RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF EJS BUILDING CORPORATION, AN ILLINOIS CORPORATION AND REAL ESTATE LOCATED GENERALLY AT 4250 WEST 36TH 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, EJS Building Corporation, an Illinois corporation (the "Applicant"), owns certain real estate located generally at 4250 West 36th Street, Chicago, Illinois, 60632, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, Applicant has entered into a lease with TKX Mobile Transport Refrigeration Service, Inc., an Illinois corporation (the "Tenant") for the entirety of the Subject Property; and
WHEREAS, the Applicant intends to construct a 7,950 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 expansion and retention of a Chicago company in the City, to grow the City's industrial base in general and the growth of the Little Village 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 repair, maintenance, and replacement services of refrigerated transport trucks, trailers, and mobile equipment; 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 within the Little Village Industrial Corridor Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., as amended, and pursuant to an ordinance enacted by the City Council of the City), and the purposes of the 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, 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 of the Subject Property will provide significant present and future employment; and
WHEREAS, notwithstanding the Class 6(b) status of the 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.
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.
Honorable Ricarao Ml Alderman, 22nd Ward
SECTION 5: That this resolution shalLbe effective immediately upon its passage and
approval. /I/ .
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EXHIBIT A
Legal Description of Subject Property:
THE WEST 396.00 FEET OF THE SOUTH 319.00 FEET OF THE EAST 630 FEET OF THE NORTH 861.97 FEET OF THAT PART OF LOT 1, LYING WEST OF THE EAST 1430 FEET OF THE SECTION 34 IN COUNTY CLERK'S DIVISION OF THE WEST 1/2 OF THE SOUTHEAST 1/4 OF SECTION 34 TOWNSHIP 39 NORTH, RANGE 13 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
Permanent Real Estate Tax Index Numbers:
PIN 16-34-400-023-0000 Commonly known as:
4250 W. 36th Street, Chicago, Illinois
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