Title/Name/Summary
Class 6B Renewal - 16249 - 16309 107th Avenue - 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 16249 - 16309 107th Avenue (PIN 27-20-206-007-0000) in Orland Park. The subject property was granted a Class 6B in 2005. The owner of the property, Fredrick Eul applied for the original Class 6B designation. The Village supported a resolution for the renewal of the incentive in 2014, which was subsequently granted by Cook County. His agent/representative Debbie Eul is requesting this resolution in support of another renewal.
The subject property has two (2) multi-tenant buildings on the single parcel. There are 16 total tenants and the combined area of the two buildings is 33,600 square feet. According to the information submitted by the petitioner, these businesses employ 72 full-time employees. The businesses offer a range of manufacturing and industrial uses. The information submitted by the petitioner shows that the buildings are fully leased. The original Class 6B incentive was granted when these two buildings were constructed. The petitioner requested the first renewal to ensure the building remained occupied. Similarly, this renewal is being requested to ensure that the building can remain occupied.
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 ten (10) years (10% of market value) and then begins to rise in years eleven (11) & twelve (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 number of renewals granted per property.
Recommended Action/Motion
I move to adopt a Resolution, entitled: A RESOLUTION SUPPORTING AND CONSENTING TO RENEWAL OF A COOK COUN...
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