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Record #: O2018-930   
Type: Ordinance Status: Failed to Pass
Intro date: 2/28/2018 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Support of Class C tax incentive for property at 2427 and 2480 N Elston Ave
Sponsors: Waguespack, Scott
Topic: TAX INCENTIVES - Class C
Attachments: 1. O2018-930.pdf
Related files: R2019-362
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 Commissions 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 commercial enterprise to locate, expand and remain in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, Tennis Corporation of America Inc. and Columbia Equities LLC (the "Applicant"), is the owner of certain real estate located generally at 2427 & 2480 N. Elston, Chicago, Illinois 60618 (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, the Applicant is not directly or indirectly responsible for creating the Contamination; and
WHEREAS, the Applicant has undertaken environmental remediation at the Subject Property and has received a No Further Remediation Letter from the Illinois Environmental Protection Agency's Site Remediation Program dated December 29, 2017 (the "NFR Letter"); and

WHEREAS, the costs of remediating the Contamination on the Subject Property exceeded $100,000 in accordance with the eligibility requirements for Class C classification pursuant to the Classification Ordinance; and
WHEREAS, the Applicant has constructed and/or renovated buildings, including ...

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