RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE
FOR THE BENEFIT OF STONEMILL KEEP PROPERTIES, LLC AND REAL ESTATE LOCATED GENERALLY AT 840 N. MILWAUKEE 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, expand and remain in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, Stonemill Keep Properties, LLC, an Illinois limited liability company (the "Applicant"), is the current owner of certain real estate located generally at 840 N. Milwaukee Avenue, Chicago, Illinois 60642 as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, Milwaukee Equities, Inc., the previous owner of the property, was the original applicant for the tax incentive and substantially rehabilitated an abandoned approximately 12,800 square foot industrial facility on the Subject Property; and
WHEREAS, on November 6, 1992 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 granted the Class 6(b) tax incentive in connection with the Subject Property in 1992; and
WHEREAS, the Assessor granted a renewal the Class 6(b) tax incentive in connection with the Subject Property in 2001; and
WHEREAS, the Applicant has filed an application for renewal of the Class 6(b) classificatio...
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