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Cook County economic development committee reviews vacant property list

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The Cook County Business and Economic Development Committee met Jan. 18 to review the vacant property list.

Here is the meeting's agenda, as provided by the committee:

Board of Commissioners of Cook County

Business and Economic Development Committee

Cook County Building, Board Room,

118 North Clark Street, Chicago, Illinois

Wednesday, January 18, 2017 9:30 AM

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.

17-1139

COMMITTEE MINUTES

Approval of the minutes from the meeting of 12/14/2016

17-0453

Sponsored by: TONI PRECKWINKLE (President) and TIMOTHY O. SCHNEIDER, Cook County

Board of Commissioners

PROPOSED RESOLUTION

ASHLAND DOOR SOLUTIONS LLC OR ITS ASSIGNEE 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:

Page 1 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

Applicant: Ashland Door Solutions LLC or its Assignee

Address: 185 Martin Lane, Elk Gove Village, Illinois 60007

Municipality or Unincorporated Township: Elk Grove Village

Cook County District: 15

Permanent Index Number: 08-22-301-059-0000

Municipal Resolution Number: 25-15, approved May 12, 2015

Number of month property vacant/abandoned: 2 months at time of application to BED

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: 8 full-time, 0 part-time

Estimated Number of jobs retained at this location: 0 full-time, 0 part-time

Estimated Number of employees in Cook County: 12 full-time, 0 part-time

Estimated Number of construction jobs: 3-6

Proposed use of property: Industrial-Manufacturing, warehousing, 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

Page 2 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

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 : 12/14/16 - Board of Commissioners - refer to the Economic Development, Burea

17-0469

Sponsored by: TONI PRECKWINKLE (President) and JEFFREY R. TOBOLSKI, Cook County Board

of Commissioners

PROPOSED RESOLUTION

MICHAEL A. MARTIN AND ROBERT J. TALERICO 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: Michael A. Martin and Robert J. Talerico

Address: 7224 West 60th Street, Summit, Illinois 60501

Municipality or Unincorporated Township: Summit

Cook County District: 16

Permanent Index Number: (3) PINs: 18-13-302-009-0000; 18-13-302-010-0000; 18-13-408-006-0000

Page 3 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

Municipal Resolution Number: Ordinance 16-O-16 approved September 1, 2016

Number of month property vacant/abandoned: 9 months at time of application to BED

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: 35 full-time, 0 part-time

Estimated Number of jobs retained at this location: 0 full-time, 0 part-time

Estimated Number of employees in Cook County: 210 full-time, 0 part-time

Estimated Number of construction jobs: 50

Proposed use of property: Industrial-bakery manufacturing and warehousing

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

Page 4 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

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 : 12/14/16 - Board of Commissioners - refer to the Business and Economic Develo

17-0491

Sponsored by: TONI PRECKWINKLE (President) and JOHN P. DALEY, Cook County Board of

Commissioners

PROPOSED RESOLUTION

920 VENTURE LLC OR ITS ASSIGNEE 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: 920 Venture LLC or its Assignee

Address: 920 West Pershing Road, Chicago, Illinois 60609

Municipality or Unincorporated Township: Chicago

Cook County District: 11

Permanent Index Number: 17-32-421-007-0000

Municipal Resolution Number: City of Chicago Resolution, approved 7/20/2016

Number of month property vacant/abandoned: 14 months at time of application to BED

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: 30 full-time, 0 part-time

Estimated Number of jobs retained at this location: 0 full-time, 0 part-time

Page 5 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

Estimated Number of employees in Cook County: 106

Estimated Number of construction jobs: 25

Proposed use of property: Industrial-warehousing

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

Page 6 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

Legislative History : 12/14/16 - Board of Commissioners - refer to the Business and Economic Develo

