Record #: O2019-9258   
Type: Ordinance Status: Passed
Intro date: 11/26/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 12/18/2019
Title: Termination of Pershing/King Redevelopment Area Tax Increment Financing (TIF) District
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Pershing/King T.I.F. - Termination
Attachments: 1. O2019-9258.pdf

 

 

OFFICE OF THE MAYOR

CITY OF CHICAGO

LORI E. LIGHTFOOT

MAYOR

 

November 26, 2019

 

 

 

 

 

 

 

 

 

 

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

 

 

Ladies and Gentlemen:

 

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinances authorizing the termination of various TIF districts.

 

Your favorable consideration of these ordinances will be appreciated.

 

 

Very truly yours.

ayor

 

ORDINANCE

 

WHEREAS, the City Council (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 seq, (the "Act") on September 5, 2007, and published at pages 6320 - 6403 of the Journal of the Proceedings of the City Council for such date: (1) approving a tax increment redevelopment project and plan for the Pershing/King 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 ofthe Act ("Section 8"), 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, upon the payment of all redevelopment project costs, the retirement of obligations, the distribution of any excess monies pursuant to Section 8, 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; and

WHEREAS, furthermore, pursuant to Section 8, 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, priorto November 1, 2019, notified the affected taxing districts of the proposed termination ofthe Area as a redevelopment project-area, in accordance with the provisions of the Act; and

WHEREAS, with respect to the Area, by December 31, 2019 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, the City desires to dissolve

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the special tax allocation fund for the Area (the "Special Fund") and terminate the designation of the Area as a redevelopment project area as of December 31, 2019; now, therefore,

 

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, 2019. 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 2018/collection year 2019. 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 2018/collection year 2019. 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, 2019.

 

Section 5. The Commissioner of the Department of Planning and 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 and approval.

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, resolutions or orders, or parts thereof, in conflict with the provisions ofthis Ordinance are hereby repealed to the extent of their conflict.

 

 

 

 

 

 

 

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Exhibit A, Area Description (see attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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That part of the west half of the northeast quarter of Section 3, Township 38 North, Range 14 East ofthe Third Principal Meridian, and that part ofthe southeast quarter of Section 34, Township 39 North, Range 14, East of the Third Principal Meridian, bounded and described, as follows:

begmning at the intersection of the centerline of 66 foot wide East 41st Street with the southerly extension ofthe east line of South Dr. Martin Luther King, Jr. Drive; thence northerly along the east line and said east line extended of South Dr. Martin Luther King, Jr. Drive to the northwest corner of Lot 2 in Block 5 in Cleaver & Sherman's Subdivision of the north 10 acres of the south 20 acres and the south 10 acres of the north 20 acres of the northwest quarter of the northeast quarter of Section 3 aforesaid; thence easterly along the north line of said Lot 2,126.5 feet to the northeast corner of said Lot 2; thence northeasterly to the point of intersection ofthe south line of the 18 foot wide east/west public alley south of East Oakwood Boulevard with the west line of the 18 foot wide north/south public alley east of South Dr. Martin Luther King, Jr. Drive; thence northerly along said west line and said west line extended of the 18 foot wide north/south public alley east of South Dr. Martin Luther King, Jr. Drive to the south line of Permanent Index Number 20-03-200-044-0000; thence east along said .last described south line to the southeast corner of Permanent Index Number 20-03-200-044-0000; thence northerly along the east line of said Permanent Index Number 20-03-200-044-0000 to the northeast corner thereof; thence 'westerly-along the north line of Permanent Index Number 20-03-200-044-0000 to an intersection with the east line ofthe 10 foot . wide north/south public alley east of South Dr. Martin Luther King, Jr. Drive; thence northerly along said east line and said east line extended ofthe 10 foot wide north/south public alley east of South Dr. Martin Luther King, Jr. Drive

 

to the north line of East Pershing Roadj.thence easterly along said north line of East Pershing Road to. the westerly line of South Vincennes Avenue; thence southwesterly along said westerly line and said westerly line extended of South Vincennes Avenue to the westerly extension ofthe centerline of East 40th Street lying east of South "Vincennes Avenue; thence easterly along, said centerline of East 40th Street to the centerline of South Vincennes Avenue; thence southwesterly along said centerline of South Vincennes Avenue to the easterly extension of the centerline. of East 40th Street lying west of South Vincennes Avenue; thence westerly along said centerline of East 40th Street to the northerly extension of the east line of Lot 2 in the subdivision of Lots 42 and 43 in Block 1 in McKey's Addition to Hyde Park, being a subdivision made by the Circuit Court Commissioners in partition of that part of the south 10 acres of the northwest quarter ofthe northeast quarter of Section 3, Township 38 North, Range 14 East of the Third Principal Meridian, lying west of the west line of South Vincennes Avenue, together with Lots 13 to 23, both inclusive, in Block 6 in Cleaverville Addition, a subdivision in the northeast quarter of Section 3 aforesaid; thence southerly along said last described east line to an angle point in said line; thence continuing southwesterly along said last described east line and said east line extended to the north line of Lot 31 in Block 1 in said McKey's Addition to Hyde Park; thence westerly along the north line of said Lot 31 to the northwest corner thereof; thence southerly along the west line of said Lot 31 and said west line extended to the centerline of 66 foot wide East 41s' Street; thence westerly along said centerline of 66 foot wide East 41st Street to the northerly extension of the east line of the west 4.00 feet of Lot 15 in Block 2 in George S. Bowen's Subdivision of the north half of the north half of the southwest quarter of the northeast quarter of Section 3 aforesaid; thence southerly along the east line and said east line extended of the west 4.00 feet of said Lot 15 to the centerline of the 16 foot wide east/west public alley lying south of and adjoining said Lot 15; thence westerly along said last described centerline to an intersection with tlie centerline of the 16 foot wide north/south public alley lying west of and adjoining Lot 11 in Block 2 in George S. Bowen's Subdivision aforesaid; thence northerly along said Last described centerline to an intersection with the centerline of 66 foot wide East 41s' Street; thence westerly along said centerline of 66 foot wide East 4 1st Street to the point of beginning, in Cook County, Illinois (containing 26.1 acres including acres falling in public streets and alleys).

