Office of the City Clerk - Record #: O2013-110

• Record #: O2013-110
• Type: Ordinance
• Status: Passed
• Intro date: 1/17/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/13/2013
• Title: Redevelopment agreement with BSB Holdings and Broad Shoulder Brewing LLC to purchase property at 2337 S Michigan Ave for construction of microbrewery
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
2/22/2013		Office of the Mayor	Signed by Mayor
2/13/2013	46196	City Council	Passed	Pass
2/11/2013		Committee on Finance	Recommended to Pass	Pass
1/17/2013	44816	City Council	Referred

THE MAYOR
CHICAGO
RAHM EMANUEL
MAYOR

January 17, 2013









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

Ladies and Gentlemen:

At the request of the Commissioner of Hojusing and Economic Development, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement for BSB Holdings,
LLC.

Your favorable consideration of this ordinance will be appreciated.

Very truly yours,

ORDINANCE


WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on July 21, 1999 and published at pages 8099 to 8197 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the 24th/Michigan Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on July 21, 1999 and published at pages 8198 to 8204 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on July 21, 1999 and published at pages 8203 to 8210 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, BSB Holdings, LLC-Designated Series B, an Illinois limited liability company, desires to purchase a commercial building (the "Site") at real property commonly known as 2337 S. Michigan Avenue, Chicago! Illinois 60616 (the "Property") located within the Area and along with Broad Shoulder Brewing, LLC, an Illinois limited liability company and affiliate (collectively, the "Developer") desire jto construct a approximately 5,130 square foot micro brewery with appro...