Office of the City Clerk - Record #: O2020-6249

• Record #: O2020-6249
• Type: Ordinance
• Status: Passed
• Intro date: 12/16/2020
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 1/27/2021
• Title: Support of Class 6(b) tax incentive for property at 2075 W 43rd St
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
1/27/2021	26593	City Council	Passed	Pass
1/21/2021		Committee on Economic, Capital and Technology Development	Recommended to Pass
12/16/2020	24755	City Council	Referred

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

December 16, 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 6B tax status for property located at 2075 West 43rd Street.

Your favorable consideration of this ordinance will be appreciated.


Very truly yoma,
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 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 property which is located within Cook County, Illinois and which is used primarily for industrial purposes; and

WHEREAS, the City consistent with the County Ordinance, wishes to induce industry to locate and expand in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, Marina Crossings Owner LLC, a Delaware limited liability company, whose sole member and manager is Marina Crossings JV, LLC, a Delaware limited liability company (the "Applicant"), owns certain real estate located generally at 2075 West 43rd Street, Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant constructed an approximately 633,057 square foot industrial facility located on the Subject Property; and

WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to create new jobs and increase the City's tax base through the construction and oc...