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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 approximately 37,500 square foot facility on the Subject Property (the "Development") to be used for commercial purposes in accordance with the eligibility requirements for Class C classification pursuant to the Classification Ordinance; and

WHEREAS, Villa Capital Partners, LLC, an Illinois limited liability company, plans to occupy a portion of the Subject Property for use as office space; and

WHEREAS, the Applicant has filed an application for the Class C classification with the Office of the Cook County Assessor (the "Assessor") pursuant to the Classification Ordinance; and

 

WHEREAS, it is the responsibility of the Assessor to determine that an application for a Class C classification is eligible pursuant to the Classification Ordinance; and

 

 

1

 

 

WHEREAS, the Classification Ordinance requires that, in connection with the filing of a Class C application with the Assessor, an applicant must obtain from the municipality in which such real estate is located an ordinance or resolution expressly stating that the municipality has determined that the classification incentive is necessary for the development of the property to occur and that the municipality supports and consents to the Class C classification; now therefore,

 

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

 

SECTION 1. The above recitals are hereby expressly incorporated as if fully set forth

herein.

SECTION 2. The City hereby determines that the incentive provided by the Class C classification is necessary for the Development to have occurred on the Subject Property.

 

SECTION 3. The City hereby expressly supports and consents to the Class C classification with respect to the Subject Property.

SECTION 4. The City Clerk of the City is authorized and hereby directed to and shall send a certified copy of this Ordinance to the Assessor, and a certified copy of this Ordinance may be included with the Class C application to be filed with the Assessor by the Applicant, as applicant, in accordance with the Classification Ordinance.

 

SECTION 5. To the extent that any ordinance, resolution, order or provision of the Municipal Code of Chicago, or part thereof, is in conflict with the provisions of this Ordinance, the provisions of this Ordinance shall be controlling. If any section, paragraph, clause or provision shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance.

SECTION 6. This Ordinance shall be effective immediately upon its passage and approval.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

EXHIBIT A

 

 

Subject Property Legal Description:

 

LOTS 2, 3, 4, 5, 6 AND 7 AND TRACT OF LAND 16 FEET IN WIDTH, MARKED "PRIVATE ALLEY" LYING SOUTH OF AN ADJOINING SAID LOT 5, 6 AND 7 IN THE SUBDIVISION OF LOTS 14 TO 20, BOTH INCLUSIVE IN THE NORTH 1/2 OF BLOCKS 5 IN THE WALSH AND MCMULLEN'S SUBDIVISION OF THE SOUTH 3/4 OF THE SOUTH EAST 1/4 OF SECTION 20, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 29, 1881 AS DOCUMENT 366860 IN BOOK 16 OF PLATS, PAGE 60 IN COOK COUNTY, ILLINOIS.

 

 

Permanent Real Estate Tax Index Numbers (PINS):

17-20-414-002-0000

 

 

Address Commonly Known as:

 

917 West 18th Street, Chicago, Illinois 60608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

OFFICE  OF THE MAYOR

CITY OF CHICAGO

RAHM EMANUEL

MAYOR

October 5, 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 establishing a Class C tax status for VCP Opportunity Funds II, LLC.

 

Your favorable consideration of this ordinance will be appreciated.

Mayor

 

 

Very truly yours,

 

CHICAGO November 1, 2016 To the President and Members of the City Council: Your Committee on Finance having had under consideration

 

 

 

An ordinance authorizing the approval of a Class C Real Estate Incentive Classification for property located at 917 West 18  Street for VCP Opportunity Fund II, LLC.

 

02016-7369

 

 

 

 

 

 

 

 

 

 

Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

 

This recommendation was concurred in by                     (a (viva voce vote^)

of members of the committee with                     dissenting vote(s)^                     """^^

 

 

 

Respectfully submitted

/I

/ /

 

)

(signed)

 

Chairman