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File #: 14-5081    Version: 1 Name: MGMC Property, LLC 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 MGMC PROPERTY, LLC 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 MGMC Property, LLC or its assignee and Resolution No. 14-47 from the Village of Wheeling for an abandoned industrial facility located at 100 Shepard Avenue, Wheeling, Cook County, Illinois, Cook County District 14, Permanent Index Number 03-11-305-012-0000 and 03-11-305-022-0000; 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 e...
Sponsors: TONI PRECKWINKLE (President), GREGG GOSLIN
Indexes: (Inactive) HERMAN BREWER, Chief, Bureau of Economic Development
title
PROPOSED RESOLUTION
 
MGMC PROPERTY, LLC   
 
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 MGMC Property, LLC or its assignee and Resolution No. 14-47 from the Village of Wheeling for an abandoned industrial facility located at 100 Shepard Avenue, Wheeling, Cook County, Illinois, Cook County District 14, Permanent Index Number 03-11-305-012-0000 and 03-11-305-022-0000; 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 purpose of Class 6b; 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 6b 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 11 months at the time of application, and that special circumstances are present; and
 
WHEREAS,  the applicant estimates that the re-occupancy will create 10 to 15 full-time jobs and  six (6) to eight (8) part-time jobs; retain 14 full-time jobs and four (4) part-time jobs and create four (4) to 10 construction jobs;
 
WHEREAS,  the Village of Wheeling 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 less than 24 months; there  has been a purchase for value and the site is in need of substantial rehabilitation; 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 100 Shepard Avenue, Wheeling, Cook County, Illinois, 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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