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PROPOSED RESOLUTION
LIBERTY PROPERTY LIMITED PARTNERSHIP 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: Liberty Property Limited Partnership
Address: 5063 South Merrimac Avenue, Unincorporated Chicago, Illinois, 60638
Municipality or Unincorporated Township: Stickney
Cook County District: 16
Permanent Index Number: (8) PINs: 19-08-100-010-0000; 19-08-100-049-0000; 19-08-100-050-0000; 19-08-100-052-0000; 19-08-100-055-0000; 19-08-100-056-0000; 19-08-100-074-0000; 19-08-100-075-0000
Municipal Resolution Number: Not applicable
Number of month property vacant/abandoned: 22 months at the time of purchase
Special circumstances justification requested: Yes
Proposed use of property: Industrial
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, for real estate located in an unincorporated area the County Board must by lawful resolution or ordinance, expressly state that it supports and consents to the filing of a Class 6b Application and that it finds Class 6b necessary for development to occur on the subject property; and
WHEREAS, the Applicant has proposed to redevelop the subject property through new construction and rehabilitation of the obsolete portion of the site into two Class A industrial buildings; and
WHEREAS, the County has received and filed an Economic Disclosure Statement from the Applicant; and
WHEREAS, the County Board states the Class 6b is necessary for development to occur on this specific real estate and this 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;
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 ordinance, supports and consents to the Class 6b application for the above-captioned property and finds that the Class 6b is necessary for development to occur; 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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