RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF SOUTH CHICAGO PROPERTY MANAGEMENT, LTD., AND
REAL ESTATE LOCATED GENERALLY AT 11600 SOUTH BURLEY 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, South Chicago Property Management, Ltd., an Ohio limited liability company (the "Applicant"), owns certain real estate located generally at 11600 South Burley Avenue, Chicago, Illinois 60617, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant has been the owner of the Subject Property since 2001 and the Subject Property has been used for industrial purposes for more than ten years; and
WHEREAS, the Ordinance permits a Class 6(b) classification for certain properties which have been used for industrial purposes for a minimum of ten years when the industrial enterprise that occupies the premises submits evidence of hardship supporting a determination that participation in the Sustainable Emergency Relief Program (the "SER Program") is necessary for the industrial enterprise to continue operations at its current location and maintain its staff, and that without such designation the industrial enterprise would not be economically viable causing the property to be in imminent risk of becoming vacant and unused ("Evidence of Hardship"); and
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