Title/Name/Summary
Class 6B Renewal - 15426-28 70th Court - Resolution
History
This request is for the Village Board of Trustees to consider a resolution in support of the renewal of the Class 6B status for property located at 15426 S. 70th Court (PIN 28-18-100-051-1006/1007) in Orland Park. The subject property was granted a Class 6B in 2005. The incentive was renewed in 2015. The owner of the property, at the time, Madison Construction, applied for the tax incentive for both tenant spaces, 15426 70th Court Unit A and 15428 70th Court Unit B. Unit A was occupied by Fastenal Company.
The Attorney, James E. Doherty, representing the property owner has indicated that the property has been totally vacant since April 2026, with only a small portion of 15426 70th Court being occupied for the first quarter of 2026 The property owner is requesting a renewal of the Class 6b incentive to make the office/warehouse economically feasible for a tenant to operate their business and increase the likelihood of occupancy.
The Class 6B incentive, offered through Cook County, provides for a substantial reduction in assessed valuation resulting in significant tax savings. The incentive term is for a period of 10 years (10% of market value) and then begins to rise in years 11 & 12 (15% and 20% respectively). In the absence of this incentive, real estate would normally be assessed at 25% of its market value. The County no longer places a limit on the amount of renewals granted per property.
Recommended Action/Motion
I move to pass the Resolution as presented.
(Full motion - not necessary to be read)
I move to pass a Resolution entitled: A RESOLUTION DETERMINING THE NECESSITY OF AND BENEFIT FROM INDUSTRIAL USES AND SUPPORTING RENEWAL OF CLASS 6B STATUS PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE FOR CERTAIN REAL ESTATE LOCATED AT 15426-28 S. 70TH COURT PIN 28-18-100-051-1006/1007, BREMEN TOWNSHIP IN ORLAND PARK, ILLINOIS.