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REQUEST TO AMEND A PREVIOUSLY APPROVED ITEM
Department: Department of Planning and Development
Request: Requesting authorization for the Cook County Board of Commissioners to approve as amended
Item Number: 14- 0710
Previously Approved Date: 2/19/2014
The amendment is indicated by the underscored and stricken language.
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 Siam Marina Properties, LLC and Resolution No. 2013-R-003 from the Village Tinley Park for an abandoned commercial facility located at 16846 Oak Park Avenue, Tinley Park, Cook County, Illinois, Cook County District 6 17, and Permanent Index Number 28-30-107-001-0000 28-30-107-011-0000 and 28-30-107-020-0000; 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 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; 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 purpose of Class 8; and
WHEREAS, in...
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