File #: 15-6009    Version: 1 Name: KLT PARTNERS LLC 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) Purchase for Value Status: Approved
File created: 10/9/2015 In control: Business and Economic Development Committee
On agenda: 10/28/2015 Final action: 11/18/2015
Title: PROPOSED RESOLUTION KLT PARTNERS LLC 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: KLT Partners LLC Address: 900 Lee Street, Elk Grove Village, Illinois, 60007 Municipality or Unincorporated Township: Elk Grove Village Cook County District: 15 Permanent Index Number: 08-22-102-145-0000; 08-22-102-146-0000 Municipal Resolution Number: 15-14 Number of month property vacant/abandoned: 22 months Special circumstances justification requested: Yes Estimated Number of jobs created by this project: 10 full-time, 1 part-time Estimated Number of jobs retained at this location: 40 full-time, 25 part-time Estimated Number of employees in Cook County: 40 full-time, 25 part-time Estimated Number of construction jobs: 30 Proposed use of property: Industrial-warehou...
Sponsors: TONI PRECKWINKLE (President), TIMOTHY O. SCHNEIDER

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PROPOSED RESOLUTION

 

KLT PARTNERS LLC 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: KLT Partners LLC

 

Address: 900 Lee Street, Elk Grove Village, Illinois, 60007

 

Municipality or Unincorporated Township: Elk Grove Village

 

Cook County District: 15 

 

Permanent Index Number: 08-22-102-145-0000; 08-22-102-146-0000 

 

Municipal Resolution Number: 15-14 

 

Number of month property vacant/abandoned: 22 months

 

Special circumstances justification requested: Yes

 

Estimated Number of jobs created by this project:  10 full-time, 1 part-time

 

Estimated Number of jobs retained at this location:  40 full-time, 25 part-time

 

Estimated Number of employees in Cook County:  40 full-time, 25 part-time

 

Estimated Number of construction jobs: 30

 

Proposed use of property:  Industrial-warehousing and preconstruction of cell towers 

 

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 for purpose of Class 6b; 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 6b 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 municipality states the Class 6b 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,   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; 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 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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