Board of Commissioners of Cook County - File #: 14-5613

• File #: 14-5613
• Version: 1
• Name: Alin Machining Co., Inc. d/b/a Power Plant Services Alin Machining Co., Inc. d/b/a Power Plant Services Alin Machining Co., Inc. d/b/a Power Plant Services
• Type: Resolution
• Status: Approved
• File created: 9/23/2014
• In control: Finance Subcommittee on Real Estate and Business and Economic Development (Inactive. There is now a Business and Economic Developement Committee and real estate items in the Asset Managment Committee)
• On agenda: 10/8/2014
• Final action: 11/19/2014
• Title: PROPOSED RESOLUTION ALIN MACHINING CO., INC. D/B/A POWER PLANT SERVICES CLASS 6B PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b that provides an applicant a reduction in the assessment level for an industrial facility; and WHEREAS, the County Board of Commissioners has received and reviewed an application from Alin Machining Co., Inc. d/b/a Power Plant Services and Resolution No. 9-14 from the Village of Melrose Park for an abandoned industrial facility located at 1717-1725 N. 33rd Avenue, Melrose Park, Cook County, Illinois, Cook County District 16, Permanent Index Number 15-04-203-018-0000; 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 i...
• Sponsors: TONI PRECKWINKLE (President), JEFFREY R. TOBOLSKI
• Indexes: (Inactive) HERMAN BREWER, Chief, Bureau of Economic Development

Date	Ver.	Action By	Motion	Result
11/19/2014	1	Board of Commissioners	approve
11/18/2014	1	Finance Subcommittee on Real Estate and Business and Economic Development (Inactive. There is now a Business and Economic Developement Committee and real estate items in the Asset Managment Committee)	recommend for approval	Pass
10/8/2014	1	Board of Commissioners	refer	Pass

title
PROPOSED RESOLUTION

ALIN MACHINING CO., INC. D/B/A POWER PLANT SERVICES CLASS 6B PROPERTY TAX INCENTIVE REQUEST


WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b that provides an applicant a reduction in the assessment level for an industrial facility; and

WHEREAS, the County Board of Commissioners has received and reviewed an application from Alin Machining Co., Inc. d/b/a Power Plant Services and Resolution No. 9-14 from the Village of Melrose Park for an abandoned industrial facility located at 1717-1725 N. 33rd Avenue, Melrose Park, Cook County, Illinois, Cook County District 16, Permanent Index Number 15-04-203-018-0000; 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 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; 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 6b; and

WHEREAS, in the case of abandonment of less than 24 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abando...