SUBSTITUTE RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE
FOR THE BENEFIT OF CENTERPOINT CHICAGO ENTERPRISE LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 13535 SOUTH TORRENCE AVENUE 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, CenterPoint Chicago Enterprise LLC; an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 13535 South Torrence Avenue, Chicago, Illinois 60633, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant has entered into a Build to Suit Purchase and Sale Agreement with CRRC SIFANG America Incorporated, an Illinois corporation (the "Purchaser"), with respect to the Subject Property; and
WHEREAS, the Applicant intends to construct an approximately 380,994 square foot industrial facility located on the Subject Property; and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is the creation of jobs by the industrial use of the facility; and
WHEREAS, it is intended that the Purchaser will use the Subject Property for manufacturing and assembling rapid transit rail cars; and
WHEREAS, the Applicant has filed an eligibility application for a Class 6(b) tax incentive under...
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