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 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, 1300 Dearborn Property, LLC, a Delaware limited liability company (the "Owner"), is the owner of the historic building known as the Three Arts Club (the "Building") located on real property commonly known as 1300 North Dearborn Street 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, pursuant to a lease dated May 12, 2014 (the "Lease") between the Owner as Landlord and Restoration Hardware, Inc., a Delaware corporation ("RHI") as Tenant, RHI will operate a retail home furnishings showroom along with a restaurant, bar and hospitality establishment including, to the extent allowed by law, the sale of wine and liquor for on-site and off-site consumption on the Project Real Estate; and
WHEREAS, on June 10, 1981 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 et seq. of the Municipal Code of Chicag...
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