Share to Facebook Share to Twitter Bookmark and Share
File #: 14-0111    Version: 1 Name: BBJ Rentals, Inc. d/b/a BBJ Linen
Type: Resolution Status: Approved
File created: 11/20/2013 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: 12/4/2013 Final action: 1/15/2014
Title: PROPOSED RESOLUTION BBJ RENTALS, INC. D/B/A BBJ LINEN REQUEST FOR CLASS 6B PROPERTY TAX INCENTIVE 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 BBJ Rentals, Inc. d/b/a BBJ Linen and Resolution No. 2013 - 15R from the Village of Niles for an abandoned industrial facility located at 6125 W. Howard Street, Niles, Cook County, Illinois, Cook County District 13, Permanent Index Numbers 10-29-301-005-0000; 10-29-301-015-000; 10-29-301-027-0000; 10-29-301-028-0000; 10-29-301-029-0000; 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 WHERE...
Sponsors: TONI PRECKWINKLE (President), LARRY SUFFREDIN
Indexes: (Inactive) HERMAN BREWER, Chief, Bureau of Economic Development
title
PROPOSED RESOLUTION
 
BBJ Rentals, Inc. d/b/a BBJ Linen REQUEST FOR CLASS 6B PROPERTY TAX INCENTIVE
 
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 BBJ Rentals, Inc. d/b/a BBJ Linen and Resolution No. 2013 - 15R  from the Village of Niles for an abandoned industrial facility located at 6125 W. Howard Street, Niles, Cook County, Illinois, Cook County District 13, Permanent Index Numbers 10-29-301-005-0000; 10-29-301-015-000; 10-29-301-027-0000; 10-29-301-028-0000; 10-29-301-029-0000; 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 from the date of substantial re-occupancy.   Properties receiving Class 6b will be assessed at 10% of the market value for 10 years, 15% for the 11th year and 20% in the 12th year; and   
   
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 the purpose of Class 6b; and
 
WHEREAS, in the case of abandonment of  under 24 months and no purchase for value by a disinterested buyer, the County may determine that special circumstances justify finding the property is deemed abandoned; and
 
WHEREAS, Class 6b requires a resolution by the County Board validating the property is deemed abandoned for the purpose of Class 6b; and
 
WHEREAS, the Cook County Board of Commissioners has determined that the building has been abandoned for 18  months, at the time of application, with a purchase for value and that special circumstances are present; and
 
WHEREAS, the re-occupancy create an estimated 20 new full-time jobs, and will retain 200 full time jobs; and
 
WHEREAS, the Village of Niles states the Class 6b is necessary for development to occur on this specific real estate. The municipal resolution cites the special circumstances include that the property has been vacant for under 24 months ; will be purchased for value pending approval of the Class 6b; and is in need of substantial rehabilitation; and
 
WHEREAS, the applicant acknowledges that it must provide an affidavit to the Assessor's Office stipulating that it is in compliance with the County's Living Wage Ordinance prior to receiving the Class 6b incentive on the subject property; and
 
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the property located at 6125 W. Howard Street, Niles, Cook County, Illinois, is deemed abandoned with special circumstances under the Class 6b; and
 
BE IT FURTHER RESOLVED, that the County Clerk is hereby authorized and directed to forward a certified copy of this resolution to the Office of the Cook County Assessor.
end