RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF CORESITE REAL ESTATE CH2, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 550 WEST 14™ PLACE 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, CoreSite Real Estate CH2, L.L.C., a Delaware limited liability company (the "Applicant"), owns certain real estate located generally at 550 West 14th Place, Chicago, Illinois 60607, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct a four-story, approximately 175,000 square foot industrial facility on the Subject Property; and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to support the growth of the City's technology sector, create new jobs and increase the City's tax base through the construction of a new industrial facility on the Subject Property; and
WHEREAS, it is intended that the Applicant will use the Subject Property to operate a data storage center; and
WHEREAS, the Applicant 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 withi...
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