Office of the City Clerk - Record #: O2015-7255

• Record #: O2015-7255
• Type: Ordinance
• Status: Passed
• Intro date: 9/24/2015
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 10/14/2015
• Title: Support of Class 7(c) tax incentive for property at 6016-6060 N Western Ave, 6045 N Artesian Ave and 6101 N Artesian Ave
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class 7(c)

Date	Journal Page Number	Action By	Action	Result
10/14/2015	9734	City Council	Passed	Pass
10/13/2015		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
9/24/2015	4699	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

September 24, 2015










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing a Class 7(c) tax status for 5657 Broadway, LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,





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 7c property tax; and
WHEREAS, 5657 Broadway LLC, an Illinois limited liability company ("Broadway"), intends to purchase certain real estate located generally at 6016-6060 North Western Avenue, 6045 and 6101 North Artesian Avenue, Chicago, Illinois 60659, as further described on Exhibit A hereto (the "Project Site"); and

WHEREAS, Broadway proposes to develop the Project Site by constructing an approximately 198,417 square foot building (the "Project"); and
WHEREAS, the Project will increase employment opportunities, economic activity in the area and growth in the real property tax base; and

WHEREAS, it is anticipated that Michael Robert Enterprises Inc. d/b/a Chicago Northside Toyota will lease the Project Site from Broadway when the Project is complete; and

WHEREAS, Broadway has applied to the Office ofthe Assessor of Cook County, Illinois (the "Assessor") for designation of the Project Site as a Class 7c classification eligible for certain real estate tax incentives; and

WHEREAS, the Classification Ordinance provides that an applicant for Class 7c classification must obtain an ordinance or resol...