title
PROPOSED RESOLUTION
SIMBORG INDUSTRIAL DEVELOPMENT CLASS 8 PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 that provides an applicant a reduction in the assessment level for a commercial facility; and
WHEREAS, the County Board of Commissioners has received and reviewed an application from Simborg Industrial Development and Resolution No. 2667 from the City of Harvey for an abandoned commercial facility located at 217-235 W. 171st Street, Harvey, Cook County, Illinois, Cook County District 5, and Permanent Index Number 29-29-205-013-0000; and
WHEREAS, Cook County has defined abandoned property as buildings and other structures that, after having been vacant and unused for at least 24 months, are purchased for value by a purchaser in whom the seller has no direct financial interest; and
WHEREAS; industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 8 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 8 will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; 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 justify finding that the property is abandoned for purpose of Class 8; and
WHEREAS, in the case of abandonment of more than 24 months and no purchase for value, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 8 requires the validation by the County Board of the shortened period of qualifying abandonment in cases where t...
Click here for full text