OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
October 3, 2012
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement for Bronzeville Artist Lofts LLC.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours.
Mayor
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S:\SHARED\Finance\Bronzeville
Artist Lofts\Ordinance\ord v2.doc
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois; and
WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") ofthe City of Chicago (the "City") on March 27, 2002 and published at pages 81231 to 81457 of the Journal ofthe Proceedings ofthe City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the 47th/King Drive 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"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002 and published at pages 81458 to 81465 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on March 27, 2002 and published at pages 81466 to 81472 ofthe Journal of such date, 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, pursuant to Section 5/11-74.4-8(b) of the Act and the TIF Ordinance, incremental taxes ("Incremental Taxes") are deposited from tim...
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