RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE
FOR THE BENEFIT OF
KEHOE DESIGNS, INC., AN ILLINOIS CORPORATION, AND
REAL ESTATE LOCATED GENERALLY AT
> 2555 SOUTH LEAVITT 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, Kehoe Designs, Inc. an Illinois corporation (the "Applicant"), is the tenant pursuant to a lease, with a purchase option, between it and Mack Packaging Group, Inc. an Illinois corporation, the owner of certain real estate located generally at 2555 South Leavitt Street, Chicago, Illinois 60608, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant has substantially rehabilitated an approximately 184,000 square foot industrial facility located on the Subject Property; and
WHEREAS, the Applicant has leased the Subject Property from an owner that has no financial interest in the Applicant; and
WHEREAS, at the time of leasing, the Subject Property had been vacant and unused for greater than twenty-four continuous months; and
WHEREAS, the Department of Planning and Development ofthe City ("DPD")has determined that based on the length of vacancy, that no purchase for value has occurred at this site and the Applicant's considerable financial investment in transforming the Subject Property int...
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