This record contains private information, which has been redacted from public viewing.
Record #: O2021-3253   
Type: Ordinance Status: Passed
Intro date: 7/21/2021 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 9/14/2021
Title: Support of Class 6(b) tax incentive for redevelopment of property at 1032 W 43rd St
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. O2021-3253.pdf
OFFICE OF THE MAYOR
CITY Ol- CHICAGO
LORI L- LIGHTFOOT

July 21, 2021










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinances authorizing a favorable tax status for specified properties located in the City.

Your favorable consideration of these ordinances will be appreciated.


Veiy truly yours,

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, 1032 W. 43rd ST TMG, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 1032 W. 43rd Street, Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct an approximately 130,614 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 jobs and activate a vacant property; and
WHEREAS, it is intended that the Applicant will use the Subject Property for industrial purposes, such as warehousing, distribution, ma...

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