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This record contains private information, which has been redacted from public viewing.
Record #: O2022-1287   
Type: Ordinance Status: Passed
Intro date: 4/27/2022 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 6/22/2022
Title: Support of Class 7(c) tax status for property at 4710 N Ravenswood California Ave in conjunction with redevelopment agreement of FR Restaurant LLC and Megara Properties LLC-Series 2
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - TAX INCENTIVES - Class 7(c)
Attachments: 1. O2022-1287.pdf
ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article Vll 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 commercial 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, FR Restaurant LLC, a Delaware limited liability company ("Applicant") leases certain real estate generally located at 4710 North Ravenswood Avenue, Chicago Illinois 60640, as further described on Exhibit A attached hereto (the "Project Site"); and

WHEREAS, the Applicant proposes to rehabilitate the approximately 10,000 square foot abandoned Project Site and redevelop it into commercial space including a brewery, restaurant and brewpub (the "Project"); and

WHEREAS, the City's Department of Planning and Development ("DPD") has determined that the Project Site was last occupied in 2020; 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 objective ofthe City in connection with the Project Site is to redevelop underutilized properties, attract new businesses and retain and encourage the expansion of existing viable businesses, increase employment opportunities, increase economic activity in the area, and growth in the real property tax base; and

WHEREAS, the...

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