Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: R2015-568   
Type: Resolution Status: Adopted
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 9/24/2015
Title: Support of Class 6(b) tax incentive for property at 4501 W 42nd Pl
Sponsors: Zalewski, Michael R.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2015-568.pdf
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FORTHE BENEFIT OF ECONOMY PACKING COMPANY, AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 4501 WEST 42ND PLACE 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, Economy Packing Company, an Illinois corporation (the "Applicant"), owns certain real estate located generally at 4501 West 42nd Place, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to substantially rehabilitate an approximately 96,000 square foot industrial facility located on the Subject Property; and

WHEREAS, following the substantial rehabilitation, the Applicant plans to operate its business of wholesale distribution of fresh and frozen foods and processing of poultry at the Subject Property; and

WHEREAS, Fulton Troika LLC d/b/a Sam's Meat Company, an Illinois limited liability company, plans to lease a portion of the Subject Property to operate its meat processing business; and

WHEREAS, the Applicant 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 Applicant purchased the Subject Property for value from a seller that has no financial interest in the Applicant; and

WHERE...

Click here for full text