RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF MAYS PROPERTY MANAGEMENT COMPANY AND REAL ESTATE LOCATED GENERALLY AT 875 EAST 112th 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, Mays Property Management Company, an Indiana limited liability partnership (the "Applicant"), is the owner of certain real estate located generally at 875 East 112th Street, Chicago, Illinois 60628 as further described on Exhibit A hereto (the "Subject Property") and has constructed an approximately 40,032 square foot industrial facility thereon; and
WHEREAS, on November 2, 1994, the City Council of the City ("City Council") enacted a resolution supporting and consenting to the Class 6(b) classification of the Subject Property by the Office of the Assessor of Cook County (the "Assessor"); and
WHEREAS, the Assessor initially granted the Class 6(b) tax incentive in connection with the Subject Property in 1995; and
WHEREAS, on November 13, 2002, the City Council enacted a resolution supporting and consenting to the renewal of the Class 6(b) classification of the Subject Property by the Assessor; and
WHEREAS, the Assessor granted a renewal to the Class 6(b) tax incentive in connection with the Subject Property in 2003; and
WHEREAS, the Applicant has filed an applicat...
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