Office of the City Clerk - Record #: O2014-6343

• Record #: O2014-6343
• Type: Ordinance
• Status: Passed
• Intro date: 7/30/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/10/2014
• Title: Forty-second amending agreement to administrative services agreement with SomerCor 504, Inc. to administer Small Business Improvement Fund Program for Hollywood/Sheridan Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Improvement

Date	Journal Page Number	Action By	Action	Result
9/10/2014	87257	City Council	Passed	Pass
9/9/2014		Committee on Finance	Recommended to Pass
7/30/2014	84527	City Council	Referred

)
CHICAGO September 10, 2014 To the President and Members of the City Council: Your Committee on Finance having had under consideration
A communication recommending a proposed ordinance authorizing an Amendment to the Small Business Improvement Fund Program.

02014-6343
















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

(signed'



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
July 30, 2014









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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing a reallocation of TIF Funds for the Hollywood/Sheridan SBIF.

Your favorable consideration of this ordinance 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 ofthe 1970 Constitution ofthe 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, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assi...