Office of the City Clerk - Record #: O2016-7122

• Record #: O2016-7122
• Type: Ordinance
• Status: Passed
• Intro date: 9/14/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/5/2016
• Title: Designation of Tax Increment Financing (TIF) for Diversey/Chicago River Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Diversey/Chicago River T.I.F. - Designation

Date	Journal Page Number	Action By	Action	Result
10/24/2016		City Council	Signed by Mayor
10/5/2016	32980	City Council	Passed	Pass
9/30/2016		Committee on Finance	Recommended to Pass	Pass
9/14/2016	29685	City Council	Referred

(



AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING THE DIVERSEY/CHICAGO RIVER REDEVELOPMENT PROJECT AREA AS A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT


WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement 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"), for a proposed redevelopment project area to be known as the Diversey/Chicago River Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, a public meeting ("Public Meeting") was held in compliance with the requirements of Section 5/11 -74.4-6(e) of the Act on April 5, 2016 at 6:00 p.m. at 2958 North Damen Avenue, Chicago, Illinois; and

WHEREAS, the Plan (including the related eligibility report attached thereto as an exhibit and, if applicable, the feasibility study and the housing impact study) was made available for public inspection and review pursuant to Section 5/11-74.4-5(a) of the Act since April 29, 2016, being a date not less than 10 days before the meeting of the Community Development Commission of the City ("Commission") at which the Commission adopted Resolution 16-CDC-13 on May 10, 2016 fixing the time and place for a public hearing ("Hearing"), at the offices of the City Clerk and the City's Department of Planning and Development; and

WHEREAS, pursuant to Section 5/11-74.4-5(a) of the Act, notice of the availability of the Plan (including the related eligibility report attached thereto as an exhibit and, if applicable, the feasibility study and the housing impact study) was sent by mail on May 24, 2016, which is within a reasonable time after the adoption by the Commission of Resolution 16-...