The criteria that will be used during the City Council's evaluation process pertaining to a 7a, 7b or 7c classification request shall be as follows:
(A) A 7a classification is designed to stimulate smaller commercial development in areas in need of commercial development. A 7b classification is designed to stimulate larger commercial developments in areas in need of commercial development. A 7c classification is to encourage commercial projects which would not otherwise be economically feasible.
(B) The real estate must be used primarily for commercial purposes, as defined herein, consisting of all newly constructed buildings or other structures, including the land upon which such property is situated; or all buildings and other structures which are substantially rehabilitated to the extent such rehabilitation has added to their value, including qualified land related to the rehabilitation. Land qualifies when the rehabilitation adds vertical or horizontal square footage to the improvements. The amount of land eligible for the incentive shall be in such proportion as the square footage added by the rehabilitation bears to the total square footage of the improvements on the parcel.
(C) The City Council must determine that the incentive provided by Class 7a, 7b or 7c is necessary for development to occur on the specific real estate and the City Council must support and consent to the Class 7a, 7b or 7c application submitted to the Cook County Assessor.
(D) The real estate must be used primarily for commercial purposes and must be zoned for commercial purposes prior to application for a resolution approving of Class 7a, 7b or 7c classification.
(Ord. O-17-17, passed 4-18-17; Am. Ord. O-24-21, passed 12-7-21)