Office of the City Clerk - Record #: O2016-7965

• Record #: O2016-7965
• Type: Ordinance
• Status: Passed
• Intro date: 11/1/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/16/2016
• Title: Amendment of redevelopment agreement with Greenwood on 87th LLC for Stony Island Avenue Commercial and Burnside Industrial Corridors Tax Increment Financing (TIF) Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
11/16/2016	38121	City Council	Passed	Pass
11/14/2016		Committee on Finance	Recommended to Pass	Pass
11/1/2016	34667	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 1, 2016








TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing an amendment to a previously passed redevelopment agreement with Greenwood on 87th LLC.

Your favorable consideration of this ordinance will be appreciated.

Very truly yours,

Mayor
I



AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS AUTHORIZING AN AMENDMENT TO REDEVELOPMENT AGREEMENT


ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 10, 1998 and published at pages 70203-70340 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the Stony Island Avenue Commercial and Burnside Industrial Corridor 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 seg.) (the "Act"), and amended pursuant to an ordinance adopted on June 9, 2010 and published at pages 92635-32702 of the Journal of such date (such amended plan and project are referred to herein as the "Plan"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 10, 1998 and published at pages 70341-70353 of the Journal of such date the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 10, 1998 and published at pages 70355-70366 of the Journal of such date 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, pursuant to an ordinance adopted by the City Council on January 10, 2001 and published at pages 49712- 49798 of the Journal of ...