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This record contains private information, which has been redacted from public viewing.
Record #: O2016-633   
Type: Ordinance Status: Passed
Intro date: 2/10/2016 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 3/16/2016
Title: Support of Class 7(c) tax incentive for property at 6501-6549 S Cicero Ave
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class 7(c)
Attachments: 1. O2016-633.pdf, 2. O2016-633 (V1).pdf
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, Parth 13, Inc., an corporation ("Parth 13"), owns certain real estate located generally at 6501-6549 South Cicero Avenue, Chicago, Illinois 60638, as further described on Exhibit A hereto (the "Project Site"); and

WHEREAS, Parth 13 proposes to develop the Project Site by constructing an approximately 31,000 square foot building for use as a hotel and an approximately 2,500 square foot building for use as a restaurant (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, Parth 13 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 eligibili...

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