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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 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
WHEREAS, Class 8 requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and
WHEREAS, the Cook County Board of Commissioners has determined that the building was abandoned for 17 months at the time of application, and that special circumstances are present; and
WHEREAS, the applicant estimates that the re-occupancy will create 8 full-time jobs and 7 part-time jobs; and
WHEREAS, the Village of Tinley Park states the Class 8 is necessary for development to occur and that special circumstances exist which include the subject property has been vacant for less than 24 months and there has been a purchase for value; and
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, State of Illinois, that the President and Board of Commissioners validate the property located at 16846 Oak Park Avenue, Tinley Park, Cook County, Illinois, is deemed abandoned with special circumstances under the Class 8; 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.
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