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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 than 24 months and no purchase for value, with substantial rehabilitation, the County may determine that special circumstances justify finding the property is deemed abandoned; and
WHEREAS, Class 7b requires the validation by the County Board of the no purchase for value, occupation of abandoned property with substantial rehabilitation in cases where the facility has been abandoned for more than 24 consecutive months; and
WHEREAS, the municipality states the Class 7b 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 7b 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 7b 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 7b; 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.
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