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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 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 five (5) months at the time of application, and that special circumstances are present; and
WHEREAS, the applicant estimates that the re-occupancy will create five (5) new full-time jobs; retain 12 full-time jobs; and five (5) construction jobs; and
WHEREAS, the Village of Crestwood 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 there has been a purchase for value; and that the subject property is in need of substantial rehabilitation.
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 13661 S. Cicero Ave, Crestwood, 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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