Office of the City Clerk - Record #: O2022-1284

• Record #: O2022-1284
• Type: Ordinance
• Status: Passed
• Intro date: 4/27/2022
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 6/22/2022
• Title: Support of Class 6(b) tax incentive renewal for property at 2700 W Roosevelt Rd
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
6/22/2022	49146	City Council	Passed	Pass
6/14/2022		Committee on Economic, Capital and Technology Development	Recommended to Pass
4/27/2022	46046	City Council	Referred

OFFICE OF THE MAYOR
CfTY OF CHICAGO
LORI E. LIGHTFOOT
MAVOR

April 27, 2022










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request oHhe Commissioner of Planning and Development, I transmit herewith 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,

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article Vll ofthe 1970 Constitution ofthe 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, and which is used primarily for industrial purposes; and

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

WHEREAS, CF II 2700 Roosevelt, LLC, a Delaware limited liability company ("CF II"), and Lopin Roosevelt, LLC, an Illinois limited liability company ("Lopin", and collectively with CF II, the "Applicant"), are the owners of certain real estate located generally at 2700 West Roosevelt Road, Chicago, Illinois 60608 as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, U.S. Plastic Lumber Corporation (the "Prior Owner") was the prior owner of the Subject Property; and

WHEREAS, on November 3, 1999, the City Council of the City enacted a resolution supporting and consenting to the Class 6b classification of the Subject Property by...