RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF PAULINA SOUTH, LLC, A DELAWARE LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 2400 SOUTH WOOD STREET, 2500 SOUTH WOOD STREET, AND 2501 SOUTH WOOD 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, Paulina South, LLC, a Delaware limited liability company (the "Applicant"), owns certain real estate located generally at 2400 South Wood Street, 2500 South Wood Street, and 2501 South Wood Street, Chicago, Illinois 60608, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct an approximately 156,000 square foot industrial facility located on the Subject Property; and
WHEREAS, 2420 South Wood Street, LLC, an Illinois limited liability company, plans to purchase the Subject Property; and
WHEREAS, La Hacienda Brands, Inc., an Illinois privately held business corporation, plans to lease at least one third of the Subject Property for produce storage; and
WHEREAS, the redevelopment objective of the 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 ...
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