Office of the City Clerk - Record #: O2012-6565

• Record #: O2012-6565
• Type: Ordinance
• Status: Passed
• Intro date: 10/3/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/31/2012
• Title: Intergovernmental agreement with Chicago Park District for provision of Tax Increment Financing (TIF) funds for rehabilitation and improvement of Altgeld Park
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Intergovernmental

Date	Journal Page Number	Action By	Action	Result
11/8/2012		Office of the Mayor	Signed by Mayor
10/31/2012	36272	City Council	Passed	Pass
10/30/2012		Committee on Finance	Recommended to Pass	Pass
10/3/2012	33703	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR










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 an intergovernmental agreement with the Chicago Park District for TIF assistance.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
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ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the Chicago Park District (the "Park District") is an Illinois municipal corporation and a unit of local government under Article VII, Section 1 of the 1970 Constitution of the State of Illinois, and as such is authorized to exercise control over and supervise the operation of all parks within the corporate limits of the City; and

WHEREAS, the Park District has undertaken to rehabilitate and improve a parcel of land known as Altgeld Park, which is generally located at 515 South Washtenaw Avenue, Chicago, Illinois and legally described in Exhibit A (the "Property"); and

WHEREAS, the Property lies wholly within the boundaries of the Western/Ogden Redevelopment Area (as hereinafter defined); and

WHEREAS, the City 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 blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, in accordance with the provisions of the Act, and pursuant to ordinances adopted on February 5, 1998 and published in the Journal of the Proceedings of the City Council (the...