Cook County Business and Economic Development Committee met April 23.
Here is the agenda provided by the committee:
NOTICE AND AGENDA
There will be a meeting of the Committee or Subcommittee of the Board of Commissioners of Cook County at the date, time and location listed above to consider the following:
PUBLIC TESTIMONY
Authorization as a public speaker shall only be granted to those individuals who have submitted in writing, their name, address, subject matter, and organization (if any) to the Secretary 24 hours in advance of the meeting. Duly authorized public speakers shall be called upon to deliver testimony at a time specified in the meeting agenda. Authorized public speakers who are not present during the specified time for public testimony will forfeit their allotted time to speak at the meeting. Public testimony must be germane to a specific item(s) on the meeting agenda, and the testimony must not exceed three minutes; the Secretary will keep track of the time and advise when the time for public testimony has expired. Persons authorized to provide public testimony shall not use vulgar, abusive, or otherwise inappropriate language when addressing the Board; failure to act appropriately; failure to speak to an item that is germane to the meeting, or failure to adhere to the time requirements may result in expulsion from the meeting and/or disqualify the person from providing future testimony.
19-3005
COMMITTEE MINUTES
Approval of the minutes from the meeting of 03/19/2019
19-1965
Sponsored by: DONNA MILLER, Cook County Board of Commissioners
PROPOSED ORDINANCE AMENDMENT
AN AMENDMENT TO CHAPTER 74, ARTICLE II, REAL PROPERTY TAXATION
WHEREAS, vacant properties can devastate a neighborhood and block, undermine neighbors’ quality of life, and diminish the value of nearby properties; and
WHEREAS, they also cause severe fiscal damage to local governments, reducing local tax revenues while costing cities millions for policing, cleaning vacant lots, and demolishing derelict buildings; and
WHEREAS, most vacant buildings and houses are well maintained, but many are not and thousands can sit empty for years, abandoned by their owners, deteriorating to the point where they cannot be reused without major rehabilitation with many ultimately demolished, leaving vacant lots in their place; and
WHEREAS, besides their impact on social and economic conditions, vacant, abandoned properties have a devastating effect on the fiscal condition of their cities, towns, and counties; and
WHEREAS, not only do they pay little in property taxes and generate little revenue for the city or county when sold at tax sales, but they further reduce property tax collections by millions of dollars by devaluing neighboring properties; and
WHEREAS, among the County’s tools to assist in jumpstarting economic development and turning communities around are tax incentives; however, owners of vacant property, who receive said incentives should not be able to indefinitely benefit from them without developing and re-purposing such properties;
NOW THEREFORE, BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74- Taxation, Article II - Real Property Taxation, Division 2- Classification System for Assessment, Section 74-73, of the Cook County Code is hereby amended as follows:
Sec. 74-73. - Revocation or cancellation of incentive classification.
(a) The following Incentive Classifications are subject to revocation herein: Class 6b (special circumstances); Class 6b TEERM; Class 6b SER; Class 7a; Class 7b; Class 7c; Class 8; and Class 8 TEERM.
(b) The incentive may be revoked under the following circumstances:
(1) By rule, as provided by the Assessor; or
(2) By the County Board by Resolution or Ordinance, which is based on a report from the Bureau of Economic Development that has been approved by the Economic Development Advisory Committee of the County; or
(3) By the County Board by Resolution or Ordinance at the request of the Municipality by submission of a Municipal Resolution or Ordinance; and or
(4) By request of the taxpayer to cancel; or
(5) Beginning in the 2019 assessment year and subsequent assessment years, absent an affidavit documenting the stage of leasing, development or sale and by finding of the Bureau of Economic Development or by the Assessor that Abandoned or Vacant property as defined in this code that have received property tax incentives as classified in Sec. 74-73 (a) for two consecutive tax years and title holder(s) have failed to lease, develop or sell said property in such time period or is found to be in noncompliance with The Cook County Vacant Building Ordinance for more than sixty calendar days, a one year suspension of the incentive will be incurred followed by full revocation in the second year if not remedied.
(c) A basis for revocation pursuant to Section 74-73(b)(2) or (b)(3) above includes, but is not limited to, the following:
(1) Failure to comply with the requirements of Section 74-71 or 74-72;
(2) Delinquency in the payment of any property taxes administered by Cook County or by a local municipality; or
(3) Inaccuracies or omissions in documents submitted by the taxpayer, including, but not limited to, the application and the Economic Disclosure Statement.
In case of revocation, or cancellation, or suspension the Incentive Classification shall be deemed null and void for the tax year in which the incentive was revoked, or cancelled, or suspended as to the subject property. In such an instance, the taxpayer shall be liable for and shall reimburse to the County Collector an amount equal to the difference in the amount of taxes that would have been collected had the subject property been assessed as a Class 5 property and the amount of taxes collected under the Incentive Classification as determined by the Assessor.
Effective date: This ordinance shall be in effect immediately upon adoption
Legislative History : Legislative History : Legislative History :
2/21/19 - Board of Commissioners - refer to the Business and Economic Develop 3/19/19 - Business and Economic Development Committee - accept as substituted
3/19/19 - Business and Economic Development Committee - recommend for defe
19-2298
Presented by: SUSAN CAMPBELL, Director, Department of Planning and Development
PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Housing Opportunity Development Corporation, Techny, Illinois
Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $800,000.00in HOME Investment Partnership Funds (HOME 2018 Grant) for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate to support development of Spruce Village, an affordable housing development in Palatine, IL
Total Development Cost: $12,897,473.00 Project Loan Amount: $800,000.00 Fiscal Impact: $800,000.00
Account(s): 1013-10757
Summary: The loan will fund Spruce Village, the new construction of a forty-four (44) unit, fully HOME-assisted, fully accessible development targeted to individuals and families with developmental and physical disabilities under the Permanent Supportive Housing model of operation. The requested HOME funds account for eight percent (8%) of the TDC. Additional funding sources include Illinois Housing Development Authority Tax Credits and Loan Funds, plus Federal Home Loan Bank AHP funding. The maximum impact on Program Income is $8,000 annually.
The borrower will be Housing Opportunity Development Corporation (HODC), a non-profit organization established to develop, manage and preserve affordable housing, primarily in the North and Northwestern suburbs of the Chicago metro area. The company provides both development, operation and social service administration for its development and residents, either in partnership or as its own representative.
Legislative History : 3/21/19 - Board of Commissioners - refer to the Business and Economic Develop
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