Office of the City Clerk - Record #: O2021-454

• Record #: O2021-454
• Type: Ordinance
• Status: Passed
• Intro date: 1/27/2021
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 2/26/2021
• Title: Support of Class 6(b) tax incentive for property generally located at 3408 E 118th St
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
2/26/2021	27725	City Council	Passed	Pass
2/16/2021		Committee on Economic, Capital and Technology Development	Recommended to Pass
1/27/2021	26249	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, 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, NP Avenue O, LLC, a Missouri limited liability company (the "Applicant"), owns certain real estate located generally at 3408 E. 118th Street - Building A, Chicago, Illinois, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant will construct an approximately 299,000 square foot industrial facility on the Subject Property; and

WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to support the retention of jobs and/or creation of new jobs and increase the City's tax base through the construction of a new industrial facility on the Subject Property; and

WHEREAS, it is intended that the Applicant will use the Subject Property for lease to one or more industrial tenants, and for ancillary warehouse and office space; and
WHEREAS, the Applicant has filed an eligibility application for a Class 6b tax incentive under the County Ordinance with the Office of the Assessor of Cook County (the "Assesso...