ORDINANCE
AUTHORITY TO ACQUIRE 2207 S. MICHIGAN AVENUE Michigan/Cermak Redevelopment Project Area
WHEREAS, the Michigan/Cermak Tax Increment Financing Redevelopment Project and Plan (the "Michigan/Cermak Plan") was approved by the City Council of the City of Chicago (the "City") on September 13, 1989, as amended March 21, 1990, and as further amended May 12, 1999, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11 -74.4-1, et seq., as amended from time to time (the "Act"); and
WHEREAS, the City may, pursuant to Section 1 l-74.4-4(c) of the Act and in conjunction with goals and objectives of the Michigan/Cermak Plan, acquire by purchase or condemnation, property reasonably necessary to achieve the objectives of the Michigan/Cermak Plan'; and
WHEREAS, the Department of Housing and Economic Development has found that the present use of, and improvements to, the property commonly known as 2207 S. Michigan Avenue and identified as P.I.N. 17-27-102-001 (the "Subject Property") are inconsistent with the City's development plans for the subject area and that acquisition of the Subject Property by the City for redevelopment would further the goals of the Michigan/Cermak Plan; and
WHEREAS, the Subject Property is located within the boundaries of the Michigan/Cermak Plan; and
WHEREAS, the City is a home rule unit of local government pursuant to Article VII of the 1970 Constitution of the State of Illinois, and, pursuant to its home rule powers, the City established the Community Development Commission ("Commission") pursuant to Section 2-124 of the Municipal Code of Chicago (the "Code"); and
WHEREAS, under Section 2-124-030(a) of the Code and Section 1 l-74.4-4(c) of the Act, the Commission may recommend to the City Council that the City acquire by purchase or condemnation property reasonably necessary to achieve the objectives of a redevelopment project and plan; and
WHEREAS, the Commission, by Resolution 13-CDC-21, recommended that the Subject P...
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