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Council backs resolution supporting Prologis 6(b) application for vacant industrial property
Summary
Council committees recommended and the full council placed on the consent agenda a resolution of support for a Cook County 6(b) tax classification application for 514–532 S. Hicks Road; Prologis' attorney said the tax incentive cannot be activated until the site is more than 50% occupied.
The Business Finance & Budget Committee recommended a resolution of support for a Cook County 6(b) tax classification application submitted by the property owner for 514–532 South Hicks Road. Michael Hoffman, the petitioner's attorney, said the resolution is a typical municipal step to enable the owner to apply to Cook County; the county — not the village — will make the final determination.
During questions committee members sought clarity on program eligibility and occupancy triggers. Hoffman said the incentive cannot be activated until the property is over 50% occupied, and that the village's resolution is part of the application record. "The incentive can't ... be activated until it's over 50% occupied," Hoffman said. Committee members asked staff to follow up with Cook County for clarification on occupancy thresholds and other qualification details; the committee voted to report the resolution to the council and it was placed on the consent agenda.
