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File #: 14-5068    Version: 1 Name: STS Crestwood, LLC
Type: Resolution Status: Approved
File created: 8/25/2014 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: 9/10/2014 Final action: 10/8/2014
Title: PROPOSED RESOLUTION STS CRESTWOOD, LLC 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 STS Crestwood, LLC and Resolution No. 985-14 from the Village of Crestwood for an abandoned commercial facility located at 13661 S. Cicero Ave, Crestwood, Cook County, Illinois, Cook County District 6, and Permanent Index Number 28-03-100-110-0000; 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 ...
Sponsors: TONI PRECKWINKLE (President), JOAN PATRICIA MURPHY
Indexes: (Inactive) HERMAN BREWER, Chief, Bureau of Economic Development
title
PROPOSED RESOLUTION

STS CRESTWOOD, LLC

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 STS Crestwood, LLC and Resolution No. 985-14 from the Village of Crestwood for an abandoned commercial facility located at 13661 S. Cicero Ave, Crestwood, Cook County, Illinois, Cook County District 6, and Permanent Index Number 28-03-100-110-0000; 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...

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