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PROPOSED RESOLUTION
120 PALATINE, LLC'S FOR A CLASS 6B PROPERTY TAX INCENTIVE REQUEST
Respectfully submitting this resolution regarding 120 Palatine, LLC's request for a Class 6b property tax incentive for special circumstances and substantial rehabilitation for an industrial building located at 120 West Palatine, Illinois. This property is located in your District. The applicant intends to lease a portion of the property to Hot Mama's Food for the warehousing and distribution of food products.
120 Palatine, 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 a 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.
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 120 Palatine, LLC and Resolution No. 13-04 from the Village of Wheeling for an abandoned industrial facility located at 120 West Palatine Road, Wheeling, Cook County, Illinois, Cook County District 14, Permanent Index Numbers 03-14-301-015-0000 and 03-14-301-017-0000; 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, o...
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