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Record #: SO2020-6250   
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 L tax incentive for historic landmark property(s) at 225 West Randolph St (Illinois Bell Building)
Sponsors: Lightfoot, Lori E.
Attachments: 1. SO2020-6250.pdf, 2. O2020-6250.pdf
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 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, Oakwood Chicago Associates, LLC, a Delaware limited liability company, Wallkill Chicago Associates, LLC, a Delaware limited liability company, and Landings Chicago Associates, LLC, a Delaware limited liability company (collectively the "Current Owners") substantially own as tenants-in-common the historic building (the "Building") located at 225 West Randolph 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 Current Owners pursuant to a sale and purchase agreement plan to sell the Building to 225 West Randolph Owner, L.L.C., a Delaware limited liability company (the "Prospective Owner"); and

WHEREAS, it is expected that the City Council of the City (the "City Council") will adopt an ordinance designating the Building as a Chicago Landmark pursuant to the criteria established in Section 2-120-580 et seq. ofthe Municipal Code of Chicago, and such designation as a Chicag...

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