Office of the City Clerk - Record #: O2021-4195

• Record #: O2021-4195
• 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 L tax incentive for owner 1357 Property Owner LLC of historic landmark property(s) at 1329-1357 N Elston Ave (Morton Salt Company Warehouse Complex)
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class L

Date	Journal Page Number	Action By	Action	Result
10/27/2021	40708	City Council	Passed	Pass
10/18/2021		Committee on Economic, Capital and Technology Development	Recommended to Pass
9/14/2021	34228	City Council	Referred

() i i i < : i; o i rn i: \i a y o i<
(:i i v (.ir i;11 icaoo
i .OH I I:'. Ll G HT! (X > ! ¦

September 1 '1, 2021










TO THE HONORABLE, Till-: 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.


Very 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 Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County Ordinance"), which establishes the Class L property tax classification to encourage the preservation and rehabilitation of certain historically and architecturally significant buildings, which will enhance the general character of real estate in the county and contribute to the economic well-being of the county by increasing the level of economic activity, increasing employment opportunities and contributing to the long-term growth ofthe real property tax base; and

WHEREAS, 1357 Property Owner, LLC, a Delaware limited liability company (the "Owner"), is the owner of the historic building (the "Building") located at 1357 North Elston Avenue in Chicago, Illinois, as more precisely described in Exhibit 1 attached hereto and hereby made a part hereof (the land and improvements thereon being herein referred to as the "Project Real Estate"); and

WHEREAS, the City Council ofthe City (the "City Council") adopted an ordinance on June 25, 2021, designating the area encompassing the Building as a Chicago Landmark pursuant to the criteria established in Section 2-120-58...