Office of the City Clerk - Record #: O2018-9627

• Record #: O2018-9627
• Type: Ordinance
• Status: Passed
• Intro date: 12/12/2018
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 1/23/2019
• Title: Support of Class 7(b) tax incentive for property at 3837 S Halsted St and 3849 S Halsted St
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class 7(b)

Date	Journal Page Number	Action By	Action	Result
1/29/2019		Office of the Mayor	Signed by Mayor
1/23/2019	94258	City Council	Passed	Pass
1/22/2019		Committee on Economic, Capital and Technology Development	Recommended to Pass
12/12/2018	91499	City Council	Referred

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ORDINANCE

WHEREAS, the City of Chicago (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, pursuant to an ordinance adopted by the City Council of the City ("City Council"), the City established "Enterprise Zone 2" in accordance with the Illinois Enterprise Zone Act, 20 ILCS 665/1, et seq., finding, among other things, that Enterprise Zone 2 is a depressed area; and

WHEREAS, certain real estate generally located at 3837 South Halsted Street and 3849 South Halsted Street in the City, as more precisely described on Exhibit A attached hereto and hereby made a part hereof (the "Project Site"), is located within the boundaries of Enterprise Zone 2; and

WHEREAS, the Project Site is partially located within the 35th/Halsted Redevelopment Project Area designated by the City under the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq. pursuant to an ordinance published in the Journal of Proceedings of the City Council (the "Journal") on January 14, 1997, and the purpose of such redevelopment project area is also to provide certain incentives in order to revitalize depressed areas; and

WHEREAS, Lakeside Bank, an Illinois banking corporation (the "Applicant"), proposes to construct a new commercial building of approximately 6,344 square feet on the Project Site for use as a bank branch operated by the Applicant (the "Project"); and

WHEREAS, the City's support and consent to the Class 7b classification for the Project Site is conditioned upon the completion of the Project and occupation of the bank branch by the Applicant; and

WHEREAS, during a period of five years commencing on the date of the reclassification of the Project Site by the County to a Class 7b classification (the "Five-Year Period"), if the Applicant does not fully occupy the bank branch, it sha...