Office of the City Clerk - Record #: O2012-5616

• Record #: O2012-5616
• Type: Ordinance
• Status: Passed
• Intro date: 9/12/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/31/2012
• Title: Amendment No. 1 to 53rd Street Redevelopment Project Area Tax Increment Financing (TIF) District Eligibility Study, Redevelopment Plan and Project
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - 53rd Street T.I.F.

Date	Journal Page Number	Action By	Action	Result
10/31/2012		Office of the Mayor	Signed by Mayor
10/31/2012	36662	City Council	Passed	Pass
10/30/2012		Committee on Finance	Recommended to Pass	Pass
10/2/2012		Committee on Finance	Held in Committee	Pass
9/12/2012	32125	City Council	Referred

ORDINANCE

WHEREAS, under ordinances adopted on January 10, 2001 and published in the Journal ofthe Proceedings of the City Council ofthe City of Chicago for such date (the "Journal of Proceedings") at pages 49800 to 49900, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1, et seq, as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Redevelopment Plan") for a portion of the City known as the "53rd Street Redevelopment Project Area" (the "Redevelopment Project Area") (such ordinance being defined in this ordinance as the "Plan Ordinance", and such area as described in the Plan Ordinance being defined in this ordinance as the "Original Area"); (ii) designated the Redevelopment Project Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and, (iii) adopted tax increment financing for the Redevelopment Project Area (the "T.I.F. Adoption Ordinance") (the Plan Ordinance, the Designation Ordinance, and the T.I.F. Adoption Ordinance are collectively defined in this ordinance as the "T.I.F. Ordinances"); and

WHEREAS, the Redevelopment Plan was amended on March 14, 2012 by the Corporate Authorities at pages 21805 to 21890 in the Journal of Proceedings ("Revision Number 1") to increase the Original Area budget; and

WHEREAS, it is desirable and in the best interest of the citizens of the City for the City to amend the Redevelopment Plan and to decrease the Original Area to exclude certain parcels (the "Removed Area") by adopting Amendment Number 1 to the Redevelopment Plan, which is attached as Exhibit A ("Amendment Number 1", with (i) the Redevelopment Plan, as amended by Revision Number 1 and Amendment Number 1 defined in this ordinance as the "Amended Plan", and (ii) the Original Area, as amended by Amendment Number 1, defined in this ordinance as the "Amended Area"); an...