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This record contains private information, which has been redacted from public viewing.
Record #: R2018-41   
Type: Resolution Status: Adopted
Intro date: 1/17/2018 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 2/28/2018
Title: Support of Class 6(b) tax incentive for property at 3410 W Lake St
Sponsors: Ervin, Jason C.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2018-41.pdf






RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 3410 W LAKE LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 3410 WEST LAKE 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, 3410 W Lake LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 3410 West Lake Street, Chicago, Illinois 60624, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant purchased the Subject Property, which contained an approximately 13,250 square foot industrial building that had been totally vacant for more than two years prior to the purchase date, and substantially rehabilitated the building; and
WHEREAS, the Applicant has leased the entire Subject Property to its affiliate, Why Not Iron, Inc., an Illinois corporation, to operate a metal fabricating business which manufactures, fabricates and installs custom designed architectural and structural metal work; and

WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to support the City's goal of encouraging retention of the Applicant's operations within the City, creating new jobs and attracting investment; and
WHEREAS, the Applicant h...

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