ORDINAN C E
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on July 8, 1998 and published at pages 72439 to 72494 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the,79th Street Corridor Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on July 8, 1998 and published at pages 72495 to 72502 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on July 8, 1998 and published at pages 72503 to 72510 ofthe Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, GAGDC Support Corporation, an Illinois not-for-profit corporation ("QALICB") has acquired an approximately 50,705 square foot facility (the "Site") located within the Area; and
WHEREAS, Greater Auburn-Gresham Development Corporation, an Illinois not-for-profit corporation ("GAGDC") intends to enter into a master lease with QALICB at the Site and;
WHEREAS, GAGDC and QALICB (collectively, the "Developer") shall rehabilitate a portion of the Site for office space for GAGDC and will lease the remaining space to tenants for community development, workforce development and health/wellness related uses (the "Project"); and
WHEREAS, the Developer has proposed to undertake the redevelopment of the Site 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 no...
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