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, pursuant to an ordinance adopted by the City Council of the City ("City Council"), the City established "Enterprise Zone 2" in accordance with the Illinois Enterprise Zone Act, 20 ILCS 665/1, et seq., finding, among other things, that Enterprise Zone 2 is a depressed area; and
WHEREAS, certain real estate generally located at 1010-1058 West 35th Street in the City, as more precisely described on Exhibit A attached hereto and hereby made a part hereof (the "Project Site"), is located within the boundaries of Enterprise Zone 2; and
WHEREAS, 1010-1058 W. 35th (Chicago), LLC, an Illinois limited liability company ("Applicant"), proposes to rehabilitate the approximately 240,000 square foot Project Site' and redevelop it into multi-use commercial space including office space, artist studios, rentable event space and self-storage (the "Project"); and
WHEREAS, the Applicant purchased the Project Site for value; and
WHEREAS, the Project Site has been abandoned for approximately twenty years; and
WHEREAS, the City's Department of Planning and Development ("DPD") has determined that the property contains numerous depressed conditions that continue to impede the development of the property, including but not limited to functionally and economically obsolete buildings and site improvements, deteriorated structures, inadequate utilities, excessive site coverage and deleterious land use and layout (the "Special Circumstances") which DPD has determined justify a finding that the Project Site is abandoned for the purpose of the Class 7b designation; and
WHEREAS, the Project will increase employment opportunities, economic activity in the area and growth in the real property tax base; and
WHEREAS, t...
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