Office of the City Clerk - Record #: R2015-696

• Record #: R2015-696
• Type: Resolution
• Status: Adopted
• Intro date: 9/24/2015
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 10/14/2015
• Title: Support for renewal of Class 6(b) tax incentive for property at 736 E 112th St
• Sponsors: Beale, Anthony
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
10/14/2015	9752	City Council	Adopted	Pass
10/13/2015		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
9/24/2015	8151	City Council	Referred

RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF RAFFIN PROPERTIES, INC., AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 736 EAST 112™ 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, expand and remain in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, Raffin Properties, Inc., an Illinois corporation (the "Applicant"), is the owner of certain real estate located generally at 736 East 112th Street, Chicago, Illinois 60628 as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, on November 2, 1994 the City Council of the City enacted a resolution supporting and consenting to the Class 6(b) classification of the Subject Property along with certain additional property (together, the "Original Property") by the Office of the Assessor of Cook County (the "Assessor"); and

WHEREAS, the Assessor granted the Class 6(b) tax incentive in connection with the Original Property in 1995; and

WHEREAS, on November 13, 2002 the City Council of the City enacted a resolution supporting and consenting to the renewal of the Class 6(b) classification of the Original Property by the Assessor; and

WHEREAS, the Assessor granted the renewal of the Class 6(b) tax incentive in connection with the Original Property in 2003; and

WHEREAS, after the acquisition of the Original Property by the Applicant in...