Office of the City Clerk - Record #: SO2016-4219

• Record #: SO2016-4219
• Type: Ordinance
• Status: Passed
• Intro date: 5/18/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 6/22/2016
• Title: Redevelopment agreement with Montrose Clarendon Partners LLC for improvements to Chicago Park District's Clarendon Park at 4501 North Clarendon Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
7/13/2016		City Council	Signed by Mayor
6/22/2016	25873	City Council	Passed as Substitute	Pass
6/21/2016		Committee on Finance	Recommended to Pass
6/21/2016		Committee on Finance	Substituted in Committee	Pass
5/18/2016	23526	City Council	Referred

SUBSTITUTE ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 30,2010 a certain redevelopment plan and project (the "Plan") for the Montrose-Clarendon Tax Increment Financing Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act (the "Act"), as amended (65 ILCS 5/11-74.4-1 et seg.); and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 30, 2010 the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on June 30, 2010 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, Montrose Clarendon Partners LLC, an Illinois limited liability company ("Developer"), intends to purchase certain property located within the Area at Montrose and Clarendon Avenues in Chicago, Illinois (the "Property"); and

WHEREAS, the Developer shall fund a total of $4,600,000 into an escrow to fund improvements to the Chicago Park District's Clarendon Park (located within the Area at 4501 North Clarendon Avenue near the Property) (such improvements shall be known herein as the "Project") and

WHEREAS, the Developer proposes to fund the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City; and
WHEREAS, pursuant to Resolution 16-CDC-2 adopted by the Community Development Commission of the City (the "Commission") on January 12, 2016, the Commission recommended that the Developer be designated as the developer for the Project and that the City's Department of Planning and Development ("DPD") be authorized to negotiate, execute and deliver on behalf of the City a redevelopment a...