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PROPOSED RESOLUTION
VCOR 47th 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: VCOR 47th LLC
Address: 4340 West 47th Street, Chicago, Illinois
Municipality or Unincorporated Township: City of Chicago
Cook County District: 16
Permanent Index Number: 19-03-400-200-0000
Municipal Resolution Number: City of Chicago Resolution Number R2018-1000
Number of month property vacant/abandoned: 51 months vacant
Special circumstances justification requested: Yes
Proposed use of property: Industrial use - warehousing, manufacturing, 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 by the County Board validating the property as abandoned for the purpose of Class 6b; and
WHEREAS, the municipality states...
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