OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 3 \, 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, 1 transmit herewith ordinances repealing or terminating various TIF Districts.
Your favorable consideration of these ordinances will be appreciated.
Mayor
Very truly yours,
S:\SHARED\Finance\Gaynor
NewAHousing & Econ Dev\2012 TIF Terminations-Repeals-Expirations\Lakeside Clarendon (repeal)\repeal ordinance 1.doc
ORDINANCE
WHEREAS, the City Council of the City of Chicago (the "City") adopted the following ordinances in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg. (the "Act") on July 21, 2004: (1) "Authorization for Approval of a Tax Increment Redevelopment Plan for the Lakeside/Clarendon Redevelopment Project Area;" (2) "Designation of the Lakeside/Clarendon Redevelopment Project Area as a Tax Increment Financing District;" and (3) "Adoption of Tax Increment Allocation Financing for the Lakeside/Clarendon Redevelopment Project Area;" and
WHEREAS, pursuant to Section 4(r) of the Act, if no redevelopment project has been initiated in a redevelopment project area within 7 years after the area was designated by ordinance under Section 4(a) of the Act, then the municipality which designated the redevelopment project area shall adopt an ordinance repealing the area's designation as a redevelopment project area; and
WHEREAS, pursuant to Section 4(r) ofthe Act, initiation of a redevelopment project shall be . evidenced by either a signed redevelopment agreement or expenditures on eligible redevelopment project costs associated with a redevelopment project; and
WHEREAS, no redevelopment project has been initiated in the Lakeside/Clarendon Redevelopment Project Area (the "Area") within 7 years after the designation thereof on July 21, 2004; and
WHEREAS,...
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