ORDINANCE
WHEREAS, pursuant to ordinances adopted on May 9,1996, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal of Proceedings") for such date at pages 21486 - 21594, and under the provisions ofthe Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., 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 "Original Plan") for a portion of the City known as the "60th and Western Redevelopment Project Area" (the "Area") (the "Original Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Area (the "TIF Adoption Ordinance" and together with the Original Plan Ordinance and the Designation Ordinance, referred to herein collectively as the "TIF Ordinances"); and
WHEREAS, the Corporate Authorities amended the Original Plan Ordinance pursuant to ordinances adopted on October 7,1998, and published in the Journal for such date at pages 78244 - 78409 ("Amendment No. 1", and together with the Original Plan, the "Plan"); and
WHEREAS, the Plan established the estimated dates of completion of the redevelopment project described in the Plan and ofthe retirement of obligations issued to finance redevelopment project costs to be May 9, 2019, which date is not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance, and the Corporate Authorities made a finding in the Original Plan Ordinance that such date was not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect on the date of adoption of the TIF Ordinances; and
WHEREAS, Public Act 91-478 (the "Amendatory Act"), which became effective November 1,1999, amended th...
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