Ordinance O2024-0007330
Passed
Non-Routine
Ward Matters
Economic Development
Tax Incentives
Support of Class L tax incentive for property at 465 W Cermak Rd
Auto-generated summary
The proposed Class L tax incentive ordinance for the historic Hoyt building, owned by 465 Cermak LLC, has been recommended by the Landmarks Commission and the Department of Planning and Development. The owner has applied for a Class L classification from the Office of the Assessor of Cook County, which could attract federal historic rehabilitation tax credits and meet the standards of the United States Department of the Interior. The project also aims to maximize opportunities for Minority and Women-owned Business Enterprises (M/WBEs), as monitored by the Committee on Economic, Capital and Technology Development.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
| Date | Legislative body | Action |
|---|---|---|
| Date 2024-04-22 | Legislative body Chicago City Council | Action Passed |
| Date 2024-04-09 | Legislative body Committee on Economic, Capital and Technology Development | Action Recommended to Pass |
| Date 2024-01-24 | Legislative body Chicago City Council | Action Referred |
| Date 2024-01-24 | Legislative body Chicago City Council | Action Introduced |
Locations mentioned
Legislation text
Additional Documents
- EDS Class L 465 W Cermak Rd_0240_Redacted.pdf
- EXHIBIT 1 Class L 465 W Cermak Rd_0238.pdf
- EXHIBIT 2 Class L 465 W Cermak Rd_0239.pdf