File #: 21-0844    Version: 1 Name: WITS Real Estate Holding LLC CLASS 8 PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 8) Purchase for Value Status: Approved
File created: 1/6/2021 In control: Business and Economic Development Committee
On agenda: 1/28/2021 Final action: 2/25/2021
Title: PROPOSED RESOLUTION WITS REAL ESTATE HOLDING LLC CLASS 8 PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information: Applicant: WITS Real Estate Holding LLC Address: 1100 Maryland Avenue, Dolton, Illinois Municipality or Unincorporated Township: Village of Dolton Cook County District: 6 Permanent Index Number: 29-11-133-028-0000 Municipal Resolution Number: Village of Dolton Resolution Number 17-R-015 Number of month property vacant/abandoned: Four (4) months. vacant Special circumstances justification requested: Yes Proposed use of property: Industrial use - industrial equipment storage Living Wage Ordinance Compliance Affidavit Provided: Yes 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 an aband...
Sponsors: TONI PRECKWINKLE (President), DONNA MILLER
title
PROPOSED RESOLUTION

WITS REAL ESTATE HOLDING LLC CLASS 8 PROPERTY TAX INCENTIVE REQUEST

WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information:

Applicant: WITS Real Estate Holding LLC

Address: 1100 Maryland Avenue, Dolton, Illinois

Municipality or Unincorporated Township: Village of Dolton

Cook County District: 6

Permanent Index Number: 29-11-133-028-0000

Municipal Resolution Number: Village of Dolton Resolution Number 17-R-015

Number of month property vacant/abandoned: Four (4) months. vacant

Special circumstances justification requested: Yes

Proposed use of property: Industrial use - industrial equipment storage

Living Wage Ordinance Compliance Affidavit Provided: Yes

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 an abandoned commercial facility; and

WHEREAS, the Cook County Classification System for Assessment defines abandoned property as buildings and other structures that, after having been vacant and unused for at least 24 continuous months, have been purchased for value by a purchaser in whom the seller has no direct financial interest; 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 may exist that justify finding that the property is abandoned for purpose of Class 8; 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 abandoned; and

WHEREAS, Class 8 requires the validation by the County Board of the shortened period of qualifying abandonment in cases wher...

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