Substitute
An Ordinance ofthe City of Chicago, Illinois Approving a Redevelopment Plan for the Red Line Extension (RLE) Redevelopment Project Area
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 Red Line Extension (RLE) Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project attached hereto as Exhibit A (the "Plan"); and
WHEREAS, the Area is within a transit facility improvement area that has been established pursuant to Section 5/11-74.4-3.3 of the Act; and
WHEREAS, the purpose of the Plan is to develop new transit facilities and expand or rehabilitate existing transit facilities; and
WHEREAS, by authority of the Mayor and the City Council of the City (the "City Council," referred to herein collectively with the Mayor as the "Corporate Authorities") and pursuant to Section 5/11-74.4-5(a) of the Act, the City's Department of Planning and Development established an interested parties registry and, on June 24, 2022, published in a newspaper of general circulation within the City a notice that interested persons may register in order to receive information on the proposed designation of the Area or the approval of the Plan; and
WHEREAS, notice of a public meeting (the "Public Meeting") was made pursuant to notices from the City's Commissioner of the Department of Planning and Development, given on dates not less than 15 days before the date of the Public Meeting, (i) on or before July 5, 2022, by certified mail to all taxing districts having real property in the proposed Area and to all entities requesting that information that...
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