HomeMy WebLinkAbout24-278 Resolution No. 24-278
RESOLUTION
IN SUPPORT OF CLASS 7C COOK COUNTY COMMERCIAL URBAN RELIEF
ELIGIBILITY (CURE) PROPERTY TAX INCENTIVE RENEWAL FOR REAL ESTATE
LOCATED AT 830 SUMMIT STREET, ELGIN, ILLINOIS
(Shree Kaira, LLC)
WHEREAS,the City of Elgin(the"City")is a home rule unit of government under Section
6(a), Article VII 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 amended the Cook County
Real Property Assessment Classification Ordinance (the "Ordinance") to provide real estate tax
incentives to property owners who build,rehabilitate,enhance,and occupy property that is located
within Cook County and that is used for commercial purposes; and
WHEREAS, the Class 7c Incentive —Commercial Urban Relief Eligibility (CURE) of the
Ordinance(the"Class 7C Tax Incentive")is intended to encourage commercial projects that would
not be economically feasible without assistance, and is available to real estate used primarily for
commercial purposes; and
WHEREAS, the City of Elgin (the "City"), consistent with the Ordinance, as amended,
wishes to induce commercial businesses to locate and expand in the City by offering financial
incentives in the form of property tax relief; and
WHEREAS, Shree Kaira, LLC, an Illinois limited liability company ("Shree Kaira"), is
the owner of the property located at 830 Summit Street, Cook County, Illinois, consisting of
Permanent Index Number 06-07-302-054-0000, as further described in the legal description
attached hereto as Exhibit A and made a part hereof(the "Subject Property"); and
WHEREAS,the Subject Property was approved for a Class 7C Tax Incentive in 2018; and
WHEREAS, Shree Kaira has applied to the Office of the Cook County Assessor for a Class
7C Tax Incentive renewal relative to the Subject Property to continue to be utilized by Shree Kaira
for commercial purposes; and
WHEREAS, Shree Kaira has provided an Economic Disclosure Affidavit to the City of
Elgin; and
WHEREAS, the Mayor and City Councilmembers of the City of Elgin, having duly
considered the request of Shree Kaira, express their support for and consent to the Class 7C Tax
Incentive Renewal for the Subject Property,find and determine that the use of the Subject Property
by Shree Kaira is necessary and beneficial to the local economy, and finds such support and
consent to be in the best interests of the City and its residents and property owners.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, AS FOLLOWS:
Section 1. The above recitals are hereby expressly incorporated as if fully set forth
herein.
Section 2. The Mayor and City Councilmembers of the City of Elgin find that the
Subject Property is appropriate for Class 7C Tax Incentive Renewal; and
Section 3. The Mayor and City Councilmembers further finds that the Class 7C Tax
Incentive Renewal for the Subject Property located at 830 Summit Street, Elgin, Cook County,
Illinois is necessary and beneficial to the local economy; and
Section 4. Pursuant to the Ordinance, as amended, the Mayor and City
Councilmembers approve, support and consent to the Class 7C Tax Incentive application of Shree
Kaira for the Subject Property commonly known as 830 Summit Street, Elgin, Cook County,
Illinois; and
Section 5. This resolution shall be in full force and effect from and after its passage
and approval of the matter provided by law.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: December 18, 2024
Adopted: December 18, 2024
Omnibus Vote: Yeas: 9 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
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EXHIBIT A
LEGAL DESCRIPTION
An undivided one-half interest in the following described real estate:
The Southerly 220.0 feet(as measured along the East and West line thereof) of that part of
the South 1/2 of the South West 1/4 of Section 7, Township 41 North, Range 9 East of the
Third Principal Meridian, described as follows: Commencing at the North East corner of
Lords Park, being the North West corner of the East 1/2 of the North West 1/4 of Section
18, Township 41 North, Range 9 East of the Third Principal Meridian, thence North 2
degrees 00 minutes East on the line between the lands of Starrett and Walbaum 1322.00
feet to a point 25 feet South of the North line of the South 1/2 of the South West 1/4 of said
Section 7, thence South 88 degrees 00 minutes West parallel with and 25.0 feet South of
said North line of the South 1/2 of said South West 1/4 and at right angles with the division
line between the lands of Walbaum and Starrett 522.32 feet to a place of beginning;thence
South 2 degrees and 00 minutes West 644 feet to the Northerly right of way line of the
Evanston Highway (State Route 58); thence South 89 degrees, 39 minutes East along said
right of way line 134.9 feet; thence North 2 degrees and 00 minutes East 649.5 feet to a
point 25 feet South of the North line of the South 1/2 of the South West 1/4 of said Section
7;thence South 88 degrees 00 minutes West parallel with and 25.0 feet South of said North
line of the South 1/2 of the South West 1/4 of said Section 135.0 feet to the place of
beginning, all in Cook County, Illinois.
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