Office of the City Clerk - Record #: O2022-3802

• Record #: O2022-3802
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2022
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 12/14/2022
• Title: Support of Class 7(b) tax incentive for property at 3552 W Grand Ave
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class 7(b)

Date	Journal Page Number	Action By	Action	Result
12/14/2022	58048	City Council	Passed	Pass
12/6/2022		Committee on Economic, Capital and Technology Development	Recommended to Pass
11/16/2022	55846	City Council	Referred

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

November 16, 2022










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing a Class 7B tax incentive status for a property located at 3552 West Grand Avenue.

Your favorable consideration ofthis ordinance will be.appreciated.









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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 or commercial purposes; and

WHEREAS, the City, consistent with the County Ordinance, desires to induce industrial and commercial development to locate and expand in the City by supporting financial incentives in the form of property tax relief; and

WHEREAS, pursuant to an ordinance adopted on June 21, 2001, by the City Council of the City ("City Council"), the City established the "Division/Homan Redevelopment Project Area" in accordance with the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, ef seq., finding, among other things, that the Division /Homan Redevelopment Project Area is a depressed area; and

WHEREAS, certain real estate generally located at 3552 W. Grand Avenue in the City, as more precisely described on Exhibit A attached hereto and hereby made a part hereof (the "Project Site"), which is improve...