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This record contains private information, which has been redacted from public viewing.
Record #: O2016-3971   
Type: Ordinance Status: Passed
Intro date: 5/18/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 6/22/2016
Title: Support of Class L tax incentive for property at 1000 W Randolph St
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class L
Attachments: 1. O2016-3971.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
May 18, 2016










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 an ordinance authorizing a Class L tax status for property located at 1000 West Randolph Street.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
I
J


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, 1000 W. Randolph, LLC, a Delaware limited liability company (the "Owner"), is the owner of the historic building known as 1000 W. Randolph (the "Building") located at 1000 West Randolph 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, the City Council of the City (the "City Council") adopted an ordinance on July 29, 2015, designating the area encompassing the Building, otherwise known as the Fulton-Randolph Market District, as a Chicago Landmark pursuant to the criteria established i...

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