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This record contains private information, which has been redacted from public viewing.
Record #: O2018-6317   
Type: Ordinance Status: Passed
Intro date: 7/25/2018 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 9/20/2018
Title: Support of Class 7(c) tax incentive for property at 10801 S Western Ave
Sponsors: Emanuel, Rahm
Topic: TAX INCENTIVES - Class 7(c)
Attachments: 1. O2018-6317.pdf, 2. O2018-6317 (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 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 "Western Avenue/Rock Island 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 Western Avenue/Rock Island Redevelopment Project Area is a depressed area; and
WHEREAS, CPMOK Properties, LLC, an Illinois limited liability company ("Applicant") owns certain real estate generally located at 10801 South Western Avenue, Chicago Illinois 60643, as further described on Exhibit A attached hereto (the "Project Site"), which is located within the boundaries ofthe Western Avenue/Rock Island Redevelopment Project Area; and
WHEREAS, the Applicant proposes to rehabilitate an approximately 22,000 square foot abandoned Project Site and redevelop it into medical office space (the "Project"); and
WHEREAS, the City's Department of Planning and Development ("DPD") has determined that the Project Site was last occupied in 2011; and
WHEREAS, the Project will increase employment ...

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