No option to create Team Libraries in Enterprise Account

As an admin on a team that switched from Adobe IDs to Business IDs a month ago, I assumed that once the team was fully converted, we could create team libraries instead of shared libraries. However, I can't find the option to create a team library or move our current individual/shared libraries to team libraries. Is it correct that a team with Business IDs should be able to create team libraries and is there a setting that needs to be enabled?

I don't see the 'Everyone' folder under Storage>Shared Storage nor do I get the 'Move to Teams' option and not sure of the reason.

It's been weeks am trying to get help from chat support wasting hours with no solutions. All they do is repeatedly provide an article on how to create the team's library which is again of no use. So posting in the community to get some help. 

Thanks.