Office of the City Clerk - Record #: O2022-402

• Record #: O2022-402
• Type: Ordinance
• Status: Passed
• Intro date: 1/26/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/23/2022
• Title: Intergovernmental agreement with Chicago Park District for provision of tax increment financing (TIF) assistance for eligible boiler, masonry and roof improvement costs at Fernwood Park, 10436 S Wallace St
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Intergovernmental

Date	Journal Page Number	Action By	Action	Result
2/23/2022	44245	City Council	Passed	Pass
2/17/2022		Committee on Finance	Recommended to Pass
1/26/2022	43150	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

January 26, 2022










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, 1 transmit herewith ordinances authorizing the execution of intergovernmental agreements with the Chicago Park District to provide TIF funding for improvements at various parks.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours

ORDINANCE


WHEREAS, the City of Chicago (the "City ), is a home rule unit of government under Article Vll, Section 6(a) ofthe 1970 Constitution ofthe 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 Vll, Section 1 ofthe 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 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, under 65 ILCS 5/11-74.4-3(q)(7), incremental ad valorem taxes, which pursuant to the Act, have been collected and are allocated to pay redevelopment project costs and obligations incurred in the payment thereof ("Increment") may be used to pay all or a portion of a taxing district's capital costs resulting from a redevelopment project necessarily incurred or to be incurred in furtherance of the objectives of a redevelopment plan and project, to the extent the municipality by written agreement...