At a meeting this week, the Cook County Business and Economic Development Committee considered several businesses' requests for tax incentives.
The Cook County Business and Development Committee is a subcommittee of the Cook County Board of Commissioners. Its members advise the board on issues related to bringing new businesses to the county.
Below is the agenda for this meeting, as provided by the committee.
Board of Commissioners of Cook County Business and Economic Development Committee
Wednesday, August 3, 2016 9:30 AM Cook County Building, Board Room 569 118 North Clark Street, Chicago, Illinois
NOTICE AND AGENDA
There will be a meeting of the Committee or Subcommittee of the Board of Commissioners of Cook County at the date, time and location listed above to consider the following:
PUBLIC TESTIMONY
Authorization as a public speaker shall only be granted to those individuals who have submitted in writing, their name, address, subject matter, and organization (if any) to the Secretary 24 hours in advance of the meeting. Duly authorized public speakers shall be called upon to deliver testimony at a time specified in the meeting agenda. Authorized public speakers who are not present during the specified time for public testimony will forfeit their allotted time to speak at the meeting. Public testimony must be germane to a specific item(s) on the meeting agenda, and the testimony must not exceed three minutes; the Secretary will keep track of the time and advise when the time for public testimony has expired. Persons authorized to provide public testimony shall not use vulgar, abusive, or otherwise inappropriate language when addressing the Board; failure to act appropriately; failure to speak to an item that is germane to the meeting, or failure to adhere to the time requirements may result in expulsion from the meeting and/or disqualify the person from providing future testimony.
16-4634 COMMITTEE MINUTES
Approval of the minutes from the meeting of 7/13/2016
16-3925 Sponsored by: TONI PRECKWINKLE, President and JOAN PATRICIA MURPHY, County Commissioner
PROPOSED RESOLUTION
ILLIANA FEDERAL CREDIT UNION CLASS 8 PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information:
Applicant: Illiana Federal Credit Union
Address: 645 East 170th Street, South Holland, Illinois, 60473
Municipality or Unincorporated Township: South Holland
Cook County District: 6
Permanent Index Number: 29-27-204-024-0000
Municipal Resolution Number: Village of South Holland Resolution Approved July 6, 2015
Number of month property vacant/abandoned: 12
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: 2 full-time, 0 part-time
Estimated Number of jobs retained at this location: 12 full-time, 0 part-time
Estimated Number of employees in Cook County: 40 full-time, 0 part-time
Estimated Number of construction jobs: 5
Proposed use of property: Commercial- Office
Living Wage Ordinance Compliance Affidavit Provided: N/A
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 that provides an applicant a reduction in the assessment level for an abandoned commercial 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 8; and
WHEREAS, in the case of abandonment of less than 24 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 8 requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the municipality states the Class 8 is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, commercial real estate is normally assessed at 25% of its market value, qualifying commercial real estate eligible for the Class 8 can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial re-occupancy. Properties receiving Class 8 will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 8; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor
Legislative History: 7/13/16 Board of Commissioners referred to the Business and Economic Development Committee
16-4159
Sponsored by: TONI PRECKWINKLE, President and JOAN PATRICIA MURPHY, County Commissioner
PROPOSED RESOLUTION
WINDY CITY ICE CREAM 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: Windy City Ice Cream LLC
Address: 11641 South Ridgeland Avenue, Alsip, Illinois 60603
Municipality or Unincorporated Township: Alsip
Cook County District: 6
Permanent Index Number: 24-20-300-017-0000
Municipal Resolution Number: 2016-5-R-3
Number of month property vacant/abandoned: 17
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: 4 full-time, 0 part-time
Estimated Number of jobs retained at this location: 5 full-time, 0 part-time
Estimated Number of employees in Cook County: 5 full-time, 0 part-time
Estimated Number of construction jobs: 15
Proposed use of property: Industrial-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 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 6b requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the municipality states the Class 6b is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 6b can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial re-occupancy. Properties receiving Class 6b will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 6b; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor
Legislative History: 7/13/16 Board of Commissioners referred to the Business and Economic Development Committee
16-4166 Sponsored by: TONI PRECKWINKLE, President and RICHARD R. BOYKIN, County Commissioner
PROPOSED RESOLUTION
GRAYMILLS 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: Graymills Corporation
Address: 2601 South 25th Avenue, Broadview, Illinois 60155
Municipality or Unincorporated Township: Broadview
Cook County District: 1
Permanent Index Number: 15-22-300-013-0000; 15-22-300-019-0000
Municipal Resolution Number: R-2016-3
Number of month property vacant/abandoned: 13
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: 5 full-time, 0 part-time
Estimated Number of jobs retained at this location: 70 full-time, 0 part-time
Estimated Number of employees in Cook County: 70 full-time, 0 part-time
Estimated Number of construction jobs: 150
Proposed use of property: Industrial-manufacturing
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 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 6b requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the municipality states the Class 6b is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 6b can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial re-occupancy. Properties receiving Class 6b will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 6b; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor
Legislative History: 7/13/16 Board of Commissioners referred to the Business and Economic Development Committee
16-4193 Sponsored by: TONI PRECKWINKLE, President and JOAN PATRICIA MURPHY, County Commissioner
PROPOSED RESOLUTION
ASL Properties, 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: ASL Properties, LLC
Address: 12355 S. Kedvale Avenue, Alsip, Illinois 60803
Municipality or Unincorporated Township: Village of Alsip
Cook County District: 6
Permanent Index Number: 24-27-411-001-0000
Municipal Resolution Number: Village of Alsip Resolution Number 2016-5-R-4
Number of month property vacant/abandoned: 10 months vacant
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: four(4) - five(5) full-time, four(4) - five(5) part-time
Estimated Number of jobs retained at this location: not applicable
