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PROPOSED RESOLUTION
Bubbly Dynamics, LLC 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: Bubbly Dynamics, LLC
Address: 4501- 4513 S McDowell Ave, 4516 S Loomis, Chicago, Illinois
Length of time at current location: 14 Years
Length of time property under same ownership: 14 Years
Is there evidence supporting 10 years of the same ownership and/or occupancy (tenancy): Yes
Age of the Property (Building): 101 years
Municipality or Unincorporated Township: Chicago
Cook County District: 7th District
Permanent Index Number(s): 20-05-306-034-0000 and 20-05-306-036-0000
Municipal Resolution Number: City of Chicago Ordinance Document Number 02025-001879
Evidence of Economic Hardship: Yes
Number of blighting factors associated with the property: The property has suffered from Obsolescence, Deterioration and Lack of Community Planning
Has justification for the Class 6b SER program been provided?: Yes
Proposed use of property: Industrial - Manufacturing: Industrial use - warehousing, manufacturing, and /or distribution
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
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 understands 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
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