Office of the City Clerk - Record #: O2020-104

• Record #: O2020-104
• Type: Ordinance
• Status: Passed
• Intro date: 1/15/2020
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 7/22/2020
• Title: Support of Class L tax incentive for property(s) at 2300 - 2304 S Indiana Ave for McCormick Hospitality South LLC
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class L

Date	Journal Page Number	Action By	Action	Result
7/22/2020	18903	City Council	Passed	Pass
7/9/2020		Committee on Economic, Capital and Technology Development	Recommended to Pass
2/11/2020		Committee on Economic, Capital and Technology Development	Held in Committee
1/15/2020	12815	City Council	Referred

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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR

January 15, 2020










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing a Class L tax status for property located at 2300 South Indiana Avenue.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,

ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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, McCormick Hospitality South LLC, an Illinois limited liability company (the "Owner"), is the owner ofthe historic building (the "Building") located at 2300-2304 South Indiana Avenue in Chicago, Illinois, as more precisely described in Exhibit 1 attached hereto and hereby made a part hereof (the land and improvements thereon, with the exception of Parcel 2, being herein referred to as the "Project Real Estate"); and
WHEREAS, the City Council of the City (the "City Council") adopted an ordinance on December 13, 2000, designating the Motor Row District, including the Building, as a Chicago Landmark pursuant to the criteria...