SUBSTITUTE OB DIN ANGE
WHEREAS, The Illinois Tax Increment Allocation Redevelopment Act, 65 ILGS 5/11-74.4-1, et seq., as amended, authorizes the City of Chicago, Illinois to designate areas as tax increment financing districts and to implementlax allocation financing for redevelopment projects, subject to certain preconditions and processes; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recital is incorporated herein and made a part hereof.
SECTION 2. The Department of Planning and Development shall consider whether the following area shall be designated as a tax increment financing district: the north and south sides of 95Ul Street, as bounded South State Street on the west and South Cottage Grove Avenue on the east.
SECTION 3. The Department of Planning and Development is authorized and directed to prepare an acquisition map in the event that creation of such tax increment financing district requires the exercise of eminent domairn
SECTION 4. This ordinance shall be in full force: and effect following due passage and publication.
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Alderman, 9th Ward