RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FORTHE BENEFIT OF THE MARVEL GROUP, INC., AND REAL ESTATE LOCATED GENERALLY AT 3843 WEST 43RD STREET IN CHICAGO, ILLINOIS PURSUANT TO COOK COUNTY, ILLINOIS TAX INCENTIVE ORDINANCE, CLASSIFICATION SYSTEM FOR ASSESSMENT
WHEREAS, the Cook County Board of Commissioners has enacted the Cook County Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County 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, Illinois and which is used primarily for industrial purposes; and
¦ WHEREAS, the City of Chicago (the "City"), consistent with the County Ordinance, wishesrto induce industry to locate and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, The Marvel Group, Inc., a Delaware corporation (the "Applicant"), owns certain real estate located generally at 3843 West 43rd Street, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant has been the owner of the Subject Property since 1973 and the Subject Property has been used for industrial purposes for more than ten years; and
WHEREAS, the Ordinance permits a Class 6(b) classification for certain properties which have been used for industrial purposes for a minimum of ten years when the industrial enterprise that occupies the premises submits evidence of hardship supporting a determination that participation in the Sustainable Emergency Relief Program (the "SER Program") is necessary for the industrial enterprise to continue operations at its current location and maintain its staff, and that without such designation the industrial enterprise would not be economically viable causing the property to be in imminent risk of becoming vacant and unused ("Evidence of Hardship"); and
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