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This record contains private information, which has been redacted from public viewing.
Record #: O2017-6817   
Type: Ordinance Status: Passed
Intro date: 9/6/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 10/11/2017
Title: Support of Class C tax status for property at 1515 N Halsted St
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class C
Attachments: 1. O2017-6817.pdf




RAHM EMANUEL
MAYOR
OFFICE OF THE MAYOR
CITY OF CHICAGO


September 6, 2017








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 C tax status for 1515 North Halsted, LLC.

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 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, 1515 North Halsted, LLC, a Delaware limited liability company (the "Applicant") owns certain real estate located generally at 1515 North Halsted Street, Chicago, Illinois 60642 (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 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 Furth...

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