History
Application for Cook County Tax Relief - Approval
Attorney Dan Pikarski is applying for a Class 7b designation on behalf of Patel Realty for the property at 66 Orland Square Drive that formerly housed Homemakers Furniture. It has been vacant since 2-28-05 according to the petitioner. They will provide an affidavit verifying this before the May 7, 2007 Board meeting. The owners have had difficulty finding tenants and are now looking for Village support of their Class 7b application to Cook County Assessors Office.
The Class 7b (Program description attached) was established to encourage commercial development in areas determined to be in need of commercial development. It is a twelve-year incentive that applies to the reutilization of vacant structures abandoned for at least 24 months. Normally, commercial property is assessed at 38% of fair market value and the Class 7b reduces this to 16% for the first 10 years, 23% for the 11th year and 30% for the 12th year.
It must meet five eligibility requirements. The first eligibility requirement is that “The area is or has been within the last 10 years designated by federal, state or local agency as a conservation, blighted or renewal area.” Although it has not been so designated within the last 10 years, the petitioner’s attorney stated that this can be done by the County going forward. It is for this parcel only and the petitioner will have to present his arguments in favor of such designation to the County.
The petitioner is requesting a resolution of support from the Village Board as required by Cook County. (Please note that the legal description was not available at the time of this writing but will be provided before the May 7, 2007 Board meeting.)
Recommended Action/Motion
I move to pass Resolution Number 0708 entitled: A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 7B STATUS PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE FOR CERTAIN REAL ESTATE OWNED BY ORLAND...
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