File #: 23-1769    Version: 1 Name: VNE Property (Illinois) LLC
Type: Resolution (Class 8) No Purchase for Value Status: Approved
File created: 3/2/2023 In control: Business and Economic Development Committee
On agenda: 3/16/2023 Final action: 4/27/2023
Title: PROPOSED RESOLUTION VNE Property (Illinois) LLC 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: VNE Property (Illinois) LLC Address: 17913-17 Torrence Ave, Lansing, Illinois Municipality or Unincorporated Township: Village of Lansing Cook County District: 6th District Permanent Index Number: 30-31-102-061-0000 Municipal Resolution Number: Village of Lansing, Resolution Number 1141-3109 Number of month property vacant/abandoned: 11 months vacant Special circumstances justification requested: Yes Proposed use of property: Industrial use - warehousing, manufacturing, and/or distribution Living Wage Ordinance Compliance Affidavit Provided: Yes WHEREAS, the Cook County Board of Commissioners has adopted a Real Property Assessment Classification 8 that provides an applicant a reduction in the ...
Sponsors: TONI PRECKWINKLE (President), STANLEY MOORE

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PROPOSED RESOLUTION

 

VNE Property (Illinois) LLC 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: VNE Property (Illinois) LLC

 

Address: 17913-17 Torrence Ave, Lansing, Illinois

 

Municipality or Unincorporated Township: Village of Lansing

 

Cook County District: 6th District  

 

Permanent Index Number: 30-31-102-061-0000

 

Municipal Resolution Number: Village of Lansing, Resolution Number 1141-3109

 

Number of month property vacant/abandoned: 11 months vacant

 

Special circumstances justification requested: Yes  

 

Proposed use of property:  Industrial use - warehousing, manufacturing, and/or distribution

 

Living Wage Ordinance Compliance Affidavit Provided: Yes  

 

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 at least 12 continuous months, and there has been no purchased for value by a purchaser; 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 at least 12 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, the municipality states the Class 8 is necessary for development to occur on this specific real estate. The municipal resolution cites the qualifications of this property to meet the definition of abandoned with special circumstances; and

 

WHEREAS; industrial real estate is normally assessed at 25% of its market value, qualifying industrial real estate eligible for the Class 8 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 8 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 8; 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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