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This record contains private information, which has been redacted from public viewing.
Record #: R2017-38   
Type: Resolution Status: Adopted
Intro date: 1/25/2017 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 3/29/2017
Title: Support of Class 6(b) tax incentive for property at 5255 W Grand Ave
Sponsors: Mitts, Emma
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2017-38.pdf
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF MICHELE RUBINO, AN INDIVIDUAL, FILOMENA RUBINO, AN INDIVIDUAL, AND QUALITY ARMATURES, INC., AN ILLINOIS CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 5255 WEST GRAND 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, Michele Rubino, an individual, and Filomena Rubino, an individual, (collectively, the "Applicant") own certain real estate located generally at 5255 West Grand Avenue, Chicago, Illinois 60639, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to transfer ownership of the Subject Property to Quality Armatures, Inc., an Illinois corporation ("QA, Inc."), of which the Applicant is the owner; and

WHEREAS, the Applicant intends to substantially rehabilitate an approximately 3,800 square foot industrial facility located on the Subject Property, and after the rehabilitation, QA, Inc. intends to use said property for its electrical engine parts business; 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 Applicant purchased the Subject Property for value from a seller that has no financial interest in the Applicant; and...

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