CHICAGO March 9.2011
To the President and Members ofthe City Council:
Your Committee on Finance having had under consideration
An ordinance authorizing the Commissioner of the Department of Housing and Economic Development to enter into and execute the Fifth Amendment to the Redevelopment Agreement with Wilson Yard Development I, LLC.
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_(a viva voce vote
of members of the committee with_dissenting vote(s).
Respectfully submitted
(sign
0—
Chairman
ORDINANCE AMENDING FOURTH AMENDMENT AUTHORIZING ORDINANCE
V WHEREAS, as a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") has the power to .regulate for the protection of the public health, safety, morals and welfare of its inhabitants, and pursuant thereto, has the power to encourage private development in order to enhance the local tax base, create employment opportunities and to enter into contractual agreements with private parties in order to achieve these goals; and
WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City on June 27, 2001, a certain redevelopment plan and project (the "Original Plan"f for the Wilson Yard Redevelopment Project Area (the "Area") was approved pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 27, 2001, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance ad...
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