File #: 19-4129    Version: 1 Name: LAKE MP LLC 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) Purchase for Value Status: Approved
File created: 6/14/2019 In control: Business and Economic Development Committee
On agenda: 6/27/2019 Final action: 7/25/2019
Title: PROPOSED RESOLUTION LAKE MP 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: Lake MP LLC Address: 3120 West Lake Street, Melrose Park, Illinois 60160 Municipality or Unincorporated Township: Melrose Park Cook County District: 16 Permanent Index Number: 15-04-310-009-0000 and 15-04-310-017-0000 Municipal Resolution Number: Village of Melrose Park Resolution Number 26-19 Number of month property vacant/abandoned: 14 months vacant Special circumstances justification requested: Yes Estimated Number of jobs created by this project: 33 full-timejobs Estimated Number of jobs retained at this location: None Estimated Number of employees in Cook County: Same as above Estimated Number of construction jobs: Five (5) construction jobs Proposed use of property: Industrial use -logistic warehousing...
Sponsors: TONI PRECKWINKLE (President), JEFFREY R. TOBOLSKI

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PROPOSED RESOLUTION

 

LAKE MP 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: Lake MP LLC

 

Address: 3120 West Lake Street, Melrose Park, Illinois 60160

 

Municipality or Unincorporated Township: Melrose Park

 

Cook County District: 16  

 

Permanent Index Number: 15-04-310-009-0000 and 15-04-310-017-0000

 

Municipal Resolution Number: Village of Melrose Park Resolution Number 26-19

 

Number of month property vacant/abandoned: 14 months vacant

 

Special circumstances justification requested: Yes 

 

Estimated Number of jobs created by this project:  33 full-timejobs

 

Estimated Number of jobs retained at this location:  None

 

Estimated Number of employees in Cook County:  Same as above

 

Estimated Number of construction jobs: Five (5) construction jobs

 

Proposed use of property:  Industrial use -logistic warehousing and 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 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; and

 

WHEREAS, in the case of abandonment of less than 24 months and purchase for value, by a purchaser in whom the seller has no direct financial interest, the County may determine that special circumstances justify finding the property is deemed abandoned; and

 

WHEREAS, Class 6b requires the validation by the County Board of the shortened period of qualifying abandonment in cases where the facility has been abandoned for less than 24 consecutive months upon purchase for value; and

 

WHEREAS, the municipality states the Class 6b 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, industrial real estate is normally assessed at 25% of its market value, qualifying industrial 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; 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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