Office of the City Clerk - Record #: O2014-7772

• Record #: O2014-7772
• Type: Ordinance
• Status: Passed
• Intro date: 9/10/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/8/2014
• Title: Redevelopment agreement with UI Labs for operation of education and research center for digital manufacturing at 1333 N Hickory Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
10/9/2014		City Council	Signed by Mayor
10/8/2014	89132	City Council	Passed	Pass
10/6/2014		Committee on Finance	Recommended to Pass	Pass
9/10/2014	86794	City Council	Referred

ORDINANCE

WHEREAS, pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"), the City Council adopted three ordinances on July 10,1996: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Goose Island Redevelopment Project Area" (the "Plan"); (2) "An Ordinance of the City of Chicago, Illinois Designating the Goose Island Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act;" and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Goose Island Redevelopment Project Area;" and
WHEREAS, Ul LABS, an Illinois not-for-profit corporation (the "Developer"), entered into a lease for a space (the "Developer Space") within a property located at 1333 North Hickory Avenue, Chicago, for the purpose of operating an education and research center for digital manufacturing known as the Digital Manufacturing and Design Innovation Institute ("DMDII"). The Developer shall undertake substantial rehabilitation and reconstruction of the Developer Space and, once completed, will employ a number of full-time equivalent employees for the DMDII within the Developer Space for a compliance period (the "Project"); and

WHEREAS, the Developer proposes to undertake the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City, including but not limited to the completion of the Project; and

WHEREAS, pursuant to Resolution 14-CDC-23, adopted by the Community Development Commission of the City of Chicago (the "Commission") on June 10, 2014, the Commission recommended that the Developer be designated as the developer for the Project and that the City's Department of Planning and Development ("DPD") be authorized to negotiate, execute and deliver on behalf of the City a redevelopment ag...