Office of the City Clerk - Record #: O2014-1342

• Record #: O2014-1342
• Type: Ordinance
• Status: Passed
• Intro date: 2/5/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 3/5/2014
• Title: Establishment of vacant building Tax Increment Financing (TIF) purchase and rehabilitation program for Division/Homan Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Division/Homan T.I.F. - Redevelopment Agreements

Date	Journal Page Number	Action By	Action	Result
3/5/2014	75270	City Council	Passed	Pass
3/4/2014		Committee on Finance	Recommended to Pass	Pass
2/5/2014	73584	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


February 5, 2014










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing an expansion of the Multi-Family Vacant Building TIF Program.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois, is authorized under the provisions ofthe Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, in the City there are numerous homes and residential buildings that are vacant;
and

WHEREAS, it is in the best interest of the City to promote and assist in the development of affordable rental housing by establishing programs whereby theCity assists in the purchase and rehabilitation of vacant buildings to be developed as affordable rental housing; and

WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on May 4, 2011, and published in the Journal of Proceedings ofthe City Council ("Journal") for said date at pages 117057 to 117064, inclusive (the "Establishment Ordinance"), the City authorized the Commissioner of the Department of Planning and Development ("DPD") to develop a "Vacant Building TIF Purchase and Rehabilitation Program" ("Program") to assist in the stabilization of neighborhoods and the City's housing market by providing assistance for the purchase and rehabilitation of vacant housing; and

WHEREAS, the City, through DPD, now desires, in accordance with the Establishment Ordinance, to implement the Program i...