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PROPOSED RESOLUTION
MELROSE PARK EQUITY, LLC 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: Melrose Park Equity, LLC
Address: 1000 West North Avenue, Melrose Park, Illinois
Municipality or Unincorporated Township: Village of Melrose Park
Cook County District: 16th District
Permanent Index Number: 15-03-211-010-0000 (paritial)
Municipal Resolution Number: Village of Melrose Park, Resolution No. 117-23
Number of month property vacant/abandoned: Vacant for more than 24 months.
Special circumstances justification requested: Yes
Proposed use of property: Commercial use - Retail
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 industrial 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 more than 24 continuous months, with no purchase for value; 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 less than 24 months, purchase for value and substantial rehabilitation, 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 7b requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has be...
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