Office of the City Clerk - Record #: O2022-2952

• Record #: O2022-2952
• Type: Ordinance
• Status: Passed
• Intro date: 9/21/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/26/2022
• Title: Amendment No. 2 to 43rd Street/Cottage Grove Tax Increment Financing Redevelopment Project and Plan extending payment of project ad valorem taxes twelve years to December 31, 2034
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCREMENT FINANCING DISTRICTS - 43rd/Cottage Grove T.I.F. - Amendment

Date	Journal Page Number	Action By	Action	Result
10/26/2022	53022	City Council	Passed	Pass
10/20/2022		Committee on Finance	Recommended to Pass
9/21/2022	51457	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
September 21, 2022










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


Ladies and Gentlemen:

Al the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing amendments to six TIF redevelopment plans and projects to extend the term of the districts by 12 years.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

Mayor
ORDINANCE

WHEREAS, pursuant to ordinances adopted on July 8, 1998, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 72319 to 72413, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg, as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "43rd Street/Cottage Grove Avenue Redevelopment Project Area" (the "Area") (the "Original Plan 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 "TIF Adoption Ordinance" and together with the Original Plan Ordinance and the Designation Ordinance, referred to herein collectively as the "TIF Ordinances"); and

WHEREAS, the Corporate Authorities amended the Original Plan Ordinance pursuant to an ordinance adopted on September 29, 2004, and published in the Journal for such date at pages 31547 to 31768 ("Amendment No. 1" and together with the Original Plan, the "Plan"); and

WHEREAS, the Original Plan established the estimated dates of completion of the redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs to be July 8, 2021, which date is not more than twenty-thre...