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, economic activity in the area and growth in the real property tax base; and
WHEREAS, the redevelopment objective of the City in connection with the Project Site is to redevelop underutilized properties, attract new businesses and retain and encourage the expansion of existing viable businesses, increase employment opportunities, increase economic activity in the area, and growth in the real property tax base; and
WHEREAS, the Applicant has filed an eligibility application for a Class 7(c) tax incentive under the County Ordinance with the Office of the Assessor of Cook County, Illinois (the "Assessor"); and
WHEREAS, it is the responsibility of the Assessor to determine that an application for a Class 7(c) classification is eligible pursuant to the County Ordinance; and
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WHEREAS, the County Ordinance provides that, in connection with the filing of a Class 7(c) eligibility application with the Assessor, the applicant must obtain from the municipality in which such real estate that is proposed for Class 7(c) designation is located an ordinance or resolution expressly stating that, among other things, (a) the municipality has determined that eligibility factors of the County Ordinance are present, and (b) the municipality supports and consents to the Class 7(c) application to the Assessor; and
WHEREAS, DPD has reviewed the proposed Project and has determined that it meets the necessary eligibility requirements for Class 7(c) designation, and recommends to City Council that the City expressly determine, among other things, by ordinance that (a) the required eligibility factors are present, and (b) the City supports and consents to the Class 7(c) classification by the Assessor of the Project Site; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are hereby expressly incorporated as if fully set forth
herein.
SECTION 2. The City hereby determines that the Project meets eligibility factor (1) of the County Ordinance in that the Project Site is deemed a redevelopment priority by the City by being located in an area in need of commercial development and designated by the City as the 51S,/Archer Redevelopment Project Area.
SECTION 3. The City hereby determines that the Project meets eligibility factor (2) under the Classification Ordinance in that real estate taxes for the Project Site for three of the last six years have either declined or remained stagnant due to the depressed condition of the area.
SECTION 4. The City hereby determines that the Project meets eligibility factor (3) of the County Ordinance in that there is a reasonable expectation that the Project is viable and likely to go forward on a reasonably timely basis if granted Class 7(c) designation and will therefore result in the economic enhancement of the area.
SECTION 5. The City hereby determines that the Project meets eligibility factor (4) of the County Ordinance in that certification of the Project for Class 7(c) designation will materially assist development, redevelopment or rehabilitation of the area and the Project would not go forward without the full incentive offered under Class 7(c).
SECTION 6. The City hereby determines that the Project meets eligibility factor (5) of the County Ordinance in that certification of the Project for Class 7(c) designation is reasonably expected to ultimately result in an increase in real property tax revenue and employment opportunities within the area.
SECTION 7. The City hereby expressly determines that eligibility factors (1) through (5) of the County Ordinance are present for the Project, and hereby expressly supports and consents to the Class 7(c) application of the Applicant to the Assessor for Class 7(c) designation of the Project and the Project Site.
SECTION 8. The City hereby determines that conditions exist which justify finding that the Project Site is deemed "abandoned" for the purpose of the Class 7 (c) designation.
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SECTION 9. The City has received and filed the Applicant's Economic Disclosure Statement, as defined in the County Ordinance.
SECTION 10. The Commissioner of DPD (the "Commissioner"), or a designee of the Commissioner, are each hereby authorized to deliver a certified copy of this ordinance to the Assessor and to furnish such additional information as may be required in connection with the filing of the application by the Applicant with the Assessor for Class 7(c) designation of the Project.
SECTION 11. This ordinance shall be effective from and after its passage and approval.
S:\SHARED\Finance\Class 7(a), 7(b), 7(c)\Class 7c TVB LLC 5220 S Archer\DPD Draft ordinance.docx
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EXHIBIT A
Project Site
Legal Description of the Project Site:
PARCEL 1: LOTS 6, 7, AND 8 IN BLOCK 1 IN W.F. KAISER AND COMPANY'S ARDALE SUBDIVISION OF THE WEST 1/2 OF THE SOUTHWEST 1/4 AND THE WEST % OF THE EAST 1/2 OF THE SOUTHWEST % OF SECTION 10, TOWNSHIP 38 NORTH, RANGE 13 EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT RAILROAD RIGHT OF WAY) IN COOK COUNTY, ILLINOIS.
PACEL 2: LOTS 3, 4, 5 AND 6 IN BLOCK 2 IN W.F. KAISER AND COMPANY'S ARDALE SUBDIVISION OF THE WEST Vz OF THE SOUTHWEST V* AND THE WEST 3A OF THE EAST 1/2 OF THE SOUTHWEST V* OF SECTION 10, TOWNSHIP 38 NORTH,RANGE 13 EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT RAILROAD RIGHT OF WAY) IN COOK COUNTY, ILLINOIS.
Property Address of Real Estate:
5214-5232 S. Archer Ave, Chicago, Illinois 60632
Permanent Tax Identification Numbers:
19-10-305-001-0000 19-10-305-002-0000 19-10-305-003-0000 19-10-304-009-0000 19-10-304-010-0000 19-10-304-011-0000 19-10-304-012-0000
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OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
June 27,2018
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing a Class 7(c) tax status for property located at 5214 South Archer.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor