RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF GREYHOUND LINES, INC., A DELAWARE CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 3900-3946 SOUTH NORMAL AVENUE 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, wishes to induce industry to locate and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, Greyhound Lines, Inc., a Delaware corporation (the "Applicant"), owns certain real estate located generally at 3900-3946 South Normal Avenue, Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct an approximately 45,425 square foot industrial facility on the Subject Property; and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to support the retention of the Applicant's operations within the City, retain existing jobs, create new jobs and attract investment in and around the Subject Property; and
WHEREAS, it is intended that the Applicant will use the Subject Property to operate a bus maintenance and repair facility (the "Intended Use"); and
WHEREAS, the Applicant has filed an eligibility application for a Class 6(b) tax incentive under the County Ordinance with the Office of the Assessor of Cook County (the "Assessor"); and
WHEREAS, the Subject Property is located within the Stockyards Annex Redeve...
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