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PROPOSED SUBSTITUTE TO FILE 19-4644
(Business and Economic Development Committee 9/25/2019 recessed to 9/26/2019)
PROPOSED RESOLUTION
ASHLAND COLD STORAGE COMPANY CLASS 6B SUSTAINABLE EMERGENCY RELIEF (SER)
WHEREAS, the Cook County Bureau of Economic Development received and reviewed a Real Property Assessment Classification 6b Sustainable Emergency Relief (SER) application containing the following information:
Applicant: Ashland Cold Storage Company
Address: 1556 West 43rd Street, Chicago, Illinois 60609
Length of time at current location: 56 years
Length of time property under same ownership: 56 years
Is there evidence supporting 10 years of the same ownership and/or occupancy (tenancy): Yes
Age of the Property (Building): 56 years
Municipality or Unincorporated Township: City of Chicago
Cook County District: 11
Permanent Index Number(s): 20-05-111-017-0000;20-05-112-001-0000; 20-05-112-010-0000 and 20-05-300-019-0000
Municipal Resolution Number: City of Chicago Resolution No. R2019-236
Evidence of Economic Hardship: Due to oppressively high labor, energy, insurance, State Income Taxes, local property taxes and other burdensome costs, has caused Ashland to suffer economic hardship. In order to reduce operating cost the company would have to relocate its entire operation to Gary, Indiana.
Number of blighting factors associated with the property: Three (3) blighted factors: Deterioration - The roof is 45 years old and a portion of the roof will need to be replaced and other portions of the roof will need to be repaired; Obsolescence- The cold storage equipment old and obsolete and Ashland is unable to to procure and suppliers t service the equipment replacement cost is estimated at $107,933 and Equalized Assessed Value- Currently the land is locked by Ashland Avenue to the west and west 42nd street to the north with no ability to expand.
Has justification for the Class 6b SER program been provided?: Yes
Proposed use ...
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