The URL can be used to link to this page

Home My WebLink About18-97 Certified State of Illinois ) County of Kane) City of Elgin ) CERTIFICATE OF CITY CLERK I, Kimberly Dewis, DO HEREBY CERTIFY that I am the duly qualified City Clerk of the City of Elgin, in the Counties of Kane and Cook in the State of Illinois, and that as such City Clerk I am the keeper and custodian of the files and records of said City of Elgin and the seal thereof. I DO FURTHER CERTIFY that the attached is a full, true, and correct copy of. RESOLUTION NO. # 18-97 RESOLUTION IN SUPPORT OF CLASS 7C COOK COUNTY COMMERCIAL URBAN RELIEF ELIGIBILITY (CURE) PROPERTY TAX INCENTIVE FOR REAL ESTATE LOCATED AT 830 SUMMIT STREET, ELGIN, ILLINOIS (Shree Kaira, LLC) adopted by the Elgin City Council at its legally convened meeting held on September 12, 2018. In Witness Whereof, I have hereunto set my hand and affixed the corporate seal of the City of Elgin at the said City in the County and State aforesaid this September 14, 2018. Kimberly MjAis, City Clerk e '� Resolution No. 18-97 RESOLUTION IN SUPPORT OF CLASS 7C COOK COUNTY COMMERCIAL URBAN RELIEF ELIGIBILITY(CURE) PROPERTY TAX INCENTIVE FOR REAL ESTATE LOCATED AT 830 SUMMIT STREET, ELGIN, ILLINOIS (Shree Kaira, LLC) WHEREAS, the City of Elgin (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois authorized to exercise any power and perform any function pertaining to its government and affairs; and WHEREAS, the Cook County Board of Commissioners has enacted the Real Property Assessment Classification Ordinance, as amended (the "Ordinance"), which establishes the Class 7c tax incentive under the Ordinance; and WHEREAS, Shree Kaira, LLC, an Illinois limited liability company ("Shree Kaira"), intends to acquire certain real estate location at 830 Summit Street, Cook County, Illinois, consisting of Permanent Index Number 06-07-302-054-0000, as further described in the legal description attached hereto as Exhibit A and made a part hereof(the "Project Site"); and WHEREAS, Shree Kaira proposes to develop the Project Site and construct an approximately 3,100 square foot commercial building on the Project Site (the "Project"); and WHEREAS, the Project will increase employment opportunities, economic activity in the area and growth in the real property tax base; and WHEREAS, Shree Kaira has applied to the Office of the Assessor of Cook County, Illinois (the "Assessor") for designation of the Project Site as a Class 7c classification eligible for certain real estate tax incentives; and WHEREAS, the Ordinance provides that an applicant for Class 7c classification must obtain an ordinance or resolution from the municipality in which the real estate is located expressly stating that (a) the municipality has determined that the eligibility factors of the Ordinance are present, and (b) the municipality supports and consents to the Class 7c classification by the Assessor; and WHEREAS, City staff has reviewed the proposed Project, has determined that it meets the necessary eligibility requirements for Class 7c designation, and hereby recommends to the City Council that the City expressly determine that (a) the required eligibility factors are present, and (b) the City supports and consents to the Class 7c classification by the Assessor of the Project Site. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, AS FOLLOWS: Section 1. The above recitals are hereby expressly incorporation as if fully set forth herein. Section 2. The City has reviewed the eligibility application for a Class 7c classification and Incentive Classification Initial Questionnaire and determined that the four eligibility factors under the Ordinance that must be present to demonstrate that the Project Site is "in need of commercial development" are satisfied. Section 3. The City hereby determines that the Project meets eligibility factor (1) under the Ordinance in that real estate taxes in the area for three of the last six years have either declined or remained stagnant due to the depressed condition of the area. Section 4. The City hereby determines that the Project meets eligibility factor (2) under the Ordinance in that there is a reasonable expectation that the development, re- development or rehabilitation of the Project is viable and likely to go forward on a reasonably timely basis if granted Class 7c designation and will therefore result in the economic enhancement of the property. Section 5. The City hereby determines that the Project meets eligibility factor (3) under the Ordinance in that certification of the Project Site for Class 7c designation will materially assist development, redevelopment or rehabilitation of the Project Site and the Project would not go forward without the full incentive offered under Class 7c. Section 6. The City hereby determines that the Project meets eligibility factor (4) under the Ordinance in that certification of the Project Site for Class 7c designation is reasonably expected to ultimately result in an increase in real property tax revenue and employment opportunities of the property. Section 7. The City further hereby determines that the Project Site is a redevelopment priority of the City. Section 8. The City hereby determines that the incentive provided by Class 7c designation is necessary for development to occur on the Project Site and hereby supports and consents to the Class 7c designation by the Assessor of the Project Site. Section 9. The City Clerk of the City is hereby authorized and directed to deliver a certified copy of this ordinance to the Assessor and to furnish such additional information as may be required in connection with the Class 7c designation of the Project Site. Section 10. This resolution shall be in full force and effect from and after its passage and approval of the matter provided by law. s/David J. Kaptain David J. Kaptain, Mayor - 2 - Presented: September 12, 2018 Adopted: September 12, 2018 Omnibus Vote: Yeas: 8 Nays: 0 Attest: s/Kimberly Dewis Kimberly Dewis, City Clerk EXHIBIT A LEGAL DESCRIPTION An undivided one-half interest in the following described real estate: The Southerly 220.0 feet (as measured along the East and West line thereof) of that part of the South 1/2 of the South West 1/4 of Section 7, Township 41 North, Range 9 East of the Third Principal Meridian, described as follows: Commencing at the North East corner of Lords Park, being the North West corner of the East 1/2 of the North West 1/4 of Section 18, Township 41 North, Range 9 East of the Third Principal Meridian, thence North 2 degrees 00 minutes East on the line between the lands of Starrett and Walbaum 1322.00 feet to a point 25 feet South of the North line of the South 1/2 of the South West 1/4 of said Section 7, thence South 88 degrees 00 minutes West parallel with and 25.0 feet South of said North line of the South 1/2 of said South West 1/4 and at right angles with the division line between the lands of Walbaum and Starrett 522.32 feet to a place of beginning; thence South 2 degrees and 00 minutes West 644 feet to the Northerly right of way line of the Evanston Highway (State Route 58); thence South 89 degrees, 39 minutes East along said right of way line 134.9 feet; thence North 2 degrees and 00 minutes East 649.5 feet to a point 25 feet South of the North line of the South 1/2 of the South West 1/4 of said Section 7; thence South 88 degrees 00 minutes West parallel with and 25.0 feet South of said North line of the South 1/2 of the South West 1/4 of said Section 135.0 feet to the place of beginning, all in Cook County, Illinois. - 3 -