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This record contains private information, which has been redacted from public viewing.
Record #: O2018-4504   
Type: Ordinance Status: Passed
Intro date: 5/23/2018 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 6/27/2018
Title: Support of Class 7(b) tax incentive for property at 2901 W Lawrence Ave and Class 6(b) tax incentive for property at 2919 W Lawrence Ave
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class 6(b) , - TAX INCENTIVES - Class 7(b)
Attachments: 1. O2018-4504.pdf, 2. O2018-4504 (V1).pdf
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 Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County 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, Illinois and which is used primarily for industrial or commercial purposes; and

WHEREAS, the City, consistent with the County Ordinance, wishes to induce industry and commercial development to locate and expand in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City ("City Council"), the City established the "Lawrence/Kedzie Redevelopment Project Area" in accordance with the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., finding, among other things, that the Lawrence/Kedzie Redevelopment Project Area is a depressed area; and
WHEREAS, Meeting Tomorrow Properties, LLC, an Illinois limited liability company ("Applicant"), owns certain real estate located generally at 2901 West Lawrence Avenue, in Chicago Illinois (the "Class 7(b) Site"), and at 2919 West Lawrence Avenue, Chicago Illinois (the "Class 6(b) Site") (collectively, the Class 7(b) Site and the Class 6(b) Site are sometimes hereinafter referred to as the "Original Project Site"); and

WHEREAS, the Applicant purchased the Original Project Site for value; and
WHEREAS, Meeting Tomorrow, Inc., an Illinois corporation, an affiliate of the Applicant, intends to occupy the entire Original Project Site; and

WHEREAS, the Applicant originally pro...

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