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File #: 19-1280    Version: 1 Name: BALANSTAR CORPORATION 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) Purchase for Value Status: Approved
File created: 1/14/2019 In control: Business and Economic Development Committee
On agenda: 1/24/2019 Final action: 2/21/2019
Title: PROPOSED RESOLUTION BALANSTAR CORPORATION 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: BalanStar Corporation Address: 170 Lively Blvd., Elk Grove Village, Illinois Municipality or Unincorporated Township: Elk Grove Village Cook County District: 15 Permanent Index Number: 08-22-402-040-0000; 08-22-402-041-0000 and 08-22-402-042-0000 Municipal Resolution Number: Village of Elk Grove Resolution No. 67-17 Number of month property vacant/abandoned: Six (6) months vacant Special circumstances justification requested: Yes Estimated Number of jobs created by this project: Two (2) - five (5) full-time jobs Estimated Number of jobs retained at this location: 10 full-timejobs Estimated Number of employees in Cook County: Same as above Estimated Number of construction jobs: 15-20 construction jobs Pr...
Sponsors: TONI PRECKWINKLE (President), KEVIN B. MORRISON
title
PROPOSED RESOLUTION

BALANSTAR CORPORATION 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: BalanStar Corporation

Address: 170 Lively Blvd., Elk Grove Village, Illinois

Municipality or Unincorporated Township: Elk Grove Village

Cook County District: 15

Permanent Index Number: 08-22-402-040-0000; 08-22-402-041-0000 and 08-22-402-042-0000

Municipal Resolution Number: Village of Elk Grove Resolution No. 67-17

Number of month property vacant/abandoned: Six (6) months vacant

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: Two (2) - five (5) full-time jobs

Estimated Number of jobs retained at this location: 10 full-timejobs

Estimated Number of employees in Cook County: Same as above

Estimated Number of construction jobs: 15-20 construction jobs

Proposed use of property: Industrial use - manufacturing, warehousing 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 abandonment of less than 24 mo...

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