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PROPOSED RESOLUTION
VILLAGE OF SCHAUMBURG PROPERTY TAX INCENTIVE REVOCATION REQUEST
WHEREAS, the Cook County Bureau of Economic Development received a revocation request from the Village of Schaumburg containing the following information:
Tax Incentive Recipient: Brooklyn Imports, Inc
Address: 851 E. State Parkway, Schaumburg, Illinois
Municipality or Unincorporated Township: Village of Schaumburg
Cook County District: 15
Permanent Index Number: 07-11-400-058-0000
Explanation of Revocation Request: as of January 2024, Brooklyn Imports, Inc. has failed to meet the conditions of the 6B Renewal and Development Agreement, namely being short 14 employees of their committed employment and $74,000 behind on their capital investment.
Proposed use of property: Industrial use - warehousing and distribution
WHEREAS, Section 74-73 of Division 2 of the Cook County Municipal Code, CLASSIFICATION SYSTEM FOR ASSESSMENT, provides that the following Incentive Classifications Class 6b; Class 6b (special circumstances); Class 6b TEERM; Class 6b SER; Class 7a; Class 7b; Class 7c; Class 7d; Class 8; and Class 8 TEERM are subject to suspension, revocation or cancellation herein pursuant the provisions of section 74-73; and
WHEREAS, Section 74-73 further provides that an incentive may be suspended, revoked, or cancelled by the Assessor under the following circumstances:(1) By rule, as provided by the Assessor;(2) By the County Board by Resolution or Ordinance, which is based on a report from the Bureau of Economic Development that has been approved by the Economic Development Advisory Committee of the County;(3) By the County Board by Resolution or Ordinance at the request of the Municipality by submission of a Municipal Resolution or Ordinance;(4) By request of the taxpayer to cancel; (5) Beginning in the 2019 assessment year and for all subsequent assessment years, upon application of the municipality in which a property is located finding that the owner...
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