The Cook County Board is considering a proposal to take 5% of the tax incentives away and use the money for youth employment.

Board of Commissioners New Items Agenda March 23, 2016

16-2405

Sponsored by: RICHARD R. BOYKIN, BRIDGET GAINER and LARRY SUFFREDIN, County Commissioners

PROPOSED ORDINANCE

AN ORDINANCE CREATING A YOUTH EMPLOYMENT SPECIAL FUND

NOW, THEREFORE, BE IT ORDAINED, by the Cook County Board of Commissioners that Chapter

74 – Taxation, Article II – Real Property Taxation, Division 2 Classification System for Assessment,

Section 74-75 is hereby enacted as follows:

Sec. 74-75. – Youth Employment Fund.

Beginning with property taxes due for fiscal year 2015 and for every subsequent year, the Assessor

shall calculate the value of five percent of the reduction of value on any qualifying parcel ofreal estate that

is granted a Class 6b, Class 6b SER and TEERM, Class C, Class 7a, Class 7b, Class 7c and Class 8, Class

8 (TEERM) or Class 9 classification pursuant to Section 74-63 of the Cook County Code. The Cook

County Clerk shall extend the five percent reduction in value pursuant to this section and transmit notice of

the extension to the party responsible for the payment of property taxes on the qualifying parcel. The party

responsible for the payment of property taxes on a qualifying parcel shall remit payment of the extended

property tax amount to the Cook County Treasurer. All collected monies shall be deposited into the Youth

Employment Fund, pursuant to Section 38-2 of the Cook County Code.

NOW, THEREFORE, BE IT FURTHER ORDAINED, by the Cook County Board of Commissioners

that Chapter 38 Health and Human Services, Article I In General, Section 38-2 is hereby enacted as

follows:

Sec. 38-2. Youth Employment Fund.

The Comptroller shall create a special fund to be known as the “Youth Employment Fund” which

shall be subject to budget and appropriation for purposes related to the funding of youth employment. The

Treasurer shall account for and transfer any remittals pursuant to Section 74-75 of the Cook County Code

into such Fund. The Comptroller shall distribute monies from the Fund after appropriation by the

Cook County Board of Commissioners.

Effective date: This ordinance shall be in effect immediately upon adoption.