Submitted By
Tammie Grossman, Director, Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution to Support and Consent to the Cook County Class 7a Property Tax Incentive Application of 100 Marion Street Partners, LLC for the Property Located at 100 Marion Street Consistent with the Recommendation of the Oak Park Economic Development Corporation (Oak Park EDC)
End
Overview
Overview
The applicant, 100 Marion Street Partners, LLC, has requested, through the Oak Park Economic Development Corporation ("Oak Park EDC"), Village of Oak Park support for his application seeking a Cook County Class 7a Property Tax Incentive for 100 Marion Street.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The Cook County Class 7a Property Tax Incentive is intended to encourage commercial projects which would not be economically feasible without assistance. Commercial properties (including commercial condominiums) in Cook County are assessed at 25% of market value - as determined by the County Assessor. Residential properties - and commercial spaces in mixed-use properties - are assessed at just 10% of market value. Under the Class 7a program, commercial properties meeting certain requirements are eligible to receive a reduced assessment level of ten percent (10%) of market value for the first ten years of the program, fifteen percent (15%) for the eleventh and twenty percent (20%) for the twelfth year. Projections show that by utilizing the Cook County Property Tax Incentive Program, the applicant may yield approximately $822,736 ($647,342 in net present value [NPV]*) in property tax savings over the twelve-year term of the program.
Background
100 Marion Street Partners, LLC, purchased 100 South Marion Street in October 2019 with the intent to lease the space to Victory Italian, a restaurant concept developed by the owner of Victory Tap and Armand's Pizza. 100 South Marion is a commercial condominium located within the Old Opera...
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