File #: 15-2821    Version: 1 Name: 1600 James LLC 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) Purchase for Value Status: Approved
File created: 4/14/2015 In control: Business and Economic Development Committee
On agenda: 4/29/2015 Final action: 5/20/2015
Title: PROPOSED RESOLUTION 1600 James 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: 1600 James LLC Address: 1600 James Drive, Mt. Prospect, Illinois Municipality or Unincorporated Township: Unincorporated Elk Grove Township Cook County District: 9 Permanent Index Number: 08-23-101-063-0000 and 08-23-101-064-0000 Municipal Resolution Number: UNINCORPORATED COOK Number of month property vacant/abandoned: 29 months vacant Special circumstances justification requested: Yes Estimated Number of jobs created by this project: 10-15 full-time Estimated Number of jobs retained at this location: none Estimated Number of employees in Cook County: none Estimated Number of construction jobs: 10 Proposed use of property: Industrial warehousing distribution Living ...
Sponsors: TONI PRECKWINKLE (President), PETER N. SILVESTRI
title
PROPOSED RESOLUTION
 
1600 James 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: 1600 James LLC
 
Address: 1600 James Drive, Mt. Prospect, Illinois
 
Municipality or Unincorporated Township: Unincorporated Elk Grove Township
 
Cook County District: 9  
 
Permanent Index Number: 08-23-101-063-0000 and 08-23-101-064-0000  
 
Municipal Resolution Number: UNINCORPORATED COOK  
 
Number of month property vacant/abandoned: 29 months vacant
 
Special circumstances justification requested: Yes
 
Estimated Number of jobs created by this project:  10-15 full-time
 
Estimated Number of jobs retained at this location:  none
 
Estimated Number of employees in Cook County:  none
 
Estimated Number of construction jobs: 10
 
Proposed use of property:  Industrial 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
 
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
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