SUBSTITUTE ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 30, 2010 a certain redevelopment plan and project (the "Plan") for the Montrose-Clarendon Tax Increment Financing Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act (the "Act"), as amended (65 ILCS 5/11-74.4-1 et seg); and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 30, 2010 the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on June 30, 2010 tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, Montrose Clarendon Partners LLC, an Illinois limited liability company ("Developer"), intends to purchase real property commonly known as 4400-4424 and 4401-4415 North Clarendon Avenue, and plans to commence and complete construction of two buildings: one featuring approximately 381 residential units, approximately 30,511 square feet of grocery/retail space and approximately 278 parking spaces and the other building comprising approximately 5,900 square feet of commercial/retail space with approximately 11 parking spaces (the "Project);" and
WHEREAS, the Developer proposes to undertake the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City; and
WHEREAS, pursuant to Resolution 16-CDC-2 (the "Resolution") adopted by the Community Development Commission of the City (the "Commission") on January 12, 2016, the Commission recommended that the Developer be designated as the developer for the Project and that the City's Department of Planning and Development ("DPD") be authorized to...
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