Share to Facebook Share to Twitter Bookmark and Share
File #: 14-5111    Version: 1 Name: Vincent Muniz Class 8
Type: Resolution Status: Approved
File created: 8/26/2014 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 VINCENT MUNIZ 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 Vincent Muniz and Resolution No. R-2013-11 from the Village of Maywood for an abandoned commercial facility located at 600 Lake Street, Maywood, Cook County, Illinois, Cook County District 1, and Permanent Index Number 15-11-134-014-0000 and 15-11-134-015-0000; 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...
Sponsors: TONI PRECKWINKLE (President), EARLEAN COLLINS
Indexes: (Inactive) HERMAN BREWER, Chief, Bureau of Economic Development
title
PROPOSED RESOLUTION
 
VINCENT MUNIZ  
 
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 Vincent Muniz and Resolution No. R-2013-11  from the Village of Maywood for an abandoned commercial facility located at 600 Lake Street, Maywood, Cook County, Illinois, Cook County District 1, and Permanent Index Number 15-11-134-014-0000 and  15-11-134-015-0000; 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 two (2) months at the time of application, and that special circumstances are present; and
 
WHEREAS, the applicant estimates that the re-occupancy will create one (1) new full-time jobs and  retain  three (3) full-time jobs; and  
 
WHEREAS, the Village of Maywood 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 and  there has been a purchase for value; and  
 
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 600 Lake Street, Maywood, 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.
end