May 28, 2014
To the President and Members of the City Council:
Reporting for your Committee on Economic, Capital and Technology Development for which a meeting was held on May 21, 2014; having had under consideration a Class 6(b) tax incentive Resolution for property located at 10459 South Muskegon Avenue, which was introduced by Alderman John Pope at the April 30, 2014 City Council Meeting, begs leave to report and recommend that Your Honorable Body Pass the proposed appointment transmitted herewith.
This recommendation was concurred in by a viva voce vote of the members of the Committee.
Respectfully submitted, Chaifman^
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF BHI PROPERTY, LLC, AND REAL ESTATE LOCATED GENERALLY AT 10459 S. MUSKEGON 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 and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, BHI Property, LLC, an Illinois limited liability company (the "Applicant"), which was formed by Arro Corp, an Illinois corporation ("Arro") as the real estate holding agent for Arro, is the owner of certain real estate located generally at 10459 S. Muskegon Avenue, Chicago, Illinois 60617 as further described on Exhibit A hereto (the "Subject Property") and has done some minor renovations to an approximately 230,000 square foot industrial facility which contains four (4) conne...
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