RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF PETER PSYHOGIOS REVOCABLE TRUST DATED SEPTEMBER 30, 2003 AND ELENI PSYHOGIOS REVOCABLE TRUST DATED SEPTEMBER 30, 2003, AND REAL ESTATE LOCATED GENERALLY AT 4235 WEST DISTRICT BOULEVARD, 4302 SOUTH TRIPP AVENUE, 4300 SOUTH KEELER AVENUE, AND 4322 SOUTH KEELER 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, Peter Psyhogios Revocable Trust dated September 30, 2003 and Eleni Psyhogios Revocable Trust dated September 30, 2003 (collectively, the "Applicant"), are the owners of certain real estate located generally at 4235 West District Boulevard, 4302 South Tripp Avenue, 4300 South Keeler Avenue, and 4322 South Keeler Avenue, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, Takis Royal Foods, Inc., an Illinois corporation (the "Tenant"), leases the Subject Property; and
WHEREAS, the Tenant intends to rehabilitate an approximately 48,000 square foot industrial facility located on the Subject Property; and
WHEREAS, following the rehabilitation, the Tenant plans to continue operating its business of food distribution and warehousing at the Subject Property; and
WHEREAS, the Applicant has filed with the Office of the Assessor of Cook County (the "Assessor") an eligibility appl...
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