Office of the City Clerk - Record #: O2012-8264

• Record #: O2012-8264
• Type: Ordinance
• Status: Passed
• Intro date: 12/12/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 1/17/2013
• Title: Repeal of 40th/State Tax Increment Financing (TIF) District
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - 40th/State T.I.F. - Designation

Date	Journal Page Number	Action By	Action	Result
1/31/2013		Office of the Mayor	Signed by Mayor
1/17/2013	44885	City Council	Passed	Pass
1/15/2013		Committee on Finance	Recommended to Pass	Pass
12/12/2012	42302	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR


December 12,2012








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

Ladies and Gentlemen:

At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the repeal of the 40lh/State Tax Increment Financing District.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,




CHICAGO January 17, 2013 To the President and Members of the City Council: Your Committee on Finance having had under consideration


A communication recommending a proposed ordinance concerning the authority to repeal the 40th/State Redevelopment Project Area.
02012-8264












Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by
of members of the committee with




Respectfully submitted

Chairman
Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
S:\SHARED\Finance\Gaynor New\Housing & Econ Dev\2013 TIF Terminations-Repeals-ExpirationsWOth & State (repeal)\repeal ordinance 2.doc

ORDINANCE

WHEREAS, the City Council of the City of Chicago (the "City") adopted the following ordinances in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg. (the "Act") on March 10, 2004: (1) "Authorization for Approval of a Tax Increment Redevelopment Plan for the 40th/State Redevelopment Project Area;" (2) "Designation of the 40th/State Redevelopment Project Area as a Tax Increment Financing District;" and (3) "Adoption of Tax Increment Allocation Financing for the 40th/State Redevelopment Project Area;" and
WHEREAS, pursuant to Section 4(r) of the Act, if no redevelopment project has been initiated in a redevelopment project area within 7 years after the area was designated by ordinance under Section...