ORDINANCE
WHEREAS, the City Council of the City of Chicago from time to time passes so-called inducement ordinances, authorizing favorable treatment of specific real properties under the Cook County Real Property Assessment Classification Ordinance under certain conditions specified by Cook County; and
WHEREAS, the purpose of such inducement ordinances is to induce the property owner to make a major capital investment in the subject property for industrial, commercial or other purposes, all as specified within the Cook County Real Property Assessment Classification Ordinance; and
WHEREAS, if the property owner's subsequent application for favorable treatment is approved by Cook County, and the owner makes the requisite investment in the subject property, the property is assessed, for purposes of taxation, at a reduced rate for a specified number of years; and
WHEREAS, the resulting favorable treatment results in temporarily reduced tax bills for the property owner, as a way of offsetting some or all of the cost of investment; and
WHEREAS, local taxing bodies may benefit during the period of reduced assessment because of the increased value of newly constructed, expanded or renovated improvements to the subject property, as well due to economic activity resulting from the inducement ordinance: construction jobs, more industrial or commercial activity generating additional personal income and additional transaction taxes; and
WHEREAS, in a recent incident, a recipient of reduced assessments for a Class 6(b) industrial property was accused of using the redeveloped subject property for an illegal purpose, which if disclosed to the City Council at the time of application would have resulted in denial of the City's authorization for favorable treatment by Cook County; and
WHEREAS, it is wrong for a property owner to use a governmental benefit to support illegal activity, and it is appropriate that the City of Chicago take action to redress such wrongs; now, therefore,
BE ...
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