RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF HOG SHED VENTURES, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY AND REAL ESTATE LOCATED GENERALLY AT 830 WEST 40TH 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, Hog Shed Ventures, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 830 West 40th Street, Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, Applicant has entered into a lease with its sole member, Frost Lighting Company of Illinois, Inc., an Illinois corporation (the "Tenant") for the entirety of the Subject Property; and
WHEREAS, the Applicant intends io substantially rehabilitate an approximately 79,200 square foot industrial facility located on the Subject Property; and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to'support the retention of a longtime Chicago company in the City, to grow the City's industrial base in general and the growth of the Stockyards Industrial Corridor in particular, to retain existing jobs and to create new jobs; and
WHEREAS, it is intended that the Tenant will use the Subject Property for the warehousing and distribution of its ...
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