title
PROPOSED ORDINANCE AMENDMENT
YOUTH EMPLOYMENT CLASSIFICATION
WHEREAS, areas of Cook County have seen substantial unemployment in the last few years, with youth between the ages of 16 and 24 experiencing the highest rate of unemployment at above 50%; and
WHEREAS, the Cook County Board has created property tax classifications to retain and encourage economic development in areas of need in Cook County; and
WHEREAS, these property tax classifications have also facilitated commercial and industrial development, with incentives that result in the reduction in property taxes offered for periods of 12 years; and
WHEREAS, applicants seeking these incentives comply with a list of requirements that include: location in identified blighted areas, increase employment opportunities and the need for public assistance to accomplish modernization, rehabilitation and development; and
WHEREAS, it is incumbent upon this body to seek long term solutions to the multifaceted impact of the economic hardships Cook County residents of all ages face.
NOW THEREFORE, BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74 - Taxation, Article II - Real Property Taxation, Division 2 - Classification System for Assessment, Section 74, of the Cook County Code is hereby amended as follows:
Sec. 74-61. - Purpose.
The County Board ?nds and declares that:
***
(10) The creation of a new property tax classification to encourage employment and increase employment opportunities for youth as defined in Sec. 74-62 (b) and contribute to the long-term economic development and growth of the real property tax base.
Sec. 74-62. - System established; terms de?ned.
***
(b) De?nitions. The following words, terms and phrases, when used in this division, shall have the meanings ascribed to them in this Section, except where the context clearly indicates a di?erent meaning:
***
Youth means a person of age 16 to 24 of low- or moderate-inc...
Click here for full text