Office of the City Clerk - Record #: SO2022-3810

• Record #: SO2022-3810
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/14/2022
• Title: Adoption of Tax Increment Allocation Financing (TIF) project costs within Red Line Extension project
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCREMENT FINANCING DISTRICTS - Red Line Extension T.I.F.

Date	Journal Page Number	Action By	Action	Result
12/20/2022		City Council	Signed by Mayor
12/14/2022	57778	City Council	Passed as Substitute	Pass
12/12/2022		Committee on Finance	Recommended to Pass
12/12/2022		Committee on Finance	Substituted in Committee
11/16/2022	55842	City Council	Referred

Substitute
An Ordinance ofthe City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Red Line Extension (RLE) Redevelopment Project Area

WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended (the "Act"), for a proposed redevelopment project area to be known as the Red Line Extension (RLE) Redevelopment Project Area (the "Area") described in Section 2 ofthis ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, the Area is within a transit facility improvement area (the "RLE TFIA") established pursuant to Section 5/11-74.4-3.3 of the Act and designated by the City by an ordinance adopted by the City Council on December 14, 2022; and

WHEREAS, the purpose of the Plan is to develop new transit facilities and expand or rehabilitate existing transit facilities; and

WHEREAS, the Community Development Commission of the City has forwarded to the City Council ofthe City ("City Council") a copy of its Resolution 22-CDC-58, recommending to the City Council the adoption of Tax Increment Allocation Financing forthe Area, among other things; and

WHEREAS, as required by the Act, the City has heretofore approved the Plan, which was identified in An Ordinance ofthe City of Chicago, Illinois Approving a Redevelopment Plan forthe Red Line Extension (RLE) Redevelopment Project Area and has heretofore designated the Area as a redevelopment project area by passage of An Ordinance of the City of Chicago, Illinois designating the Red Line Extension (RLE) Redevelopment Project Area as a Redevelopment Project Area pursuant to the Tax Increment Allocation Redevelopment Act and has otherwise complied with all other conditions precedent required by t...