APPROVAL OF CLASS 8 PROPERTY TAX INCENTIVE PURSUANT TO COOK COUNTY REAL PROPERTY CLASSIFICATION ORDINANCE
WHEREAS, the Cook County Board of Commissioners has enacted the Cook County Real Estate Classification Ordinance as amended (the "Classification Ordinance") for the purpose, among others, of encouraging and assisting new development in areas that are depressed, blighted or threatened with blight, which it has determined will result in increasing the tax base in such area and for the entire County of Cook; and
WHEREAS, one of the real property assessment classifications created under the Classification Ordinance is a Class 8 classification (the "Class 8 Classification"); and
WHEREAS, the purpose of a Class 8 classification is to encourage industrial and commercial development in severely blighted areas of Cook County; and
WHEREAS, the City of Chicago (the "City") is a home rule unit authorized by the Illinois Constitution of 1970 to exercise any power and perform any function pertaining to its government and affairs, including without limitation, designations of areas within its jurisdiction as severely blighted; and
WHEREAS, municipalities, such as the City may apply to the Office of the Cook County Assessor (the "Assessor") to certify areas within its jurisdiction as "severely blighted" (as defined in Section 1(B)(12) of the Classification Ordinance) and eligible for Class 8 Classification; and
WHEREAS, it is appropriate and in the best interest of the City to apply to the Assessor to grant Class 8 Classification for an approximately twenty-two and fifty-seven hundredths (22.57) acre area (the "Area") located in the Avondale Community Area (Community Area 21) and further described as follows: the area bounded generally by West Parker Avenue on the south, North Pulaski Road on the east, a railroad right of way on the west, and West George Street on the north, the Area being more fully described in Exhibit A - Boundary Map and Legal Description, attached hereto; ...
Click here for full text