Office of the City Clerk - Record #: O2022-3004

• Record #: O2022-3004
• Type: Ordinance
• Status: Passed
• Intro date: 9/21/2022
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 10/26/2022
• Title: Support of Renewal of Class 6(b) tax incentive for property at 1001-1031 E 103rd St - industrial facility rehabilitation
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
10/26/2022	53221	City Council	Passed	Pass
9/29/2022		Committee on Economic, Capital and Technology Development	Recommended to Pass
9/21/2022	51463	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
I.OKI E. LIGHTFOOT
MAYOR
September 21. 2022










TO THE HONORABLE. THE CITY COUNCIL OF ii IE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, 1 transmit herewil 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,

Mayor
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 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 and which is used primarily for industrial purposes; and

WHEREAS, the City, consistent with the County Ordinance, wishes to induce industry to locate, expand and remain in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, IZC Property, LLC, an Illinois limited liability company ("Applicant"), is the owner of certain real estate located generally at 1001-1031 East 103rd Street, Chicago, Illinois 60628, as further described on Exhibit A hereto (the "Subject Property") and plans to substantially rehabilitate an approximately 68,000 square foot industrial facility thereon; and

WHEREAS, on July 28, 2010, the City Council ofthe City enacted a resolution supporting and consenting to the Class 6b classification of the Subject Property, as well as an additional parcel identified as Permanent Real Estate Tax Index Number (P.I.N.) 25-14-100-010-0000, by the Offic...