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Record #: O2022-3003   
Type: Ordinance Status: Passed
Intro date: 9/21/2022 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 10/26/2022
Title: Support of Class 6(b) tax incentive for fire-damaged property at 1031 E 103rd St
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. O2022-3003.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
September 21, 2022










TO THE HONORABLE, THE CITY COUNCIL Of THE CITY OP CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, 1 transmit herewit ordinances authorizing a favorable tax status for specified properties located in the City.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours.

Mayor
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, IZC Property, LLC, an Illinois limited liability company (the "Applicant") owns the property located generally at 1031 East 103rd Street, Chicago, Illinois 60628, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant intends to demolish an approximately 32,832 square foot building recently destroyed by fire and construct a new building and combine it with an existing truck maintenance building to create an approximately 45,000 square foot building for use in Applicant's manufacturing operations; and

WHEREAS, the redevelopment objectives of the City in connection with the Subject Property are ...

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