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PROPOSED RESOLUTION
A RESOLUTION ESTABLISHING A COOK COUNTY LAND BANK VACANT LAND PROPERTY TAX INCENTIVE FOR VACANT PROPERTY ACQUIRED BY THE COOK COUNTY LAND BANK AUTHORITY
WHEREAS, Cook County is a home rule unit of local government pursuant to Article VII, Section 6 of the Illinois Constitution; and
WHEREAS, Cook County currently provides property tax incentives, including Class 7b, to encourage investment, redevelopment, rehabilitation, and productive reuse of property; and
WHEREAS, Class 7b provides qualifying commercial properties with a reduced assessment level of 10 percent for ten years, 15 percent in the eleventh year, and 20 percent in the twelfth year; and
WHEREAS, existing property tax incentives are primarily structured around buildings and development projects and do not adequately address the distinct challenges associated with vacant land that must first be acquired, assembled, remediated, planned, and prepared for productive reuse; and
WHEREAS, the Cook County Land Bank Authority ("CCLBA") acquires vacant, abandoned, and distressed properties and facilitates their return to productive use; and
WHEREAS, strategic acquisition and assembly of vacant parcels can support affordable housing, homeownership, community ownership, community land trusts, economic development, parks, open space, urban agriculture, environmental remediation, cultural uses, and other neighborhood assets; and
WHEREAS, the assembly of multiple parcels may require substantial time for acquisition, title clearance, environmental assessment and remediation, zoning, surveying, infrastructure coordination, utilities, curb cuts, easements, community planning, financing, and identification of qualified development or community ownership partners; and
WHEREAS, a temporary property tax incentive during this land assembly period would reduce the carrying costs associated with vacant land and facilitate coordinated, neighborhood-scale acquisition and redevelopment; and
WHEREAS, such ...
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