June 25, 2014
To the President and Members of the City Council:
Reporting for your Committee on Economic, Capital and Technology Development for which a meeting was held on June 24, 2014; having had under consideration Six Class 6(b) tax incentive resolutions, all were introduced at the May 28, 2014 City Council for the following properties: 4550 S. Packers Avenue, introduced by Alderman Willie Cochran; 4040 W. 40th Street, introduced by Alderman Michael Zalewski; 6850 W. 62nd Street, also introduced by Alderman Michael Zalewski; 2801 S. Western Avenue, introduced by Alderman Daniel Solis; Building 895 also known as 11535 West Touhy, and for Building 836, O'Hare International Airport, both introduced by Alderman Mary O'Connor, begs leave to report and recommend that Your Honorable Body Pass the proposed resolutions transmitted herewith.
These recommendations were concurred in by a viva voce vote of the members of the Committee.
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 3835/4240, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 4040 WEST 40™ STREET 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, 3835/4240, LLC , a Delaware Limited Liability Company (the "Applicant"), owns all of the membership interests in 40 EAT LLC, a Delaware limited ...
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