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PROPOSED RESOLUTION
DL3 Chatham, LLC 7b PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7b application containing the following information:
Applicant: DL3 Chatham, LLC
Address: 8560 South Cottage Grove Avenue, Chicago, Illinois
Municipality or Unincorporated Township: Hyde Park
Cook County District: 4th District
Permanent Index Number: 20-34-413-061-0000
Municipal Resolution Number: City of Chicago, Ordinance No. 02021-2187
Number of month property vacant/abandoned: Seven (7) months vacant
Special circumstances justification requested: Yes
Proposed use of property: Commercial use - Call Center, Incubator and Community space
Living Wage Ordinance Compliance Affidavit Provided: N/A Commercial use
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7b 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 7b; and
WHEREAS, in the case of abandonment of less than 24 months, purchase for value and substantial rehabilitation, 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 7b 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 7b is necessary for development to occur on this specific real estate. The municipal resolution cites the five eligibility requirements set forth by the Class 7a assessment status; and
WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 7b 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 7b 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, that the Cook County Board of Commissioners does hereby do what you are suggesting or endorsing with this resolution; and
BE IT FURTHER RESOLVED, this is where you ask for further action or where you ask for ceremonial copies of your resolution to be sent to the person or organizations being memorialized.
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 7b; 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
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