RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 4227 NORTH KNOX LLC, AND REAL ESTATE LOCATED GENERALLY AT 4227 NORTH KNOX AVENUE AND 4155 NORTH KNOX 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, 4227 North Knox LLC, an Illinois limited liability company (the "Applicant"), is the owner of certain real estate located generally at 4227 North Knox Avenue and 4155 North Knox Avenue, Chicago, Illinois 60641 as further collectively described on Exhibit A hereto (the "Subject Property") and has constructed an approximately 47,000 square foot industrial facility thereon; and
WHEREAS, the Applicant has leased the Subject Property to Independent Mechanical Industries, Inc., an Illinois corporation; and
WHEREAS, on June 4, 2003 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 subsequently granted the Class 6(b) tax incentive in connection with the Subject Property; and
WHEREAS, the Applicant has filed an application for renewal of the Class 6(b) classification with the Assessor pursuant to the Ordinance; and
WHEREAS, the Subject Property is located within the City of Chicago Enterprise Zon...
Click here for full text