Office of the City Clerk - Record #: O2019-2545

• Record #: O2019-2545
• Type: Ordinance
• Status: Passed
• Intro date: 3/13/2019
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/10/2019
• Title: Support of Class L tax incentive for property at 111 N State St (Marshall Field and Company Building)
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class L

Date	Journal Page Number	Action By	Action	Result
4/12/2019		Office of the Mayor	Signed by Mayor
4/10/2019	98712	City Council	Passed	Pass
4/8/2019		Committee on Finance	Recommended to Pass
3/13/2019	95486	City Council	Referred

ORDINANCE


, WHE.REAS, 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 Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County Ordinance"), which establishes the Class L property tax classification to encourage the preservation and rehabilitation of certain historically and architecturally significant buildings, which will enhance the general character of real estate in the county and contribute to the economic well-being of the county by increasing the level of economic activity, increasing employment opportunities and contributing to the long-term growth of the real property tax base; and

WHEREAS, Macy's Retail Holdings, Inc., a New York corporation ("Macy's") is an owner in part, and BSREP II SS Chicago LLC, a State of New York limited liability Company is an owner in part ("Brookfield" and together with Macy's the "Owner") of the historic building (the "Building") located at 111 North State Street in Chicago, Illinois, as more precisely described in Exhibit 1 attached hereto and hereby made a part hereof (the land and improvements thereon being herein referred to as the "Project Real Estate"); and

WHEREAS, the City Council of the City (the "City Council") adopted an ordinance on November 1, 2005, designating the area encompassing the Building as a Chicago Landmark pursuant to the criteria established in Section 2-120-580 et seq. of the Municipal Code of Chicago, and such designation as a Chicago landmark meets the definition of landmark pursuant to the County Ordinance; and

WHEREAS, the Owner proposes to rehabilitate the Building thereby preserving the historic building, increasing employment opportunities in the area and contributing to the lon...