Office of the City Clerk - Record #: O2012-7207

• Record #: O2012-7207
• Type: Ordinance
• Status: Passed
• Intro date: 10/31/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/15/2012
• Title: Designation of 51st and Lake Park Redevelopment Project Area as Tax Increment Financing (TIF) District
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - 51st/Lake Park T.I.F. - Designation

Date	Journal Page Number	Action By	Action	Result
11/27/2012		Office of the Mayor	Signed by Mayor
11/15/2012	40781	City Council	Passed	Pass
11/14/2012		Committee on Finance	Recommended to Pass	Pass
10/31/2012	36137	City Council	Referred

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 establishing the 51st / Lake Park TIF District.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING THE 51st AND LAKE PARK REDEVELOPMENT PROJECT AREA AS A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT


WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended (the "Act"), for a proposed redevelopment project area to be known as the 51st and Lake Park Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, the Plan (including the related eligibility report attached thereto as an exhibit and, if applicable, the feasibility study and the housing impact study) was made available for public inspection and review pursuant to Section 5/11-74.4-5(a) of the Act since June 29, 2012, being a date not less than 10 days before the meeting of the Community Development Commission of the City ("Commission") at which the Commission adopted Resolution 12-CDC-28 on July 10, 2012 fixing the time and place for a public hearing ("Hearing"), at the offices of the City Clerk and the City's Department of Housing and Economic Development; and

WHEREAS, pursuant to Section 5/11-74.4-5(a) of the Act, notice of the availability of the Plan (including the related eligibility report attached thereto as an exh...