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This record contains private information, which has been redacted from public viewing.
Record #: R2018-36   
Type: Resolution Status: Adopted
Intro date: 1/17/2018 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 6/27/2018
Title: Support for renewal of Class 6(b) tax incentive for Paasche Airbrush Company at 4311 N Normandy Ave
Sponsors: Sposato, Nicholas
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2018-36.pdf, 2. R2018-36 (V1).pdf
RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE EXTENSION FOR THE BENEFIT OF PAASCHE AIRBRUSH COMPANY,
AND REAL ESTATE LOCATED GENERALLY AT 4311 NORTH NORMANDY AVENUE, CHICAGO, ILLINOIS PURSUANT TO COOK COUNTY, ILLINOIS REAL PROPERTY ASSESSMENT CLASSIFICATION ORDINANCE


WHEREAS, The Cook County Board of Commissioners has enacted the Cook County Real Property Assessment Classification Ordinance, as amended from time to time (the "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 and which is used primarily for industrial purposes; and

WHEREAS, the City of Chicago (the "City"), consistent with the 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, Paasche Airbrush Company, Inc., an Illinois corporation (the "Applicant") owns the real estate located generally at 4311 North Normandy Avenue in Chicago, Illinois, consisting of various parcels totaling approximately 3.35 acres as legally described in Exhibit A hereto (the "Subject Property"), and is improved with an approximately 60,000 square foot industrial facility used by the Applicant, an Illinois corporation; and

WHEREAS, the Applicant has filed with the Office of the Assessor of Cook County (the "Assessor") a Renewal Application for Class 6(b) tax incentive under the Ordinance; and

WHEREAS, the Subject Property is located within the Read-Dunning Tax Increment Redevelopment Project Area created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., as amended, and the purpose of Redevelopment Project Areas is also to provide certain incentives in order to stimulate economic activity and to revitalize depressed areas; and

WHEREAS, this municipality resolved, supported and consented to Class 6(b) tax incentive for the Subject Propert...

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