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This record contains private information, which has been redacted from public viewing.
Record #: O2016-7369   
Type: Ordinance Status: Passed
Intro date: 10/5/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 11/1/2016
Title: Support of Cook County Class C tax incentive for property at 917 W 18th St
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class C
Attachments: 1. O2016-7369.pdf, 2. O2016-7369 (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 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, VCP Opportunity Fund II, LLC, Series 111-917 W. 18th, an Illinois limited liability company (the "Applicant") owns certain real estate located generally at 917 West 18th Street, Chicago, Illinois 60608 (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 received a No Further Remediation Letter from the Illinois Environmental Protection Agency's Site Remediation Program, dated December 23, 2015 (the "NFR Letter"); and
WHEREAS, the costs of remediating the Contamination exceeded $100,000 in accordance with the eligibility requirements for Class C classification pursuant to the Classification Ordinance; and

WHEREAS, the Applicant intends to renovate an app...

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