ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, pursuant to ordinances adopted by the City Council of the City of Chicago ("City Council") on July 8, 1998, and published in the Journal of the Proceedings of the City Council of such date, a certain redevelopment plan and project (the "Plan") for the 79lh Street Corridor 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 sen; the "Act"); the Area was designated as a redevelopment project area pursuant to the Act; and 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, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and help to finance land acquisition, demolition, remediation, site preparation and infrastructure for new development in the Area; and
WHEREAS, the Department of Planning and Development ("Department") has identified one (1) parcel of real property in the Area that the City may acquire in furtherance of the redevelopment objectives set forth in the Plan, either through negotiated sale or by exercise of the City's eminent domain power and authority; and
WHEREAS, it is necessary to acquire the one (1) parcel of property, located in the Area and listed on the attached Exhibit A (the "Acquisition Parcel"), in order to achieve the objectives of the Plan, which include, among other things, reducing or eliminating conditions that qualify the Area as a redevelopment area; and
WHEREAS, by Resolution No. 14-CDC-46, adopted by the Community Development ...
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