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PROPOSED RESOLUTION
MAIN FINANCIAL LLC 7a PROPERTY TAX INCENTIVE REQUEST
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 7a application containing the following information:
Applicant: Main Financial LLC
Address: 401-411 W. North Avenue, Northlake, Illinois
Municipality or Unincorporated Township: City of Northlake
Cook County District: 16
Permanent Index Number: 15-05-213-001-0000; 15-05-213-002-0000; 15-05-213-003-0000; 15-05-213-004-0000; 15-05-213-005-0000; 15-05-213-006-0000; 15-05-213-007-0000
Municipal Resolution Number: City of Northlake Resolution No. R-22-2019
Number of month property vacant/abandoned: Four (4) months vacant
Special circumstances justification requested: Yes
Class 7a Eligibility Requirements have been met: Yes
Proposed use of property: Commercial use - Auto dealership
Living Wage Ordinance Compliance Affidavit Provided: Not applicable
WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 7a 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 7a; 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 7a 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 7a is necessary for development to occur on this specific real estate. The municipal resolution cites the five eligibility requirements set forth by the Class 7a assessment status; and
WHEREAS, commercial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 7a 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 7a 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 7a; 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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