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Record #: R2015-571   
Type: Resolution Status: Adopted
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 9/24/2015
Title: Support of Class 6(b) tax incentive for property at 315-321 N Loomis St/324 N Ogden Ave
Sponsors: Burnett, Jr., Walter
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2015-571.pdf
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF REWL VENTURE, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND
REAL ESTATE LOCATED GENERALLY AT 315-321 NORTH LOOMIS STREET/324 NORTH OGDEN 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, REWL Venture, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 315-321 North Loomis Street/324 North Ogden Avenue, Chicago, Illinois 60607, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant intends to lease and operate an approximately 21,000 square foot industrial facility located on the Subject Property; and

WHEREAS, Marilyn Miglin, LP, an Illinois limited partnership and EM Distribution, Inc., an Illinois corporation doing business as Beauty Overstock, will each, among others, lease a portion ofthe Subject Property; 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 (i) the City of Chicago Enterprise Zone No. 4 (created pursuant to the Illinois Enterprise Zone Act, 20 ILCS 665/1 et seq., as amended, and pursuant to an ordinance enacted by the City Counci...

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