Board of Commissioners of Cook County - File #: 13-1399

• File #: 13-1399
• Version: 2
• Name: 7040 N. Lawndale Building LLC Class 6b
• Type: Resolution
• Status: Approved
• File created: 8/22/2013
• 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: 9/11/2013
• Final action: 10/2/2013
• Title: Transmitting a Communication, dated August 23, 2013 from HERMAN BREWER, Chief, Bureau of Economic Development respectfully submitting this Resolution regarding 7040 North Lawndale Building, LLC's request for a Class 6b property tax incentive for special circumstances and substantial rehabilitation for an industrial building located at 5540 Meadowbrook Industrial Court, Rolling Meadows, Illinois. The applicant intends to lease over 33% of the property to ATS Sortimat USA, LLC for the manufacturing, warehousing and distribution of high quality custom assembly machinery. The remaining portion of the building will be leased to an industrial user. 7040 North Lawndale Building, LLC requests approval of the tax incentive based on the special circumstances that the property has been vacant for less than 24 months; there has been no purchase for value; and substantial rehabilitation will be completed under the Class 6b Ordinance. This Resolution is required so that the company can co...

Date	Ver.	Action By	Motion	Result
10/2/2013	2	Board of Commissioners	approve
10/1/2013	2	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
9/11/2013	1	Board of Commissioners	refer	Pass

title
Transmitting a Communication, dated August 23, 2013 from

HERMAN BREWER, Chief, Bureau of Economic Development

respectfully submitting this Resolution regarding 7040 North Lawndale Building, LLC's request for a Class 6b property tax incentive for special circumstances and substantial rehabilitation for an industrial building located at 5540 Meadowbrook Industrial Court, Rolling Meadows, Illinois. The applicant intends to lease over 33% of the property to ATS Sortimat USA, LLC for the manufacturing, warehousing and distribution of high quality custom assembly machinery. The remaining portion of the building will be leased to an industrial user.

7040 North Lawndale Building, LLC requests approval of the tax incentive based on the special circumstances that the property has been vacant for less than 24 months; there has been no purchase for value; and substantial rehabilitation will be completed under the Class 6b Ordinance. This Resolution is required so that the company can complete its application to the Assessor of Cook County.

Submitting a Proposed Resolution sponsored by

TONI PRECKWINKLE, President and TIMOTHY O. SCHNEIDER, County Commissioner

PROPOSED RESOLUTION

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 7040 North Lawndale Building LLC and Resolution No. 12-R-106 from the City of Rolling Meadows for an abandoned industrial facility located at 5540 Meadowbrook Industrial Court, Rolling Meadows, Cook County, Illinois, County Board District #15, Property Index Number: 08-08-301-048-0000; 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 w...