RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF BRIDGFORD FOOD PROCESSING CORPORATION, AND REAL ESTATE LOCATED GENERALLY AT 1415 WEST 44th 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, Bridgford Food Processing Corporation, a California corporation (the "Applicant"), owns certain real estate located generally at 1415 West 44th Street Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to substantially rehabilitate an approximately 176,363 square foot abandoned industrial facility located on the Subject Property; and
WHEREAS, the Applicant purchased the Subject Property for value from a seller that has no financial interest in the Applicant; and
WHEREAS, at the time of purchase, the Subject Property had been vacant and unused for less than twenty-four continuous months; and
WHEREAS, the Department of Planning and Development of the City ("DPD") has determined that the Applicant's considerable financial investment in transforming the Subject Property into a USDA certified food facility instead of constructing a less costly new facility constitutes special circumstances for the purposes of the tax incentive (the "Special Circumstances"); and
WHEREAS...
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