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PROPOSED RESOLUTION
50 Madison, LLC d/b/a AV Chicago 7b PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7b application containing the following information:
Applicant: 50 Madison, LLC d/b/a AV Chicago
Address: 50 Madison Street, Maywood, Illinois
Municipality or Unincorporated Township: Village of Maywood
Cook County District: 1st District
Permanent Index Number: 15-14-202-014-0000 and 15-14-202-015-0000
Municipal Resolution Number: Village of Maywood Resolution No. R-2024-49
Number of month property vacant/abandoned: Vacant for more less than 12 months
Special circumstances justification requested: Yes
Proposed use of property: Commercial use - a multi-purpose event space.
Living Wage Ordinance Compliance Affidavit Provided: N/A Commercial use
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7b that provides an applicant a reduction in the assessment level for an abandoned commercial property; and
WHEREAS, The Cook County Classification System for the Class 7b Assessment applies to all newly constructed buildings or other structures; the reutilization of vacant structures abandoned for at least twelve (12) months; or building or other structures which are substantially rehabilitated to the extent such rehabilitation has added to their value, including qualified land related to the rehabilitation; 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 7b; and
WHEREAS, in the case of abandonment of more than 12 months, no purchase for value and substantial rehabilitation, the County may determine that special circumstances justify finding the property is ...
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