OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
December 18. 2019
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing a Class L tax status lor property located at 1835 West Harrison.
Mayor
Your favorable consideration of this ordinance will be appreciated.
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII 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 Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County Ordinance"), which establishes the Class L property tax classification to encourage the preservation and rehabilitation of certain historically and architecturally significant buildings, which will enhance the general character of real estate in the county and contribute to the economic well-being of the county by increasing the level of economic activity, increasing employment opportunities and contributing to the long-term growth ofthe real property tax base; and
WHEREAS, CHDG Phase 1A1 (Hotel/Retail) Owner LLC, a Delaware limited liability company (the "Hotel/Retail Applicant"), and CHDG Phase 1A1 (Office) Owner LLC, a Delaware limited liability company (the "Office Applicant") each have entered into ground leases with the County of Cook, Illinois, for separate portions of the historic building (the "Building") located at 1835 West Harrison Street in Chicago, Illinois, as more precisely described in Exhibit 1 attached hereto and hereby made a part hereof (the land and improvements thereon being herein referred to as the "Project Real Estate"); and
WHEREAS, the Hotel/Retail Applicant and the Office Applicant are someti...
Click here for full text