RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF R.F.M. PROPERTIES I, L.P., A TEXAS LIMITED PARTNERSHIP AND REAL ESTATE LOCATED GENERALLY AT 3500-3556 WEST 51 ST STREET AND 5000-5058 SOUTH ST. LOUIS AVENUE IN CHICAGO,
ILLINOIS
PURSUANT TO COOK COUNTY, ILLINOIS TAX INCENTIVE ORDINANCE, CLASSIFICATION SYSTEM FOR ASSESSMENT
WHEREAS, the Cook County Board of Commissioners has enacted'the Cook County Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County Ordinance"), which provides for, among other things, real estate tax incentives to property owners who build, rehabilitate, enhance and occupy property which is located within Cook County, Illinois and which is used primarily for industrial purposes; and
WHEREAS, the City of Chicago (the "City"), consistent with the County Ordinance, wishes to induce industry to locate and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, R.F.M. Properties I, L.P., a Texas limited partnership (the "Applicant"), owns certain real estate located generally at 3500-3556 West 51st Street and 5000-5058 South St. Louis Avenue, Chicago, Illinois 60625, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct two buildings on the Subject Property: (1) an approximately 87,780 square foot food processing and warehouse facility and (2) an approximately 5,300 square foot maintenance facility (collectively, the "Facilities"); and
WHEREAS, Applicant plans to enter into a lease with Amigos Meat & Poultry, LLC, a Texas limited liability company (the "Tenant"), for the Facilities; and
WHEREAS, the Applicant anticipates that the Tenant will use the Facilities for food processing and warehousing; and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is the retention of a Chicago company in the City, to grow the City's industrial base in general and the growth of the Brighton Park Industrial Corridor in particular, to retain existing jobs and to create new jobs; and
WHEREAS, the Applicant has filed an eligibility application for a Class 6(b) tax incentive under the County Ordinance with the Office of the Assessor of Cook County (the "Assessor"); and
WHEREAS, the Subject Property is located within the 519l/Archer TIF Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq , as amended, and pursuant to an ordinance enacted by the City Council of the City), and the purposes of such Redevelopment Project Areas are also to provide certain incentives in order to stimulate economic activity and to revitalize depressed areas; and
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WHEREAS, it is the responsibility of the Assessor to determine that an application for a Class 6(b) classification or renewal of a Class 6(b) classification is eligible pursuant to the County Ordinance; and
WHEREAS, the County Ordinance requires that, in connection with the filing of a Class 6(b) eligibility application with the Assessor, the applicant must obtain from the municipality in which such real estate that is proposed for Class 6(b) designation is located a resolution expressly stating, among other things, that the municipality has determined that the incentive provided by Class 6(b) is necessary for development to occur on such real estate and that the municipality supports and consents to the Class 6(b) classification by the Assessor; and
WHEREAS, the intended use of the Subject Property will provide significant present and future employment; and
WHEREAS, notwithstanding the Class 6(b) status of the Subject Property, the redevelopment and utilization thereof will generate significant new revenues to the City in the form of additional real estate taxes and other tax revenues; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1: That the City determines that the incentive provided by Class 6(b) is necessary for the development to occur on the Subject Property.
SECTION 2: That the City supports and consents to the Class 6(b) classification by the Assessor with respect to the Subject Property.
SECTION 3: That the Economic Disclosure Statement, as defined in the County Ordinance, has been received and filed by the City.
SECTION 4: That the Clerk of the City of Chicago is authorized to and shall send a certified copy of this resolution to the Assessor, and a certified copy of this resolution may be included with the Class 6(b) eligibility application filed with the Assessor by the Applicant, as applicant, in accordance with the County Ordinance.
SECTION 5:
approval.
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EXHIBIT A
Legal Description of Subject Property:
THAT PART OF BLOCKS 22, 23, 24, 25 AND 26 AND VACATED ST. LOUIS AVENUE IN JAMES H. REE'S SUBDIVISION OF THE NORTHEAST QUARTER OF SECTION 11, TOWNSHIP 38 NORTH, RANGE 13 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED SEPTEMBER 5. 1855 AS DOCUMENT 62421, IN BOOK 85, PAGE 151, IN COOK COUNTY, ILLINOIS, MORE PARTICULARLY DESCRIBED AS FOLLOWS.
