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This record contains private information, which has been redacted from public viewing.
Record #: O2017-7605   
Type: Ordinance Status: Passed
Intro date: 10/11/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 11/8/2017
Title: Support of Cook County Class C tax incentive for property(s) at 765 W Adams St
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class C
Attachments: 1. O2017-7605.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 11,2017










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 Arkadia Apartments LLC.

Your favorable consideration ofthis 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, Arkadia Apartments, LLC, a Delaware limited liability company (the "Applicant") owns certain real estate located generally at 765 West Adams Street, Chicago, Illinois 60661 (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 Further Remedia...

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