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REQUEST TO AMEND A PREVIOUSLY APPROVED ITEM
Department: Planning and Development (Economic Development)
Request: Requesting authorization for the Cook County Board of Commissioners to approve as amended
Item Number: 14-4216
Previously Approved Date: 07/23/2013
The amendment is indicated by the underscored and stricken language.
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7b 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 Ingraffia-Gambino Investments LLC/Tony's Finer Foods and Resolution No. 2013-14 from the City of Countryside for an abandoned commercial facility located at 6704-24 Joliet Road, Countryside, Cook County, Illinois, Cook County District 17, Permanent Index Number 18-20-103-007-000, 18-20-103-006-000, and 18-20-103-004-0000; 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, commercial real estate is normally assessed at 25% of its market value, qualifying commercial real estate eligible for the Class 7b 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 7b 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 7b; 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 7b 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 six (6) months less than 24 months at the time of application, and that special circumstances are present; and
WHEREAS, the applicant estimates that the re-occupancy will create an estimated 200 full-time jobs; 100 part-time jobs, and create 200 construction jobs; and
WHEREAS, the Cook County Economic Development Advisory Committee (EDAC) states by Resolution No. 1-R-2014 that the project would not be economically feasible and would not go forward without the Class 7b property tax incentive; and
WHEREAS, the City of Countryside states the Class 7b 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
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 6704-24 Joliet Road Countryside, Cook County, Illinois, is deemed abandoned with special circumstances under the Class 7b; 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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