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PROPOSED RESOLUTION
SPEED MACHINE INC. 6B PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b application containing the following information:
Applicant: Speed Machine Inc.
Address: 8430 S. 77th Avenue, Bridgeview, Illinois 60455
Municipality or Unincorporated Township: Village of Bridgeview
Cook County District: 6
Permanent Index Number: 18-36-312-020-0000
Municipal Resolution Number: Village of Bridgeview, Ordinance No. 17-8 approved 4/19/2017
Number of month property vacant/abandoned: 15 months vacant
Special circumstances justification requested: Yes
Estimated Number of jobs created by this project: Two (2) full-time jobs
Estimated Number of jobs retained at this location: One (1) full-time job and two (2) part-time jobs
Estimated Number of employees in Cook County: # full-time, # part-time
Estimated Number of construction jobs: Two construction jobs
Proposed use of property: Industrial use, manufacturing of custom fabricated components and process equipment for the food and beverage industries
Living Wage Ordinance Compliance Affidavit Provided: Yes
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 6b 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 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 6b; ...
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