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Record #: R2016-836   
Type: Resolution Status: Adopted
Intro date: 11/1/2016 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 12/14/2016
Title: Support of Class 6(b) tax incentive for property at 317 N Francisco Ave and 335 N Francisco Ave
Sponsors: Burnett, Jr., Walter
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2016-836.pdf
10-27-16
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF CORK PROPERTIES, LLC AND REAL ESTATE LOCATED AT 317 NORTH FRANCISCO AVENUE AND 335 NORTH FRANCISCO 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 and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, Cork Properties, LLC, an Illinois limited liability company (the "Applicant"), is the owner of certain real estate located at 317 North Francisco Avenue and 335 North Francisco Avenue, Chicago, Illinois 60612, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant leases a portion of the Subject Property to Chicago Flyhouse, Inc., an Illinois corporation (the "Tenant"), and Tenant uses said property its rigging business operations related to performance flying and stage automation, and for related uses; and
WHEREAS, the Applicant intends to rehabilitate an approximately 50,000 square foot industrial facility located on the Subject Property; and
WHEREAS, following the rehabilitation, the Applicant plans to lease a portion of the Subject Property to the Tenant and to lease the remaining portions of the Subject Property to other tenants yet to be determined; 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; a...

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