ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") ofthe City of Chicago (the "City") on December 14, 2022, a certain redevelopment plan and project (the "Plan") for the Red Line Extension (RLE) Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et sea.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on December 14, 2022, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, the Area is within a transit facility improvement area designated by the City by an ordinance adopted by the City Council on December 14, 2022 (the "RLE TFIA"); and
WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on December 14, 2022, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain "redevelopment project costs" (as defined in the Act) incurred within the RLE TFIA pursuant to the Plan; and
WHEREAS, such redevelopment project costs will include costs for developing new transit facilities and expanding or rehabilitating existing transit facilities;
WHEREAS, the Chicago Transit Authority (the "CTA") is an Illinois municipal corporation, which owns and controls, and is authorized to construct and develop, transit facilities; and
WHEREAS, the Chicago Transit Authority desires to implement the Red Line Extension (RLE) Project (the "Project"), which will include new, expanded, and rehabilitated transit facilities that serve the CTA's Red Line, including without limitation a 5.6-mile rail extension of the CTA Red Line from the 95th Street Terminal to the new terminal station near 130th Street, four new fully accessible stations, a new storage yard and shop, and park and ride facilities near each new station; and
WHEREAS, the CTA proposes to undertake the Project in accordance with the Plan and pursuant to t...
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