Title
Request for Establishment of 3072 Research Drive as a Speculative Development
Body
Whereas, Public Act 198 of 1974, as amended, permits communities to declare by resolution parcels of land for speculative development, and
Whereas, City Council by Resolution on August 22, 2007 established an Industrial Development District at 3072 Research Drive, and
Whereas, GDC No. 9, LLC, owners and developers of 3072 Research Drive began construction of a new speculative building in 2005 with no tenant or buyer under contract to lease or purchase the building, and
Whereas, the new speculative building is not completed and, therefore, has not been vacant for more than nine (9) years, and
Whereas, the new speculative building has never been occupied and is not a replacement facility.
Resolved that City Council declares that the building identified as 3072 Research Drive, also known as 15-30-477-016, is a speculative development as defined in Public Act 198 of 1974, as amended.