Office of the City Clerk - Record #: O2012-6602

• Record #: O2012-6602
• Type: Ordinance
• Status: Passed
• Intro date: 10/3/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/31/2012
• Title: Redevelopment agreement with Pulaski Promenade for construction of neighborhood shopping center at 4064-4200 S Pulaski Rd
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
11/8/2012		Office of the Mayor	Signed by Mayor
10/31/2012	36328	City Council	Passed	Pass
10/30/2012		Committee on Finance	Recommended to Pass	Pass
10/3/2012	33708	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
October 3, 2012










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement for Pulaski Promenade.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
































I
ORDINANCE


WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City of Chicago (the "City") on April 11, 2007, and published at pages 102167 through 102272 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Stevenson/Brighton Redevelopment Plan") for the Stevenson/Brighton Tax Increment Redevelopment Project Area (the "Stevenson/Brighton Redevelopment Project Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1, et seq.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on April 11, 2007, and published at pages 102274 through 102286 ofthe Journal of such date, the Stevenson/Brighton Redevelopment Project 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 April 11, 2007, and published at pages 102287 through 102299 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs (as defined in the Act) incurred pursuant to the Stevenson/Brighton Redevelopment Plan; and

WHEREAS, Pulaski Promenade LLC, a Delaware limited liability company (the "Developer"), intends to purchase (the "Acquisition") certain parcels of land located within the Stevenson/Brighton Redevelopment Project Area at roughly ...