 

 

Exhibit B, Area Map (see attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Exhibit C, List of Parcels within the Area (see attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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#

P!N#

2005 EAV

1

20-03-200-011-0000

161.092

2

20-03-200-012-0000

107,480

3

20-03-200-017-0000

* 396.413

4

20-03-200-019-0000

46.152

5

20-03-200-020-0000

Exempt

6

20-O3-2D0-021-00O0

355.157

7

20-03-200-022-0000

Exempt

. 8

20-03-200-023-0000

Exempt

9

20-03-200-024-0000

 

10

20-03-200-025-0000

 

11

20-03-200-026-0000

 

12

20-06-200-027-0000

 

13

20-03-200-028-0000

37,153

14

20-03-200-029-0000

Exempt

15

20-03-200-030-0000

84.809

16

20-03-200-031-0000

49,001

17

20-03-200-032-0000

21,448

18

20-03-200-033-0000

7,253

19

20-03-200-034-0000

35,224

20

20-03-200-035-0000

14.448

21

20-03-200-036-0000

21.453

22

20-03-200-037-0000

34.190

23

20-03-200-038-0000

17.431

24

20-03-200-040-0000

869

25

20-03-200-041-0000

55,129

26

2O-O3-2O0-C45-O000

359.490

27

20-03-200-046-0000

50.974

28

20-03-200-047-0000

28,558

29

20-03-2OO-O48-O00D

107,706

30

20-03-200-049-0000

107.706

31

20-03-200-050-1001

86,093

 

#

PIN #

2005 EAV

32

20-03-200-0501002

. 72.519

33

2CM)3-200-050V1003

85.544

34

204)3-2004)50-1004

82.970

35

20-03-200-050-1005

91.749

36

20-03-200-050-1006

.86,749

37

20-03-200-050-1007

76.957

38

20-03^200-050-1008

86.749

39

204)3-2004)5.0-1009

71.639

40

20-03-200-050-1010

85.432

41

20-03-200-050-1011

92.301

42

20-O3-200-050-4O12

.86.093

43

20-03-2034)02435000 i 41.373

44

20-03-203-003-0000

33,431

45

2(K03-203-P04^1000

38.322

46

204)3-2034)054)000

34,986

47

20-03-203-006^0000

25.417

48

20-03-203-007-0000

975.070

49

20-03-203^008-0000

- .10.414

50

20-03-203-009-0000

16,387

51

2O-O3r203-010-0000

31.743

.52 .

- 20iO3-2d3-0t2-00Q0

.30,3.34

53

20-0>2034)13KJOOO

21,674

54

204}32034)144)000

I 39.122

55 .

20-03^03-015^000

19.038

56

'20-03-203-016-0000

16.199

57

204)3-2034)174)000

36,333

58

204)3-2034)184)000

41.742

59

:■ 204)3-2u34)194)000

18.441

60

204)3-2034)204)00rj

4.024

61

204)3-2034)21-0000

5,532

62

204)3-2034)224)000 | 53,730

 

#

t

PIN#

2005 EAV

63

20-03-203-023-0000

18.650

64

20-03-203-024-0000

22,042

65

20-03-203-025-0000

22,655

66

20-03-2034)26-0000

7.202

67

20-03-203-027-0000

Exempt

68

20-03-203-029-0000

163.251

69

20-03-203-030-0000

Exempt

70

20-03-203-031-1001

35.596

71

204)3-203-031 -1002

42.529

72.

20-03-2034)3.1-1003

45.228

73

204)3-203-031-1004

38.203

74

20-03-2034)31-1005

39,830

75

204)3-204-0054)000

Exempt

76

20-03-2044)064)000

Exempt

77

20-03-2054)3243000

45.687

78

204)3-2054)334)000

1.028,153

79

204)3-2054)344)000

205.015

80

204)3-2054)354)000

1.177.273

81

204)3-2094)314)000

5.915

82

204)3-2094)634)000

Exempt

83

204)3-2094)654)000

145.534

- 84

204)3-2094)664)000

1.890.959

85

204)3-2094)674)000

2,493.909

86

204)3-2094)72-0000

847.037

87

20-03-2124)104)000

50.991

88

204)3-2124)11-0000

6.529

89

20-03-2124)124)000

33.688

90

20-03-2124)134)000

13.817

91

204)3-2124)144)000

12,020

 

 

12,989,256