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This record contains private information, which has been redacted from public viewing.
Record #: O2021-5272   
Type: Ordinance Status: Passed
Intro date: 11/17/2021 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 12/15/2021
Title: Support of Class 7(a) tax incentive for property at 838-840 E 87th St
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 7(a)
Attachments: 1. O2021-5272.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 17,2021










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.


Very truly yours.

ayor

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 "87,h/Cottage Grove 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 87th/Cottage Grove Redevelopment Project Area is a depressed area; and

WHEREAS, certain real estate generally located at 834-840 87th Street 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 87th/Cottage Grove Redevelopment Project Area; and

WHEREAS, DRG Economic Development Center, Inc., an Illinois corporation ("Applicant"), proposes to rehabilitate the approximately 22, 260 square foot Project Site and redevelop it into a 19,550 retail, commercial and not- for- profit space (the "Project"); and

WHEREAS, Applicant and an affiliate ofthe Applicant, Dreams Realty & Design, Inc. will use the Subject Property for commercial purposes; 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

WH...

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