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Record #: O2022-3007   
Type: Ordinance Status: Passed
Intro date: 9/21/2022 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 11/16/2022
Title: Support of Class 6(b) tax incentive for property at 4743 S Talman Ave
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. O2022-3007.pdf
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, 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 industrial 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, Rocket Twins, LLC an Illinois limited liability company (the "Applicant") plans to aquire the property located generally at 4743 S. Talman Avenue, Chicago, Illinois 606232, as further described on Exhibit A hereto (the "Subject Property"). The Subject Proprty consists of a vacant 91 year old 27,375 square foot industrial building located on a 28,240 square foot site; and

WHEREAS, the Applicant intends to rehabilitate the building and lease the Subject .Property to an affiliated company, Sputnik Coffee Company ("Sputnik Coffee"). Sputnik Coffee is based in Chicago and will use the site to continue expanding its growing coffee roasting business; and
WHEREAS, the redevelopment objectives of the City in connection with the Subject Property are to return the now vacant site to productive use and to create jobs once the project is completed; and
WHEREAS, the Applicant has filed or intends to file an eligibility application for a Class 6b tax incentive under the County Ordinance with the Office of the Assessor of Cook County (the "Assessor"); and

WHEREAS, the Subject Property i...

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