Office of the City Clerk - Record #: O2022-2348

• Record #: O2022-2348
• Type: Ordinance
• Status: Failed to Pass
• Intro date: 7/20/2022
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 5/24/2023
• Title: Support of Class 7(a) tax incentive for property at 517 W 111th St
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment, - TAX INCENTIVES - Class 7(a)
• Related files: R2023-766

Date	Journal Page Number	Action By	Action	Result
5/24/2023		City Council	Failed to Pass
7/20/2022	49675	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
July 20, 2022










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 an ordinance authorizing a Class 7A tax incentive status for a property located at 517 West 111th Street.

Your favorable consideration of this ordinance 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 "107th/Halsted 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 107th/Halsted Redevelopment Project Area is a depressed area; and
WHEREAS, certain real estate generally located at 517 W.111th 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 ofthe 107th/Halsted Redevelopment Project Area; and

WHEREAS, Hickman and Harrison Group, LLC, an Illinois limited liability company ("Applicant"), proposes to rehabilitate the approximately 3,513 square foot building on the Project Site and redevelop it into office space and co-working space (the "Project"); and

WHEREAS, Applicant will use the Project Site 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

WHEREAS, the redevelopment objectives of the City in connection with the Project Sit...