Office of the City Clerk - Record #: O2014-5902

• Record #: O2014-5902
• Type: Ordinance
• Status: Passed
• Intro date: 7/30/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/10/2014
• Title: Support of Class L tax incentive for property at 11 S LaSalle St and 121 W Madison St
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class L

Date	Journal Page Number	Action By	Action	Result
9/23/2014		City Council	Signed by Mayor
9/10/2014	87306	City Council	Passed	Pass
9/9/2014		Committee on Finance	Recommended to Pass
7/30/2014	84529	City Council	Referred

CHICAGO September 10, 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 L Real Estate Tax Incentive Classification for property located at 11
South LaSalle Street owned by 11 South LaSalle Hotel Partners, LLC.
A:
02014-5902



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
Alderman Burke abstains under provisions of Rule 14.


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
July 30, 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 an ordinance authorizing a Class L tax status for property located at 11 South LaSalle Street.

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 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 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, inc...