Office of the City Clerk - Record #: R2015-105

• Record #: R2015-105
• Type: Resolution
• Status: Adopted
• Intro date: 3/18/2015
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 4/15/2015
• Title: Support of Class 6(b) tax incentive for property at 2700 W Roosevelt Rd
• Sponsors: Ervin, Jason C.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
4/15/2015	106150	City Council	Adopted	Pass
4/13/2015		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
3/18/2015	105346	City Council	Referred

RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF CF II 2700 ROOSEVELT, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND LOPIN ROOSEVELT, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 2700 WEST ROOSEVELT ROAD 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, CF II 2700 Roosevelt, LLC, a Delaware limited liability company ("CF II"), and Lopin Roosevelt, LLC, an Illinois limited liability company ("Lopin", and collectively with CF II, the "Applicant"), are the owner of certain real estate located generally at 2700 West Roosevelt Road, Chicago, Illinois 60612 as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, U.S. Plastic Lumber Corporation (the "Prior Owner") was the prior owner of the Subject Property; and
WHEREAS, on November 3, 1999 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 2001; and
WHEREAS, the Prior Owner completed the construction of an approximately 106,720 square foot industrial facility on the Subject Property, and then sold the Subject...