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File #: 17-6085    Version: 1 Name: KTR ILL, LLC D.B.A. PROLOGIS 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) No Purchase for Value TEERM Status: Approved
File created: 10/31/2017 In control: Business and Economic Development Committee
On agenda: 11/15/2017 Final action: 3/14/2018
Title: PROPOSED RESOLUTION KTR ILL, LLC D.B.A. PROLOGIS 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: KTR ILL, LLC d.b.a. Prologis Address: 514-532 S. Hicks Road, Palatine, Illinois Municipality or Unincorporated Township: Village of Palatine Cook County District: 14 Permanent Index Number: 02-23-313-037-0000 Municipal Resolution Number: Village of Palatine, Resolution No. R-22-17 Number of month property vacant/abandoned: 13 months vacant Special circumstances justification requested: Yes TEERM (TEMPORARY EMERGENCY ECONOMIC RECOVERY MODIFICATION (Vacant for more than 12 months but less than 24 months - No Purchase for Value) Justification: Yes Estimated Number of jobs created by this project: None Estimated Number of jobs retained at this location: 30 full-time jobs Estimated Number of employees ...
Sponsors: TONI PRECKWINKLE (President), GREGG GOSLIN
title
PROPOSED RESOLUTION

KTR ILL, LLC D.B.A. PROLOGIS 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: KTR ILL, LLC d.b.a. Prologis

Address: 514-532 S. Hicks Road, Palatine, Illinois

Municipality or Unincorporated Township: Village of Palatine

Cook County District: 14

Permanent Index Number: 02-23-313-037-0000

Municipal Resolution Number: Village of Palatine, Resolution No. R-22-17

Number of month property vacant/abandoned: 13 months vacant

Special circumstances justification requested: Yes

TEERM (TEMPORARY EMERGENCY ECONOMIC RECOVERY MODIFICATION (Vacant for more than 12 months but less than 24 months - No Purchase for Value) Justification: Yes

Estimated Number of jobs created by this project: None

Estimated Number of jobs retained at this location: 30 full-time jobs

Estimated Number of employees in Cook County: Same as above

Estimated Number of construction jobs: 20 construction workers

Proposed use of property: Industrial use, warehousing, manufacturing and/or distribution.

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/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 purchased 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 jus...

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