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This record contains private information, which has been redacted from public viewing.
Record #: R2018-186   
Type: Resolution Status: Adopted
Intro date: 2/28/2018 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 4/18/2018
Title: Support of Class 6(b) tax incentive for property at 2445 S Rockwell St
Sponsors: Scott, Jr. Michael
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2018-186.pdf, 2. R2018-186 (V1).pdf
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 2445 S. ROCKWELL, LLC, AND REAL ESTATE LOCATED GENERALLY AT 2445 SOUTH ROCKWELL 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, 2445 S. Rockwell, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 2445 South Rockwell Street, Chicago, Illinois 60608, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct an approximately 174,536 square foot industrial facility located on the Subject Property; and
WHEREAS, the redevelopment objective ofthe City in connection with the Subject Property is to support the new construction of an industrial facility, retain existing jobs and create new jobs; and

WHEREAS, it is intended that the Applicant and future tenants will use the Subject Property for warehousing, manufacturing and/or distribution; 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 City of Chicago Enterprise Zone No.1 (created pursuant to the Illinois Enterprise Zone Act, 20...

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