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This record contains private information, which has been redacted from public viewing.
Record #: R2018-498   
Type: Resolution Status: Adopted
Intro date: 5/25/2018 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 6/27/2018
Title: Support of Class 6(b) tax incentive for property at 5408 N Broadway
Sponsors: Osterman, Harry
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2018-498.pdf, 2. R2018-498 (V1).pdf
RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF PHOENIX BEAN, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 5408 NORTH BROADWAY 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, Broadway 5410, LLC, an Illinois limited liability company (the "Owner"), owns certain real estate located generally at 5408 North Broadway Street, Chicago, Illinois 60640, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, Phoenix Bean, LLC, an Illinois limited liability company (the "Tenant"), is the tenant of the Subject Property pursuant to a lease (the "Commercial Lease Agreement") dated June 1, 2016, for the term from June 1, 2016 ending May 31, 2026; and

WHEREAS, the Tenant intends to construct an approximately 3,000 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 Tenant will use the Subject Property for expanding its warehousing,manufacturing, and/or distribution of soy products business; and

WHEREAS, the Tenant has filed an elig...

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