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Record #: O2019-1151   
Type: Ordinance Status: Passed
Intro date: 1/23/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 3/13/2019
Title: Support of Class C Tax Status for properties at 2427 N Elston Ave and 2480 N Elston Ave
Sponsors: Emanuel, Rahm
Attachments: 1. O2019-1151.pdf, 2. O2019-1151 (V1).pdf

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 Real Property Assessment Classification Ordinance, as amended from time to time (the "Classification 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 and which is used primarily for industrial or commercial purposes; and

WHEREAS, the City, consistent with the Classification Ordinance, wishes to induce industry to locate, expand and remain in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, Tennis Corporation of America, a Delaware corporation ("TCA"), and Columbia Equities LLC, an Illinois limited liability corporation ("Columbia") (TCA and Columbia collectively referred to as the "Applicants"), own certain real estate located generally at 2427 and 2480 North Elston Avenue, Chicago, Illinois 60647 (the "Subject Property"), as described on Exhibit A hereto; and

WHEREAS, the Subject Property has undergone environmental testing and was found to contain certain adverse environmental conditions (the "Contamination"); and

WHEREAS, neither the Applicants nor the Applicants' individual owners are directly or indirectly responsible for creating the Contamination; and
WHEREAS, the Applicants have undertaken environmental remediation at the Subject Property and received a No Further Remediation Letter from the Illinois Environmental Protection Agency's Site Remediation Program, dated December 29, 2017 (the "NFR Letter"); and
WHEREAS, the costs of remediating the Contamination exceeded $100,000 in accordance with the eligibility requirements for Class ...

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