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PROPOSED RESOLUTION
CKP INC. REQUEST FOR CLASS 8 PROPERTY TAX INCENTIVE
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 that provides an applicant a reduction in the assessment level for a commercial facility; and
WHEREAS, the County Board of Commissioners has received and reviewed an application from CKP Inc. and Resolution No. 11-5 from the Village of South Chicago Heights for an abandoned commercial facility located at 2802 Chicago Road, South Chicago Heights, Cook County, Illinois, Cook County District 6, and Permanent Index Numbers 32-29-418-017-0000; 32-29-418-018-0000; 32-29-418-019-0000; 32-29-418-020-0000, 32-29-418-021-0000.
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 industrial real estate eligible for the Class 8 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 from the date of substantial re-occupancy. Properties receiving Class 8 will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year.
WHEREAS, in the instance where the property does not meet the definition of abandoned property, the municipality or the Board of Commissioners, may determine that special circumstances justify finding that the property is abandoned for purpose of Class 8; and
WHEREAS, in the case of abandonment of less than 24 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and
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