13-11-020 Definitions.

   When used in this chapter, unless the context requires otherwise:

   “Category A building” shall mean any structure having, by itself or when combined with all other structures on the parcel of property, an enclosed area of over 500,000 cubic feet, that is primarily devoted to institutional, assembly, business, manufacturing, mercantile, industrial, storage, hazardous or miscellaneous use, or any structure primarily devoted to residential use if the structure contains 24 or more residential units.

   “Category A property” shall mean property on which is situated a Category A building and the building itself, whether or not the building is owned by a person who owns the land on which the building is situated.

   “Committee” means the large building transfer review committee.

   “Demolition costs” shall mean a reasonable estimate of the costs to demolish a Category A building as determined by the building department or as submitted by a licensed contractor whose primary business involves the demolition of buildings or, in the event the building is demolished, the actual cost of such demolition.

   “Owner” shall mean the legal title holder or holders of Category A property, except if legal title is held by an Illinois land trust, “owner” shall mean the beneficial owner or owners of the trust. If a Category A building is owned by a person who does not own the land upon which the building is situated, “owner” shall also mean the owner or beneficial owner of the building.

   “Real estate entity” shall mean any person, including but not limited to any partnership, corporation, trust, or single or multi-tiered entity, that exists or acts substantially for the purpose of receiving rental income from, or holding directly or indirectly title to or beneficial interest in real property upon which a Category A building is situated, whether for personal use, the production of rental income, or investment. It shall be presumed, unless proved otherwise, that an entity is a real estate entity if it owns directly or indirectly real property located in the city having a fair market value greater than 75 percent of the total fair market value of all of the entity's assets (determined without deduction for any mortgage, lien or encumbrance).

   “Transfer” shall mean any conveyance or other transfer of an interest in Category A property on or after the effective date of this chapter by:

      (1)   Deed or other instrument of conveyance; or

      (2)   Assignment of a total of more than 50 percent of the beneficial interest in a land trust over a period of three years or less; or

      (3)   Instrument of transfer from the owner or beneficial owner of a real estate entity.

      However, “transfer” shall not include conveyances made by:

      (1)   Tax deed; or

      (2)   Deed of partition; or

      (3)   Deed or trust document issued pursuant to a foreclosure or transfer in lieu of foreclosure or transfer otherwise to enforce a security interest; or

      (4)   Deed or other instrument of transfer to secure a debt or other obligation; or

      (5)   Deed or other instruments of transfer that is a release of property that is security for a debt or other obligation.

   “Vacant and open” refers to a vacant Category A building that has a significant portion of its doors or windows missing or unsecured.

   “Vacant Category A building” shall mean a Category A building that has remained substantially unoccupied by persons legally entitled to occupy the building, or at which substantially all lawful business operations have ceased, for at least three months.

(Added Coun. J. 3-26-93, p. 30292)