S.\SHARED\Finance\TIF Amendments\95lh and Western AmendmentAAmendment No. 4 ord 1.doc
ORDINANCE
WHEREAS, pursuant to ordinances adopted on July 13,1995, and published in the Journal of Proceedings ofthe City Council ofthe City of Chicago (the "Journal") for such date at pages 3914 to 3988, 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") ofthe City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion ofthe City known as the "95thand Western Avenue Redevelopment Project Area" (the "Area") (the "Original Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Area (the "TIF Adoption Ordinance" and together with the Original Plan Ordinance and the Designation Ordinance, referred to herein collectively as the "TIF Ordinances"); and
WHEREAS, the Corporate Authorities amended the Original Plan Ordinance pursuant to ordinances adopted on March 19,1997, and published in the Journal for such date at pages 42053 to 42107 ("Amendment No. 1"); on February 6, 2008, and published in the Journal for such date at pages 20018 to 20026 ("Amendment No. 2"); and on July 30, 2014, and published in the Journal for such date at pages 84893 to 84896 ("Amendment No. 3," and together with the Original Plan and Amendments Nos. 1 and 2, the "Plan"); and
WHEREAS, the Plan established the estimated dates of completion ofthe redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs to be December 31,2019, in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect on the date of adoption of Amendment No. 3; and
WHEREAS, Public Act 100-1164 (the "Amendatory Act"), which became effective December 27,2018, amended the Act, among other things, to change the dates set forth in Section 11-74.4-3(n)(3) of the Act by which redevelopment projects in the Area must be completed and obligations issued to finance redevelopment project costs must be retired to be no later than December 31 ofthe year in which the payment to a municipal treasurer as provided in Section 11-74.4-8(b) of the Act is to be made with respect to ad valorem taxes levied in the thirty-fifth calendar year after the year in which the ordinance approving a redevelopment project area is adopted; and
WHEREAS, the Corporate Authorities desire further to amend and supplement the Plan to conform to Section 11-74.4-3.5(c) of the Act, as amended by the Amendatory Act, in accordance with the procedures set forth in amended Section 11-74.4-3(n)(3),
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Recitals. The above recitals are incorporated herein and made a part hereof.
SECTION 2. Approval of Amendment Number 4 to the Plan "Amendment No. 4 to the 95th and Western Avenue Redevelopment Plan and Project"(the "Amendment No. 4"), a copy of which is attached hereto as Exhibit A, is hereby approved.
SECTION 3. Finding. The Corporate Authorities hereby find that the estimated dates of completion of the redevelopment project described in Amendment No. 4 and of the retirement of
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obligations issued to finance redevelopment project costs set forth in Amendment No. 4, conform to the provisions of Section 11-74.4-3(n)(3) of the Act, as amended by the Amendatory Act.
SECTION 4. Invalidity of Any Section. If any provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision shall not affect any ofthe remaining provisions of this ordinance.
SECTION 5. Supersedes All ordinances (including, without limitation, the TIF Ordinances), resolutions, motions or orders in conflict with this ordinance are hereby repealed to the extent of such conflicts.
SECTION 6. Effective Date. This ordinance shall be in full force and effect immediately upon its passage and approval.
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To the President and Members of the City Council:
Your Committee on Finance having had under consideration a proposed
ordinance concerning the authority to approve Amendment Number 4 to the 95lh and Western Avenue Redevelopment Project and Plan.
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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 (a (viva voce vote")
of members of the committee with dissenting vote(s)T
Respectfully submitted