Committee on Finance
SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago is a home rule unit of government pursuant to the 1970 Illinois Constitution, Article VII, Section 6(a); and
WHEREAS, pursuant to its home rule power, the City of Chicago may exercise any power and perform any function relating to its government and affairs including the power to regulate for the protection of the public health, safety, morals, and welfare; and
WHEREAS, the Illinois Enterprise Zone Act (the Act) is designed to stimulate economic growth and neighborhood revitalization in economically depressed areas of Illinois through state and local tax incentives, regulatory relief, and improved governmental services; and
WHEREAS, under this Act, the State of Illinois has developed a statutory framework for identifying and certifying enterprise zones; and
WHEREAS, the Act provides a variety of incentives for businesses in enterprise zones including exemption from the Illinois Retailers Occupation Tax, the utility tax, the telecommunications excise tax, the state sales tax on manufacturing and assembly equipment, and an investment tax credit; and
WHEREAS, the state's exemption for equipment used in manufacturing and assembly was intended to stimulate business, industrial growth, and retention within enterprise zones; and
WHEREAS, the Act grants Chicago authority to extend additional tax incentives for business enterprises within enterprise zones via municipal ordinance; and
WHEREAS, the Chicago City Council has provided a variety of incentives for businesses in these statutorily defined areas including an exemption from the Home Rule Municipal Retailers Occupation Tax, an exemption from the Chicago Real Property Transfer Tax, and modified zoning and building code procedures; and
WHEREAS, Tower Automotive Operations USA I, LLC. is a global designer of structural components and assembly used by major automotive vehicle manufacturers; and
WHEREAS, Tower Automotive Operations USA I, LLC. currently...
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