Office of the City Clerk - Record #: R2016-623

• Record #: R2016-623
• 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 4000 S Racine Ave
• Sponsors: Thompson, Patrick D.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
10/24/2016		City Council	Signed by Mayor	Pass
10/5/2016	33636	City Council	Adopted	Pass
9/28/2016		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
9/14/2016	32461	City Council	Referred

RESOLUTION

FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF KBT TRUST, AND REAL ESTATE LOCATED GENERALLY AT 4000 SOUTH RACINE AVENUE 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, KBT Trust, an Illinois Trust (the "Applicant"), is the owner of certain real estate located generally at 4000 S Racine Avenue, Chicago, Illinois 60609 as further described on Exhibit A hereto (the "Subject Property") and has reoccupied a formerly abandoned approximately 140,000 square foot industrial facility thereon; and

WHEREAS, the Applicant leases the Subject Property to Edsal Manufacturing Company, Inc., an Illinois corporation, and it operates the Subject Property for industrial purposes; and

WHEREAS, on November 19, 2003 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 2004; and
WHEREAS, the Applicant has filed an application for renewal of the Class 6(b) classification with the Assessor pursuant to the Ordinance; and
WHEREAS, it is the responsibility of the Assessor to determine that an application for a Class 6(b) classificatio...