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 of the 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 NewVHousing & Econ Dev\2012 TIF Terminations-Repeals-Expirations\Division North Branchttermination 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 March 15, 1991: (1) approving a tax increment redevelopment project and plan for the Division/North Branch Redevelopment Project Area (the "Area"); (2) designating the Area 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 of the 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 ofthe 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 ofthe 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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30898
JOURNAL-CITY COUNCIL-CHICAGO 3/15/91
Exhibit "A".
Legal Description.
Starting at the intersection of the north line of Lot 10 in Block 51 extended east to and bisecting the east line of North North Branch Street; and then proceeding south along said east line of North North Branch Street, approximately 424.3 feet to the intersection of the north line of West Eastman Street; and then proceeding southwesterly along said north line of West Eastman Street, approximately 66 feet to the intersection of the south line of Lot 18 in Block 51 and the west line of North North Branch Street; and then proceeding west along said south line of Lot 18 in Block 51 to the intersection of the center line of the north branch of the Chicago River and the south line of Lot 18 in Block 51; and then proceeding northerly along said center line ofthe North Branch of the Chicago River to the intersection of the north line of Lot 10 in Block 51 and the center line ofthe north branch of the Chicago River; and then proceeding east along said north line of Lot 10 in Block 51 to the point of beginning, all in Elston's Addition to Chicago, in the west half of the northeast quarter of Section 5, Township 39 North, Range 14 East of the Third Principal Meridian, all in Cook County, Illinois.
Approximately 5 acres in total.
Exhibit "B".
Street Location.
The Division/North Branch Tax Increment Financing Redevelopment Project Area is generally located at the northwest corner of North North Branch Street and West Eastman Street; between West Blackhawk Street on the north and West Division Street on the south, and adjacent to the east bank of the north branch ofthe Chicago River.
Exhibit B, Area Map (see attached)
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30899
3/15/91
REPORTS OF COMMITTEES
Exhibit "C".
Exhibit C
DIVISION-NORTH BRANCH REDEVELOPMENT PROJECT AREA
Tax Increment Allocation Financing District— Redevelopment Project Area Boundary Map
Division-North Branch Redevelopment Project Area.
W. Blackhawk Sir.
W. Division Str.
Redevelopment Project Area Boundaries
DIVISION / NORTH BRANCH
TAX INCREMENT REDEVELOPMENT AREA
Department of Economic Development
Joseph J. James, Commissioner
100 Scale in feet 300 North
City of Chicago December, 1990
Exhibit C, List of Parcels within the Area
17-05-201-006-0000
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