RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF MARKET PROPERTIES INCORPORATED, AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 501 NORTH SACRAMENTO BOULEVARDIN CHICAGO, ILLINOIS
PURSUANT TO COOK COUNTY, ILLINOIS REAL PROPERTY ASSESSMENT CLASSIFICATION ORDINANCE
WHEREAS, the Cook County Board of Commissioners has enacted the Cook County Real Property Assessment Classification Ordinance, as amended from time to time (the "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 and which is used primarily for industrial purposes; and
WHEREAS, the City of Chicago (the "City"), consistent with the 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, Market Properties Incorporated, an Illinois corporation (the "Applicant") owns certain real estate located generally at 501 North Sacramento Boulevard, Chicago, Illinois 60612, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to rehabilitate an existing approximately 492,000 square foot industrial facility located on the Subject Property that was vacant between August 2009 and January 2014 to be leased to food-service companies (the "Facility"); and
WHEREAS, Dennis Wholesale Foods, Inc., an Illinois corporation, has leased approximately 280,000 square feet of the Facility; and
WHEREAS, the Applicant has filed with the Office of the Assessor of Cook County (the "Assessor") an eligibility application for a Class 6(b) tax incentive under the Ordinance; and
WHEREAS, the Subject Property is located within (i) the City of Chicago Enterprise Zone No. 4 (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 Council of the City, as...
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