Office of the City Clerk - Record #: O2014-1902

• Record #: O2014-1902
• Type: Ordinance
• Status: Passed
• Intro date: 3/5/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/2/2014
• Title: Adoption of Tax Increment Allocation Financing (TIF) for Foster and California Revelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Foster/California T.I.F. - Adoption

Date	Journal Page Number	Action By	Action	Result
4/11/2014		City Council	Signed by Mayor
4/2/2014	76811	City Council	Passed	Pass
3/31/2014		Committee on Finance	Recommended to Pass	Pass
3/5/2014	75218	City Council	Referred

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CHICAGO April 2,2014 To the President and Members of the City Council: Your Committee on Finance having had under consideration


One (1) ordinance authorizing the establishment of the Foster and California Tax Increment Financing Redevelopment Project Area.

C. An ordinance adopting Tax Increment Allocation Financing for the Foster
and California Redevelopment Project Area

02014-1902




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



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
March 5, 2014










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances establishing the Foster/California TIF District.

Your favorable consideration of these ordinances will be appreciated.

Mayor



Very truly yours,
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE FOSTER AND CALIFORNIA REDEVELOPMENT PROJECT AREA

WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement 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"), for a proposed redevelopment project area to be known as the Foster and California Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, the Community Development Commission of the City has forwarded to the City Council ofthe C...