Office of the City Clerk - Record #: O2018-5002

• Record #: O2018-5002
• Type: Ordinance
• Status: Passed
• Intro date: 6/27/2018
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 7/25/2018
• Title: Support of Class 7(c) tax incentive for property at 5214-5232 S Archer Ave
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class 7(c)

Date	Journal Page Number	Action By	Action	Result
8/1/2018		Office of the Mayor	Signed by Mayor
7/25/2018	82037	City Council	Passed	Pass
7/20/2018		Committee on Economic, Capital and Technology Development	Recommended to Pass
6/27/2018	79176	City Council	Referred

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 commercial purposes; and

WHEREAS, the City, consistent with the County Ordinance, wishes to induce industry 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 "51st/Archer 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 51S,/Archer Redevelopment Project Area is a depressed area; and

WHEREAS, TVB, LLC, an Illinois limited liability company ("Applicant") owns certain real estate generally located at 5214-5232 South Archer Avenue, Chicago Illinois 60632, as further described on Exhibit A attached hereto (the "Project Site"), which is located within the boundaries of the
1 st/Archer Redevelopment Project Area; and

WHEREAS, the Applicant proposes to rehabilitate the approximately 13,281 square foot abandoned Project Site and redevelop it into commercial space including a restaurant and banquet hall (the "Project"); and
WHEREAS, the City's Department of Planning and Development ("DPD") has determined that the Project Site was last occupied in 2014; and

WHEREAS, the Project will increase employment opportunities...