Title/Name/Summary
16255 LaGrange Road Class 7C Resolution
History
The applicant, Adam Dotson, Director of Economic Development for Sandrick Law Firm, is petitioning on the behalf of his client, Dr. Ayman Rawda, seeking a Class 7C tax incentive from Cook County pursuant to the abandonment of the subject property at 16255 LaGrange Road and the fulfillment of all other criteria associated with the Class 7C Ordinance. 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. Unlike the more familiar Class 6B and Class 8 incentives, the 7C allows all commercial properties to apply instead of restricting the incentive to only those properties which currently have or are marketed towards industrial uses.
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 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 years, 15% for the fourth year and 20% for the fifth year. Without the incentive, commercial property would normally be assessed at 25% of its market value.
The subject property consists of a one-story, steel frame structure with masonry walls containing approximately 4,800 square feet of floor area. The property was formerly occupied by a Fat Ricky’s Restaurant. The property has been vacant for the last 7 years.
Should the incentive be granted, th...
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