Office of the City Clerk - Record #: O2014-4224

• Record #: O2014-4224
• Type: Ordinance
• Status: Passed
• Intro date: 5/28/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 6/25/2014
• Title: Support of Class C tax status for property at 1550 N Fremont St
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class C

Date	Journal Page Number	Action By	Action	Result
7/10/2014		City Council	Signed by Mayor
6/25/2014	83134	City Council	Passed	Pass
6/24/2014		Committee on Finance	Recommended to Pass
5/28/2014	80851	City Council	Referred

CHICAGO June 25, 2014
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
A communication recommending a proposed ordinance concerning the authority
to approve a Class C Real Estate Tax Incentive Classification for property located at 1550
North Fremont Street.
02014-4224














Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by
of members of the committee with



Respectfully submitted

Chairman
Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
May 28, 2014










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 C Tax Status for property located at 1550 North Fremont.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section6(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 Real Property Assessment Classification Ordinance, as amended from time to time (the "Classification 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 or commercial purposes; and

WHEREAS, the City, consistent with the Classification Ordinance, wishes to induce industry to locate, expand and remain in the City by supporting financial incentives in th...