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File #: 20-4615    Version: 1 Name: THE GC NET LEASE (ARLINGTON HEIGHTS) INVESTORS, LLC 6B PROPERTY TAX INCENTIVE REQUEST
Type: Resolution (Class 6B) No Purchase for Value TEERM Status: Committee Reports
File created: 10/7/2020 In control: Business and Economic Development Committee
On agenda: 10/22/2020 Final action: 11/19/2020
Title: PROPOSED RESOLUTION THE GC NET LEASE (ARLINGTON HEIGHTS) INVESTORS, 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: The GC Net Lease (Arlington Heights) Investors, LLC Address: 1455 Shure Drive Arlington Heights, Illinois 60004 Municipality or Unincorporated Township: Village of Arlington Heights, Illinois Cook County District: 14 Permanent Index Number: 03-07-100-015-0000 and 03-07-100-021-0000 Municipal Resolution Number: Village of Arlington Heights Resolution Number R2020-005 Number of month property vacant/abandoned: 27 months vacant Special circumstances justification requested: Yes Proposed use of property: Industrial use - warehousing and distribution Living Wage Ordinance Compliance Affidavit Provided: Yes WHEREAS, the Cook County Board of Commissioners has adopted a Real Propert...
Sponsors: TONI PRECKWINKLE (President), SCOTT R. BRITTON
title
PROPOSED RESOLUTION

THE GC NET LEASE (ARLINGTON HEIGHTS) INVESTORS, 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: The GC Net Lease (Arlington Heights) Investors, LLC

Address: 1455 Shure Drive Arlington Heights, Illinois 60004

Municipality or Unincorporated Township: Village of Arlington Heights, Illinois

Cook County District: 14

Permanent Index Number: 03-07-100-015-0000 and 03-07-100-021-0000

Municipal Resolution Number: Village of Arlington Heights Resolution Number R2020-005

Number of month property vacant/abandoned: 27 months vacant

Special circumstances justification requested: Yes

Proposed use of property: Industrial use - 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 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 is abandoned for purpose of Class 6b; and

WHEREAS, in the case of abandonment of over 24 months and no purchase for value by a disinterested buyer, the County may determine that special circumstances justify finding the property as being deemed abandoned; and

WHEREAS, Class 6b requires a resolution ...

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