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PROPOSED RESOLUTION
THOMAS MOLK/OLD DERBY LLC CLASS 6B PROPERTY TAX INCENTIVE REQUEST
Respectfully submitting this resolution regarding Thomas Molk / Old Derby LLC's request for a Class 6b property tax incentive for special circumstances for an industrial building located at 7200 W. 66th Street, Bedford Park, Illinois. This property is located in your District. The applicant intends to occupy the property as Thomas Sales & Marketing for the warehousing and distribution of electrical products to wholesale businesses.
Thomas Molk / Old Derby LLC requests approval of the tax incentive based on the special circumstances that the property has been vacant for less than 24 months; has been purchased 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.
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 Thomas Molk / Old Derby, LLC and a Resolution from the Village of Bedford Park for an abandoned industrial facility located at 7200 W. 66th Street, Bedford Park, Cook County, Illinois, Cook County District 6, Property Index Number 18-24-215-009-0000.
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 commercial real estate eligible for the Class 6b can receive a significant reduction in the level of assessment from the date that new construction or rehabilitation has been completed,...
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