SUBSTITUTE ORDINANCE
WHEREAS, The City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article Vll 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 various classes of property located within Cook County, Illinois; and
WHEREAS, The County Ordinance requires that, in connection with the filing of eligibility applications for various tax incentives with the Cook County Assessor, the applicant must obtain from the municipality in which such real estate is located an ordinance expressly stating, among other things, that the municipality has determined that the incentive provided is necessary for development to occur on such real estate and that the municipality supports and consents to the classification by the Cook County Assessor; and now, therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Chapter 2-45 of the Municipal Code of the City of Chicago is hereby amended by inserting a new Section 2-45-160, as follows:
2-45-160 Redevelopment Agreement and Reporting Requirements for Cook County Tax Incentive Classifications
For the purposes of this Section, "tax incentive classification" means the following Cook County tax incentive classifications requiring City approval: Class 6b; Class 6b (special circumstances); Class 6b TEERM; Class 6b SER; Class 6b CEERM; Class 7a; Class 7b; Class 7c; Class 8; Class 8 TEERM; and Class 8 CEERM.
For each application seeking City approval of a tax incentive classification filed on or after November 1, 2020, each applicant shall enter into a redevelopment agreem...
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