SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "City") \s 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 enacted the Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County Ordinance"), which establishes the Class L property tax classification to encourage the preservation and rehabilitation of certain historically and architecturally significant buildings, which will enhance the general character of real estate in the county and contribute to the economic well-being of the county by increasing the level of economic activity, increasing employment opportunities and contributing to the long-term growth ofthe real property tax base; and
WHEREAS, Phoenix 226 Central Loop Owner LLC, an Illinois limited liability company (the "Owner"), is the owner of the historic building (the "Building") located at 226 West Jackson Boulevard in Chicago, Illinois, as more precisely described in Exhibit 1 attached hereto and hereby made a part hereof (the land and improvementslhereon being herein referred to as the "Project Real Estate"); and
WHEREAS, it is expected that the City Council of the City (the "City Council") will adopt an ordinance designating the Building as a Chicago Landmark pursuant to the criteria established in Section 2-120-580 et seq. ofthe Municipal Code ofChicago, and such designation as a Chicago Landmark would meet the definition of Landmark pursuant to the County Ordinance; and
WHEREAS, the Owner proposes to rehabilitate the Building, thereby preserving the historic building, increasing employment opportunities in the area and contributing to the long-term growth ofthe real property tax base (the "Project"); and
WHEREAS, the redevelopment objective of the City in connection with the Pro...
Click here for full text