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PROPOSED ORDINANCE AMENDMENT
CLASS L INCENTIVE RENEWAL
BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74 Taxation, Article II Real Property Taxation, Section 74-63 (17) of the Cook County Code is hereby amended as Follows:
Sec. 74-63. Assessment classes.
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(17) Class L. Real estate which is to be used for commercial or industrial purposes and which is designated as Class 3, Class 4, Class 5a or Class 5b pursuant to this Division; is a landmark or contributing building; and has undergone substantial rehabilitation. The substantial rehabilitation must constitute an investment by the owner of at least 50 percent of the building's full market value as determined by the Assessor in the assessment year prior to the commencement of the substantial rehabilitation.
a. Generally, the incentive shall apply only to the building and will not apply to the land underneath the building. However, if the entire building has been vacant and unused for at least 24 continuous months prior to the filing of the eligibility application with the Assessor, the land upon which the building is situated shall also be eligible for the incentive.
b. Prior to filing a Class L eligibility application with the Assessor, an applicant must obtain an Ordinance or Resolution from the unit of local government in which the real estate is located, which expressly states that the local government:
1. Has determined that the incentive provided by Class L is necessary for the substantial rehabilitation of the property;
2. Supports and consents to the granting of the incentive; and
3. Has reviewed and accepted its preservation commission's written recommendation of the project for the Class L incentive. This recommendation will specify the project's budget and proposed scope of work and will specify that the project will meets or exceeds the Standards of the United States Department of the Interior for Rehabilitation, Preservation, Resto...
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