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This record contains private information, which has been redacted from public viewing.
Record #: SO2013-6519   
Type: Ordinance Status: Passed
Intro date: 9/11/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 11/13/2013
Title: Support of Class L tax incentive for property at 1060 W Addison St and portions of 1101-1103 W Waveland Ave (Wrigley Field)
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class L
Attachments: 1. O2013-6519.pdf, 2. SO2013-6519.pdf
SUBSTITUTE 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 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, Wrigley Field Holdings, LLC, a Delaware limited liability company ("Holdings"), is the owner of the historic building known as Wrigley Field (the "Building") located at 1060 West Addison in Chicago, Illinois, and situated on the real estate identified as Property Index Number 14-20-227-001 (the "Building Real Estate"); and

WHEREAS, Wrigley Field Parking Operations, LLC, a Delaware limited liability company ("Parking Operations"; Holdings and Parking Operations are collectively referred to as the "Owner"), is the owner of real property commonly known as 1101—03 West Waveland in Chicago, Illinois (the "Parking Property") which is contiguous to and adjacent to the Building Real Estate; and
WHEREAS, on February 11, 2004 the City Council of the City (the "City Council") adopted an ordinance designating the Building as a Chicago Landmark pursuant to the criteria established in Section 2-120-580 of the Municipal Code of Chicago (the "Designation Ordinance"), and such designation as a Chicago Landmark meets the definition of Landmark pursuant to Section 1 of the Classification...

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