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This record contains private information, which has been redacted from public viewing.
Record #: R2017-118   
Type: Resolution Status: Adopted
Intro date: 2/22/2017 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 2901 W Lawrence Ave and 2919 W Lawrence Ave
Sponsors: Mell, Deborah
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2017-118.pdf
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE
FOR THE BENEFIT OF MEETING TOMORROW PROPERTIES, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 2901 WEST LAWRENCE AVENUE, AND 2919 WEST LAWRENCE 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, Meeting Tomorrow Properties, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 2901 West Lawrence Avenue and 2919 West Lawrence Avenue, Chicago, Illinois 60625, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant intends to substantially rehabilitate an approximately 41,000 square foot industrial facility and 8,500 square foot parking garage located on the Subject Property; and
WHEREAS, Meeting Tomorrow, Inc., an Illinois corporation, plans to lease the entire Subject Property to operate its meeting and event technology solution 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 Subject Property is located within the Lawrence/Kedzie Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., ...

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