Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: R2017-496   
Type: Resolution Status: Adopted
Intro date: 6/28/2017 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 7/26/2017
Title: Support of Class 6(b) tax incentive for property at 2400, 2500 and 2501 S Wood St
Sponsors: Solis, Daniel
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2017-496.pdf
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 ...

Click here for full text