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File #: 19-0575    Version: 1 Name: J2M 900, LLC 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) No Purchase for Value TEERM Status: Approved
File created: 12/4/2018 In control: Business and Economic Development Committee
On agenda: 12/12/2018 Final action: 1/24/2019
Title: PROPOSED RESOLUTION J2M 900, LLC 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: J2M 900, LLC Address: 900 Business Center Drive, Mount Prospect, Illinois 60056 Municipality or Unincorporated Township: Village of Mount Prospect Cook County District: District 9 Permanent Index Number: 03-35-104-007-0000 Municipal Resolution Number: Village of Mount Prospect Resolution No. 35-18 Number of month property vacant/abandoned: 14 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: 10 full-time jobs and 10 part-time jobs Estimated Number of jobs retained at this location: 20 full-...
Sponsors: TONI PRECKWINKLE (President), PETER N. SILVESTRI

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PROPOSED RESOLUTION

 

J2M 900, LLC 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: J2M 900, LLC

 

Address: 900 Business Center Drive, Mount Prospect, Illinois 60056

 

Municipality or Unincorporated Township: Village of Mount Prospect 

 

Cook County District: District 9  

 

Permanent Index Number: 03-35-104-007-0000

 

Municipal Resolution Number: Village of Mount Prospect Resolution No. 35-18 

 

Number of month property vacant/abandoned: 14 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:   10 full-time jobs and 10 part-time jobs

 

Estimated Number of jobs retained at this location:  20 full-time, jobs

 

Estimated Number of employees in Cook County:  See above information

 

Estimated Number of construction jobs: 10 construction jobs

 

Proposed use of property:  Industrial use, manufacturing of custom and specialty rubber

 

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 justify finding that the property as abandoned for purpose of the Class 6b TEERM (TEMPORARY EMERGENY ECONOMIC RECOVERY MODIFICATION; and

 

WHEREAS, in the case of abandonment according to the TEERM definition, abandonment is defined as a facility being vacant over 12 months but less than 24 months with no purchase for value by a disinterested buyer, in such instances, the County may determine that special circumstances exist under TEERM; thus qualifying the property as abandoned; and

 

WHEREAS, Class 6b TEERM requires a resolution by the County Board validating the property as abandoned for the purpose of the Class 6b TEERM; and

 

WHEREAS,   the municipality states the Class 6b TEERM 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 6b 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 6b 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 6b TEERM; 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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