Office of the City Clerk - Record #: R2016-621

• Record #: R2016-621
• Type: Resolution
• Status: Adopted
• Intro date: 9/14/2016
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 10/5/2016
• Title: Support of Class 6(b) tax incentive for property at 3700 S Kedzie Ave
• Sponsors: Cardenas, George A.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
10/24/2016		City Council	Signed by Mayor
10/5/2016	33631	City Council	Adopted	Pass
9/28/2016		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
9/14/2016	32462	City Council	Referred

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RESOLUTION

CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF GOLD STANDARD REAL ESTATE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 3700 SOUTH KEDZIE AVENUE 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, Gold Standard Real Estate, LLC, a Delaware limited liability company (the "Applicant"), owns certain real estate located generally at 3700 South Kedzie Avenue, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant intends to substantially expand its existing approximately 145,509 square foot facility by constructing an additional approximately 28,000 square foot industrial building on the Subject Property; and

WHEREAS, following the expansion, Gold Standard Baking, Inc., an Illinois corporation, will occupy the expanded facility at the Subject Property for the manufacturing of fresh and frozen premium baked goods; 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 the Stevenson/Brighton Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74...