number of construction jobs: One (1) to tw...
Sponsors: TONI PRECKWINKLE (President), GREGG GOSLIN
title
PROPOSED RESOLUTION

3860 VENTURA, 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: 3860 Ventura, LLC

Address: 3860 North Ventura, Arlington Heights, Illinois 60004

Municipality or Unincorporated Township: Village of Arlington Heights

Cook County District: 14

Permanent Index Number: 03-06-303-009-0000

Municipal Resolution Number: Village of Arlington Heights approved 5/3/2016

Number of month property vacant/abandoned: 20 months vacant

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: Five (5) full-time jobs

Estimated Number of jobs retained at this location: Nine (9) full-time, four (4) part-time

Estimated Number of employees in Cook County: Not applicable

Estimated Number of construction jobs: One (1) to two (2) construction jobs

Proposed use of property: Warehousing, packaging and distribution

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 property is abandoned for purpose of Class 6b; and

WHEREAS, in the case of abandonmen...

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