Board of Commissioners of Cook County - File #: 13-1715

• File #: 13-1715
• Version: 1
• Name: Realty Associates Fund VII, L.P.
• Type: Resolution
• Status: Approved
• File created: 9/18/2013
• 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: 10/2/2013
• Final action: 10/2/2013
• Title: PROPOSED RESOLUTION REALTY ASSOCIATES FUND VII, L.P. CLASS 6B PROPERTY TAX INCENTIVE respectfully submitting this resolution regarding Realty Associates Fund VII, L.P.'s request for a Class 6bproperty tax incentive for special circumstances for an industrial building located at 800 Albion Avenue, Schaumburg, Illinois. This property is located in your District. The applicant intends to lease to the property to 3D Exhibits an exhibit and events services company for warehousing and programing of interactive software. Realty Associates Fund VII, L.P. requests approval of the tax incentive based on the special circumstances that the property has been vacant for more 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. PROPOSED RESOLUTION WHEREAS, the Cook County Board of Commissioners has...
• Sponsors: TIMOTHY O. SCHNEIDER, TONI PRECKWINKLE (President)
• Indexes: (Inactive) HERMAN BREWER, Chief, Bureau of Economic Development

Date	Ver.	Action By	Motion	Result
10/23/2013	1	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
10/2/2013	1	Board of Commissioners	refer	Pass
10/2/2013	1	Board of Commissioners	approve

title
PROPOSED RESOLUTION

REALTY ASSOCIATES FUND VII, L.P. CLASS 6B PROPERTY TAX INCENTIVE

respectfully submitting this resolution regarding Realty Associates Fund VII, L.P.'s request for a Class 6bproperty tax incentive for special circumstances for an industrial building located at 800 Albion Avenue, Schaumburg, Illinois. This property is located in your District. The applicant intends to lease to the property to 3D Exhibits an exhibit and events services company for warehousing and programing of interactive software.

Realty Associates Fund VII, L.P. requests approval of the tax incentive based on the special circumstances that the property has been vacant for more 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.

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 Realty Associates Fund VII, L.P. and Resolution No. R-13-010 from the Village of Schaumburg for an abandoned industrial facility located at 800 Albion Avenue, Schaumburg, Cook County, Illinois, Cook County District 15, Permanent Index Number 07-33-402-004-0000; 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 whom the seller has no direct financial interest; and

WHEREAS, industrial real estate is normally assessed at 25% of its market value. Qualifying industrial real estate eligible for the Class 6b can receive a significant reduction in the level of assessment from the date that new...