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This record contains private information, which has been redacted from public viewing.
Record #: R2015-977   
Type: Resolution Status: Adopted
Intro date: 12/9/2015 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 1/13/2016
Title: Support of Class 6(b) tax incentive for property at 1001 E 99th St
Sponsors: Harris, Michelle A.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2015-977.pdf
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF BALTON CORPORATION, AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 1001 EAST 99™ STREET 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, Balton Corporation, an Illinois corporation (the "Applicant"), owns certain real estate located generally at 1001 East 99th Street, Chicago, Illinois 60628, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to rehabilitate an approximately 104,000 square foot industrial facility located on the Subject Property; and

WHEREAS, following the rehabilitation, the Applicant plans to operate its business of food service distribution at the Subject Property; 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

WHEREAS, the Subject Property was vacant and unused for more than 24 months prior to the date of purchase by the Applicant; and

WHEREAS, the Subject Property is located within (i) the City of Chicago Enterprise Zone No. 3 (created pursuant to the Illinois Enterprise Zone ...

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