AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR AMENDMENT #3 TO THE REDEVELOPMENT PLAN FOR THE PULASKI CORRIDOR REDEVELOPMENT PROJECT AREA
WHEREAS, the City of Chicago (the "City"), by an ordinance adopted by the City Council ofthe City on June 9, 1999, and as amended on October 3, 2012 and July 30, 2014, approved a redevelopment plan for a portion of the City known as the Pulaski Corridor Redevelopment Project Area (the "Original Redevelopment Project Area") for the purpose of implementing 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"); and
WHEREAS, the City Council adopted an ordinance on June 9, 1999 designating the Original Redevelopment Project Area as a redevelopment project area pursuant to the Act; and
WHEREAS, the City Council adopted an ordinance on June 9, 1999 adopting Tax Increment Allocation Financing for the Original Redevelopment Project Area pursuant to the Act; and
WHEREAS, pursuant to the Designation Ordinance (defined below), the City, to encourage redevelopment of areas located adjacent to the Original Redevelopment Project Area, has expanded the boundaries of the Original Redevelopment Project Area and designated such additional project area as a redevelopment project area under the Act to be known as the Pulaski Corridor Redevelopment Project Area Amendment #3 (together with the Original Redevelopment Project Area, the "Expanded Area"); and
WHEREAS, pursuant to the Plan Ordinance (defined below), the City has supplemented and amended the redevelopment plan for the Original Redevelopment Project Area to provide for the redevelopment of the Expanded Area; and
WHEREAS, it is desirable and in the best interest of the citizens of the City for the City to implement Tax Increment Allocation Financing pursuant to the Act for the Expanded Area described ...
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