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PROPOSED RESOLUTION
GARY ZACK CLASS 8 PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information:
Applicant: Gary Zack
Address: 309 Lake Street, Maywood, Illinois
Municipality or Unincorporated Township: Unincorporated Township Proviso
Cook County District: 16
Permanent Index Number: 15-11-129-011-0000
Municipal Resolution Number: R-2014-23
Number of month property vacant/abandoned: 15
Special circumstances justification requested: Yes
TEERM (TEMPORARY EMERGENCY ECONOMIC RECOVERY MODIFICATION (Vacant for more than 12 months but less than 24 months - No Purchase for Value) Justification: Yes
Estimated Number of jobs created by this project: five (5) - six (6) full-time
Estimated Number of jobs retained at this location: None
Estimated Number of employees in Cook County: None
Estimated Number of construction jobs: eight (8) construction jobs
Proposed use of property: Office, retail, multitenant units
Living Wage Ordinance Compliance Affidavit Provided: No
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 abandoned industrial/commercial facility; and
WHEREAS, the Cook County Classification System for Assessment defines abandoned property as buildings and other structures that, after having been vacant and unused for more than 24 continuous months, there has been no purchased for value by a purchaser and the property is in need of substantial rehabilitation; 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 may exist that justify finding that the property as abandoned for purpose of the Class 8 TEERM (TEMPORARY EMERGENCY ECONOMIC RECOVERY MODIFICATION; and
WHEREAS, in the case of abandonment according to the TEERM definition, abandonment is defined as a facility being vacant over 12 months but less than 24 months with no purchase for value by a disinterested buyer, in such instances, the County may determine that special circumstances exist under TEERM; thus qualifying the property as abandoned; and
WHEREAS, Class 8 TEERM requires a resolution by the County Board validating the property as abandoned for the purpose of the Class 8 TEERM; and
WHEREAS, the municipality states the Class 8 TEERM is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and
WHEREAS; commercial real estate is normally assessed at 25% of its market value, qualifying commercial 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
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 above-captioned property is deemed abandoned with special circumstances under the Class 8 TEERM; 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.