Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: R2016-545   
Type: Resolution Status: Adopted
Intro date: 7/20/2016 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 9/14/2016
Title: Support of Class 6(b) tax incentive for property at 717 S Desplaines St
Sponsors: Solis, Daniel
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2016-545.pdf, 2. R2016-545 (V1).pdf
RESOLUTION

CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF ASCENT CH3, LLC, AND REAL ESTATE LOCATED GENERALLY AT 717 SOUTH DESPLAINES 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, ASCENT CH3, LLC, a Delaware limited liability company (the "Applicant"),., owns certain real estate located generally at 717 South Desplaines Street, Chicago, Illinois 60607, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant intends to substantially rehabilitate an approximately one-hundred ten thousand square foot warehouse into an industrial facility to be used as a data center and 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 Jefferson/Roosevelt 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 Redevelopment Project Areas is also to provide certain incentives in order to stimulate economic activity and to revitalize depressed areas; and
WHEREAS, it is...

Click here for full text