RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 4401 WEST KINZIE LLC, AN ILLINOIS LIMITED LIABILITY CORPORATION, AND
REAL ESTATE LOCATED GENERALLY AT
4401-25 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, 4401 West Kinzie LLC, an Illinois limited liability corporation (the "Applicant") owns certain industrial real estate located generally at 4401-25 West Kinzie Street, Chicago, Illinois 60624 as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Subject Property is occupied by Why Not Iron, Inc., an Illinois corporation (the "Tenant"), and an industrial metal fabrication business which manufactures, fabricates and installs custom-designed architectural and structural metalwork; and
WHEREAS, the Applicant intends to substantially rehabilitate the approximately 27,664 square foot Subject Property, including tuckpointing, repairing damaged masonry, replacing lintels, replacing windows and doors, repairing the roof and installing ornamental iron grilles; and
WHEREAS, the redevelopment objective of the 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 of the area...
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