Office of the City Clerk - Record #: O2014-3222

• Record #: O2014-3222
• Type: Ordinance
• Status: Passed
• Intro date: 4/2/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/28/2014
• Title: Support of Class L tax incentive for property at 68 E Wacker Pl
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class L

Date	Journal Page Number	Action By	Action	Result
5/28/2014	81384	City Council	Passed	Pass
5/23/2014		Committee on Finance	Recommended to Pass	Pass
4/28/2014		Committee on Finance	Held in Committee	Pass
4/2/2014	76566	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 2, 2014









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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing a Class L tax status for property located at 68 East Wacker.

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 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 ofthe 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, Integrated Motor Club LLC, an Illinois limited liability company (the "Owner"), is the owner of a historic building (the "building") located at 68 East Wacker Place 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 City Council ofthe City (the "City Council") adopted an ordinance on May 9, 2012, designating the Building as a Chicago Landmark pursuant to the criteria then established in Section 2-120-620 now in Section 2-120-580, of the Municipal Code of Chicago, and such designation as a Chicago landm...