(a) For the purposes of this Section: "Base year" means the last tax year prior to the date of the application for southland reactivation designation during which the property was occupied and assessed and had an equalized assessed value.
"Cook County Land Bank Authority" means the Cook County Land Bank Authority created by ordinance of the Cook County Board.
"Municipality" means a city, village, or incorporated town located in the State.
"Participating entity" means any of the following, either collectively or individually: the municipality in which the property is located; the South Suburban Land Bank and Development Authority; or the Cook County Land Bank Development Authority.
"Southland reactivation property" means property that:
(1) has been designated by the municipality by resolution as a priority tax reactivation parcel, site, or property due to its clear pattern of stagnation and depressed condition or the decline in its assessed valuation;(2) is held by a participating entity; and(3) meets all of the following criteria: (A) the property is zoned for commercial or industrial use;(B) the property has had its past property taxes cleared and is now classified as exempt, or the property has not had a lawful occupant for at least 12 months immediately preceding the application for certification as southland reactivation property, as attested to by a supporting affidavit;(C) the sale or transfer of the property, following southland reactivation designation, to a developer would result in investment which would result a higher assessed value;(D) the property will be sold by a participating entity to a buyer of property that has been approved by the corporate authorities of the municipality or to a developer that has been approved by the corporate authorities of the municipality whose redevelopment of the parcel, site, or property would reverse long-standing divestment in the area, enhance inclusive economic growth, create jobs or career pathways, support equitable recovery of the community, and stabilize the tax base through investments that align with local government plans and priorities;(E) an application for southland reactivation designation is filed with the participating entity and a resolution designating the property as southland reactivation property is passed by the municipality prior to the sale, rehabilitation, or reoccupation;(F) if not for the southland reactivation designation, development or redevelopment of the property would not occur; and(G) the property is located in any of the following Townships in Cook County: Bloom, Bremen, Calumet, Rich, Thornton, or Worth. "South Suburban Land Bank and Development Authority" means the South Suburban Land Bank and Development Authority created in 2012 by intergovernmental agreement.
"Tax year" means the calendar year for which assessed value is determined as of January 1 of that year.