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File #: 16-2205    Version: 1 Name: LITTLE BEANS CAFÉ CLASS 7A PROPERTY TAX INCENTIVE REQUEST
Type: Resolution Status: Approved
File created: 3/14/2016 In control: Business and Economic Development Committee
On agenda: 3/23/2016 Final action: 4/13/2016
Title: PROPOSED RESOLUTION LITTLE BEANS CAF? CLASS 7A PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7A application containing the following information: Applicant: Little Beans Caf? Address: 430 Asbury, Evanston, Illinois Municipality or Unincorporated Township: Evanston Cook County District: 13 Permanent Index Number: 10-25-206-007-0000; 10-25-206-008-0000 and 10-25-203-011-0000 Municipal Resolution Number: Resolution No. 64-R-14 approved 9/14/2014, 2014 and Resolution No. 80-R-15 approved 8/17/2015 Number of month property vacant/abandoned: Seven (7) years vacant Special circumstances justification requested: Yes Confirmation supporting that all five (5) eligibility factors have been met: Yes Estimated Number of jobs created by this project: Four (4) full-time, 19 part-time Estimated Number of jobs retained at this location: None ...
Sponsors: TONI PRECKWINKLE (President), LARRY SUFFREDIN

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PROPOSED RESOLUTION

 

LITTLE BEANS CAFÉ CLASS 7A PROPERTY TAX INCENTIVE REQUEST

 

WHEREAS,  the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7A application containing the following information:

 

Applicant: Little Beans Café   

 

Address: 430 Asbury, Evanston, Illinois 

 

Municipality or Unincorporated Township: Evanston

 

Cook County District: 13

 

Permanent Index Number: 10-25-206-007-0000; 10-25-206-008-0000 and 10-25-203-011-0000

 

Municipal Resolution Number: Resolution No. 64-R-14 approved 9/14/2014, 2014 and Resolution No. 80-R-15 approved 8/17/2015

 

Number of month property vacant/abandoned: Seven (7) years vacant

 

Special circumstances justification requested: Yes 

 

Confirmation supporting that all five (5) eligibility factors have been met:  Yes

 

Estimated Number of jobs created by this project:  Four (4) full-time, 19 part-time

 

Estimated Number of jobs retained at this location:  None

 

Estimated Number of employees in Cook County:  Two (2) full-time, eight (8) part-time

 

Estimated Number of construction jobs: Eight (8) - 14 construction jobs

 

Proposed use of property:  Commercial 

 

Living Wage Ordinance Compliance Affidavit Provided: Not applicable

 

WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7A 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 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 is abandoned for purpose of Class 7A ; 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 as being deemed abandoned; and

 

WHEREAS, Class 7A requires a resolution by the County Board validating the property as abandoned for the purpose of Class 7A; and

 

WHEREAS, the municipality states the Class 7A 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 7A 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 7A 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 7A; 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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