File #: 22-2222    Version: 1 Name: DL3 Chatham, LLC
Type: Resolution Status: Approved
File created: 3/4/2022 In control: Business and Economic Development Committee
On agenda: 3/17/2022 Final action: 4/7/2022
Title: 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 lev...
Sponsors: TONI PRECKWINKLE (President), STANLEY MOORE

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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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