Estimated Number of employees in Cook County: 13 full-time, 12 part-time
Estimated Number of construction jobs: To be determined
Proposed use of property: 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 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 6b requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the municipality states the Class 6b is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 6b can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial re-occupancy. Properties receiving Class 6b will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 6b; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor
Legislative History: 7/13/16 Board of Commissionersreferred to the Business and Economic Development Committee
16-4194 Sponsored by: TONI PRECKWINKLE, President and GREGG GOSLIN, County Commissioner
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 abandonment of less than 24 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 6b requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the municipality states the Class 6b is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 6b can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial re-occupancy. Properties receiving Class 6b will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 6b; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor
Legislative History: 7/13/16 Board of Commissioners referred to the Business and Economic Development Committee
16-4195
Sponsored by: TONI PRECKWINKLE, President and JOAN PATRICIA MURPHY, County Commissioner
PROPOSED RESOLUTION
SAM BISBIKIS CLASS 8 PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information:
Applicant: Sam Bisbikis
Address: 16524 Vincennes Road, South Holland, Illinois
Municipality or Unincorporated Township: Village of South Holland
Cook County District: 6
Permanent Index Number: 29-21-201-008-0000
Municipal Resolution Number: Village of South Holland Resolution approved 4/15/2013
Number of month property vacant/abandoned: 30 months vacant
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: One (1) to five (5) full-time jobs
Estimated Number of jobs retained at this location: 12 full-time
Estimated Number of employees in Cook County: two (20 to seven (7) construction jobs
Estimated Number of construction jobs: Not applicable
Proposed use of property: Commercial use
Living Wage Ordinance Compliance Affidavit Provided: No, not required for commercial use.
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 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 more than 24 continuous months, there has been no purchased for value by a purchaser and the property is in need of substantial rehabilitation; 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 8; and
WHEREAS, in the case of abandonment of over 24 months and no purchase for value by a disinterested buyer, the County may determine that special circumstances justify finding the property as being deemed abandoned; and
WHEREAS, Class 8 requires a resolution by the County Board validating the property as abandoned for the purpose of Class 8; and
WHEREAS, the municipality states the Class 8 is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, commercial real estate is normally assessed at 25% of its market value, qualifying commercial real estate eligible for the Class 8 can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial re-occupancy. Properties receiving Class 8 will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 8; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor.
Legislative History: 7/13/16 Board of Commissioners referred to the Business and Economic Development Committee
16-4196 Sponsored by: TONI PRECKWINKLE, President and STANLEY MOORE, County Commissioner
PROPOSED RESOLUTION
JOSE L. ROJAS CLASS 8 PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information:
Applicant: Jose L. Rojas
Address: 816 Burnham Avenue, Calumet City, Illinois
Municipality or Unincorporated Township: City of Calumet City
Cook County District: 4
Permanent Index Number: 30-18-228-018-0000
Municipal Resolution Number: Calumet City Resolution Number 16-1
Number of month property vacant/abandoned: 11 months vacant
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: Three (3) full-time, four (4) part-time
Estimated Number of jobs retained at this location: Three (3) full-time, four (4) part-time
Estimated Number of employees in Cook County: Not applciable
Estimated Number of construction jobs: Five (5) construction jobs
Proposed use of property: Commercial use.
Living Wage Ordinance Compliance Affidavit Provided: No
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 that provides an applicant a reduction in the assessment level for an abandoned commercial 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 8; and
WHEREAS, in the case of abandonment of less than 24 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 8 requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the municipality states the Class 8 is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, commercial real estate is normally assessed at 25% of its market value, qualifying commercial real estate eligible for the Class 8 can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial re-occupancy. Properties receiving Class 8 will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 8; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor
Legislative History: 7/13/16 Board of Commissioners referred to the Business and Economic Development Committee
16-4216 Sponsored by: TONI PRECKWINKLE, President and TIMOTHY O. SCHNEIDER, County Commissioner
PROPOSED RESOLUTION
CUSTOM PRECISION INC. 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: Custom Precision Inc.
Address: 555 Estes Avenue, Schaumburg, Illinois, 60193
Municipality or Unincorporated Township: Schaumburg
Cook County District: 15
Permanent Index Number: 07-33-201-089-0000
Municipal Resolution Number: R-15-103
Number of month property vacant/abandoned: 15 months at time of application to Assessor
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: 3 full-time, 1 part-time
Estimated Number of jobs retained at this location: 0 full-time, 0 part-time
Estimated Number of employees in Cook County: 0 full-time, 0 part-time
Estimated Number of construction jobs: 10
Proposed use of property: Industrial-manufacturing
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 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 6b requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the municipality states the Class 6b is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 6b can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed, or in the case of abandoned property from the date of substantial
re-occupancy. Properties receiving Class 6b will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the above-captioned property is deemed abandoned with special circumstances under the Class 6b; and
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor
Legislative History: 7/13/16 Board of Commissioners referred to the Business and Economic Development Committee
_________________________ Secretary
Chairman: Garcia Vice-Chairman: Murphy Members: Arroyo Jr., Butler, Gainer, Moore, Morrison, Schneider, Steele
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