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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 purpose of Class 6b; and
WHEREAS, the Cook County Board of Commissioners has determined that the building has been abandoned for 19 months, at the time of application, with a purchase for value and that special circumstances are present; and
WHEREAS, the re-occupancy will retain an estimated 1400 full-time jobs; and
WHEREAS, the City of Chicago states the Class 6b is necessary for development to occur on this specific real estate. The municipal resolution cites the special circumstances include that the property has been vacant for over 12 months and there has been purchase for value; and
WHEREAS, the applicant acknowledges that it must provide an affidavit to the Assessor's Office stipulating that it is in compliance with the County's Living Wage Ordinance prior to receiving the Class 6b incentive on the subject property.
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Commissioners of the County of Cook, that the President and Board of Commissioners validate the property located at 6850 West 62nd Street, Chicago, Cook County, Illinois, Cook County, is deemed abandoned with special circumstances under the Class 6b ; 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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