Office of the City Clerk - Record #: O2011-23

• Record #: O2011-23
• Type: Ordinance
• Status: Passed
• Intro date: 1/13/2011
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/9/2011
• Title: Thirtieth amending agreement with SomerCor 504, Inc. to administer Small Business Improvement Fund in Read/Dunning Redevelopment Project Area
• Sponsors: Daley, Richard M.
• Topic: TAX INCREMENT FINANCING DISTRICTS - Midwest T.I.F. - Small Business Improvement Fund

Date	Journal Page Number	Action By	Action	Result
2/9/2011	111666	City Council
2/7/2011		Committee on Finance	Recommended to Pass	Pass
1/13/2011	111854	City Council	Referred

RICHARD M. DALEY
MAYOR
OFFICE OF THE MAYOR
CITY OF CHICAGO
January 13, 2011
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, I transmit herewith an ordinance authorizing the establishment of a new small business improvement fund and the re-funding of an existing small business improvement fund.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours.

ORDINANCE
WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21,1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and
WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent adopted on November 3, 2010 and published in the Journal for said date at pages 104150 to 104161 (the "Twenty-Ninth Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, the "SBIF Or...