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Record #: R2017-120   
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 875 East 112th St
Sponsors: Beale, Anthony
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2017-120.pdf


RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF MAYS PROPERTY MANAGEMENT COMPANY AND REAL ESTATE LOCATED GENERALLY AT 875 EAST 112th STREET 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, Mays Property Management Company, an Indiana limited liability partnership (the "Applicant"), is the owner of certain real estate located generally at 875 East 112th Street, Chicago, Illinois 60628 as further described on Exhibit A hereto (the "Subject Property") and has constructed an approximately 40,032 square foot industrial facility thereon; and

WHEREAS, on November 2, 1994, the City Council of the City ("City Council") 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 initially granted the Class 6(b) tax incentive in connection with the Subject Property in 1995; and

WHEREAS, on November 13, 2002, the City Council enacted a resolution supporting and consenting to the renewal of the Class 6(b) classification of the Subject Property by the Assessor; and

WHEREAS, the Assessor granted a renewal to the Class 6(b) tax incentive in connection with the Subject Property in 2003; and

WHEREAS, the Applicant has filed an applicat...

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