Ordinance O2023-0002959
Passed
Non-Routine
Ward Matters
Economic Development
Tax Incentives
Support of Class L tax incentive for property at 500 N LaSalle Dr (LaSalle St Cable Car Powerhouse)
Auto-generated summary
The City of Chicago, under Mayor Brandon Johnson, has proposed an ordinance to grant a Class L tax incentive to 500 N. LaSalle LLC for the preservation and rehabilitation of a historic building at 500 N LaSalle Drive. The Class L incentive, which requires substantial rehabilitation and local government approval, is aimed at enhancing economic growth and employment opportunities in the area. The project, expected to be completed by April 2024, is contingent upon the owner's adherence to the proposal and city-approved standards. The owner is required to submit an annual report detailing the project's status, job creation, and compliance with wage laws. The ordinance will take effect upon passage and approval. The Commission on Chicago Landmarks has recommended approval for the incentive based on rehabilitation standards and eligibility criteria.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |