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File #: 14-5074    Version: 1 Name: Meade Electric Inc Class 6b
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 MEADE ELECTRIC, INC. WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b 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 Meade Electric, Inc. and Resolution No. R2014-355 from the City of Chicago for an abandoned industrial facility located at 6850 West 62nd Street, Chicago, Cook County, Illinois, Cook County District 11, Permanent Index(s) 19-18-303-005-0000; 19-18-303-006-00000; 19-18-303-007-0000; 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 elig...
Sponsors: TONI PRECKWINKLE (President), JOHN P. DALEY
Indexes: (Inactive) HERMAN BREWER, Chief, Bureau of Economic Development
title
PROPOSED RESOLUTION

MEADE ELECTRIC, INC.

WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b 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 Meade Electric, Inc. and Resolution No. R2014-355 from the City of Chicago for an abandoned industrial facility located at 6850 West 62nd Street, Chicago, Cook County, Illinois, Cook County District 11, Permanent Index(s) 19-18-303-005-0000; 19-18-303-006-00000; 19-18-303-007-0000; 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 6b 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 6b 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 the purpose of Class 6b; and

WHEREAS, in the case of abandonment of less than 24 months and a 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 requires a resolution by the County Board validating the property is deemed abandoned for the purpos...

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