Class 7A and 7B Newly developed, substantially rehabilitated, or reutilized commercial facilities. This incentive is available to specific commercial developments that would not be economically feasible without the incentive. The business must obtain local approval of the incentive before applying to the Assessor. The approval also must state that the Class 7 incentive requirements have been met. Before determining eligibility, the Assessor conducts a public hearing.
Construction can proceed only after certification of the project.
For Class 7B, the Assessor submits the application to Cook County's Economic Devel- opment Advisory Committee for review before determining eligibility and holding hearings. Class 8 New developed, substantially rehabilitated, or reutilized industrial or commercial facilities in areas experiencing extraordinary deterioration and economic depression. Following certification, the municipality must approve the project as consistent with an overall rehabilitation plan for the area. This is the largest tax incentive offered by Cook County. A half must be low- or moderate income tenants.