An Ordinance of the City of Chicago, Illinois Designating a Transit Facility Improvement Area for the Red Line Extension (RLE) Program
WHEREAS, the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended (the "Act"), including Section 5/11-74.4-3.3 of the Act, authorizes the City of Chicago (the "City") to establish "transit facility improvement areas" and to establish, within such transit facility improvement areas, redevelopment project areas for the purpose of developing new transit facilities and expanding or rehabilitating exiting transit facilities; and
WHEREAS, the Chicago Transit Authority desires to implement the Red Line Extension (RLE) Project (the "Project"), which will include new, expanded, and rehabilitated transit facilities that serve the CTA's Red Line, including without limitation a 5.6-mile rail extension of the CTA Red Line from the 95th Street Terminal to the new terminal station near 130th Street, four new fully accessible stations, a new storage yard and shop, and park and ride facilities near each new station; and
WHEREAS, it is in the best interests of the City to establish a transit facility improvement area within the area depicted on the map attached hereto and incorporated herein as Exhibit A (the "Designated Area") to facilitate CTA's development of the Project, and for the potential creation of one or more redevelopment project areas that will assist the CTA in implementing and financing the Project; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
Section 1. Recitals. The above recitals are incorporated herein and made a part hereof.
Section 2. Establishment of RLE Transit Facility Improvement Area. The City hereby establishes the "RLE Transit Facility Improvement Area" within the Designated Area depicted on Exhibit A. The Designated Area includes all property within the City of Chicago that is located within one-half mile in any direction from the centerline withi...
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