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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 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 (i) the Bryn Mawr/Broadway Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg, as amended, and pursuant to an ordinance enacted by the City Council of the City), and the purposes of Redevelopment Project Areas are also to provide certain incentives in order to stimulate economic activity and to revitalize depressed areas; and

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WHEREAS, it is the responsibility of the Assessor to determine that an application for a Class 6(b) classification or renewal of a Class 6(b) classification is eligible pursuant to the County Ordinance; and

 

WHEREAS, the County Ordinance requires that, in connection with the filing of a Class 6(b) eligibility application with the Assessor, the applicant must obtain from the municipality in which such real estate that is proposed for Class 6(b) designation is located a resolution expressly stating, among other things, that the municipality has determined that the incentive provided by Class 6(b) is necessary for development to occur on such real estate and that the municipality supports and consents to the Class 6(b) classification by the Assessor; and

 

WHEREAS, the intended use ofthe Subject Property will provide significant present and future employment; and

 

WHEREAS, notwithstanding the Class 6(b) status ofthe Subject Property, the redevelopment and utilization thereof will generate significant new revenues to the City in the form of additional real estate taxes and other tax revenues; now, therefore,

 

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

 

SECTION 1:  That the City determines that the incentive provided by Class 6(b) is necessary for the development to occur on the Subject Property.

 

SECTION 2:  That the City supports and consents to the Class 6(b) classification by the Assessor with respect to the Subject Property.

 

SECTION 3:   That the Economic Disclosure Statement, as defined in the County Ordinance, has been received and filed by the City.

Alderman, 48th Ward

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SECTION 4:  That the Clerk of the City of Chicago is authorized to and shall send a certified copy of this resolution to the Assessor, and a certified copy of this resolution may be included with the Class 6(b) eligibility application filed with the Assessor by the Applicant, as applicant, in accordance with the County Ordinance.

 

 

EXHIBIT A

 

 

Legal Description of Subject Property:

 

LOT 21 IN BLOCK 8 IN COCHRAN'S THIRD ADDITION TO EDGEWATER, BEING A SUBDIVISION OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 8, TOWNSHIP 40 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.

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ADDRESS: 5408 NORTH BROADWAY STREET, CHICAGO, IL 60640

 

 

Permanent Real Estate Tax Index Numbers (PINS) for the Subject Property:

 

14-08-113-029-0000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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PROCO JOE MORENO

CITY COUNCIL

City of Chicago

Alderman, 1st Ward 2740 West North Avenue

Chicago. Illinois 60647

Telephone' 773-278-0101 F*x. 773-278-2541

COMMITTEE MEMBERSHIPS

Chairman, Committee: on Economic, Capital & Technology Oevelopmf.nt

Committees. Rules & Ethics Finance

Health & Environmental Protection Special Events. Cultural Affairs & Recreation Zoning. Landmarks & Building Standahos

 

Citv Hall. Room 300 121 North LaSalle Street

Chicago. Illinois 60602 Telephone- (312) 744-3063

Fax. (312) 744-2870

 

 

 

July 27, 2018

 

 

 

To the President and Members of the City Council:

 

 

 

Your Committee on Economic, Capital and Technology Development, for which a meeting was held on June 21, 2018, having had under consideration three (3) items. The first item, R2018-36 Support of Class 6(b) tax incentive for Paasche Airbrush Company at 4311 N Normandy Ave - Renewal, was introduced during the January 17, 2018 City Council meeting by Alderman Sposato, 38th Ward. This recommendation was concurred in a voice vote of all committee members present, with no dissenting votes. The second item, R2018-498 Support of Class 6(b) tax incentive for property at 5408 N Broadway, was introduced during the May 25, 2018 City Council meeting by Alderman Osterman, 48th Ward. This recommendation was concurred in a voice vote of all committee members present, with no dissenting votes. The third item, 02018-4504 Support of Class 7(b) tax incentive for property at 2901 W Lawrence Ave and 2919 W Lawrence Ave, was introduced during the May 23, 2018 City Council meeting by Mayor Emanuel. This recommendation was concurred in a voice vote of all committee members present, with no dissenting votes.

 

 

 

Respectfully submitted,

 

 

 

 

 

 

 

Proco Joe Moreno, Chairman

Committee on Economic, Capital and Technology Development

 

 

Approved Approved