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Title:
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Amendment of Municipal Code Chapter 2-45 by adding new Section 2-45-160 regarding redevelopment agreement and reporting requirements for Cook County tax incentive classifications
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Topic:
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MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 45 Dept. of Planning & Development
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SUBSTITUTE ORDINANCE
WHEREAS, The City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article Vll 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 various classes of property located within Cook County, Illinois; and
WHEREAS, The County Ordinance requires that, in connection with the filing of eligibility applications for various tax incentives with the Cook County Assessor, the applicant must obtain from the municipality in which such real estate is located an ordinance expressly stating, among other things, that the municipality has determined that the incentive provided is necessary for development to occur on such real estate and that the municipality supports and consents to the classification by the Cook County Assessor; and now, therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Chapter 2-45 of the Municipal Code of the City of Chicago is hereby amended by inserting a new Section 2-45-160, as follows:
2-45-160 Redevelopment Agreement and Reporting Requirements for Cook County Tax Incentive Classifications
For the purposes of this Section, "tax incentive classification" means the following Cook County tax incentive classifications requiring City approval: Class 6b; Class 6b (special circumstances); Class 6b TEERM; Class 6b SER; Class 6b CEERM; Class 7a; Class 7b; Class 7c; Class 8; Class 8 TEERM; and Class 8 CEERM.
For each application seeking City approval of a tax incentive classification filed on or after November 1, 2020, each applicant shall enter into a redevelopment agreement with the City as a condition of the City supporting such tax incentive classification. A substantially final version of each such redevelopment agreement shall be attached to the ordinance or resolution seeking approval of a tax incentive classification.
In the event that the applicant breaches such redevelopment agreement required under this Section, the City may pursue a revocation of the tax incentive classification in accordance with applicable law.
Beginning August 1, 2021, each applicant who has received City approval of a tax incentive classification shall submit to the Department an annual report no later than August 1 of each year, which shall include:
(1) An affidavit from the applicant detailing the current status of the project and certification that it meets any obligations or compliance requirements specified in the ordinance or
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resolution adopted by the City approving such tax incentive classification or any redevelopment agreement entered into by the City and applicant, as applicable;
A jobs report providing anonymized information on each employee, including their status as full-time or part-time; the ZIP code of the employee's primary residency; the employee's total employment tenure in months; and a statement of whether the employee's wages are above or below a "Base Wage" as defined by Section 2-92-610.
Any reports, affidavits, or other statements required to be filed with Cook County or the Cook County Assessor for the applicable annual period; and
Such other reports as may be specified in the ordinance or resolution adopted by the City approving the tax incentive classification, any redevelopment agreement entered into by the City and the applicant, or as may be otherwise agreed to in writing by the applicant in connection therewith.
(e) Upon receipt of the annual reports and sworn statements required under this Section, the Department shall forward such reports and sworn statements, no later than October 1 of each year to the Committee on Economic, Capital and Technology Development and the Alderman of each ward in which the applicable property receiving the tax incentive classification is located.
SECTION 2. This ordinance shall be effective immediately upon its passage and publication.
GILBERT VILLEGAS Alderman, 36th Ward
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