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PROPOSED RESOLUTION
RAJDEJ HOLDINGS LLC CLASS 8 PROPERTY TAX INCENTIVE REQUEST
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 an industrial facility; and
WHEREAS, the County Board of Commissioners has received and reviewed an application from RAJDEJ Holdings LLC and Resolution No. 13-36 from the City of Calumet City for an abandoned industrial facility located at 1584 Huntington Avenue, Calumet City, Cook County, Illinois, Cook County District 06, Permanent Index Numbers 29-24-400-041-0000, 29-24-400-048-0000, 29-24-400-051-0000, 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 the purpose of Class 8; and
WHEREAS, in the case of abandonment of over 24 months and no purchase for value by a disinterested buyer, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 8 requires a resolution by the County Board validating the ...
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