RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF FREEDMAN SEATING COMPANY, AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 4545 WEST AUGUSTA BOULEVARD 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, Freedman Seating Company, an Illinois corporation (the "Applicant"), leases certain real estate located generally at 4545 W. Augusta Boulevard, Chicago, Illinois 60651, as further described on Exhibit A hereto (the "Subject Property") from Freedman Seating Land Holdings, LLC-Series 4545, an Illinois limited liability company and owner of the Subject Property (the "Owner") and has substantially rehabilitated a 165,000 square foot industrial facility thereon; and
WHEREAS, on July 8, 1998 the City Council of the City 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 previously granted the Class 6(b) tax incentive in connection with the Subject Property in 1998; and
WHEREAS, the Applicant has filed with the Office of the Assessor of Cook County (the "Assessor") an eligibility application for renewal of a Class 6(b) tax incentive under the Ordinance; and
WHEREAS, it is the responsibility of the Assessor to determi...
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