Office of the City Clerk - Record #: O2012-6589

• Record #: O2012-6589
• Type: Ordinance
• Status: Passed
• Intro date: 10/3/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/31/2012
• Title: Redevelopment agreement with Halsted Pershing Morgan LLC for construction of build-out to accommodate industrial uses
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
11/2/2012		Office of the Mayor	Signed by Mayor
10/31/2012	36555	City Council	Passed	Pass
10/30/2012		Committee on Finance	Recommended to Pass	Pass
10/3/2012	33706	City Council	Referred

ORDINANCE


WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on December 11, 1996 and published at pages 35665 to 35875 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the Stockyards Annex 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 seg.) (the "Act") and was further amended on October 6, 2005 and published on pages 56906 to 57163 of the Journal; and

WHEREAS, pursuant to an ordinance adopted by the City Council on December 11, 1996 and published at pages 35876 to 35881 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on December 11, 1996 and published at pages 35882 to 35886 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, Halsted Pershing Morgan, LLC, a Delaware limited liability company (the "Developer"), owns a commercial building (the "Site") at real property commonly known as 815 W. Pershing Road (the "Property") located within the Area and has constructed a 104,000 square foot industrial warehouse and distribution facility (the "Project"); and

WHEREAS, the Developer has proposed to undertake the redevelopment of the Site in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City, including but not limited to construction build-out of space to accommodate industrial uses to be financed in part by incremental taxes on the Property and from the Area, if any, deposited in the Stocky...