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This record contains private information, which has been redacted from public viewing.
Record #: O2021-1213   
Type: Ordinance Status: Passed
Intro date: 3/24/2021 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 4/21/2021
Title: Support of Class 6(b) tax incentive for property at 3711 S Ashland Ave
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. O2021-1213.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR

March 24, 2021










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 ordinances authorizing the execution of intergovernmental agreements with the Chicago Board of Education regarding expenditure of TIF funds for school improvements.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

Mayor
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII 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 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, LPC Ashland I, LP, a Delaware limited partnership (the "Applicant"), owns certain real estate located generally at 3711 S. Ashland Ave., Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and

WHEREAS, the Applicant proposed to construct an approximately 138,424 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 use of the new industrial ...

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