Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: R2016-743   
Type: Resolution Status: Adopted
Intro date: 10/5/2016 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 12/14/2016
Title: Support of Class 6(b) tax incentive renewal for property at 3313 W Newport Avenue
Sponsors: Ramirez-Rosa, Carlos
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2016-743.pdf
RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF INVETISIN PROPERTIES, LLC AND H.M. WITT & CO., AND
REAL ESTATE LOCATED GENERALLY AT 3313 WEST NEWPORT 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, Invetisin Properties, LLC, an Illinois limited liability company (the "Owner"), is the owner of certain real estate located generally at 3313 West Newport Avenue, Chicago, Illinois 60618 as further described on Exhibit A hereto (the "Subject Property"), which is leased by H.M. Witt & Co., an Illinois corporation (the "Applicant"); and
WHEREAS, the Owner and/or the Applicant has substantially rehabilitated an approximately 24,100 square foot industrial facility on the Subject Property; and
WHEREAS, on November 1, 2005 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 2006; 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...

Click here for full text