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Record #: R2016-321   
Type: Resolution Status: Adopted
Intro date: 5/18/2016 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 6460 W Cortland St
Sponsors: Taliaferro, Chris
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2016-321.pdf, 2. R2016-321 (V1).pdf
RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 3418 N. KNOX, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 6460 WEST CORTLAND 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, 3418 N. Knox, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 6460 West Cortland Street, Chicago, Illinois 60607, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant has leased the Subject Property to an affiliate, Alpina Manufacturing LLC, pursuant to a lease agreement dated August 1, 2014; and

WHEREAS, the Applicant intends to substantially rehabilitate an approximately 99,000 square foot industrial facility located on 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 Subject Property is located within the Galewood/Armitage Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., as amended, and pursuant to an ordinance enacted by the City Council of the City), and the purpose of the Redevelopment Project Area is als...

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