Share to Facebook Share to Twitter Bookmark and Share
File #: 16-3915    Version: 1 Name: PACOR MORTGAGE COMPANY CLASS 8 PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 8) Purchase for Value Status: Approved
File created: 6/15/2016 In control: Business and Economic Development Committee
On agenda: 6/29/2016 Final action: 7/13/2016
Title: PROPOSED RESOLUTION PACOR MORTGAGE COMPANY CLASS 8 PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information: Applicant: Pacor Mortgage Company Address: 14930 Cicero Avenue, Oak Forest, Illinois Municipality or Unincorporated Township: City of Oak Forest Cook County District: 6 Permanent Index Number: 28-09-404-079-0000 Municipal Resolution Number: City of Oak Forest Resolution Number 2015-10-0272R Number of month property vacant/abandoned: Six (6) months vacant Special circumstances justification requested: Yes Estimated Number of jobs created by this project: Three (3) - five (5)full-time Estimated Number of jobs retained at this location: 40 full-time Estimated Number of employees in Cook County: Not applicable Estimated Number of construction jobs: Five (5) - seven (7) constru...
Sponsors: TONI PRECKWINKLE (President), JOAN PATRICIA MURPHY

title

PROPOSED RESOLUTION

 

PACOR MORTGAGE COMPANY  CLASS 8 PROPERTY TAX INCENTIVE REQUEST

 

WHEREAS,  the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information:

 

Applicant: Pacor Mortgage Company 

 

Address: 14930 Cicero Avenue, Oak Forest, Illinois 

 

Municipality or Unincorporated Township: City of Oak Forest

 

Cook County District:

 

Permanent Index Number: 28-09-404-079-0000 

 

Municipal Resolution Number: City of Oak Forest Resolution Number 2015-10-0272R 

 

Number of month property vacant/abandoned: Six (6) months vacant

 

Special circumstances justification requested: Yes

 

Estimated Number of jobs created by this project:  Three (3) - five (5)full-time

 

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

 

Estimated Number of employees in Cook County:  Not applicable

 

Estimated Number of construction jobs: Five (5) - seven (7) construction companies

 

Proposed use of property:  This property will be used for commercial office space 

 

Living Wage Ordinance Compliance Affidavit Provided: No, not applicable

 

WHEREAS,   the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 that provides an applicant a reduction in the assessment level for an abandoned commercial 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 8; 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 8 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 8 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 8 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 8 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 8; 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