Office of the City Clerk - Record #: R2018-680

• Record #: R2018-680
• Type: Resolution
• Status: Adopted
• Intro date: 6/27/2018
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 7/25/2018
• Title: Support of Class 6(b) tax incentive for property at 5000 S Homan Ave
• Sponsors: Thompson, Patrick D.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
8/1/2018		Office of the Mayor	Signed by Mayor
7/25/2018	82051	City Council	Adopted	Pass
7/20/2018		Committee on Economic, Capital and Technology Development	Recommended to Pass
6/27/2018	81274	City Council	Referred

RESOLUTION
CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF 5000 S. HOMAN LLC, AN ILLINOIS LIMITED LIABILITY COMPANY AND REAL ESTATE LOCATED GENERALLY AT 5000 SOUTH HOMAN 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, 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, 5000 S. Homan LLC, an Illinois limited liability company (the "Applicant"), purchased certain real estate located generally at 5000 South Homan Avenue, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property") which contained an approximately 140,000 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, Brite Logistics, Inc., an Illinois corporation, to operate a transportation and warehousing logistics business; 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 redevelopment objective of the City in connection with the Subject Property is to support the substantial rehabilitation of an industrial f...