RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF PAULINA NORTH, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 2300 SOUTH BLUE ISLAND AVENUE, AND 2331 SOUTH BLUE ISLAND 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, Paulina North, LLC, a Delaware limited liability company (the "Applicant"), owns certain real estate located generally at 2300 South Blue Island Avenue, and 2331 South Blue Island Avenue, Chicago, Illinois 60608, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct an approximately 227,043 square foot industrial facility located on the Subject Property; and
WHEREAS, Preferred Freezers Services of Chicago III, LLC, a non-related party ofthe Applicant, plans to lease the Subject Property for cold storage business; and
WHEREAS, the redevelopment objective ofthe City in connection with the Subject Property is to support the new construction of industrial facility, retain existing jobs and create new jobs; and
WHEREAS, the Applicant has filed an eligibility application for a Class 6(b) tax incentive under the County Ordinance with the Office ofthe Assessor of Cook County (the "Assessor"); and
WHEREAS, the Subject Proper...
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