RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE
FORTHE BENEFIT OF ELIZABETH STREET PARTNERS LLC, AND REAL ESTATE LOCATED GENERALLY AT 340 NORTH OAKLEY BOULEVARD AND 333-340 NORTH CLAREMONT AVENUE (A.K.A. 345 NORTH CLAREMONT 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 and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, Elizabeth Street Partners LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 340 North Oakley Boulevard and 333-340 North Claremont Avenue (a.k.a. 345 North Claremont Avenue), Chicago, Illinois 60612, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to substantially rehabilitate an approximately 49,600 square foot industrial facility located on the Subject Property; and
WHEREAS, the Applicant has leased the Subject Property to Wichita Packing Company, an Illinois corporation (the "Tenant"), and Tenant intends to use this portion of the Subject Property for the Tenant's use in producing and packaging pork ribs and associated products for wholesale distribution; 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; and
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