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PROPOSED RESOLUTION
Kothawala Properties LLC UNINCORPORATED INDUSTRIAL RENEWAL PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b unincorporated industrial renewal application containing the following information:
Applicant: Kothawala Properties LLC
Address: 4920 S. Monitor, Unincorporated Chicago, Illinois 60638
Municipality or Unincorporated Township: Unincorporated Stickney Township
Cook County District: 16th
Permanent Index Number: 19-08-202-032-0000
Municipal Resolution Number: Unincorporated Cook
Use of property: Industrial use- warehousing and distribution
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 newly constructed or substantially rehabilitated or abandoned industrial property; and
WHEREAS, Class 6b incentives that are granted may be renewed during the last year in which a property is entitled to a 10% assessment level or when the incentive is still applied at the 15% in the 11th year or 20% assessment level in the 12th year, by filing a renewal application and a certified copy of a resolution or ordinance adopted by the municipality in which the real estate is located, or by the County Board, if located in an unincorporated area of Cook County; and
WHEREAS, the applicant states that the property is fully occupied and is in use; and
WHEREAS, the project resulted in the creation or retention of jobs at the property site and is an economic benefit to the community; and
WHEREAS, projects which qualify for the Class 6b renewal incentive will receive a reduced assessment level of ten percent (10%) of fair market value for the first 10 years, fifteen percent (15%) for the 11th year and twenty percent (20%) for the 12 year. Without this incentive, commercial property would
normally be assessed a...
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