Office of the City Clerk - Record #: O2021-2187

• Record #: O2021-2187
• Type: Ordinance
• Status: Passed
• Intro date: 5/26/2021
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 6/25/2021
• Title: Support of Class 7(b) tax incentive for property generally at 8560 S Cottage Grove Ave
• Sponsors: Lightfoot, Lori E.

Date	Journal Page Number	Action By	Action	Result
7/14/2021		Office of the Mayor	Signed by Mayor
6/25/2021	31724	City Council	Passed	Pass
6/16/2021		Committee on Economic, Capital and Technology Development
5/26/2021	30292	City Council	Referred

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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI I-:. LIGHTFOOT
26. 2021










TO I III-: HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith an ordinance authorizing a Class 7B tax status for property located at 8560 South Cottage Avenue.

Your favorable consideration of this ordinance will be appreciated.


Very truly your:

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 or commercial purposes; and

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

WHEREAS, pursuant to an ordinance adopted on November 13, 2002 by the City Council of the City (the "City Council"), the City established the "87lh/Cottage Grove Redevelopment Project Area" in accordance with the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, ef seq., finding, among other things, that the 87Ul/Cottage Grove Redevelopment Project Area is a depressed area; and

WHEREAS, certain real estate generally located at 8560 South Cottage Grove Avenue in the City, as more precisely described on Exhibit A attached hereto and hereby made a part hereof (the "Project Site"),...