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Record #: R2018-1149   
Type: Resolution Status: Failed to Pass
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Committees, Rules and Ethics
Final action:
Title: Submission of public question by referendum to Chicago voters at February 26, 2019 election proposing to increase City of Chicago real estate transfer tax for benefit of providing resources for housing and services to combat homelessness
Sponsors: Burnett, Jr., Walter, Maldonado, Roberto, Harris, Michelle A., Cappleman, James, Osterman, Harry, Moreno, Proco Joe, King, Sophia D., Arena, John, Sawyer, Roderick T., Taliaferro, Chris, Villegas, Gilbert, Moore, David H., Reboyras, Ariel, Scott, Jr. Michael, Cardenas, George A., Pawar, Ameya, Dowell, Pat, Solis, Daniel, Ramirez-Rosa, Carlos, Curtis, Derrick G., Foulkes, Toni, Waguespack, Scott, Santiago, Milagros, Austin, Carrie M., Silverstein, Debra L., Munoz, Ricardo, Brookins, Jr., Howard, Mitchell, Gregory I., Sadlowski Garza, Susan, Mell, Deborah, Mitts, Emma, Hairston, Leslie A., Ervin, Jason C.
Topic: CITY COUNCIL - Miscellaneous
Attachments: 1. R2018-1149.pdf
Related files: R2019-362
RESOLUflON '0 ^1 ^


WHEREAS, the Illinois General Assembly, specifically in 65 ILCS 5/8-3-19, allows home rule municipalities to increase their own Real Estate Transfer Taxes only by means of referendum; and


WHEREAS, the City of Chicago is a home rule municipality under Article VII of the 1970 Illinois Constitution; and


WHEREAS, the "City Portion" of the City of Chicago current transfer tax rate is three dollars and seventy-five cents ($3.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, per transaction; and


WHEREAS, the City seeks to increase the "City Portion" of real estate transfer tax imposed, keeping the current rate at three dollars and seventy-five cents ($3.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for transfers up to one million dollars ($1,000,000.00) in transfer price, and increasing the rate to nine dollars and seventy-five cents ($9.75) for every five hundred dollars ($500.00) of transfer price, or fraction thereof, for transfers over one million dollars ($1,000,000.00) in transfer price; and


WHEREAS, the increased revenue shall be dedicated to the Homeless Transfer Tax Fund and is a means to provide resources for housing and services to combat homelessness; and


WHEREAS, the City Council of the City of Chicago hereby finds it in the best interest of the City to impose such an increased real estate transfer tax to address the City's significant problem with homelessness; now, therefore,


BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHICAGO
Section 1. The foregoing recitals are found as fact and incorporated herein by reference.
Section 2. In accordance with 65 ILCS 5/8-3-19, the City Council of the City of Chicago hereby initiates and authorizes the following referendum question to be submitted to the voters of the entire City of Chicago at the regularly scheduled municipal general election next occurring after the effective date of this resolution on February...

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