AI Summary

Sponsored By Toni Preckwinkle (President) And Stanley Moore, Cook County Board Of Commissionersproposed Ordinance Amendmenttax Incentive Ordinance Amendmentbe It Ordained, By The Cook County Board Of Commissioners, That Chapter 74 Taxation, Article Ii Real Property Taxation, Division 2 Classification System For Assessment, Sec. 74-63; Sec. 74-64; Sec. 74-65; Sec. 74-71 And Sec. 74-73 Of The Cook County Code Is Hereby Amended As Follows Sec. 74-63.Assessment Classes.real Estate Is Divided Into The Following Assessment Classes *** (14) Class 8 Micro. Real Estate Used For The Manufacture, Research Or Development Of Semiconductors, Microchips, Quantum Computers, Associated Component Parts, And Services Provided In Support Thereof In A Manner Consistent With 35 Ilcs 45/Art. 110, The Manufacturing Chips For Real Opportunity Act (The "Micro Act"), Consisting Of All Buildings Or Other Structures, Including The Land Upon Which They Are Situated.a. Real Estate Qualifies When It Is Located In An Area Which Has Been Certified As In Need Of Substantial Revitalization In Accordance With The Provisions Of Subsection74-65(I);B. To Qualify For A Class 8 Micro Classification, The Project Must Meet The Minimum Eligibility Requirements Identified In 35 Ilcs 45/110-20(C) And The Applicant Shall Have Entered Into An Agreement With The State Department Of Commerce And Economic Opportunity Pursuant To 35 Ilcs 45/110-45(A). C. An Applicant Must Obtain An Ordinance, Resolution Or Letter From An Authorized Officer From The Unit Of Local Government In Which The Real Estate Is Located That 1. Describes The Redevelopment Objective Of The Municipality;2. States The Applicant's Intended Use Of The Property; And3. States That An Economic Disclosure Statement, As Defined In This Division, Was Received And Filed By The Municipality Or County Board, As The Case May Be.d. A Certified Copy Of The Ordinance Or Resolution Or Letter From The Authorized Off.

• 9/19/2024: Board Of Commissioners

• 9/18/2024: Business And Economic Development Committee

• 9/18/2024: Business And Economic Development Committee

• 7/25/2024: Board Of Commissioners