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This record contains private information, which has been redacted from public viewing.
Record #: O2022-3563   
Type: Ordinance Status: Passed
Intro date: 10/26/2022 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 industrial facility property at 340 N Sacramento Blvd
Sponsors: Lightfoot, Lori E.
Topic: TAX INCENTIVES - Class 6(b)
Attachments: 1. O2022-3563.pdf


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

October 26, 2022










TO THE HONORABLE, THE CITY COUNCIL OF THE CI TY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith an ordinance authorizing a Class 6B tax incentive status for a property located at 340 North Sacramento Boulevard.

Your favorable consideration ofthis ordinance will be appreciated.

Mayor


Very truly yours.
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, The 340 Asian Products, LLC, an Illinois limited liability company (the "Applicant"), is the owner of certain real estate located generally at 340 North Sacramento Blvd., Chicago, Illinois 60612 as further described on Exhibit A hereto (the "Subject Property") and has substantially rehabilitated an approximately 23,980 square foot industrial facility thereon; and

WHEREAS, on December 14, 2011, the City Council of the City enacted a resolution supporting and consenting to the Class 6b classification of the Subject Property by the Office of the Assessor of Cook County (the "Assessor"); and
WHEREAS, the Assessor granted ...

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