A RESOLUTION FOR RENEWAL OF A COOK COUNTY CLASS 6B STATUS FOR ;
CERTAIN REAL PROPERTY IDENTIFIED AS P.I.N. 14-32-302-015-0000 AND COMMONLY KNOWN AS 1731 N. ELSTON/1430 W. WILLOW STREET IN THE CITY
OF CHICAGO, ILLINOIS
WHEREAS, the City of Chicago, County of Cook, State of Illinois ("the City") is a
duly organized and existing home rule unit of government created under the provisions.
of the law of the State of Illinois, and is operating under the provisions of the Illinois'
Municipal Code, and all laws amendatory thereof and supplementary thereto, with full
power to enact ordinances and adopt resolutions for the benefit of the residents of the
City; and
WHEREAS, the City desires to promote the development of industrial property within the City; and
WHEREAS, Cook County's Real Property Classification Ordinance, as amended ("the County Ordinance") provides a system for classifying certain real property located in Cook County for real estate tax assessment purposes; and !
WHEREAS, the County Ordinance encourages industrial and commercial development in Cook County, which seeks to increase employment opportunities and increase the real property tax base; and
WHEREAS, the County Ordinance creates a Class 6B property tax classification
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("Class 6B") that applies to certain qualifying real estate that is used primarily for industrial, warehousing, manufacturing and/or distribution purposes; and , WHEREAS, property classified as Class 6B property is given a lower assessment level by the Cook County Assessor, which creates an economic incentive for development to occur on the property; and
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WHEREAS, applicant, Elston Industrial Lofts, LLC, has previously applied for and! received and now seeks renewal of a 6B incentive for the continued development and, occupancy of the real property located at 1731 N. Elston, Chicago, Illinois, P.I.N. 14-32-302-015-0000 (the "Subject Property"); and t
WHEREAS, the Applicant has submitted to the City a request for the City to supp...
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