This record contains private information, which has been redacted from public viewing.
Record #: O2020-6248   
Type: Ordinance Status: Passed
Intro date: 12/16/2020 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 1/27/2021
Title: Support of Class 6(b) tax incentive for property at 4118 and 4128-4136 W Lake St
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. O2020-6248.pdf


OFFTCE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

December 16, 2020










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 authorizing a Class 6B tax status for property located at 4118-4138 West Lake Street.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

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, the Cook County Board of Commissioners has enacted the Cook County Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County Ordinance"), which provides for, among other things, real estate tax incentives to property owners who build, rehabilitate, enhance and occupy property which is located within Cook County, Illinois and which is used primarily for industrial purposes; and

WHEREAS, the City consistent with the County Ordinance, wishes to induce industry to locate and expand in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, 4118-4138 Lake St, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 4112, 4122, 4126, 4128, 4132 and 4136 West Lake Street, Chicago, Illinois 60624, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant intends to construct an approximately 20,568 square foot industrial facility located on the Subject Property; and

WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to create new jobs and increase the City's tax base through the construction and occupancy of an industrial facility on the Subject...

Click here for full text