OFFTCE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
October 14, 2021
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner ofPlanning and Development, 1 transmit herewith ordinances authorizing the sale of City-owned properties.
Your favorable consideration of these ordinances will be appreciated.
Very truly yours
ORDINANCE
WHEREAS, the City of Chicago ("Citv") 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 an ordinance adopted by the City Council of the City (the "Citv Council") on October 7, 1998, and published at pages 78137 and 78139 through 78242 in the Journal of the Proceedings of the City Council for such date, the City Council: (i) approved a certain redevelopment plan and project (the "Redevelopment Plan") for the 71st and Stony Island Tax Increment Financing Redevelopment Project Area (the "Redevelopment Area"), pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended, 65 ILCS 5/11-74.4-1 et seq. (the "TIF Act"), (ii) designated the Redevelopment Area as a redevelopment project area pursuant to the TIF Act; and (iii) adopted tax increment allocation financing pursuant to the TIF Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the TIF Act) incurred pursuant to the Redevelopment Plan; and
WHEREAS, the City is the owner ofthe vacant land located at 1433-43 East 77th Street and 7700-08 South Blackstone Avenue, Chicago, Illinois 60619, which is legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, the Property is located in the Redevelopment Area; and
WHEREAS, Regal Mile Ventures LLC, an Illinois limited liability company ("Grantee"), intends to develop a film studio on an approxi...
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