Office of the City Clerk - Record #: O2021-2823

• Record #: O2021-2823
• Type: Ordinance
• Status: Passed
• Intro date: 6/25/2021
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 7/21/2021
• Title: Acquisition of former Pioneer Bank site at 4000-4006 W North Ave, 4008 W North Ave, and various vacant parcels in 1600 block of N Pulaski Rd and provision of Tax Increment Financing (TIF) assistance for mixed-use development
• Sponsors: Lightfoot, Lori E.
• Topic: PROPERTY - Acquisition

Date	Journal Page Number	Action By	Action	Result
7/21/2021	33013	City Council	Passed	Pass
7/14/2021		Committee on Housing and Real Estate
6/25/2021	31491	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LOIU ii. LIGIITFOOT

June 25.2021










TO Tl IE 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 an ordinance authorizing the acquisition of the former Pioneer Bank site.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to ordinances adopted by the City Council of the City of Chicago ("City Council") on June 9, 1999, and published at pages 3704 through 3885 of the Journal of the Proceedings of the City Council ("Journal") for such date: (i) a certain redevelopment plan and project (the "Plan") for the Pulaski Corridor Redevelopment Project Area (the "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"); (ii) the Area was designated as a redevelopment project area pursuant to the Act; and (iii) 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, it is necessary to acquire the parcels of property located in the Area listed on the attached Exhibit A (the "TIF Acquisition Parcels"), which parcels also are located in the Area, in order to achieve the objectives of the Plan, which include, among other things: reducing or eliminating conditions that qualify the Area as a redevelopment area; and

WHEREAS, the City's acquisition of certain parcels of property that are not presently located in the Area and are listed on the attached Exhibit B (the "Non-TIF Acquisiti...