Office of the City Clerk - Record #: O2013-8444

• Record #: O2013-8444
• Type: Ordinance
• Status: Passed
• Intro date: 11/13/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/26/2013
• Title: Amendment No. 4 to Michigan/Cermak Tax Increment Financing (TIF) Redevelopment Project and Plan
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Michigan/Cermak T.I.F. - Amendment

Date	Journal Page Number	Action By	Action	Result
12/3/2013		Office of the Mayor	Signed by Mayor
11/26/2013	67562	City Council	Passed	Pass
11/25/2013		Committee on Finance	Recommended to Pass	Pass
11/13/2013	63130	City Council	Referred

CHICAGO November 26, 2013 To the President and Members of the City Council: Your Committee on Finance having had under consideration
An ordinance approving Amendment #4 to the Michigan/Cermak Tax Increment Financing Redevelopment Plan and Project.

02013-8444
















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 of members of the committee with



Respectfully submitted|1010|
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Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 13,2013










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 amendment to the Michigan/Cermak TIF Plan.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
S:\SHARED\Finance\Gaynor New\Housing & Econ Dev\Michigan-Cermak AmendmenUOrdinance v3.doc

ORDINANCE

WHEREAS, pursuant to ordinances adopted on September 13,1989, in accordance with the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq. (the "Act"), the City Council (the "Corporate Authorities") ofthe City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "Michigan/Cermak Road Corridor Redevelopment Project Area" (the "Area") (the "Original Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" (the "Designation Ordinance"); and (iii) adopted tax increment allocation financing for the Area (the "TIF Adoption Ordinance"); and

WHEREAS, pursuant to ordinances adopted on March 21, 1990 and May 12, 1999, the Corporate Authorities amended the Original Pla...