17-0517

Sponsored by: TONI PRECKWINKLE (President) and EDWARD M. MOODY, Cook County Board

of Commissioners

PROPOSED RESOLUTION

15300 SOUTH CICERO AVE. INC. 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: 15300 South Cicero Ave Inc.

Address: 15300 South Cicero Avenue, Oak Forest, Illinois

Municipality or Unincorporated Township: Village of Oak Forest

Cook County District: District 6

Permanent Index Number: 28-16-2085-0000

Municipal Resolution Number: Village of Oak Forest Resolution No. 2016-06-0291R

Number of month property vacant/abandoned: 19 months vacant

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: Two (2) full-time and two (2) part-time jobs

Estimated Number of jobs retained at this location: None

Estimated Number of employees in Cook County: 30 full-time and 30 part-time jobs

Estimated Number of construction jobs: Four (4) construction jobs

Proposed use of property: Commercial use Showroom room and Business Resource Center

Living Wage Ordinance Compliance Affidavit Provided: Not applicable

WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment

Page 7 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

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 : 12/14/16 - Board of Commissioners - refer to the Business and Economic Develo

17-0518

Sponsored by: TONI PRECKWINKLE (President) and PETER N. SILVESTRI, Cook County Board of

Commissioners

PROPOSED RESOLUTION

Page 8 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

HUDSON AVENUE CAPITAL, 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: Hudson Avenue Capital, LLC

Address: 3999 N. 25th Avenue, Schiller Park, Illinois

Municipality or Unincorporated Township: Village of Schiller Park

Cook County District: District 9

Permanent Index Number: 12-21-201-007-0000

Municipal Resolution Number: Village of Schiller Park Resolution No. 17-16

Number of month property vacant/abandoned: 14 months vacant

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: 12 full-time jobs

Estimated Number of jobs retained at this location: 28 full-time jobs

Estimated Number of employees in Cook County: Same as retained

Estimated Number of construction jobs: 15-25 construction jobs

Proposed use of property: 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

Page 9 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

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 : 12/14/16 - Board of Commissioners - refer to the Business and Economic Develo

17-0519

Sponsored by: TONI PRECKWINKLE (President) and GREGG GOSLIN, Cook County Board of

Commissioners

PROPOSED RESOLUTION

HUNTER FOUNDRY MACHINERY CORPORATION CLASS 6B SUSTAINABLE

EMERGENCY RELIEF (SER)

WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real

Property Assessment Classification 6b Sustainable Emergency Relief (SER) application containing the

following information:

Applicant: Hunter Foundry Machinery Corporation

Page 10 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

Address: 2222 Hammond Drive, Schaumburg, Illinois

Length of time at current location: 47 Years

Length of time property under same ownership: 47 Years

Is there evidence supporting 10 years of the same ownership and/or occupancy (tenancy): Yes

Age of the Property (Building): 48 Years

Municipality or Unincorporated Township: Village of Schaumburg

Cook County District: District 14

Permanent Index Number(s): 02-34-300-019-0000

Municipal Resolution Number: Village of Schaumburg Resolution No. R-16-075

Evidence of Economic Hardship: Yes

Number of blighting factors associated with the property: Three (3) Dilapidation; Obsolescence and

Deterioration

Has justification for the Class 6b SER program been provided?: Yes

Estimated # of jobs created by this project: Five (5) full time jobs

Estimated # of jobs retained at this location: 44 full-time jobs

Estimated # of employees in Cook County: Same as retained

Estimated # of construction jobs: To be determined

Proposed use of property: Industrial - Manufacturing: Manufacturing

Living Wage Ordinance Compliance Affidavit Provided: Yes

WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment

Classification 6b Sustainable Emergency Relief (SER) that provides an applicant a reduction in the

assessment level for a long-term existing industrial enterprise that meets the qualifications of the SER

program ; and

WHEREAS, the Cook County Classification System for Assessment requires that an applicant under the

Class 6b SER program provide evidence justifying their participation in the subject program; and

Page 11 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

WHEREAS, Class 6b SER requires a resolution by the County Board validating the property for the

purpose of the Class 6bSER Program; and

WHEREAS, the industrial enterprise that occupies the premises has been at the same location for a

minimum of ten years prior to the date of the application for the Class 6b SER Program;

