Title/Name/Summary
A RESOLUTION SUPPORTING AND CONSENTING TO A COOK COUNTY CLASS 7B REAL ESTATE TAX ASSESSMENT CLASSIFICATION FOR 14497 JOHN HUMPHREY DRIVE
History
The applicant, 24 Orland Park LLC, is requesting a resolution supporting and consenting to a Class 7b tax incentive from Cook County for the purposes of redevelopment and occupancy of vacant property located at 14497 John Humphrey Drive. The applicant, James L. Waner Sr., is the President of Waner Enterprises, a general contractor, construction manager, and a reputable designer of commercial and industrial buildings. The applicant plans to rehabilitate the abandoned building currently on the subject property into a commercial building suitable for professional office workers. Per the applicant, the subject property has been 100% vacant and unused since June of 2024.
The Class 7b program was established to encourage commercial development in areas determined to be in need of commercial development. These projects must have total development costs, exclusive of land, that exceed $2,000,000 and would not be economically feasible without the incentive. The twelve-year incentive applies to all newly constructed buildings or other structures, including the land upon which they are situated; the reutilization of vacant structures abandoned for at least twelve (12) months, (unless otherwise stipulated for a shorter period of time by the municipality in which the real estate is located, with approval from the County Board, or stipulated by the County Board, if located in an unincorporated area) including the land upon which they are situated; all building 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 that qualify for the Class 7b incentive will receive a reduced assessment level of ten percent (10%) of fair market value for the first ten years, fifteen percent (15%) fo...
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