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This record contains private information, which has been redacted from public viewing.
Record #: SR2015-907   
Type: Resolution Status: Adopted
Intro date: 11/18/2015 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 6/22/2016
Title: Support of Class 6(b) tax incentive for property at 4351 N Normandy Ave
Sponsors: Sposato, Nicholas
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. SR2015-907.pdf, 2. R2015-907.pdf
SUBSTITUTE RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE
FOR THE BENEFIT OF COLUMBIA METAL SPINNING CO., INC. AND REAL ESTATE LOCATED GENERALLY AT 4351 N. NORMANDY 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, Columbia Metal Spinning Co., Inc., an Illinois corporation (the "Applicant"), is the owner of certain real estate located generally at 4351 N. Normandy Avenue, Chicago, Illinois 60634 as further described on Exhibit A hereto (the "Subject Property") and has constructed an approximately 75,000 square foot industrial facility thereon; and

WHEREAS, on September 5, 2001 the City Council of the City enacted a resolution supporting and consenting to the Class 6(b) classification of the Subject Property by the Office of the Assessor of Cook County (the "Assessor"); and

WHEREAS, the Assessor granted the Class 6(b) tax incentive in connection with the Subject Property in 2003; and

WHEREAS, the Applicant has filed an application for renewal of the Class 6(b) classification with the Assessor pursuant to the Ordinance; and

WHEREAS, it is the responsibility of the Assessor to determine that an application for a Class 6(b) classification or renewal of a Class 6(b) classification is eligible pursuant to the Ordinance; and

WHEREAS, the Ordinance requires that, in c...

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