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Record #: O2021-4188   
Type: Ordinance Status: Passed
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 10/27/2021
Title: Support of Class 6(b) tax incentive for property generally located at 3700 S Morgan St for redevelopment as an industrial facility on vacant property
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. O2021-4188.pdf


OFFICF OF THE MAYOR
CITY OF CHICAGO
LORI E. L.IG HTI 'OOT
MAYOR

September 14, 2021










TO THE HONORABLE, THE CITY COUNCIL OE 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.


Very truly yours.

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, IDIL 3700 Morgan, LLC, a Delaware limited liability company (the "Applicant"), owns certain real estate located generally at 3700 S. Morgan Street, Chicago, Illinois 60609, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant intends to construct an approximately 178,850 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 eliminate a vacant property and return it to productive use, create jobs, and provide a positive net benefit to the taxing districts; and
WHEREAS, it is intended that ...

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