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Record #: R2018-416   
Type: Resolution Status: Adopted
Intro date: 4/18/2018 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 5/25/2018
Title: Support of Class 6(b) tax incentive for property at 10823 S Langley Ave
Sponsors: Beale, Anthony
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2018-416.pdf, 2. R2018-416 (V1).pdf
RESOLUTION FOR RENEWAL OF CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF B&B LANGLEY PROPERTIES, INC., AND REAL ESTATE LOCATED GENERALLY AT 10823 S. LANGLEY AVENUE 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 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, expand and remain in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, B&B Langley Properties, Inc., an Illinois corporation (the "Applicant"), is the owner of certain real estate located generally at 10823 S. Langley Avenue, Chicago, Illinois 60628 as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant purchased the Subject Property from American International Materials, LLC, an Illinois limited liability company in 2005 ("Original Owner") and owner of the Subject Property at the time of the original Class 6(b) classification;

WHEREAS, the Original Owner substantially rehabilitated an approximately 125,000 square foot industrial facility thereon; and

WHEREAS, on November 4, 1998 the City Council of the City enacted a resolution supporting and consenting to the Class 6(b) classification of the Subject Property by the Office of the Assessor of Cook County (the "Assessor"); and

WHEREAS, the Assessor granted the Class 6(b) tax incentive in connection with the Subject Property in 1999; and
WHEREAS, on March 1, 2006 the City Council of the City enacted a resolution s...

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