Office of the City Clerk - Record #: O2015-7392

• Record #: O2015-7392
• Type: Ordinance
• Status: Passed
• Intro date: 10/14/2015
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 10/28/2015
• Title: Support of Class 7(b) tax incentive for property at 3440 N Kedzie Ave
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class 7(b)

Date	Journal Page Number	Action By	Action	Result
10/28/2015	12643	City Council	Passed	Pass
10/26/2015		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
10/14/2015	8235	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 14,2015










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 ordinance authorizing a Class 7(b) tax status for 3456 CHI, LLC.

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, pursuant to an ordinance adopted by the City Council of the City ("City Council"), the City established "Enterprise Zone 4" in accordance with the Illinois Enterprise Zone Act, 20 ILCS 665/1, et seq., finding, among other things, that Enterprise Zone 4 is a depressed area; and

WHEREAS, certain real estate generally located at 3440 N Kedzie Avenue in the City, as more precisely described on Exhibit A attached hereto and hereby made a part hereof (the "Project Site"), is located within the boundaries of Enterprise Zone 4; and

WHEREAS, 3456.CHI, LLC, an Illinois limited liability company ("Applicant"), proposes to rehabilitate and currently intends to lease the property to Mid City Nissan, Inc., an Illinois corporation ("Tenant"), and Tenant intends to operate an approximately 134,655 square foot automobile dealership and service center on the approximately 266,000 square foot Project Site (the "Project"); and

WHEREAS, the Applicant purchased the Project Site for value; and

WHEREAS, the Project Site has been abandoned for approximately twenty-three months; and

WHEREAS, the City's Department of Planning and Development ("DPD") has determined that the property contains numerous depressed conditions that continue to impede the development of the property, including but not limited to func...