Office of the City Clerk - Record #: R2018-1000

• Record #: R2018-1000
• Type: Resolution
• Status: Adopted
• Intro date: 9/20/2018
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 10/31/2018
• Title: Support of Class 6(b) tax incentive for property at 4340 W 47th St
• Sponsors: Burke, Edward M.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
10/31/2018	87194	City Council	Adopted	Pass
10/17/2018		Committee on Economic, Capital and Technology Development
9/20/2018	85778	City Council	Referred

RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF VCOR 47TH LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 4340 WEST 47TH 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, wishes to induce industry to locate and expand in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, VCOR 47th LLC, an Illinois limited liability company (the "Applicant"), purchased certain real estate located generally at 4340 West 47th Street, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"), which contained an approximately 60,900 square foot industrial building, that had been totally vacant for more than two years prior to the purchase date, and substantially rehabilitated the building; and

WHEREAS, the Applicant has leased the entire Subject Property to Chicago Ornamental Iron, Inc., an Illinois corporation, to operate a metal fabricating business which manufactures, fabricates and installs custom designed architectural and structural metal work; and

WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to support the City's goal of encouraging retention of the Applicant's operations within the City, creating new jobs and attracting investment; and

WHEREAS, the Subject Property is located within (i) the City of Chicago Enterprise Zone ...