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PROPOSED RESOLUTION
MICHIGAN CERMAK INDIANA LLC 7B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7b application containing the following information:
Applicant: Michigan Cermak Indiana LLC
Address: 2215 South Michigan Avenue, Chicago, Illinois, 60616
Municipality or Unincorporated Township: Chicago
Cook County District: 2
Permanent Index Number: 17-27-102-002-0000
Municipal Resolution Number: City of Chicago, Ordinance 2016-3936 passed June 22, 2016
Number of months property vacant/abandoned: Over 24 months at time of application to CCBED
Special circumstances justification requested: Yes, per the Assessor's office
Estimated Number of jobs created by this project: 350 FTE
Estimated Number of jobs retained at this location: 0 full-time, 0 part-time
Estimated Number of employees in Cook County: 0 full-time, 0 part-time
Estimated Number of construction jobs: 790
Proposed use of property: Commercial-hotel, restaurant/retail
Living Wage Ordinance Compliance Affidavit Provided: N/A
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7b 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 more than 24 continuous months, there has been no purchase 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 7b; and
WHEREAS, in the case of abandonment of over 24 months...
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