Submitted By
Tammie Grossman, Director, Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution to Approve and Consent to the Class 7C Incentive Application of Mosaic Counseling and Wellness for the Property Located at 213-215 Harrison Street Consistent with the Recommendation of the Oak Park Economic Development Corporation (Oak Park EDC)
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Overview
Overview
Mosaic Counseling and Wellness has requested, through the Oak Park Economic Development Corporation ("OPEDC"), the Village's support for its application seeking a Cook County Class 7(c) Property Tax Incentive for the property at 213-215 Harrison Street. It is estimated that if approved, this property tax incentive would yield the new owners of this property $120,250 in reduced taxes over the programs five year period.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
Commercial property in Cook County is assessed at 25% of market value, as determined by the County Assessor. Under the County's Class 7(c) program, commercial properties meeting certain requirements are eligible to receive a reduced assessment level of ten percent (10%) of market value for three years, fifteen percent (15%) in year four, and twenty percent (20%) in year five. Again, all of this is determined by the Cook County Assessor's office.
Projections show that if approved, the property tax incentive would yield approximately $120,250 in reduced taxes for the new owners of the 213-215 Harrison Street property, over the five-year program.
Background
On August 7, 2017, the Village Board approved a Resolution to support and consent to the Cook County Class 7C Incentive Application for 213-215 Harrison Streets prior owner, Harrison Street Ventures. Harrison Street Ventures did not move forward with the rehab of the property and did not execute the County's Class 7C Incentive. Currently, the property's property tax payments are based on the building being vacant. Harrison Street Ventur...
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