Office of the City Clerk - Record #: O2022-2974

• Record #: O2022-2974
• Type: Ordinance
• Status: Passed
• Intro date: 9/21/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/26/2022
• Title: Sixty-second amending agreement with SomerCor, Inc. for extension of program to new 105th Street and Vincennes Avenue Tax Increment Financing Redevelopment Project Area, increase funding, incorporation of Small Business Improvement Fund program rules, and continuation of SomerCor, Inc. for administrative services
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Improvement, TAX INCREMENT FINANCING DISTRICTS - 105th/Vincennes T.I.F. - Neighborhood Impovement Program

Date	Journal Page Number	Action By	Action	Result
10/26/2022	52973	City Council	Passed	Pass
10/20/2022		Committee on Finance	Recommended to Pass
9/21/2022	51458	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR










10 THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

Al the request ofthe Commissioner of Planning and Development, I transmit herewith an ordinance authorizing the sixty-second amendment to the administrative services agreement with SomerCor 504.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDINANCE
WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois, is authorized under the provisions ofthe 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 and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, by an ordinance adopted by the City Council ofthe City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and
WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent sixty-first amending ordinance adopted by the City Council on October 14, 2021 and published in the Journal for said date at pages 37306 through 37311, inclusive (the "Sixty-First Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, ...