Office of the City Clerk - Record #: O2015-7285

• Record #: O2015-7285
• Type: Ordinance
• Status: Passed
• Intro date: 9/24/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/14/2015
• Title: Support of Class L tax incentive for property at 2230 S Michigan Ave
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class L

Date	Journal Page Number	Action By	Action	Result
10/14/2015	8351	City Council	Passed	Pass
10/13/2015		Committee on Finance	Recommended to Pass	Pass
9/24/2015	4693	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

September 24, 2015










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 for Motor Row Properties, LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,































I
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 Real Property Assessment Classification Ordinance, as amended (the "Classification 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 of the real property tax base; and

WHEREAS, Motor Row Properties LLC, a Delaware limited liability company (the "Owner"), is the owner of the historic building known as Marmon Building (the "Building") located at 2230 South Michigan Avenue 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 Building is a contributing building within the Motor Row District, which was designated as a Chicago Landmark on December 13, 2000, pursuant to the criteria established in Section 2-120-580 et seq. of the Municipal Code of Chicag...