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PROPOSED RESOLUTION
CIRCLE GEAR AND MACHINE COMPANY, INC. 6B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b application containing the following information:
Applicant: Circle Gear and Machine Company, Inc.
Address: 1515 South 55th Court, Cicero, IL 60804
Municipality or Unincorporated Township: Cicero
Cook County District: 16
Permanent Index Number: 16-21-101-055-0000; 16-21-101-056-0000; 16-21-101-057-0000; 16-21-101-058-0000; 16-21-101-059-0000; 16-21-102-011-0000
Municipal Resolution Number: 16-14 and amendment 37-15
Number of month property vacant/abandoned: 1
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: 13 full-time, 2 part-time
Estimated Number of jobs retained at this location: 10 full-time, 46 part-time
Estimated Number of employees in Cook County: 10 full-time, 46 part-time
Estimated Number of construction jobs: 15
Proposed use of property: Industrial- manufacturing, warehousing, distribution and repair
Living Wage Ordinance Compliance Affidavit Provided: Yes
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b that provides an applicant a reduction in the assessment level for an abandoned industrial 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 at least 24 continuous months, have been purchased for value by a purchaser in whom the seller has no direct financial interest; 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 is abandoned...
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