Title/Name/Summary
Porsche Orland Park Class 7c Renewal Resolution
History
Porsche Orland Park is requesting a resolution supporting the renewal of a Cook County Class 7c property tax incentive for the property located at 8760 West 159th Street. The Cook County Board of Commissioners adopted the Class 7c Commercial Urban Relief Eligibility incentive in 2014, aiming to encourage real estate development in the region. The incentive is intended to encourage commercial projects which would not be economically feasible without assistance.
The five-year incentive applies to all newly constructed buildings or other structures, including the land upon which they are situated; the utilization of vacant structures abandoned for at least twelve (12) months, including the land upon which they are situated; or all buildings and other structures which are substantially rehabilitated to the extent such rehabilitation has added to their value, including qualified land related to the rehabilitation.
Projects which qualify for the Class 7c incentive will receive a reduced assessment level of 10% of the fair market value for the first three (3) years, 15% for the fourth year, and 20% for the fifth year. Without the incentive, the commercial property would normally be assessed at 25% of its market value.
The Class 7c incentive may be renewed during the last year in which a property is entitled to a 10% assessment level or when the incentive is still applied at the 15% or 20% assessment level. A renewal application must be filed, along with a certified copy of a resolution or ordinance adopted by the municipality in which the real estate is located. The number of renewal period requests is limited to one (1).
The subject property consists of an 18,000 square foot motor vehicle sales facility operating as a Porsche dealership. The original Class 7c incentive was passed by the Village Board of Trustees on July 17, 2017. The Village processed a resolution supporting the renewal...
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