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Record #: O2020-2371   
Type: Ordinance Status: Passed
Intro date: 5/20/2020 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 5/20/2020
Title: Support of Class 7(b) tax incentive for property(s) at 3611-3657 N Central Ave
Sponsors: Dept./Agency
Topic: TAX INCENTIVES - Class 7(b)
Attachments: 1. O2020-2371.pdf
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, Portage Park Capital, LLC, an Illinois limited liability company (the "Applicant"), owns vacant land located generally at 3611-57 North Central Ave., Chicago, Illinois 60634 and described particularly on Exhibit A attached hereto (the "Subject Property"); and
WHEREAS, the Subject Property is located within the Belmont/Central Redevelopment Project Area designated by the City under the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq. pursuant to an ordinance published in the Journal of Proceedings of the City Council of the City (the "Journal") on January 12, 2000, and the purpose of such redevelopment project area is also to provide certain incentives in order to revitalize depressed areas; and

WHEREAS, the Applicant intends to redevelop the Subject Property into a four-story, 122,320 square foot mixed-use commercial development containing 12,000 square feet of ground floor retail, restaurant, brewery, tavern, and commercial space and a Class A self-storage facility on the upper floors and the approximately 1,000 square foot office and retail space on the ground floor to be operated by the self-storage facility (the "Project"); and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to redevelop underutilized properties, attract new businesses and retain and encourage the expansion of existing viable businesses, increase employment opportunities, increase economic activity in the area, and induce growth in the real property tax base; and
WHEREAS, the intended use by the Applicant ofthe Subject Property is redevelop it into multi-use commercial space including retail space and self-storage; and

WHEREAS, the Applicant has app...

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