BEGINNING AT THE INTERSECTION OF THE NORTH LINE OF WEST 51ST STREET WITH THE WEST LINE OF SOUTH ST. LOUIS AVENUE; THENCE SOUTH 88 DEGREES 32 MINUTES 31 SECONDS WEST, A DISTANCE OF 602.86 FEET ALONG SAID NORTH LINE OF WEST 51 ST STREET; THENCE NORTH 01 DEGREES 27 MINUTES 29 SECONDS WEST, A DISTANCE OF 10.35 FEET TO A POINT OF CURVATURE; THENCE 133.86 FEET NORTHERLY ALONG A CURVE CONCAVE TO THE EAST, HAVING A RADIUS OF 800.00 FEET, SUBTENDING A CHORD BEARING NORTH 03 DEGREES 20 MINUTES 07 SECONDS EAST, A DISTANCE OF 133.70 FEET TO A POINT OF TANGENCY; THENCE NORTH 08 DEGREES 07 MINUTES 43 SECONDS EAST, A DISTANCE OF 92.13 FEET TO A POINT OF CURVATURE; THENCE 260.32 FEET NORTHERLY ALONG A CURVE CONCAVE TO THE EAST, HAVING A RADIUS OF 775.00 FEET, SUBTENDING A CHORD BEARING NORTH 17 DEGREES 45 MINUTES 04 SECONDS EAST. A DISTANCE OF 259.09 FEET TO A POINT OF TANGENCY; THENCE NORTH 27 DEGREES 22 MINUTES 26 SECONDS EAST, A DISTANCE OF 142.85 FEET TO A POINT OF CURVATURE; THENCE 210.08 FEET NORTHEASTERLY ALONG A CURVE CONCAVE TO THE SOUTHEAST, HAVING A RADIUS OF 520.00 FEET, SUBTENDING A CHORD BEARING NORTH 38 DEGREES 56 MINUTES 52 SECONDS EAST, A DISTANCE OF 208.66 FEET TO A POINT OF TANGENCY; THENCE NORTH 50 DEGREES 31 MINUTES 17 SECONDS EAST, A DISTANCE OF 172.60 FEET TO THE NORTHWEST CORNER OF THE PROPERTY DESCRIBED IN WARRANTY DEED RECORDED NOVEMBER 28, 1997 AS DOCUMENT 97892425, IN COOK COUNTY, ILLINOIS, THENCE ALONG THE NORTH LINE OF SAID PROPERTY DESCRIBED IN DOCUMENT 97892425 FOR THE FOLLOWING TWO (2) COURSES: 1) THENCE NORTH 50 DEGREES 41 MINUTES 29 SECONDS EAST, A DISTANCE OF 107.29 FEET TO A POINT OF CURVATURE; 2) THENCE 204.96 FEET NORTHEASTERLY ALONG A CURVE CONCAVE TO THE SOUTHEAST, HAVING A RADIUS OF 929.69 FEET, SUBTENDING A CHORD BEARING NORTH 57 DEGREES 00 MINUTES 26 SECONDS EAST, A DISTANCE OF 204.55 FEET TO A NON-TANGENT LINE, THENCE SOUTH 01 DEGREES 54 MINUTES 29 SECONDS EAST, A DISTANCE OF 403.78 FEET TO THE SOUTH LINE OF SAID LOT 22; THENCE SOUTH 88 DEGREES 32 MINUTES 45 SECONDS WEST, A DISTANCE OF 111.92 FEET ALONG SAID SOUTH LINE OF LOT 22 TO SAID WEST LINE OF SOUTH ST. LOUIS AVENUE; THENCE SOUTH 01 DEGREES 31 MINUTES 07 SECONDS EAST, A DISTANCE OF 638.49 FEET ALONG SAID WEST LINE OF SOUTH ST. LOUIS AVENUE TO THE POINT OF BEGINNING.
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Permanent Real Estate Tax Index Numbers (PINS) for the Subject Property:
19-11-202-020-0000 (partial) 19-11-202-019-0000
Commonly known as: 3500-3556 West 51st Street and 5000-5058 South St. Lous Avenue
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Chicago City Council Co-Sponsor Addition/Change
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Date Filed
Final copies to be filed with:
Chairman of Committee to which legislation was referred
City Clerk