Office of the City Clerk - Record #: O2015-8054

• Record #: O2015-8054
• Type: Ordinance
• Status: Passed
• Intro date: 11/18/2015
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 12/9/2015
• Title: Support of Class 7(c) tax incentive for property at 825 W 47th St
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class 7(c)

Date	Journal Page Number	Action By	Action	Result
12/21/2015		City Council	Signed by Mayor
12/9/2015	15410	City Council	Passed	Pass
12/7/2015		Committee on Economic, Capital and Technology Development	Recommended to Pass	Pass
11/18/2015	13120	City Council	Referred

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 "Ordinance"), which establishes the Class 7c tax incentive under the Ordinance; and

WHEREAS, Halsted Two Property, LLC, an Illinois limited liability company ("Halsted"), owns certain real estate located generally at 825 West 47th Street, Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Project Site"); and

WHEREAS, Halsted proposes to develop the Project Site by constructing an approximately 2,048 square foot building on a 12,478 square foot parcel (the "Project"); and

WHEREAS, the Project will increase employment opportunities, economic activity in the area and growth in the real property tax base; and

WHEREAS, Halsted has applied to the Office of the Assessor of Cook County, Illinois (the "Assessor") for designation of the Project Site as a Class 7c classification eligible for certain real estate tax incentives; and

WHEREAS, the Ordinance provides that an applicant for Class 7c classification must obtain an ordinance or resolution from the municipality in which the real estate is located expressly stating that (a) the municipality has determined that the eligibility factors of the Ordinance are present, and (b) the municipality supports and consents to the Class 7c classification by the Assessor; and

WHEREAS, the Department of Planning and Development of the City ("DPD") has reviewed the proposed Project, has determined that it meets the necessary eligibility requirements for Class 7c designation, and hereby recommends to the City Council that the City expressly determine that (a) the required eligibility factors are present, and (b) the ...