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PROPOSED RESOLUTION
GW PROPERTY GROUP, LLC- SERIES 8 / BLITZLAKE ORLAND PARK LLC 7C COMMERCIAL URBAN RELIEF ELIGIBILITY ("CURE") RENEWAL PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7c renewal application containing the following information:
Applicant: GW Property Group, LLC- Series 8 / BlitzLake Orland Park LLC
Address: 66 Orland Square Drive, Orland Park, Illinois 60462
Municipality or Unincorporated Township: Village of Orland Park, Illinois
Cook County District: 17
Permanent Index Number: 27-10-400-044-0000
Municipal Resolution Number: Village of Orland Park, Resolution No. 1916
Use of property: Commercial use - Charter Fitness Club, Skyzone and Orland Park FEC LLC Orland Park, Illinois
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7c or Commercial Urban Relief Eligibility ("CURE") that provides an applicant a reduction in the assessment level for newly constructed or substantially rehabilitated or abandoned commercial property; and
WHEREAS, the Cook County Classification System for a Class 7c (CURE) Assessment defines abandoned property as " property where the buildings and other structures, or portions thereof, have been vacant and unused for more than 12 continuous months and as established by rule of the Assessor.; and
WHEREAS, Class 7c incentives that are granted are renewable and are limited to one renewal that requires the validation of the County Board. The applicant may apply for a renewal on or after the third year of the Incentive, but before the expiration of the fifth year of the Incentive. The applicant must obtain the municipal enabling Ordinance and present such municipal Ordinance to the Board of Commissioners of Cook County as to whether it will validate the renewal; and
WHEREAS, the municipality has submitted a Resolution or Ordinance expressly stating its support and consent to the renewal of the Class 7c incentive; and
WHEREAS, the municipality further states that the property is fully occupied and is in use; and
WHEREAS, the municipality further states that the project resulted in the creation or retention of jobs at the property site and is an economic benefit to the community; and
WHEREAS, projects which qualify for the Class 7c incentive will receive a reduced assessment level of ten percent (10%) of fair market value for the first three years, fifteen percent (15%) for the fourth year
and twenty percent (20%) for the fifth year. Without this incentive, commercial property would
normally be assessed at twenty-five percent (25%) of its market value.
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 that the above-captioned property meets the requirements for a renewal of the Class 7c incentive; and
BE IT FURTHER RESOLVED, that the President and Board of Commissioners hereby approves the renewal of the Class 7c incentive; 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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