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Record #: R2016-620   
Type: Resolution Status: Adopted
Intro date: 9/14/2016 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 10/5/2016
Title: Support of Class 6(b) tax incentive for property at 2415 W 21st St
Sponsors: Ervin, Jason C.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2016-620.pdf, 2. R2016-620 (V1).pdf
RESOLUTION

CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 2415 WEST 21st STREET, LLC AND REAL ESTATE LOCATED GENERALLY AT 2415 WEST 21st 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, 2415 West 21st Street, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 2415 West 21st Street in Chicago, Illinois 60608, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to re-occupy an approximately 58,354 square foot abandoned structure on the Subject Property; and

WHEREAS, it is anticipated that Illinois Engineered Products, Inc, an Illinois corporation, and Acorn Wire and Iron Works, LLC, an Illinois limited liability company, each of which are related entities of the Applicant, will lease and operate the Subject Property for industrial purposes; 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 City of Chicago Enterprise Zone No. 1 (created pursuant to the Illinois Enterprise Zone Act, 20 ILCS 665/1 et seq., as amended, and pursuant to an ordinance enacted by the City Council of the City, as amend...

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