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14-0099
| 1 | | BUILT in Cook Loan Program Fees | Ordinance | PROPOSED ORDINANCE
An Ordinance authorizing Cook County through its Bureau of Economic Development to establish Program Fees for various BUILT in Cook Loan Programs.
WHEREAS, the Cook County Board of Commissioners on April 17, 2013 approved a Resolution authorizing the Bureau of Economic Development to accept the U.S. Department of Housing and Urban Development (HUD) Section 108 Loan Guarantee financing which will launch the BUILT (Broadening Urban Investment to Leverage Transportation) in Cook Loan Fund in an amount not to exceed $30 million dollars; and
WHEREAS, this financing will provide Cook County (County) through the Bureau of Economic Development with the lending authority to support sustainable economic development for the benefit of low- and moderate-income individuals; and
WHEREAS, the Section 108 program is administered as part of HUD’s Community Development and Block Grant (CDBG) program and is subject to the requirements governing the CDBG program; and
WHEREAS, it is permissible for Section 108 recipients to impose fees on third party borrowers who receiv | recommend for approval | Pass |
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14-0709
| 2 | | EJM Properties, LLC | Resolution | PROPOSED RESOLUTION
EJM PROPERTIES, LLC REQUEST FOR A Real Property Assessment Classification 8
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 industrial facility; and
WHEREAS, the County Board of Commissioners has received and reviewed an application from EJM Properties, LLC and Resolution from the Village of South Holland for an abandoned industrial facility located at 570 Armory Drive, South Holland, Cook County, Illinois, Cook County District 17 6, and Permanent Index Number 29-21-319-003-0000; and
WHEREAS, Cook County has defined abandoned property as buildings and other structures that, after having been vacant and unused for at least 24 months, are purchased for value by a purchaser in whom the seller has no direct financial interest; 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 a | recommend for approval | Pass |
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14-0710
| 1 | | Siam Marina Properties, LLC | Resolution | PROPOSED RESOLUTION
Siam Marina Properties, LLC REQUEST FOR A Real Property Assessment Classification 8
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 a commercial facility; and
WHEREAS, the County Board of Commissioners has received and reviewed an application from Siam Marina Properties, LLC and Resolution No. 2013-R-003 from the Tinley Park for an abandoned commercial facility located at 16846 Oak Park Avenue, Tinley Park, Cook County, Illinois, Cook County District 6, and Permanent Index Number 28-30-107001-0000; and
WHEREAS, Cook County has defined abandoned property as buildings and other structures that, after having been vacant and unused for at least 24 months, are purchased for value by a purchaser in whom the seller has no direct financial interest; 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 t | recommend for approval as amended | Pass |
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