Office of the City Clerk - Record #: O2016-7987

• Record #: O2016-7987
• Type: Ordinance
• Status: Passed
• Intro date: 11/1/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/14/2016
• Title: Support of Class L tax incentive for property at 912-924 W Randolph St, 151-185 N Sangamon St and 913-925 W Lake St
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class L

Date	Journal Page Number	Action By	Action	Result
12/14/2016	39336	City Council	Passed	Pass
12/12/2016		Committee on Finance	Recommended to Pass	Pass
11/14/2016		Committee on Finance	Held in Committee	Pass
11/1/2016	34668	City Council	Referred

V \" /.


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 1, 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 properties located in the Fulton-Randolph Market landmark district.

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 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, 900 Block I Owner LLC, a Delaware limited liability company (the "Owner"), is the owner of historic buildings (the "Buildings") located at 912-924 W. Randolph, 151-185 N. Sangamon, and 913-925 W. Lake Street 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, on July 29, 2015, the City Council of the City (the "City Council") adopted an ordinance designating the area encompassing the Buildings, otherwise known as the Fulton-Randolph Market District, as a Chicago ...