Office of the City Clerk - Record #: O2013-6634

• Record #: O2013-6634
• Type: Ordinance
• Status: Passed
• Intro date: 9/11/2013
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 10/16/2013
• Title: Acquisition of property at 301 E 43rd St, 315 E 43rd St and 4253 S Prairie Ave for new redevelopment in conservation area
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Acquisition

Date	Journal Page Number	Action By	Action	Result
10/16/2013	61758	City Council	Passed	Pass
10/9/2013		Committee on Housing and Real Estate	Recommended to Pass	Pass
9/11/2013	58783	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
September 11, 2013










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


Ladies and Gentlemen:

At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing an acquisition of property in the 3rd Ward.

Your favorable consideration of this ordinance will be appreciated.

Very truly yours,




Mayor
ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City of Chicago ("City Council") on March 27, 2002 and published at pages 81231-81457 of the Journal of the Proceedings of the City Council ("Journal") of such date, a certain redevelopment plan and project (as amended, the "Plan") for the 47th / King Drive 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 sec.; the "Act");

WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002 and published at pages 81458-81465 of the Journal of such date, the Area was designated as a "conservation area" redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002 and published at pages 81466-81472 of the 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, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and helping to finance land acquisition, demolition, remediation, site prepara...