RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FORTHE BENEFIT OF ECONOMY PACKING COMPANY, AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 4501 WEST 42ND PLACE IN 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, Economy Packing Company, an Illinois corporation (the "Applicant"), owns certain real estate located generally at 4501 West 42nd Place, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to substantially rehabilitate an approximately 96,000 square foot industrial facility located on the Subject Property; and
WHEREAS, following the substantial rehabilitation, the Applicant plans to operate its business of wholesale distribution of fresh and frozen foods and processing of poultry at the Subject Property; and
WHEREAS, Fulton Troika LLC d/b/a Sam's Meat Company, an Illinois limited liability company, plans to lease a portion of the Subject Property to operate its meat processing business; 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 Applicant purchased the Subject Property for value from a seller that has no financial interest in the Applicant; and
WHERE...
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