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This record contains private information, which has been redacted from public viewing.
Record #: R2019-236   
Type: Resolution Status: Introduced
Intro date: 4/10/2019 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action:
Title: Support of Class 6(b) tax incentive for property at 1556 W 43rd St
Sponsors: Thompson, Patrick D.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. R2019-236.pdf




RESOLUTION
CLASS 6(B) SUSTAINALBLE EMERGENCY RELIEF (SER) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF ASHLAND COLD STORAGE COMPANY, AND REAL ESTATE LOCATED GENERALLY AT 1556 WEST 43RD STREET IN CHICAGO, ILLINOIS PURSUANT TO COOK COUNTY, ILLINOIS REAL PROPERTY ASSESSMENT CLASSIFICATION ORDINANCE


WHEREAS, the Cook County Board of Commissioner has enacted the Cook County Real Property Assessment Classification Ordinance, as amended from time to time (the "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 and which is used primarily for industrial purposes; and

WHEREAS, the City of Chicago (the "City"), consistent with the 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, Ashland Cold Storage Company, an Illinois privately held business corporation (the "Applicant"), owns certain real estate located generally at 1556 West 43rd Street, Chicago, Illinois, 60609, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to substantially rehabilitate an approximately 223,500 square foot industrial facility located on the Subject Property; and

WHEREAS, the redevelopment objective ofthe City in connection with the Subject Property is industrial utilization; and
WHEREAS, it is intended that the Applicant will use the Subject Property for industrial purposes; and
WHEREAS, the Applicant has filed with the Office of the Assessor of Cook County (the "Assessor") an eligibility application for a Class 6(b) tax incentive under the SER Program, including the Evidence of Hardship; and

WHEREAS, the Applicant has been the owner of the Subject Property since 1962 and the Subject Property has been used for industrial purposes for more than ten years; and

WHEREAS, the Ordinance permits a Class 6(b)...

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