RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF MRC POLYMERS, INC, AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 3535 WEST 31ST 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, on August 30, 2000 the City Council of the City enacted a resolution supporting and consenting to the Class 6(b) classification by the Office of the Assessor of Cook County (the "Assessor") of certain property located generally at 3501 West 31st Street, Chicago, Illinois (the "Original Property") owned by MRC Polymers, Inc., an Illinois corporation (the "Applicant"), and
WHEREAS, the Assessor granted the Class 6(b) tax incentive in connection with the Subject Property in 2003; and
WHEREAS, the Applicant filed an application for renewal of the Class 6(b) classification with the Assessor of Cook County (the "Assessor") on October 13, 2013, pursuant to the Ordinance; and
WHEREAS, the Applicant is the owner of certain real estate located generally at 3535 West 31st Street, Chicago, Illinois 60623, as further described on Exhibit A hereto (the "Subject Property"), which Subject Property represents a portion ofthe Original Property; and
WHEREAS, Plastic Reclamation Partners, LLC, a Delaware limited liability company, is the lessee of the Subject Property, shares...
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