Office of the City Clerk - Record #: R2015-255

• Record #: R2015-255
• Type: Resolution
• Status: Adopted
• Intro date: 4/15/2015
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 5/6/2015
• Title: Support of Class 6(b) tax incentive for property at 2056 W Walnut St
• Sponsors: Burnett, Jr., Walter
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
5/6/2015	108287	City Council	Adopted	Pass
5/5/2015		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
4/15/2015	107550	City Council	Referred

RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 2056 WALNUT, L.L.C, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 2056 WEST WALNUT 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, 2056 West Walnut L.L.C, an Illinois limited liability company (the "Applicant"), is the owner of certain real estate located generally at 2056 West Walnut Street, Chicago, Illinois 60612, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, Chicagoland Beverage Company, an Illinois corporation (the "Tenant"), leases the Subject Property; and
WHEREAS, the Tenant intends to construct an approximately 4000 square foot industrial facility to be located on the Subject Property; and

WHEREAS, the Tenant has filed with the Office of the Assessor of Cook County (the "Assessor") an eligibility application for a Class 6(b) tax incentive under the Ordinance; and

WHEREAS, the Subject Property is located within (i) the Chicago West Empowerment Zone (created pursuant to Title XIII of the Omnibus Budget Reconciliation Act of 1993 (Public Law 103-66)), (ii) the City of Chicago Enterprise Zone No. 4 (created pursuant to the Illinois Enterprise Zone Act, 20 ILCS 665/1 et seq., as amended, and pursuant to an ordinance enacted by the City Council of the Cit...