RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 4221 WEST KINZIE LLC, AN ILLINOIS LIMITED LIABILITY CORPORATION, AND
REAL ESTATE LOCATED GENERALLY AT 4217-19 WEST KINZIE STREET 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, 4221 West Kinzie LLC, an Illinois limited liability corporation (the "Applicant"), is the owner of certain real estate located generally at 4217-19 West Kinzie Street, Chicago, Illinois 60624 as further described on Exhibit A hereto, (the "Subject Property"); and
WHEREAS, the Applicant intends to construct a new approximately 5,000 sq. foot industrial building on the 5,028 sq. foot Subject Property which the Applicant anticipates it will lease to Why Not Iron, Inc., an Illinois corporation (the "Tenant"), an industrial metal fabrication business which manufactures, fabricates and installs custom-designed architectural and structural metalwork; and
WHEREAS, the redevelopment objective ofthe City in connection with the Subject Property is to encourage industrial investment and job creation and thereby enhance its contribution to the growth and vitality ofthe area; and
WHEREAS, it is intended that the Applicant will lease the Subject Property to the Tenant which will use the Subject Property as warehouse space for its industrial business; and
WHEREAS, the Applicant has filed an eligibility application for a Class 6(b) tax incentive under the County Ordinance with the Office ofthe Assessor of Cook County (the "Assessor") an eligibility application for a Class 6(b) tax incentive under the County Ordinance; and
WHEREAS, the Subject Property is located within the (i) Northwest Industrial Corridor Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended, and pursuant to an ordinance enacted by the City Council of the City); (ii) Northwest Industrial Corridor, Industrial Growth Zone (created pursuant to an ordinance enacted by the City Council of the City, as amended); and (iii) City of Chicago Enterprise Zone No. 5 (created pursuant to the Illinois Enterprise Zone Act, 20 ILCS 665/1 et seq as amended, and pursuant to an ordinance enacted by the City
1
Council of the City, as amended), and the purposes of Redevelopment Project Areas and Enterprise Zones are also to provide certain incentives in order to stimulate economic activity and to revitalize depressed areas; and
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 Office of 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: That this resolution shall be effective immediately upon its passage and
approval.
2
EXHIBIT A
Legal Description of Subject Property:
LOTS 7 AND 8, IN THE RESUBDIVISION OF D.K'. WILLEY IN BLOCKYiN WEST CHICAGO LAND COMPANY'S SUBDIVISION OF THE SOUTH 1/2 OF SECTION 10, TOWNSHIP 39 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
COMMONLY KNOWN AS 4217-19 WEST KINZIE STREET, CHICAGO, IL 60624
Permanent Index Number(s): 16-10-401-011-0000
16-10-401-012-0000
3
PROCO JOE MORENO
CITY COUNCIL
City of Chicago
AtOKFIMAW, 1(j1 W*MU
2740 Wcs? Noam Avgmji. Chicago Illinois 60647 Tkle*1 hon£ 773-278-0101 Pm 773-27B-2041
COMMITTEE MEMBERSHIPS
Chaip.!.'*.-* CftMMi'Tcc o». Economic. Ca^hl &
TCCuNOtGiiY Oi Vl lOfWfiMI
Committees. Flu-Es & Ethics
HiLAi. f M A ENVIHt.-f4Mf.NTAl. PflfiTpCTiON Sl*ECIf*L EvL^IS. CuiTUFfAl AF*"AihS A Rf C:«eATllX
Citv Hall. Roou 300 ■121 Nohtm LaSalil Stfiect CmC»GO. Illinois 60602 TELEPHONfc (312)744-3063 F«x (312) 744-2870
September 23, 2017
To the President and Members ofthe City Council:
Your committee on Economic, Capital & Technology Development, for which a meeting was held on May 17, 2017, having had under consideration five (5) items, which included a Class 6(b) tax incentive resolution introduced by Alderman Sadlowski Garza for the property at 13535 S Torrence Avenue. This recommendation was concurred in a voice vote of all committee members present with no dissenting votes. The second item on the agenda was a Class 6(b) tax incentive resolution introduced by Alderman Thompson for the property at 1400 W 44th Street. This recommendation was concurred in a voice vote of all committee members present with no dissenting votes. The third item on the agenda was a Class 6(b) tax incentive resolution introduced by Alderman Ervin for property at 4401-4425 W Kinzie Street. This recommendation was concurred in a voice vote of all committee members present with no dissenting votes. The fourth item on the agenda was a class 6(b) tax incentive resolution introduced by Alderman Ervin for the property at 4217-4219 W Kinzie Street. This recommendation was concurred in a voice vote of all committee members present with no dissenting votes. The final item on the agenda was a Class 7(b) tax incentive ordinance introduced by Mayor Emanuel for the property at 1010-1058 W 35th Street. T his recommendation was concurred in a voice vote of all committee members present with no dissenting votes.
Respectfully submitted,
Proco Joe Moreno, Chairman
Committee on Economic, Capital & Technology Development
V
