Office of the City Clerk - Record #: R2017-1093

• Record #: R2017-1093
• Type: Resolution
• Status: Adopted
• Intro date: 12/13/2017
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/13/2017
• Title: Support of Class 6(b) tax incentive for property at 3507 W 51st St
• Sponsors: Burke, Edward M.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
12/15/2017		Office of the Mayor	Signed by Mayor
12/13/2017	62846	City Council	Adopted	Pass
12/11/2017		Committee on Finance	Recommended to Pass
12/11/2017		Committee on Finance	Direct Introduction

RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF CONOR COMMERCIAL REAL ESTATE, LLC, AND
REAL ESTATE LOCATED GENERALLY AT 3507 WEST 51ST 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, Conor Commercial Real Estate, LLC, a Delaware limited liability company (the "Applicant"), intends to acquire certain real estate located generally at 3507 W. 51st Street Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Subject Property is currently vacant; and

WHEREAS, the Applicant intends to construct an approximately 316,550 square foot warehouse/logistics facility located on the Subject Property; and

WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to create new jobs and attract investment; and

WHEREAS, it is intended that the Applicant will use the Subject Property for industrial purposes; and
WHEREAS, the Applicant has filed an eligibility application for a Class 6(b) tax incentive under the County Ordinance with the Office of the Assessor of Cook County (the "Assessor"); and
WHEREAS, the Subject Property is located within the 51S,/Archer Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redeve...