Record #: O2012-7199   
Type: Ordinance Status: Passed
Intro date: 10/31/2012 Current Controlling Legislative Body: Committee on Finance
Final action: 11/15/2012
Title: Amendment No. 1 to Martin Luther King, Jr. Drive and 41st Street Tax Increment Financing (TIF) Redevelopment Plan and Project
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - 41st/King T.I.F.
Attachments: 1. O2012-7199.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


October 31, 2012








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 ordinances amending various TIF Districts to include appropriate "24th year" language,

Your favorable consideration of these ordinances will be appreciated.

Very truly yours,

Mayor
ORDINANCE

WHEREAS, pursuant to ordinances adopted on July 13, 1994, 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") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Plan") for a portion of the City known as the "Forty-First Street and Dr. Martin Luther King, Jr. Drive Redevelopment Project Area" (the "Area") (the "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") (the Plan Ordinance, the Designation Ordinance and the TIF Adoption Ordinance are collectively referred to in this ordinance as the "TIF Ordinances"); and

WHEREAS, the 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 13, 2017, which date is not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance, and the Corporate Authorities made a finding in the Plan Ordinance that such date was not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect on the date of adoption of the TIF Ordinances; and

WHEREAS, Public Act 91-478 (the "Amendatory Act"), which became effe...

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