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This record contains private information, which has been redacted from public viewing.
Record #: R2013-1105   
Type: Resolution Status: Adopted
Intro date: 11/26/2013 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 12/11/2013
Title: Support for renewal of Class 6(b) tax incentive for property at 845 W Madison St
Sponsors: Burnett, Jr., Walter
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2013-1105.pdf
RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 845 W. MADISON, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 845 W. MADISON STREET 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, 845 W. Madison, LLC, an Illinois limited liability company (the "Applicant"), is the owner of certain real estate located generally at 845 W. Madison St., Chicago, Illinois 60607 as further described on Exhibit A hereto (the "Subject Property") and its predecessor in title has constructed an approximately 82,000 square foot industrial facility thereon; and

WHEREAS, the Applicant is a successor in title to H20 Plus, L.P., an Illinois limited partnership ("H20 L.P.") and is owned by the same individual owner as H20 L.P. and acquired the Subject Property pursuant to a transfer by deed from H20 L.P. dated as of, and recorded on, May 21, 2008; and

WHEREAS, H20 Plus, LLC, a Delaware limited liability company ("H20 LLC") is the tenant of the Subject Property pursuant to a lease entered into with Applicant and dated as of May 23, 2008 which lease was amended pursuant to a first amendment to lease dated as of March 25, 2011; and

WHEREAS, on September 16, 1992 the City Council of the City enacted a resolution supporting and consenting to the Class 6(...

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