Office of the City Clerk - Record #: O2015-3708

• Record #: O2015-3708
• Type: Ordinance
• Status: Passed
• Intro date: 5/6/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/29/2015
• Title: Support of Class 7 tax incentive for property at 1506-1520 E 87th St - amend
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class 7(c)

Date	Journal Page Number	Action By	Action	Result
7/29/2015	2541	City Council	Passed	Pass
7/27/2015		Committee on Finance	Recommended to Pass
6/15/2015		Committee on Finance	Held in Committee	Pass
5/6/2015	107622	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
May 6,2015










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 an ordinance amending a Class 7 tax status for TGM Holdings, LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
AMENDATORY 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 City Council of the City (the "City Council") enacted an ordinance on October 8, 2014 (the "Prior Ordinance"), supporting and consenting to the Class 7a classification of certain real property located generally at 1506-1520 East 87th Street in Chicago (the "Project Site"), as more precisely described on Exhibit A attached hereto and hereby made a part hereof; and

WHEREAS, TGM Holdings, LLC, an Illinois limited liability company ("TGM"), proposes to develop the Project Site by rehabilitating an approximately 10,114 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, the Office of the Assessor of Cook County, Illinois (the "Assessor") has established a new classification incentive known as Class 7c pursuant to the Cook County Real Estate Classification Ordinance, as amended (the "Classification Ordinance"); and

WHEREAS, the Project will qualify for the Class 7c classification; and

WHEREAS, the Classification Ordinance provides that an applicant for Class 7c classification must obtain an ordinance or resolution from the municipality in which the real estate is located expressly stating that the municipality supports and consents to the Class...