Office of the City Clerk - Record #: O2022-426

• Record #: O2022-426
• Type: Ordinance
• Status: Passed
• Intro date: 1/26/2022
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 2/23/2022
• Title: Support of Class 6(b) tax incentive for properties at 4747 S Kedzie Ave and 4801 S Kedzie Ave
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
2/23/2022	44923	City Council	Passed	Pass
2/15/2022		Committee on Economic, Capital and Technology Development	Recommended to Pass
1/26/2022	43152	City Council	Referred

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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

January 26,2022










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith an ordinance authorizing a Class 6B SER tax status for property located at 4747 and 4801 S. Kedzie Avenue.

Your favorable consideration of this ordinance 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 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, Steel Warehouse of Illinois LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 4747 and 4801 South Kedzie Avenue, Chicago, Illinois 60632, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to substantially rehabilitate an approximately 62,241 square foot industrial facility located on the Subject Property; and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to retain an existing industrial business that employs 49 full-time workers and to induce the Applicant to invest $2,826,50...