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PROPOSED PREVIOUSLY APPROVED ITEM AMENDMENT
Department: Department of Planning and Development
Request: Corrections made as a result of scrivener's errors
Item Number: Item number 21-2556
Fiscal Impact: N/A
Account(s): N/A
Original Text of Item: Sec. 74-63. - Assessment classes.
Real estate is divided into the following assessment classes:
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(7) Class 6b. Real estate used primarily for industrial purposes, consisting of all newly constructed buildings or other structures, including the land upon which they are situated; or abandoned property, including the land upon which such property is situated; or all buildings and other structures which are substantially rehabilitated to the extent such rehabilitation has added to their value, including qualified land related to the rehabilitation. Land qualifies when the rehabilitation adds vertical or horizontal square footage to the improvements. The amount of land eligible for the incentive shall be in such proportion as the square footage added by the rehabilitation bears to the total square footage of the improvements on the parcel.
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d. In the instance where real estate does not meet the definition of abandoned property as defined herein, the municipality or the County Board, as the case may be, may still determine that special circumstances justify finding that the property is deemed "abandoned" for purpose of Class 6b, unless:
1. There has been a purchase for value and the buildings and other structures have not been vacant and unused prior to such purchase; or
2. There has been no purchase for value and the buildings and other structures have been vacant and unused for less than at least 12 continuous months.
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(9) Class 7a. Real estate used primarily for commercial purposes, comprising a qualified commercial development project, as determined pursuant to Section 74-65(a), located in an area in need of commercial development, where total development cost...
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