RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF IAC 1224 HOOKER, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 1224 NORTH HOOKER 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 and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, IAC 1224 Hooker, LLC, a Delaware limited liability company (the "Applicant"), is the owner of certain real estate located generally at 1224 N. Hooker, Chicago, Illinois 60642 as further described on Exhibit A hereto (the "Subject Property") and has constructed an approximately 44,700 square foot industrial facility thereon; and
WHEREAS, on September 13, 1995, the City Council of the City enacted a resolution supporting and consenting to the Class 6(b) classification ofthe Subject Property by the Office of Cook County (the "Assessor"); and
WHEREAS, the Assessor granted the Class 6(b) tax incentive in connection with the Subject Property in 1996; and
WHEREAS, on May 26, 2004, the City Council ofthe City enacted a resolution supporting and consenting to the renewal of the Class 6(b) classification of the Subject Property by the Assessor; and
WHEREAS, the Assessor renewed the Class 6(b) tax incentive in connection with the Subject Property in 2004; and
WHEREAS, the Applicant has filed an application for renewal ofthe Class 6(b) classification wit...
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