Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution to Support and Consent to the Class 7C Incentive Application of 221 Harrison Street, LLC for the Property Located at 219-221 Harrison Street Consistent with Recommendation of the Oak Park Economic Development Corporation (Oak Park EDC)
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Overview
Overview
221 Harrison Street, LLC has requested, through the Oak Park Economic Development Corporation ("OPEDC"), Village of Oak Park support for its application seeking a Cook County Class 7(c) Property Tax Incentive for 219-221 Harrison Street.
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 Class 7(c) program, commercial properties meeting certain requirements are eligible to receive a reduced assessment level of ten percent (10%) of market value (again as determined by the Cook County Assessor) for the first three years of the program, fifteen percent (15%) for the fourth year and twenty percent (20%) for the fifth year. Projections show that the property tax incentive would yield approximately $100,000 in savings for each building over the five-year program.
Background
On August 7, 2017, the Village Board approved a Resolution to support and consent to Class 7C Incentive Application of the prior owner, Harrison Street Ventures, LLC for the 219-221 Harrison Street. In November 2017, prior to Cook County's review of the 7C application, Harrison Street Ventures sold the property to the current applicant 221 Harrison Street, Ventures, LLC.
The Class 7C Incentive - the Commerical Urban Relief Eligibility ("CURE") - is a new Cook County five-year commercial property tax incentive program. In order to be eligible for the program, a property must meet the following four requirements:
Real Estate Tax Analysis - the property has declining or stagnant asse...
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