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PROPOSED RESOLUTION
VK 5300 Newport, 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: VK 5300 Newport, LLC
Address: 5300 Newport Drive, Rolling Meadows, Illinois
Municipality or Unincorporated Township: Village of Rolling Meadows
Cook County District: 15th District
Permanent Index Number: 08-08-302-012-0000 and 08-08-302-013-0000
Municipal Resolution Number: Village of Rolling Meadows, Resolution No. 22-R-20
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 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 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 6b; 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 6b requires the validation by the County Board of the shorten...
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