title
PROPOSED RESOLUTION
GHP GROUP, INC. CLASS 6B PROPERTY TAX INCENTIVE REQUEST
Respectfully submitting this resolution regarding GHP Group, Inc.'s request for a Class 6b property tax incentive for special circumstances and substantial rehabilitation for an industrial building located at 6440 West Howard Street, Niles, Illinois. The applicant intends to occupy the building for the manufacturing, warehousing and distribution of seasonal consumer goods sold in national home improvement centers.
GHP Group, Inc. 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 GHP Group, Inc. and Resolution No. 2012-28R from the Village of Niles for an abandoned industrial facility located at 6440 West Howard Street, Niles, Cook County, Illinois, Cook County District 13, Permanent Index Number 10-30-201-033-0000; 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 construction or rehabilitation has been completed, or in the case of abandoned property f...
Click here for full text