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RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF BERKSHIRE REFRIGERATED WAREHOUSING, LLC, AN ILLINOIS LIMITED LIABILITY
COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 4550 SOUTH PACKERS 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, expand and remain in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, Berkshire Refrigerated Warehousing, LLC, an Illinois limited liability company (the "Applicant"), is sole lessee of certain real estate located generally at 4550 South Packers Avenue, Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Subject Property is owned by Standard Bank and Trust Company as Trustee under Trust dated November 4, 2002 and known as trust number 17496 by quitclaim deed (the "Owner"), the sole beneficiary of Owner is Paul R. Napleton, who also has a 99% interest in the Applicant, and the Subject Property is leased by the Owner to the Applicant pursuant to a lease agreement dated November 21, 2002; and
WHEREAS, the Applicant currently operates an industrial facility (the "Facility") also located at 4550 South Packers Avenue, Chicago, Illinois 60609; and
WHEREAS, on November 30, 2005, the City Council of the City (the "City Council") enacted a resolution which supported and consented to a Class 6(b) tax incentive under the Ordinance in ...
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