OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
October 31, 2012
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Housing and Economic Development, 1 transmit herewith ordinances repealing or terminating various TIF Districts.
Your favorable consideration of these ordinances will be appreciated.
Mayor
Very truly yours,
S:\SHARED\Finance\Gaynor New\Housing & Econ Dev\2012 TIF Terminations-Repeals-Expirations\Eastman North Branch\termination ordinance 1.doc
ORDINANCE
WHEREAS, the City Council of the City of Chicago (the "City") adopted ordinances in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg. (the "Act") on October 7, .1993: (1) approving a tax increment redevelopment project and plan for the Eastman/North Branch Redevelopment Project Area (the "Area"); (2) designating theArea as a tax increment financing district; and (3) adopting tax increment allocation financing for the Area; and
WHEREAS, pursuant to Section 8 of the Act, when redevelopment projects costs for a redevelopment project area, including without limitation all municipal obligations financing redevelopment project costs incurred under the Act, have been paid, all surplus funds then remaining in the special tax allocation fund for a redevelopment project area designated under the Act shall be distributed by being paid by the municipal treasurer to the State of Illinois Department of Revenue, the municipality and the county collector; first to the Department of Revenue and the municipality in direct proportion to the tax incremental revenue received from the State of Illinois and the municipality, but not to exceed the total incremental revenue received from the State or the municipality less any annual surplus distribution of incremental revenue previously made; with any remaining funds to be paid to the county collector who shall immediately thereafter pay said funds to the taxing districts in the redevelopment project area in the same manner and proportion as the most recent distribution by the county collector to the affected districts of real property taxes from real property in the redevelopment project area; and
WHEREAS, furthermore, pursuant to Section 8 of the Act, upon the payment of all redevelopment project costs, the retirement of obligations, the distribution of any excess monies pursuant to Section 8 of the Act, and final closing of the books and records of the redevelopment project area, the municipality shall adopt an ordinance dissolving the special tax allocation fund for the redevelopment project area and terminating the designation ofthe redevelopment project area as a redevelopment project area under the Act; and
WHEREAS, furthermore, pursuant to Section 8 of the Act, municipalities shall notify affected taxing districts prior to November 1 if a redevelopment project area is to be terminated by December 31 of that same year; and
WHEREAS, the City has, prior to November 1, 2012, notified the affected taxing districts of the proposed termination of the Area as a redevelopment project area, in accordance with the provisions of the Act; and
WHEREAS, with respect to the Area, by December 31, 2012 all redevelopment projects for which redevelopment project costs have been paid or incurred shall be completed, all obligations relating thereto shall be paid and retired, and, subject to Section 3 of this Ordinance, all excess monies, if any, shall be distributed; and
WHEREAS, subject to Section 3 of this Ordinance, the City shall accomplish the final closing of the books and records of the Area; and
WHEREAS, in accordance with the provisions of Section 8 of the Act, the City desires to dissolve the special tax allocation fund for the Area (the "Special Fund") and terminate the designation ofthe Area as a redevelopment project area as of December 31,2012; now, therefore,
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
Section 1. The above recitals are incorporated herein and made a part hereof.
Section 2. The designation of the Area legally described on Exhibit A attached hereto and otherwise depicted on Exhibit B attached hereto shall be terminated as of December 31, 2012. The list of parcels comprising the Area is attached hereto as Exhibit C.
Section 3. Notwithstanding Section 2 hereof, it is anticipated that the City will continue to receive incremental property taxes for assessment year 2011/collection year 2012. Accordingly, although the designation of the Area is repealed by Section 2 hereof, the City will continue to maintain the Special Fund for the limited purpose of receiving any remaining incremental property taxes for assessment year 2011/collection year 2012. Pursuant to the Act, upon receipt of such taxes, the City shall calculate and declare surplus revenue, and shall return surplus revenue to the Cook County Treasurer in a timely manner for redistribution to the local taxing districts that overlap the Area. Thereupon, the Special Fund shall be considered to be dissolved.
Section 4. The method of calculating and allocating property tax increment by the County of Cook pursuant to the Act for the parcels listed on Exhibit C shall be terminated from and after December 31, 2012.
Section 5. The Commissioner of the Department of Housing and Economic Development (the "Commissioner"), or a designee thereof, is authorized to execute any documents and take any steps necessary to terminate the designation of the Area pursuant to this Ordinance and the Act on behalf of the City, and the previous execution of any documents and the previous taking of any steps necessary to terminate the designation of the Area pursuant to the Act by the Commissioner, or a designee thereof, on behalf of the City are hereby ratified.
Section 6. This Ordinance shall be in full force and effect upon its passage.
Section 7. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity of section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance.
Section 8. All ordinances (including but not limited to the three ordinances identified in the first recital hereof), resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance are hereby repealed to the extent of their conflict.
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Exhibit A, Area Description (see attached)
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10/7/93
38597
REPORTS OF COMMITTEES
Exhibit "A".
Legal Description Of Boundary.
That part of Elston's Addition to Chicago, being a subdivision in the west half of the northeast quarter of Section 5, Township 39 North, Range 14 East ofthe Third Principal Meridian, described as follows: .v
beginning at the southwest corner of Lot 11 in Block 50 in said Elston's Addition, said point being also the point of intersection of the north line of Blackhawk Street and the easterly line of the North Branch of the Chicago River; thence east on an assumed bearing of north 90 degrees 00 minutes 00 seconds east along the south line and the easterly extension of said Lot 11a distance of 604.00 feet to a point in the east line of Cherry Avenue; thence south 1 degree 20 minutes 21 seconds east along said east line of Cherry Avenue, and the southerly extension thereof, a distance of 833.83 feet to a point in the northeasterly extension of the southerly line of Eastman Street; thence south 58 degrees 58 minutes 54 seconds west along said southerly line a distance of 288.35 feet to a point in the easterly line of Branch Street; thence north 31 degrees 01 minutes 06 seconds west along said easterly line a distance of 132.10 feet to a bend point in said easterly line of Branch Street; thence north 1 degree 20 minutes 21 seconds west along said easterly line a distance of 358.20 feet to a point in a line, said line being the easterly extension of the south line of Lot 9 in Block 51 in said Elston's Addition; thence south 90 degrees 00 minutes 00 seconds west along said south line and easterly extension thereof a distance of 354.00 feet to the southwest corner of said Lot 9, said point being also on the easterly line of the North Branch of said Chicago River; thence northeasterly along said easterly line a distance of 513.7 feet, more or less, to the place of beginning, all in Cook County, Illinois.
Permanent Index Numbers: 17-05-201-007
17-05-201-008 17-05-202-003 17-05-202-004 17-05-202-005 17-05-202-006
17-05-202-007
38598
JOURNAL-CITY COUNCIL-CHICAGO 10/7/93
Permanent Index Numbers: 17-05-202-008
17-05-202-009
Exhibit B, Area Map (see attached)
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38604
JOURNAL-CITY COUNCIL-CHICAGO 10/7/93
Exhibit "C". Project Boundary Map.
Project Boundary (SwT) Block Numoer Parcel Number
ffl
W. Division SlrMt
EASTMAN/NORTH BRANCH
Chicago, Illinois
TAX INCREMENT REDEVELOPMENT PROJECT
Pirpurd by. Tcida. PeBgrrw. Allen & Piyne. Inc.
Exhibit C, List of Parcels within the Area
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17-05-201-008-0000 17-05-201-011-0000 17-05-201-012-0000 17-05-202-003-0000 17-05-202-004-0000 17-05-202-005-0000 17-05-202-006-0000 17-05-202-007-0000 17-05-202-008-0000 17-05-202-009-0000