RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF J.B. HUNT TRANSPORT, INC., A GEORGIA CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 3642-3750 WEST 47™ 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, expand and remain in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, J.B. Hunt Transport, Inc., a Georgia corporation (the "Applicant"), is the owner of certain real estate located generally at 3642-3750 West 47th Street, Chicago, Illinois 60632 as further described on Exhibit A hereto (the "Subject Property") and has constructed an approximately 64,000 square foot industrial facility thereon; and
WHEREAS, on August 2, 1995, 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 1997; and
WHEREAS, on September 14, 2005, the City Council of the City enacted a resolution supporting and consenting to the renewal of the Class 6(b) classification of the Subject Property by the Assessor; and
WHEREAS, the Applicant has filed an application for an additional renewal of the Class 6(b) classification with the Assessor pursuant to the Ordinance; and
WHEREAS, it is the responsibility ...
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