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File #: 25-3280    Version: 1 Name: 50 Madison, LLC d/b/a AV Chicago
Type: Resolution Status: Held / Deferred in Committee
File created: 6/27/2025 In control: Business and Economic Development Committee
On agenda: 7/24/2025 Final action:
Title: PROPOSED RESOLUTION 50 Madison, LLC d/b/a AV Chicago 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: 50 Madison, LLC d/b/a AV Chicago Address: 50 Madison Street, Maywood, Illinois Municipality or Unincorporated Township: Village of Maywood Cook County District: 1st District Permanent Index Number: 15-14-202-014-0000 and 15-14-202-015-0000 Municipal Resolution Number: Village of Maywood Resolution No. R-2024-49 Number of month property vacant/abandoned: Vacant for more less than 12 months Special circumstances justification requested: Yes Proposed use of property: Commercial use - a multi-purpose event 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 prov...
Sponsors: TONI PRECKWINKLE (President), TARA S. STAMPS

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PROPOSED RESOLUTION

 

50 Madison, LLC d/b/a AV Chicago 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: 50 Madison, LLC d/b/a AV Chicago

 

Address: 50 Madison Street, Maywood, Illinois

 

Municipality or Unincorporated Township: Village of Maywood

 

Cook County District: 1st District 

 

Permanent Index Number: 15-14-202-014-0000 and 15-14-202-015-0000

 

Municipal Resolution Number: Village of Maywood Resolution No. R-2024-49

 

Number of month property vacant/abandoned: Vacant for more less than 12 months

 

Special circumstances justification requested: Yes  

 

Proposed use of property:  Commercial use - a multi-purpose event 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 commercial property; and

 

WHEREAS,   The Cook County Classification System for the Class 7b Assessment applies to all  newly constructed buildings or other structures; the reutilization of vacant structures abandoned for at least twelve (12) months; or building or other structures which are substantially rehabilitated to the extent such rehabilitation has added to their value, including qualified land related to the rehabilitation; 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 more than 12 months, no purchase for value and substantial rehabilitation, 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 qualifying abandonment in cases where the facility has been abandoned for more than 12 consecutive months with no 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 7b 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, 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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