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This record contains private information, which has been redacted from public viewing.
Record #: O2017-5378   
Type: Ordinance Status: Passed
Intro date: 6/28/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 7/26/2017
Title: Support of Class L tax incentive for property at 632 N Dearborn St
Sponsors: Emanuel, Rahm
Attachments: 1. O2017-5378 (V1).pdf, 2. O2017-5378.pdf

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 Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County 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, 632 N. Dearborn Resco, LLC, a Delaware limited liability company (the "Owner"), is the owner of the historic building (the "Building") located at 632 North Dearborn 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, the City Council of the City (the City Council) adopted an ordinance on February 26, 1997 designating the Building as a Chicago Landmark pursuant to the criteria established in Section 2-120-580 et seq. of the Municipal Code of Chicago, and such designation as a Chicago landmark meets the definition of landmark pursuant to the County Ordinance; and

WHEREAS, the Owner proposes to rehabilitate the Building thereby preserving the historic building, increasing employment opportunities in the area and contributing to the long-term growth of the real property tax base (the "Project"); and

WHEREAS, the redevelopment objective of the City in connection with the Project Real Estate is to re...

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