Share to Facebook Share to Twitter Bookmark and Share
File #: 17-3075    Version: 1 Name: HD HOSPITALITY INC. CLASS 8 PROPERTY TAX INCENTIVE REQUEST
Type: Resolution Status: Approved
File created: 4/26/2017 In control: Business and Economic Development Committee
On agenda: 5/10/2017 Final action: 6/7/2017
Title: PROPOSED RESOLUTION HD HOSPITALITY INC. 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: HD Hospitality Inc. Address: 4375 Frontage Road, Oak Forest, Illinois Municipality or Unincorporated Township: Village of Oak Forest Cook County District: 5th Permanent Index Number: 28-22-404-020-0000, 28-22-404-021-0000 & 28-22-404-022-0000 Municipal Resolution Number: Resolution Number 2016-09-0295R Number of month property vacant/abandoned: Seven (7) days vacant Special circumstances justification requested: Yes Estimated Number of jobs created by this project: Eight (8) full-time jobs Estimated Number of jobs retained at this location: 10 full-time jobs Estimated Number of employees in Cook County: None Estimated Number of construction jobs: two (2) to five (5) jobs Proposed use of property:...
Sponsors: TONI PRECKWINKLE (President), DEBORAH SIMS

title

PROPOSED RESOLUTION

 

HD HOSPITALITY INC.  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: HD Hospitality Inc.

 

Address: 4375 Frontage Road, Oak Forest, Illinois

 

Municipality or Unincorporated Township: Village of Oak Forest

 

Cook County District: 5th  

 

Permanent Index Number: 28-22-404-020-0000, 28-22-404-021-0000 & 28-22-404-022-0000

 

Municipal Resolution Number: Resolution Number 2016-09-0295R 

 

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

 

Special circumstances justification requested: Yes

 

Estimated Number of jobs created by this project:  Eight (8) full-time jobs

 

Estimated Number of jobs retained at this location:  10 full-time jobs

 

Estimated Number of employees in Cook County:  None

 

Estimated Number of construction jobs: two (2) to five (5) jobs

 

Proposed use of property:  Commercial use 59-key hotel 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