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File #: 20-1679    Version: 1 Name: 1420 SOUTH WRIGHT BOULEVARD, LLC 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution Status: Approved
File created: 2/13/2020 In control: Business and Economic Development Committee
On agenda: 2/27/2020 Final action: 4/23/2020
Title: PROPOSED RESOLUTION 1420 SOUTH WRIGHT BOULEVARD, 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: 1420 South Wright Boulevard, LLC Address: 1420 South Wright Boulevard, Schaumburg, Illinois Municipality or Unincorporated Township: Village of Schaumburg Cook County District: 15 Permanent Index Number: PIN Number Municipal Resolution Number: Village of Schaumburg, Resolution No. R-19-032 Number of month property vacant/abandoned: Seven (7) months vacant Special circumstances justification requested: Yes Proposed use of property: Industrial use- Tooling and mole making 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 lev...
Sponsors: TONI PRECKWINKLE (President), KEVIN B. MORRISON
title
PROPOSED RESOLUTION

1420 SOUTH WRIGHT BOULEVARD, 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: 1420 South Wright Boulevard, LLC

Address: 1420 South Wright Boulevard, Schaumburg, Illinois

Municipality or Unincorporated Township: Village of Schaumburg

Cook County District: 15

Permanent Index Number: PIN Number

Municipal Resolution Number: Village of Schaumburg, Resolution No. R-19-032

Number of month property vacant/abandoned: Seven (7) months vacant

Special circumstances justification requested: Yes

Proposed use of property: Industrial use- Tooling and mole making

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 abandonm...

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