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Record #: SO2021-4198   
Type: Ordinance Status: Passed
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 7/20/2022
Title: Support of Class 6(b) tax incentive for property at 2017 N Mendell St
Sponsors: Hopkins, Brian
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. SO2021-4198.pdf, 2. O2021-4198.pdf

WHEREAS, The City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article Vll of the 1970 Constitution of the State of Illinois authorized to exercise any power and perform any function pertaining to its government and affairs; and

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, 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, 2017 Mendell Baker, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 2017 North Mendell Street, Chicago, Illinois 60614, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, The Applicant acquired the Subject Property in 2015 at which time it consisted of a vacant, dilapidated, deteriorating, approximately 100-year-old, 52,000 square foot warehouse structure (the "Industrial Facility"); and

WHEREAS, The Applicant substantially rehabilitated and modernized the Industrial Facility (the "Substantial Rehabilitation"); and

WHEREAS, Meds, LLC, a Delaware limited liability company (the "Tenant") is a Chicago-based, Life Science pharmaceutical manufacturer; and

WHEREAS, Tenant manufactures pharmaceutical products; and

WHEREAS, Tenant commenced operations within an 8,000 square .foot portion ofthe Industrial Facility in April 2020; and

WHEREAS, Prior to April 2020, the Subject Property was continuously vacant for a period exceeding 24 months and no purch...

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