Ol I !< 1 Ol I'l l E MAVOR
CITY Ol CHICAGO
IORI lr LIGHTFOOT
MAYOH
June 25,2021
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Planning and Development, 1 transmit herewith ordinances authorizing a favorable tax status for specified properties located in the City.
Your favorable consideration of these ordinances will be appreciated.
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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 Real Property Assessment Classification Ordinance, as amended (the "Classification 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 of the real property tax base; and
WHEREAS, RCP Hotel Owner, LLC, a Delaware limited liability company (the "Owner"), is the owner of a portion of the historic building known as the Continental and Commercial National Bank Building (the "Building") located at 208 South LaSalle Street in Chicago, Illinois, as more precisely described in Exhibit 1 attached hereto and hereby made a part hereof (the land and improvements thereon being herein referred to as the "Project Real Estate"); and
WHEREAS, the City Council of the City (the "City Council") adopted an ordinance on December 12, 2007, designating the area encompassing the Building as a Chicago landmark pursuant to the criteria established in Section 2-120-5...
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