Office of the City Clerk - Record #: O2016-6580

• Record #: O2016-6580
• Type: Ordinance
• Status: Passed
• Intro date: 9/14/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/5/2016
• Title: Support of Class C tax incentive for property at 5492 N Northwest Hwy
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class C

Date	Journal Page Number	Action By	Action	Result
10/5/2016	32996	City Council	Passed	Pass
9/30/2016		Committee on Finance	Recommended to Pass	Pass
9/14/2016	29687	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 14, 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 ordinance authorizing a Class C tax status for Innovatech Properties, 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, the Cook County Board of Commissioners has enacted the Cook County Real Property Assessment Classification Ordinance, as amended from time to time (the "Classification Ordinance"), which provides for, among other things, real estate tax incentives to property owners who build, rehabilitate, enhance and occupy property which is located within Cook County and which is used primarily for industrial or commercial purposes; and

WHEREAS, the City, consistent with the Classification Ordinance, wishes to induce industry to locate, expand and remain in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, Innovatech Properties, LLC, an Illinois limited liability company (the "Applicant") owns certain real estate located generally at 5492 North Northwest Highway, Chicago, Illinois 60630 (the "Subject Property"), as described on Exhibit A hereto; and

WHEREAS, the Subject Property has undergone environmental testing and was found to contain certain adverse environmental conditions (the "Contamination"); and
WHEREAS, neither the Applicant nor the Applicant's individual owners are directly or indirectly responsible for creating the Contamination; and
WHEREAS, the Applicant has undertaken environmental remediation at the Subject Property and r...