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PROPOSED RESOLUTION
5800 WEST 51ST STREET ENTERPRISES, LLC CLASS 6B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b located in Unincorporated Cook County for a renewal of an existing Class 6b tax incentive containing the following information:
Applicant: 5800 West 51St Street Enterprises, LLC
Address: 5800 West 51St Street, Chicago, Illinois
Municipality or Unincorporated Township: Stickney Township
Cook County District: 16
Permanent Index Number: 19-08-202-003-0000;19-08-202-020-0000; 19-08-202-052-0000
and 19-08-202-053-0000
Municipal Resolution Number: Unincorporated Cook
Special circumstances justification requested: Yes
Estimated # of jobs created by this project: N/A
Estimated # of jobs retained at this location: 250 full-time jobs
Estimated # of employees in Cook County: Same as above
Estimated # of construction jobs: undetermined
Proposed use of property: Industrial - Manufacturing, warehousing and distribution
Living Wage Ordinance Compliance Affidavit Provided: Yes
WHEREAS, Cook County has defined that the classification period for Class 6b shall continue for 12 years from the date such new construction (excluding demolition if any), or such substantial rehabilitation was completed and initially assessed, or in case of abandoned property, from the date of substantial preoccupancy; 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.
WHEREAS, the real estate is located in an unincorporated area of Cook County, the Cook County Board must by lawful resolution or ordinance, expressly state that it supports and consents to the filling of a Renewal Class 6b Application and that it finds Class 6b necessary for development to continue on the subject property and the renewal is beneficial to the local economy; and
WHEREAS, the incentive may be renewed during the last year a property is entitled to a 10% assessment level or when the incentive is still at the 15% or 20% assessment level, if the taxpayer notifies the Assessor's Office of intent to request renewal of the incentive along with a certified copy of the resolution or ordinance from the municipality, or the County Board if the real estate is located in unincorporated: and
WHEREAS, the Cook County Board of Commissioners confirms that the nature of the original development allowing the Class 6b was demolition and new construction and the original resolution was approved October 17, 2002; and
WHEREAS, the applicant currently employs 250 full time jobs in Cook County and the Cook County Board of Commissioners has determined that the industrial use of the property is necessary and beneficial to the local economy and supports and consents to the renewal of the Class 6b; 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 renewal 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 5800 West 51St Street, Chicago, Illinois, Cook County, Illinois, is deemed eligible for the renewal of 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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