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PROPOSED RESOLUTION
WEICHAI AMERICA CORPORATION 7B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7b 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 Weichai America Corporation and Resolution No. 14-R-59 from the City of Rolling Meadows for an abandoned commercial facility located at 3100 Golf Road, Rolling Meadows, Cook County, Illinois, Cook County District 15, Permanent Index Number 08-07-403-017-0000 and 08-07-403-018-0000; 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, commercial real estate is normally assessed at 25% of its market value, qualifying commercial real estate eligible for the Class 7b 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 7b 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 7b; and
WHEREAS, in the case of abandonment of more than 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 7b requires the validation by the County Board qualify...
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