ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Chicago Park District (the "Park District") is an Illinois municipal corporation and a unit of local government under Article VII, Section 1 of the 1970 Constitution of the State of Illinois, and as such is authorized to exercise control over and supervise the operation of all parks within the corporate limits of the City; and
WHEREAS, the Park District has undertaken to rehabilitate and improve a parcel of land known as Coliseum Park (the "Project"), which is generally located at 1466 South Wabash Avenue, Chicago, Illinois and legally described in Exhibit A (the "Property"); and
WHEREAS, the Property lies wholly within the boundaries of the Near South Redevelopment Area (as hereinafter defined); and
WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), to finance projects that eradicate blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects;, and
WHEREAS, in accordance with the provisions of the Act, and pursuant to ordinances adopted on August 3, 1994 and published in the Journal ofthe Proceedings ofthe City Council (the "Journal") for said date at pages 54930 to 55146, the City Council: (i) approved and adopted a redevelopment plan and project (the "Plan") for a portion of the City known as the "Near South Redevelopment Project Area" (the "Near South Redevelopment Area"); (ii) designated the Near South Redevelopment Area as a "redevelopment project area"; and (iii) adopted tax increment allocation financing for the Near South Redevelopment Area; and
WHEREAS, unde...
Click here for full text