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Record #: SR2016-452   
Type: Resolution Status: Adopted
Intro date: 6/22/2016 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 4/19/2017
Title: Support of Class 6(b) tax incentives for benefit of certain industrial corridors
Sponsors: Mitts, Emma
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2016-452.pdf, 2. SR2016-452.pdf
SUBSTITUTE RESOLUTION CLASS 6b REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF REAL ESTATE LOCATED WITHIN CERTAIN INDUSTRIAL CORRIDORS 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, Class 6b 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, various individuals or entities (each, an "Applicant"), may own or acquire certain real estate located in certain industrial corridors within Chicago, Illinois, as further described on Exhibit A hereto, which the City has identified as areas in need of industrial development or redevelopment and which qualify as Industrial Growth Zones as" defined in Section .74-62 of the Ordinance (the "Industrial Growth Zones"), and a preliminary list of Permanent Index Numbers for each Subject Property in the Industrial Growth Zones is attached hereto as Exhibit B and hereby incorporated herein; and

WHEREAS, an Applicant may develop property (each, a "Subject Property") within an Industrial Growth Zone in a manner which may cause it to become eligible for a Class 6b tax incentive under the Ordinance; and
WHEREAS, an Applicant may file with the Office of the Assessor of Cook County (the "Assessor") an eligibility application for a Class 6b tax incentive under the Ordinance with respect to a Subject Property (an "Application"); and

WHEREAS, it is the responsibility of the Assessor to determine that an application for a Class...

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