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File #: 18-3181    Version: 1 Name: 2550 WEST GOLF, LLC 7B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution Status: Approved
File created: 4/10/2018 In control: Business and Economic Development Committee
On agenda: 4/25/2018 Final action: 5/16/2018
Title: PROPOSED RESOLUTION 2550 WEST GOLF, 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: 2550 West Golf, LLC Address: 2550 West Golf Road, Rolling Meadows, Illinois Municipality or Unincorporated Township: City of Rolling Meadows Cook County District: 15 Permanent Index Number: 08-08-301-041-0000 and 08-08-301-042-0000 Municipal Resolution Number: Resolution No 18-R-05, passed January 23, 2018 in support of the Class 7b tax incentive Number of month property vacant/abandoned: Number of months vacant 28 months Special circumstances justification requested: Yes Class 7b five eligibility requirements have been satisfied: Yes Estimated Number of jobs created by this project: 200 full-time jobs Estimated Number of jobs retained at this location: 400 full-time jobs Estimated Number of employees in Cook ...
Sponsors: TONI PRECKWINKLE (President), TIMOTHY O. SCHNEIDER
title
PROPOSED RESOLUTION

2550 WEST GOLF, 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: 2550 West Golf, LLC

Address: 2550 West Golf Road, Rolling Meadows, Illinois

Municipality or Unincorporated Township: City of Rolling Meadows

Cook County District: 15

Permanent Index Number: 08-08-301-041-0000 and 08-08-301-042-0000

Municipal Resolution Number: Resolution No 18-R-05, passed January 23, 2018 in support of the Class 7b tax incentive

Number of month property vacant/abandoned: Number of months vacant 28 months

Special circumstances justification requested: Yes

Class 7b five eligibility requirements have been satisfied: Yes

Estimated Number of jobs created by this project: 200 full-time jobs

Estimated Number of jobs retained at this location: 400 full-time jobs

Estimated Number of employees in Cook County: Same as above

Estimated Number of construction jobs: 50 construction jobs

Proposed use of property: Commercial use, multi-tenant office space

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 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 7b; and

WHEREAS, in the case of abandonment of more ...

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