RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF RYAN COMPANIES US, INC., A DELAWARE PRIVATELY HELD BUSINESS CORPORATION AND REAL ESTATE LOCATED GENERALLY AT 1000 EAST 111th 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, Ryan Companies US, Inc., a Delaware privately held business corporation (the "Applicant"), owns certain real estate located generally at 1000 EAST 111™ Street, Chicago, Illinois, 60628, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to newly construct an approximately 400,000 square foot speculative industrial facility located on the Subject Property (the "Facilities"); and
WHEREAS, the Applicant plans to enter into leases with several tenants who have yet to be identified (the "Tenants") and anticipates that the Tenants will use the Facilities for warehousing and distribution; 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 Pullman Park in particular, to retain existing jobs and to create new jobs; and
WHEREAS, the Applicant has filed an eligibility applicati...
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