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PROPOSED ORDINANCE AMENDMENT
TAX INCENTIVE ORDINANCE AMENDMENT
BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74 TAXATION, ARTICLE II REAL PROPERTY TAXATION, DIVISION 2 CLASSIFICATION SYSTEM FOR ASSESSMENT, Sec. 74-63; Sec. 74-64; Sec. 74-65; Sec 74-71and Sec. 74-73 of the Cook County Code is hereby amended as follows:
Sec. 74-63.Assessment classes.
Real estate is divided into the following assessment classes:
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(14) Class 8 MICRO.Real estate used for the manufacture of semiconductors, microchips and associated component parts, and services provided in support thereof in a manner consistent with 35 ILCS 45/Art. 110 , the Manufacturing Chips for Real Opportunity Act (the "MICRO Act"), consisting of all buildings or other structures, including the land upon which they are situated.
a. Real estate qualifies when it is located in an area which has been certified as in need of substantial revitalization in accordance with the provisions of Subsection74-65(i);
b. To qualify for a Class 8 MICRO classification, the project must meet the minimum eligibility requirements identified in 35 ILCS 45/110-20(c) and subsequently enter into an agreement with the State Department of Commerce and Economic Opportunity pursuant to 35 ILCS 45/110-45(a).
c. An applicant must obtain an Ordinance or Resolution from the unit of local government in which the real estate is located.
d. The Ordinance or Resolution shall:
1. Describe the redevelopment objective of the municipality;
2. State the applicant's intended use of the property; and
3. State that an Economic Disclosure Statement, as defined in this Division, was received and filed by the municipality or County Board, as the case may be.
e. A certified copy of the Ordinance or Resolution shall be included with the Class 8 MICRO application and submitted to the Cook County Bureau of Economic Development for verification. A copy thereof shall be transmitted to the Assessor's Offic...
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