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PROPOSED RESOLUTION
RAWLS ROAD PROPERTIES, LLC # 2 6B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b Temporary Emergency Economic Recovery Modification Program ("TEERM") 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 Rawls Road Properties LLC and Resolution No. R-9014 from the City of Des Plaines for an abandoned industrial facility located at 111 Rawls Road, Des Plaines, Cook County, Illinois, Cook County District 17, Permanent Index 09-19-301-028-000; 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 TEERM 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 Class6b 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 the purpose of Class 6b ; and
WHEREAS, in the case of abandonment of over 12 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 TEERM requires a resolution...
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