(a) Purpose and definitions.
(1) This section establishes the process and procedure for the City to exercise its authority under Section 74-73 of the Cook County Tax Incentive Ordinance, Classification System for Assessment, to request revocation of certain Cook County tax incentive classifications, including Class 6b; Class 6b (special circumstances); Class 6b TEERM; Class 6b SER; Class 6b CEERM; Class 7a; Class 7b; Class 7c; Class 7d; Class 8; Class 8 TEERM and Class 8 CEERM.
(2) For purposes of this section, "Committee" means the Committee on Economic, Capital and Technology Development.
(b) Notice. Following the referral to the Committee of a resolution calling for revocation of a property tax incentive, the Committee shall provide written notice to the applicable taxpayer. Such notice must: (i) include a copy of the filed resolution and the date of the hearing conducted pursuant to subsection (d) of this section, and (ii) be given to the applicable taxpayer no less than 15 days prior to any hearing conducted pursuant to subsection (d) of this section.
(c) Recommendation. The Commissioner shall review each proposed resolution calling for revocation of a property tax incentive and forward a recommendation on the proposal to the Committee before the Committee's public hearing.
(d) Hearing and final action. The Committee must hold a public hearing on all resolutions calling for revocation of property tax incentives in accordance with this section to afford the taxpayer or their representative an opportunity to be heard.
(e) Review and decision-making criteria. The act of revoking a property tax incentive is a legislative action that must be made in the best interests of the public health, safety, and general welfare, while also recognizing the rights of individual taxpayers. In reviewing and making decisions on proposed resolutions to revoke a property tax incentive, factors that the Committee may consider include, but are not limited to, the following:
(i) The circumstances outlined in Section 74-73 of the Cook County Code, and failure to comply with the requirements of Sections 74-71 or 74-72 of the Cook County Code;
(ii) Failure to adequately maintain or invest in the project in order to meet, or cause to be met, the stated redevelopment objectives or as otherwise required under any applicable redevelopment agreement between the City and the taxpayer;
(iii) Failure to submit any reports required to be submitted to the county or the City under applicable law or any redevelopment agreement between the City and the taxpayer;
(iv) An event of default under any applicable redevelopment agreement between the City and the taxpayer; or
(v) Failure to comply with any applicable environmental laws or regulations if such environmental laws or regulations are considered in issuing the applicable tax incentive.
(f) Notice to County Board. Following the effective date of a resolution calling for revocation of a property tax incentive, the City Clerk shall forward a copy of such resolution to the Board of Commissioners of Cook County.
(Added Coun. J. 10-7-20, p. 21319, § 1; Amend Coun. J. 9-18-24, p. 16421, § 1)