RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 4221 WEST KINZIE LLC, AN ILLINOIS LIMITED LIABILITY CORPORATION, AND
REAL ESTATE LOCATED GENERALLY AT 4217-19 WEST KINZIE STREET IN CHICAGO, ILLINOIS PURSUANT TO COOK COUNTY, ILLINOIS TAX INCENTIVE ORDINANCE, CLASSIFICATION SYSTEM FOR ASSESSMENT
WHEREAS, the Cook County Board of Commissioners has enacted the Cook County Tax Incentive Ordinance, Classification System For Assessment, as amended from time to time (the "County 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, Illinois and which is used primarily for industrial purposes; and
WHEREAS, the City of Chicago (the "City"), consistent with the County 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, 4221 West Kinzie LLC, an Illinois limited liability corporation (the "Applicant"), is the owner of certain real estate located generally at 4217-19 West Kinzie Street, Chicago, Illinois 60624 as further described on Exhibit A hereto, (the "Subject Property"); and
WHEREAS, the Applicant intends to construct a new approximately 5,000 sq. foot industrial building on the 5,028 sq. foot Subject Property which the Applicant anticipates it will lease to Why Not Iron, Inc., an Illinois corporation (the "Tenant"), an industrial metal fabrication business which manufactures, fabricates and installs custom-designed architectural and structural metalwork; and
WHEREAS, the redevelopment objective ofthe City in connection with the Subject Property is to encourage industrial investment and job creation and thereby enhance its contribution to the growth and vitality ofthe area; and
WHEREAS, it is intended that the Applicant will lease the Subject Property to the Tenant which will use the Subject Property as warehouse space...
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