Office of the City Clerk - Record #: O2012-7219

• Record #: O2012-7219
• Type: Ordinance
• Status: Passed
• Intro date: 10/31/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/15/2012
• Title: Adoption of Tax Increment Allocation Financing (TIF) for 51st and Lake Park Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - 51st/Lake Park T.I.F. - Adoption

Date	Journal Page Number	Action By	Action	Result
11/27/2012		Office of the Mayor	Signed by Mayor
11/15/2012	40786	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 arid Gentlemen:

At the request of the Commissioner of Housing and Economic Development, I transmit herewith ordinances establishing the 51"/ 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 ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE 51st AND LAKE PARK REDEVELOPMENT PROJECT AREA


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 Community Development Commission of the City has forwarded to the City Council of the City ("City Council") a copy of its Resolution 12-CDC-31, recommending to the City Council the adoption of Tax Increment Allocation Financing for the Area, among other things; and

WHEREAS, as required by the Act, the City has heretofore approved the Plan, which was identified in AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, APPROVING A REDEVELOPMENT PLAN FOR THE 51st AND LAKE PARK REDEVELOPMENT PROJECT AREA and has heretofore designated the Area as a redevelopment project area by passage of 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 and has otherwise complied with all other conditions pr...