Office of the City Clerk - Record #: O2012-7234

• Record #: O2012-7234
• Type: Ordinance
• Status: Passed
• Intro date: 10/31/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/15/2012
• Title: Redevelopment agreement with Ravenswood Station LLC for construction of retail shopping center and parking area at 1800-1824 W Lawrence Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
11/15/2012		Office of the Mayor	Signed by Mayor
11/15/2012	40624	City Council	Passed	Pass
11/14/2012		Committee on Finance	Recommended to Pass	Pass
10/31/2012	36140	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 Flousing and Economic Development, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement for Ravenswood Station.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
(L:
ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on January 12, 2000 and published at pages 22507-22521 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the Western Avenue North 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 seq.) (the "Act"), and amended pursuant to an ordinance adopted on May 17, 2000 and published at pages 31611-31706 of the Journal of such date (such amended plan and project are referred to herein as the "Plan"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on January 12, 2000 and published at pages 22495-22507 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 January 12, 2000 and published at pages 22394-22494 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, Ravenswood Station, LLC, an Illinois limited liability company (the "Developer"), has purchased certain property located within the Area at 1800-1824 West Lawrence Avenue, Chicago, Illinois 60640, and shall commence and complete construction o...