CHAPTER 2-154
DISCLOSURE OF OWNERSHIP INTEREST IN ENTITIES

2-154-010   Actions requiring city approval – Disclosure information required when.

2-154-015   Familial relationships – Disclosure required.

2-154-017   Diversity in firms – Debt obligation transactions.

2-154-018   Diversity in firms – Outside brokers.

2-154-020   Information to be kept current.

2-154-030   Additional information authorized when.

2-154-040   Failure to comply.

2-154-050   Rulemaking authority.

2-154-010 Actions requiring city approval – Disclosure information required when.

   (a)   Whenever any corporation; partnership; association; business trust; estate; two or more persons having a joint or common interest; other commercial or legal entity; trustee of a land trust; or any beneficiary or beneficiaries thereof (for purposes of this section, collectively “applicant”) makes application to the City of Chicago for action requiring an ordinance, or ordinance amendment, city council approval, or other city agency approval (for purposes of this section, collectively “city action”), with respect to sale or purchase of real estate, real property tax reclassification, zoning, vacation of streets and alleys, leases, and contracts, the following disclosures and information shall be certified and attached to the application:

      (1)   the name, address and percentage of ownership interest of each individual or entity having a beneficial interest of more than 7.5 percent in the applicant (for purposes of this section, “owner”). Any owner required by law to file a statement providing substantially the information required by this paragraph with any other government agency may file a duplicate of such statement;

      (2)   whenever any interest required to be disclosed in paragraph (1) is held by an agent or agents, or a nominee or nominees, the principals for whom such agents or nominees hold such interest shall also be disclosed. The application of a spouse or any other party, if constructively controlled by another person, or legal entity as set forth above, shall state the name and address and percentage of beneficial interest of such person or entity possessing such constructive control and the relationship under which such control is being or may be exercised. Whenever a stock or beneficial interest is held by a corporation or other legal entity, such shareholder or beneficiary shall also make disclosure as required by paragraph (1) above;

      (3)   a statement under oath that the applicant has withheld no disclosures as to economic interests in the undertaking nor reserved any information, data or plan as to the intended use or purpose for which it seeks city action;

      (4)   a statement under oath disclosing whether or not the applicant or any owner, at the time of application for city action, is identified as a building code scofflaw or problem landlord pursuant to Section 2-92-416 of this Code.

   (b)   The disclosure requirements of this section shall apply to actual and prospective applicants and owners. For purposes of this section, the term “prospective” shall refer to an individual or entity in existence at the time application is made, which is not an applicant or owner at such time, but which the applicant expects to assume a legal status, within six months of the time the city action occurs, that would render such individual or entity an applicant or owner if they had held such legal status at the time application was made.

(Prior code § 26.1-1; Amend Coun. J. 12-8-04, p. 38063, § 1; Amend Coun. J. 3-12-08, p. 21786, § 1; Amend Coun. J. 1-21-15, p. 102428, § 4)

 

Notes

2-92-416

The hyper-linked material is not part of the Chicago Building Code infobase and therefore is not included herein.  The material is included in other provisions of the Chicago Municipal Code.  The complete Chicago Municipal Code is available for purchase from American Legal Publishing in both print and Folio® versions.  Please click here for the appropriate American Legal order form in printable Adobe® PDF format.  For additional information, you may visit American Legal's website by clicking here.

2-154-015 Familial relationships – Disclosure required.

   (a)   This section shall be known as the “Familial Relationships Disclosure Ordinance.” The purpose of this section is to promote full and accurate disclosure to the public about any familial relationships that exist between persons seeking city action and elected city officials and department heads.

   (b)   In addition to any other information required by law, whenever any person (hereinafter referred to as “the applicant”) makes application to the City for any city action as defined in subsection (d) of this section, such applicant shall disclose to the City whether any of the persons listed in items (1) through (4) of this subsection has a familial relationship with any elected city official or department head, or has a spouse or domestic partner with a familial relationship to any elected city official or department head, and, if so, the precise nature of such familial relationship:

      (1)   the applicant;

      (2)   all corporate officers, if the applicant is a corporation; all partners, if the applicant is a general partnership; all general and limited partners, if the applicant is a limited partnership; and all managers, managing members and members, if the applicant is a limited liability company;

      (3)   any person having more than a 7.5 percent ownership interest in the applicant; and

      (4)   all principal officers of the applicant, as defined in subsection (d) of this section.

   The disclosures and information required by this subsection shall be certified and attached to the application, and shall be accompanied by a statement under oath that the applicant has withheld no disclosures as to familial relationships in the matter or undertaking identified in the application.

   (c)   The disclosure requirements of this section shall apply to actual and prospective applicants, persons having more than a 7.5 percent ownership interest in the applicant and all other persons required to make a disclosure under subsection (b) of this section. For purposes of this section, the term “prospective” means any person that the applicant expects to assume a legal status, within six months of the time the city action occurs, that would require such person to make a disclosure under subsection (b) of this section if such person had held such legal status at the time application was made.

   (d)   As used in this section:

   “City action” means any action requiring an ordinance, an amendment to an ordinance, city council approval or other city agency approval with respect to the sale or purchase of real estate, real property tax reclassification, zoning, vacation of streets and alleys, leases or contracts, or involving the award of loan funds, grant funds, bond proceeds, the creation of tax increment financing districts, concession agreements or similar matters.

   “Department head” means the head of any city department, including, but not limited to, any commissioner, superintendent, director, executive director or person exercising similar authority, and shall include person formerly holding the position of department head. For purposes of this definition, the term “formerly holding” means holding the position of department head within the 12-month period preceding the submission of an application for city action.

   “Elected city official” means any person currently holding the elected office of mayor, treasurer, city clerk or alderman of the Chicago City Council or formerly holding such elected office. For purposes of this definition, the term “formerly holding” means holding such elected office within the 12-month period preceding the submission of an application for city action.

   “Familial relationship” means any person who is related to an elected city official as spouse or domestic partner or as any of the following, whether by blood or by adoption: parent, child, brother or sister, aunt or uncle, niece or nephew, grandparent, grandchild, father-in-law, mother-in-law, son-in-law, daughter-in-law, stepfather or stepmother, stepson or stepdaughter, stepbrother or stepsister or half-brother or half-sister.

   “Person” means any natural individual, firm, sole proprietorship, corporation, partnership, business trust, limited liability company, association, joint venture, estate, two or more persons having a joint or common interest, trustee of a land trust, any other commercial or legal entity or any beneficiary or beneficiaries thereof.

   “Principal officer” means the president, chief operating officer, executive director, chief financial officer, treasurer or secretary of a legal entity or any person exercising similar authority.

(Added Coun. J. 7-29-09, p. 67629, § 2)