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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4190   
Type: Ordinance Status: Introduced
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action:
Title: Support of Cook County Class 7(a) tax status for property at 1050-1052 W Wilson Ave for commercial redevelopment by Double Down Development LLC of a live music venue
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 7(a)
Attachments: 1. O2021-4190.pdf
( ) I I I < I! Ol- THE MAYOR <:i ty oi- < 11 icaco
LORI I... I.H.iriTOOT

September 14, 2021










TO THE HONORABLE, THI: CITY COUNCIL OF THE CI TY 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, pursuant to an ordinance adopted by the City Council of the City ("City Council"), the City established the "Wilson Yard Redevelopment Project Area" in accordance with the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., finding, among other things, that the Wilson Yard Redevelopment Project Area is a depressed area; and

WHEREAS, certain real estate generally located at 1050-1052 West Wilson Avenue in the City, as more precisely described on Exhibit A attached hereto and hereby made a part hereof (the "Project Site"), is located within the boundaries of the Wilson Yard Redevelopment Project Area; and

WHEREAS, Double Down Development, LLC an Illinois limited liability company ("Applicant"), proposes to rehabilitate the approximately 5,928 square foot Project Site and redevelop it into commercial space including a 700-seat live music entertainment venue (the "Project"); and

WHEREAS, the Applicant purchased the Project Site for value: and

WHEREAS, the Project Site has been abandoned for over two years; and

WHEREAS, the Project will increase employment opportunities, economic activity in the area and growth in the real property tax base; and

WHEREAS, the redevelopment objectives of the City in connectio...

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