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CHICAGO April 13.2011
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance authorizing an Amendment to the 47th/Ashland Tax Increment Financing Redevelopment Plan and Project.
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_dissenting voteTJS}?
(a/viva voce vote*
OFFICE OF THE MAYOR
CITY OF CHICAGO
RICHARD M. DALEY
MAYOR
March 9, 2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
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Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, I transmit herewith ordinances amending the 47"7Ashland and Near South TIF Plans.
Your favorable consideration of these ordinances will be appreciated.
ORDINANCE
WHEREAS, under ordinances adopted on March 27, 2002, and published in the Journal of Proceedings of the City Council (the "Journal") for such date at pages 81473 to 81652 and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11 - 74.4.1 et seq., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved "The 47TH/Ashland Tax Increment Financing Redevelopment Plan and Project Revision #1" (the "Plan") for a portion of the City known as the "47TH/Ashland Redevelopment Project Area" (the "Area") (such ordinance being defined herein as the "Approval Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance") and, (iii) adopted tax increment financing for the Area (the "Adoption Ordinance"); and
WHEREAS, the Approval Ordinance, the Designation Ordinance and the Adoption Ordinance are collectively referred to in this ordinance as the "TIF Ordinances"; and
WHEREAS, a copy of the Plan is attached hereto as Exhibit 2): and
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