WHEREAS, the industrial enterprise that occupies the premises has submitted evidence of economic

hardship to the Cook County Bureau of Economic Development supporting a determination that

participation in the Class 6b SER Program is necessary for the industrial enterprise to continue its

operations at its current location and maintain its staff, and without the Class 6b SER the industrial

enterprise would not be economically viable causing the property to be in imminent risk of becoming

vacant and unused; and

WHEREAS, the applicant is not receiving another Cook County Property Tax Incentive for the same

property; and

WHEREAS, the municipality states the Class 6b SER is necessary for the industrial enterprise to

maintain is operations on this specific real estate. The municipal resolution cites the qualifications of

this property to meet the definition of the Class 6b SER program; and

WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial

real estate eligible for the Class 6b SER can receive a significant reduction in the level of assessment

from the date that the application is approved by the Cook County Assessor. Properties receiving Class

6b SER will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the

12th year; and

WHEREAS, the applicant understand that the Class 6b SER classification is not renewable and also the

applicant vacates the specific real estate while the Class 6b SER is in place the designation will

terminate and the assessment level will immediately revert back to the 25% assessment level; 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

meets the requirements of the Class 6bSER Program; 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 : 12/14/16 - Board of Commissioners - refer to the Business and Economic Develo

17-0521

Sponsored by: TONI PRECKWINKLE (President) and STANLEY MOORE, Cook County Board of

Commissioners

PROPOSED RESOLUTION

Page 12 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

LANSING HOLDINGS LLC 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: Lansing Holdings LLC

Address: 17425 Torrence Avenue, Lansing, Illinois

Municipality or Unincorporated Township: Village of Lansing

Cook County District: District 4

Permanent Index Number: 30-30-305-036-0000

Municipal Resolution Number: Village of Lansing Resolution No. 971

Number of month property vacant/abandoned: Five (5) months vacant

Special circumstances justification requested: Yes

Estimated Number of jobs created by this project: 20 full-time jobs

Estimated Number of jobs retained at this location: None

Estimated Number of employees in Cook County: None

Estimated Number of construction jobs: 25-35 construction jobs

Proposed use of property: Commercial retail

Living Wage Ordinance Compliance Affidavit Provided: Not applicable

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

Page 13 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

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 : 12/14/16 - Board of Commissioners - refer to the Business and Economic Develo

17-0293

Sponsored by: JESÚS G. GARCÍA, Cook County Board of Commissioners

PROPOSED ORDINANCE AMENDMENT

TAX INCENTIVE ORDINANCE AMENDMENT

BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74 TAXATION,

ARTICLE II REAL PROPERTY TAXATION, DIVISION 2 CLASSIFICATION SYSTEM FOR

ASSESSMENT, Sec. 74-60 through 74-73 of the Cook County Code is hereby amended as follows:

Sec. 74-60. - Short title.

Page 14 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

Sec. 74-61. - Purpose.

Sec. 74-62. - System established; terms defined.

Sec. 74-63. - Assessment classes.

Sec. 74-64. Market value percentages.

Sec. 74-65. - Qualifications for commercial development project status.

Sec. 74-66. Property in two or more classes.

Sec. 74-67. - Assessor's status and progress report.

Sec. 74-68. Classification system to apply with tax assessment year.

Sec. 74-69. - Applicable assessment level.

Sec. 74-70. - Class 8a and 8b designation/assessment class.

Sec. 74-71. - Definition. Laws regulating the payment of wages.

Sec. 74-73 Revocation or cancellation of incentive classification.

Secs. 74-752. - Compliance with Laws.

Sec. 74-743. - Revocation or cancellation of incentive classification.

Effective date: This ordinance shall be in effect immediately upon adoption.

COMPLETE ORDINANCE CAN BE FOUND AT:

Legislative History : 12/14/16 - Board of Commissioners - refer to the Business and Economic Develo

Secretary

Page 15 of 16

Business and Economic January 18, 2017

Development Committee

NOTICE AND AGENDA - Draft

Chairman: Garcia

Vice-Chairman: Moody

Members: Arroyo, Butler, Gainer, Moore, Morrison, Schneider and Steele

Page 16 of 16

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