RESOLUTION CLASS 6(B) REAL ESTATE TAX INCENTIVE FOR THE BENEFIT OF WATERSAVER FAUCET CO., AND REAL ESTATE LOCATED GENERALLY AT
701 W. ERIE IN CHICAGO, ILLINOIS PURSUANT TO COOK COUNTY, ILLINOIS REAL PROPERTY ASSESSMENT CLASSIFICATION ORDINANCE
WHEREAS, the Cook County Board of Commissioners 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, WaterSaver Faucet Co., an Illinois corporation (the "Applicant"), is the beneficial owner of certain real estate located generally at 701 W. Erie, Chicago, Illinois 60610, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, title to the Subject Property is held by Chicago Title Land Trust Company Trust No. 27694; and
WHEREAS, the Applicant intends to rehabilitate its existing 79,200 square foot industrial facility and to construct an approximately 44,865 square foot addition thereto on the Subject Property; 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 Ordinance; and
WHEREAS, the Subject Property is located within the River West Redevelopment Project Area (created pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended, and pursuant to an ordinance enacted by the City Council of the City), and the purposes of the River West TIF Redevelopment Project Area are also to provide certain incentives in order to stimulate...
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