Office of the City Clerk - Record #: O2014-4119

• Record #: O2014-4119
• Type: Ordinance
• Status: Passed
• Intro date: 4/30/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/28/2014
• Title: Agreement with Community Investment Corporation regarding Vacant Building Tax Increment Financing (TIF) Purchase and Rehabilitation Program in Chicago/Central Park Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
6/5/2014		City Council	Signed by Mayor
5/28/2014	80956	City Council	Passed	Pass
5/23/2014		Committee on Finance	Recommended to Pass	Pass
4/30/2014	78560	City Council	Referred

CHICAGO May 28, 2014 To the President and Members of the City Council: Your Committee on Finance having had under consideration


An ordinance creating the Chicago/Central Park Redevelopment Project Area Neighborhood Purchase and Rehabilitation Program.

02014-4119



Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by
of members of the committee with



Respectfully submitted

Chairman
Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 30, 2014









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances amending the Multi-family Vacant Building TIF Purchase - Rehabilitation Program.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,

ORDINANCE

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, to induce redevelopment pursuant to the Act in the Chicago/Central Park Redevelopment Project Area (the "Chicago/Central Park Area") of the City, the City Council adopted the following ordinances on February 27, 2002: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Chicago/Central Park Redevelopment Project Area"; (2) "An Ordinance of the City of Chicago, Illinois Designating the Chicago/Central Park...