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This record contains private information, which has been redacted from public viewing.
Record #: SO2018-3794   
Type: Ordinance Status: Passed
Intro date: 4/18/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 5/23/2018
Title: Support of Class L tax incentive for property at 1113-1115 W Fulton Market
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class L
Attachments: 1. SO2018-3794.pdf, 2. O2018-3794.pdf
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SUBSTITUTE 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 ofthe 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, CRP/MI West Loop Owner, LLC, a Delaware limited liability company (the "Owner"), is the owner of the historic buildings (collectively, the "Buildings") located at 1113-15 West Fulton Market 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 July 29, 2015, designating the area encompassing the Buildings, otherwise known as the Fulton-Randolph Market District, as a Chicago Landmark pursuant to ihe criteria established in Section 2-120-580 et seq. of the Municipal Code of Chicago, which identifies the Buildings as Contributing Buildings within the Fulton-Randolph Market District, and such designation as a Chicago Landmark meets the definition of landmark pursuant to Section 1 of the County Ordinance; and

WHEREAS, the Owner proposes to rehabilitate the Buildings, thereby preserving the historic buildings, increasing ...

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