File #: 22-5268    Version: 1 Name: Founders Bank Trust NO. 5240
Type: Resolution (Class 8) No Purchase for Value Status: Approved
File created: 9/5/2022 In control: Business and Economic Development Committee
On agenda: 9/22/2022 Final action: 10/20/2022
Title: PROPOSED RESOLUTION Founders Bank Trust NO. 5240 CLASS 8 PROPERTY TAX INCENTIVE REQUEST WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information: Applicant: Founders Bank Trust NO. 5240 Address: 2338 New Street, Blue Island, Illinois 60406 Municipality or Unincorporated Township: City of Blue Island Cook County District: 5th District Permanent Index Number: 25-31-119-023-0000 Municipal Resolution Number: City of Blue Island, Resolution No. 2021-055 Number of month property vacant/abandoned: 14 months vacant Special circumstances justification requested: Yes Proposed use of property: Commercial use - office medical space Living Wage Ordinance Compliance Affidavit Provided: N/A WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 that provides an applicant a reduction in the assessment level for ...
Sponsors: TONI PRECKWINKLE (President), DEBORAH SIMS
title
PROPOSED RESOLUTION

Founders Bank Trust NO. 5240 CLASS 8 PROPERTY TAX INCENTIVE REQUEST

WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 8 application containing the following information:

Applicant: Founders Bank Trust NO. 5240

Address: 2338 New Street, Blue Island, Illinois 60406

Municipality or Unincorporated Township: City of Blue Island

Cook County District: 5th District

Permanent Index Number: 25-31-119-023-0000

Municipal Resolution Number: City of Blue Island, Resolution No. 2021-055

Number of month property vacant/abandoned: 14 months vacant

Special circumstances justification requested: Yes

Proposed use of property: Commercial use - office medical space

Living Wage Ordinance Compliance Affidavit Provided: N/A

WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 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 8; 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 8 requires a resolution by the County Board validating the property as abandoned for the purpose of Class 8; and

WHEREAS, th...

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