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Development Authority; or the Cook County Land Bank |
Development Authority. |
"Southland reactivation property" means property that: |
(1) has been designated by the municipality by |
resolution as a priority tax reactivation parcel, site, or |
property due to its clear pattern of stagnation and |
depressed condition or the decline in its assessed |
valuation; |
(2) is held by a participating entity; and |
(3) meets all of the following criteria: |
(A) the property is zoned for commercial or |
industrial use; |
(B) the property has had its past property taxes |
cleared and is now classified as exempt, or
the |
property has not had a lawful occupant for at least 12 |
months immediately preceding the application for |
certification as southland reactivation property, as |
attested to by a supporting affidavit; |
(C) the sale or transfer of the property, |
following southland reactivation designation, to a |
developer would result in investment which would |
result a higher assessed value; |
(D) the property will be sold by a participating |
entity to a buyer of property that has been approved by |
the corporate authorities of the municipality or to a |
developer that has been approved by the corporate |
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authorities of the municipality whose redevelopment of |
the parcel, site, or property would reverse |
long-standing divestment in the area, enhance |
inclusive economic growth, create jobs or career |
pathways, support equitable recovery of the community, |
and stabilize the tax base through investments that |
align with local government plans and priorities; |
(E) an application for southland reactivation |
designation is filed with the participating entity and |
a resolution designating the property as southland |
reactivation property is passed by the municipality |
prior to the sale, rehabilitation, or reoccupation; |
(F) if not for the southland reactivation |
designation, development or redevelopment of the |
property would not occur; and |
(G) the property is located in any of the |
following Townships in Cook County: Bloom, Bremen, |
Calumet, Rich, Thornton, or Worth. |
"South Suburban Land Bank and Development Authority" means |
the South Suburban Land Bank and Development Authority created |
in 2012 by intergovernmental agreement. |
"Tax year" means the calendar year for which assessed |
value is determined as of January 1 of that year. |
(b) Within 5 years after the effective date of this |
amendatory Act of the 102nd General Assembly, purchasers of |
real property from any of the participating entities may apply |
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to that entity to have the property certified as southland |
reactivation property if the property meets the criteria for |
southland reactivation property set forth in subsection (a). |
The participating entity has 5 years from the effective date |
of this amendatory Act of the 102nd General Assembly within |
which it may certify the property as southland reactivation |
property for the purposes of promoting rehabilitation of |
abandoned, vacant, or underutilized property to attract and |
enhance economic activities and investment that stabilize, |
restore, and grow the tax base in severely blighted areas |
within Chicago's south suburbs. This certification is |
nonrenewable and shall be transmitted by the municipality, or |
by the participating entity on behalf of the municipality, to |
the chief county assessment officer as soon as possible after |
the property is certified. Southland reactivation designation |
is limited to the original applicant unless expressly approved |
by the corporate authorities of the municipality and the |
property has no change in use. |
Support by the corporate authorities of the municipality |
for southland reactivation designation shall be considered in |
a lawful public meeting, and impacted taxing districts shall |
receive notification of the agenda item to consider southland |
reactivation of the site not less than 15 days prior to that |
meeting. |
(c) Beginning with the first tax year after the property |
is certified as southland reactivation property and continuing |
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through the twelfth tax year after the property is certified |
as southland reactivation property, for the purpose of |
taxation under this Code, the property shall be valued at 50% |
of the base year equalized assessed value as established by |
the chief county assessment officer, excluding all years with |
property tax exemptions applied as a result of the |
participating entity's ownership. For the first year after the |
property is certified as southland reactivation property, the |
aggregate property tax liability for the property shall be no |
greater than $100,000 per year. That aggregate property tax |
liability, once collected, shall be distributed to the taxing |
districts in which the property is located according to each |
taxing district's proportionate share of that aggregate |
liability. Beginning with the second tax year after the |
property is certified as southland reactivation property and |
continuing through the twelfth tax year after the property is |
certified as southland reactivation property, the property tax |
liability for the property for each taxing district in which |
the property is located shall be increased over the property |
tax liability for the property for the preceding year by 10%. |
In no event shall the purchaser's annual tax liability |
decrease. |
(d) No later than March 1 of each year, the municipality or |
the participating entity on behalf of the municipality shall |
certify to the county clerk of the county in which the property |
is located a percentage southland reactivation reduction to be |
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applied to property taxes for that calendar year, as provided |
this Section. |
(e) The participating entity shall collect the following |
information annually for the pilot program period: the number |
of program applicants; the street address of each certified |
property; the proposed use of certified properties; the amount |
of investment; the number of jobs created as a result of the |
certification; and copies of the certification of each |
southland reactivation site to allow for the evaluation and |
assessment of the effectiveness of southland reactivation |
designation. The participating entity responsible for seeking |
the southland reactivation designation shall present this |
information to the governing body of each taxing district |
affected by a southland reactivation designation on an annual |
basis, and the participating entity shall report the above |
information to any requesting members of the General Assembly |
at the conclusion of the 5-year designation period. |
(f) Any southland reactivation certification granted under |
this Section shall be void if the property is conveyed to an |
entity or person that is liable for any unpaid, delinquent |
property taxes associated with the property.
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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