Office of the City Clerk - Record #: O2011-4514

• Record #: O2011-4514
• Type: Ordinance
• Status: Passed
• Intro date: 6/8/2011
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/6/2011
• Title: Support of Class C tax incentive for property at 2230 N Dominick Ave
• Sponsors: Emanuel, Rahm
• Topic: TAX INCENTIVES - Class C

Date	Journal Page Number	Action By	Action	Result
7/12/2011		Office of the Mayor	Signed by Mayor
7/6/2011	2068	City Council	Passed	Pass
6/22/2011		Committee on Finance	Recommended to Pass	Pass
6/8/2011	173	City Council	Referred

ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section6(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 Real Property Assessment Classification Ordinance, as amended from time to time (the "Classification 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 or commercial purposes; and
WHEREAS, the City, consistent with the Classification 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, West Webster, LLC, an Illinois limited liability company ("West Webster"), and Knoxville, L.L.C., an Illinois limited liability company (together with West Webster, the "Applicant"), jointly own certain real estate located generally at 2230 North Dominick Street, Chicago, Illinois 60614 (the "Subject Property"), as described on Exhibit A hereto; and
WHEREAS, the Subject Property has undergone environmental testing and was found to contain certain adverse environmental conditions (the "Contamination"); and
WHEREAS, neither the Applicant nor the Applicant's individual owners are directly or indirectly responsible for creating the Contamination; and
WHEREAS, the Applicant has undertaken environmental remediation at the Subject Property and received a No Further Remediation Letter from the Illinois Environmental Protection Agency's Site Remediation Program, dated January 12, 2010 (the "NFR Letter"); and
WHEREAS, the costs of remediating the Contamination exceeded $100,000 in accordance with the eligibility requirements for Class C classification pursuant to the Cla...