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PROPOSED RESOLUTION
5800 WEST 51ST STREET ENTERPRISES, LLC CLASS 6B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b located in Unincorporated Cook County for a renewal of an existing Class 6b tax incentive containing the following information:
Applicant: 5800 West 51St Street Enterprises, LLC
Address: 5800 West 51St Street, Chicago, Illinois
Municipality or Unincorporated Township: Stickney Township
Cook County District: 16
Permanent Index Number: 19-08-202-003-0000;19-08-202-020-0000; 19-08-202-052-0000
and 19-08-202-053-0000
Municipal Resolution Number: Unincorporated Cook
Special circumstances justification requested: Yes
Estimated # of jobs created by this project: N/A
Estimated # of jobs retained at this location: 250 full-time jobs
Estimated # of employees in Cook County: Same as above
Estimated # of construction jobs: undetermined
Proposed use of property: Industrial - Manufacturing, warehousing and distribution
Living Wage Ordinance Compliance Affidavit Provided: Yes
WHEREAS, Cook County has defined that the classification period for Class 6b shall continue for 12 years from the date such new construction (excluding demolition if any), or such substantial rehabilitation was completed and initially assessed, or in case of abandoned property, from the date of substantial preoccupancy; and
WHEREAS, industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 6b 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 6b will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year.
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