Type: Ordinance
Title: Promoting greater transparency on fiscal matters associated with the Chicago Transit Authority
Ordinance
Promoting Greater Transparency for Chicago Transit Authority Fiscal Matters
WHEREAS, by way of taxes, tax incentives, TIFs, intergovernmental agreements, and other contributions, the City and its taxpayers, residents, and businesses provide significant financial support to the Chicago Transit Authority for its operations and capital projects; and
WHEREAS, despite requests for detailed information, the Chicago Transit Authority has not been especially forthcoming in sharing budgetary and fiscal details with its stakeholders, including the City; and
WHEREAS, through and because of such financial support given C.T.A. by the City and taxpayers, including the higher tax burden imposed on taxpayers through several Tax Incremental Allocation Financing districts, the City's ttransit stakeholders, including taxpayers, passengers, and the City itself, have a duty and right to seek and obtain such budgetary and fiscal documents and information; now therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Chapter 3-33-030 of the Municipal Code is hereby amended by adding the underscored text and deleting the struck-through text as follows:
3-33-030 Tax imposed.
Except as otherwise provided in this chapter, a tax is imposed upon the privilege of transferring title to, or beneficial interest in, real property located in the city, whether or not the agreement or contract providing for the transfer is entered into the city. The tax shall be at the rate of $3.75 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property.
(1) The tax imposed by this chapter is due upon the earlier of the delivery or recording of the deed, assignment or other instrument of transfer.
(2) In the case of an assignment of a beneficial interest in a trust, delivery shall be deemed to...
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