OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
December 14, 2022
TO THE HONORABLE, T HE 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 lsl amendment to the Madden and Wells TIF Redevelopment Project and Plan.
Your favorable consideration of these ordinances will be appreciated.
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AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS
DESIGNATING THE EXPANDED MADDEN/WELLS REDEVELOPMENT
PROJECT AREA A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT
WHEREAS, the City of Chicago (the "City"), by an ordinance adopted by the City Council ofthe City (the "City Council") on November 6, 2002, approved a redevelopment plan for a portion of the City known as the Madden/Wells Redevelopment Project Area (the "Original Redevelopment Project Area") for the purpose of implementing tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended (the "Act"); and
WHEREAS, the City Council adopted an ordinance on November 6, 2002 designating the Original Redevelopment Project Area as a redevelopment project area pursuant to the Act; and
WHEREAS, the City Council adopted an ordinance on November 6, 2002 adopting Tax Increment Allocation Financing for the Original Redevelopment Project Area pursuant to the Act; and
WHEREAS, it is desirable and in the best interests of the citizens of the City for the City to encourage development of areas located adjacent to the Original Redevelopment Project Area by expanding the boundaries of the Original Redevelopment Project Area and designating such expanded project area as a redevelopment project area under the Act to be known as the MaddenA/Vells Redevelopment Project Area Amendment #1 (the "Expanded Area"); and
WHEREAS, the City desires ...
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