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This record contains private information, which has been redacted from public viewing.
Record #: O2014-7113   
Type: Ordinance Status: Passed
Intro date: 9/10/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 10/8/2014
Title: Support of Class 7(a) tax incentive for property at 1506-1520 E 87th St
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class 7(a)
Attachments: 1. O2014-7113.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

September 10, 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 7(a) tax status for TGM Holdings.

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 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 City established the Community Development Commission (the "Commission") to, among other things, designate redevelopment and conservation areas and create redevelopment plans for such areas, subject to the approval of the City Council of the City (the "City Council"); and

WHEREAS, the City has, through the action of the Commission (with the subsequent approval of City Council as described below), (i) reviewed and approved the Redevelopment Plan (including the acquisition of privately owned parcels by negotiated purchase or the use of the City's power of eminent domain) for the Stony Island Avenue Commercial and Burnside Industrial Corridor Redevelopment Project Area (the "Stony Island/Burnside Area") and (ii) approved the designation of the Stony Island/Burnside Area as a Redevelopment Project Area; and

WHEREAS, the City has found that (i) acquisition of the private property pursuant to the aforesaid Redevelopment Plan will help to eradicate blight and (ii) the City is permitted under divisions 74.2 and 74.3 of the Illinois Municipal Code, 65 ILCS 5/11-74.2 and 74.3 to acquire property in order to eradicate blight and construct redevelopment projects in redevelopment areas; and

WHEREAS, the City has, through action of the Commission (with the subsequent approval of City Cou...

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