, ( CHICAGO July 28, 2011
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance authorizing Amendment #3 to the Near West Tax Increment Financing Redevelopment Plan and Project.
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
(sign
Respectfully submitted
Chairman
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 6,2011
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, 1 transmit herewith an ordinance amending the budget for the Near West fax Increment Financing District.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor
S:\SHARED\Finance\Gaynor
New\Planning\TIFs\Near West Amendment\ord 1 .doc
ORDINANCE
WHEREAS, under ordinances adopted on March 23,1989, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 25874 to 25933, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "Madison/Racine Redevelopment Project Area" (the "Original Area"); (ii) designated the Original Area as a "redevelopment project area" within the requirements of the Act; and (iii) adopted tax increment financing for the Original Area (the foregoing items three ordinances are collectively referred to herein as the "TIF Ordinances"); and
WHEREAS, the Corporate Authorities subsequently determined it was necessary to expand the Original Area to ...
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