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PROPOSED RESOLUTION
Kothawala Properties LLC UNINCORPORATED INDUSTRIAL RENEWAL PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b unincorporated industrial renewal application containing the following information:
Applicant: Kothawala Properties LLC
Address: 4920 S. Monitor, Unincorporated Chicago, Illinois 60638
Municipality or Unincorporated Township: Unincorporated Stickney Township
Cook County District: 16th
Permanent Index Number: 19-08-202-032-0000
Municipal Resolution Number: Unincorporated Cook
Use of property: Industrial use- warehousing and distribution
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 newly constructed or substantially rehabilitated or abandoned industrial property; and
WHEREAS, Class 6b incentives that are granted may be renewed during the last year in which a property is entitled to a 10% assessment level or when the incentive is still applied at the 15% in the 11th year or 20% assessment level in the 12th year, by filing a renewal application and a certified copy of a resolution or ordinance adopted by the municipality in which the real estate is located, or by the County Board, if located in an unincorporated area of Cook County; and
WHEREAS, the applicant states that the property is fully occupied and is in use; and
WHEREAS, the project resulted in the creation or retention of jobs at the property site and is an economic benefit to the community; and
WHEREAS, projects which qualify for the Class 6b renewal incentive will receive a reduced assessment level of ten percent (10%) of fair market value for the first 10 years, fifteen percent (15%) for the 11th year and twenty percent (20%) for the 12 year. Without this incentive, commercial property would
normally be assessed at twenty-five percent (25%) of its market value.
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 that the above-captioned property meets the requirements for a renewal of the Class 6b incentive ; and
BE IT FURTHER RESOLVED, that the President and Board of Commissioners hereby approves the renewal of the Class 6b incentive; 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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