Office of the City Clerk - Record #: O2022-1286

• Record #: O2022-1286
• Type: Ordinance
• Status: Passed
• Intro date: 4/27/2022
• Current Controlling Legislative Body: Committee on Budget and Government Operations
• Final action: 5/23/2022
• Title: Redevelopment agreement including Neighborhood Opportunity Funds and Build Community Wealth Bonuses with Bubbly Dynamics LLC to renovate 1400 W 46th St into kitchens for food service incubator businesses
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment, - FINANCE FUNDS - Neighborhoods Opportunity Fund

Date	Journal Page Number	Action By	Action	Result
5/23/2022	47634	City Council	Passed	Pass
5/18/2022		Committee on Budget and Government Operations	Recommended to Pass
4/27/2022	46044	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR

April 27, 2022










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 an ordinance authorizing the execution ofa neighborhood opportunity fund redevelopment agreement with Bubbly Dynamics LLC.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the 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 City is authorized under its home rule powers to regulate the use and development of land; and
WHEREAS, Chapter 16-14-010 et seg. of the Municipal Code of Chicago (the "Code") contains the Neighborhood Opportunity Fund Ordinance (the "NOF Ordinance") establishing the Neighborhood Opportunity Fund (the "NOF"); and
WHEREAS, the purpose of the NOF is to (a) promote growth within the downtown area through the floor area bonus provisions of Section 17-4-1000 of the Code, and simultaneously generate new revenues for investment in business development and job growth in neighborhoods impacted by poverty, high unemployment, and other indicators of economic deprivation; (b) strengthen neighborhood commercial corridors in qualified investment areas; and (c) address the decline of private investment in qualified investment areas that damages the City's overall economic competitiveness, impedes the sustainable and equitable development of the City as a whole, contributes to inequality and poverty, and has a detrimental effect on the City's quality of life; and
WHEREAS, the NOF shall be used for projects located in or directly benefiting qualified investment areas, as indicated on a map published by the Commissioner (the "Commissioner") of the De...