Office of the City Clerk - Record #: O2022-3010

• Record #: O2022-3010
• Type: Ordinance
• Status: Passed
• Intro date: 9/21/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/26/2022
• Title: Redevelopment agreement with Armour Institute LLC, titleholder/owner of historic building, and ground lease with Illinois Institute of Technology, to build residential market rate and affordable units with Tax Increment Financing (TIF) assistance including renovation costs of historical landmark at 3300 S Federal St
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
10/26/2022	52772	City Council	Passed	Pass
10/20/2022		Committee on Finance	Recommended to Pass
9/21/2022	51461	City Council	Referred

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

September 21, 2022










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the execution of tax increment financing redevelopment agreements with various enlities.

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 Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois; and

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on January 14, 2004 and published at pages 17003-17119 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Original Redevelopment Plan") for the 35th/State Redevelopment Project Area (the "35th/State Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on January 14, 2004 and published at pages 17120-17126 of the Journal of such date, the 35th/State Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on January 14, 2004 and published at pages 17127-17132 of the Journal of such date (the "35th/State TIF Ordinance"), tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs, as defined in the Act, incurred pursuant to the 35th/State Tax Increment Financing Redevelopment Plan and Project and directed that the allocation of ad valorem taxes arising from levies by taxing districts upon the taxable real property in the 35th/State Area and tax ra...