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Record #: O2012-8038   
Type: Ordinance Status: Passed
Intro date: 11/15/2012 Current Controlling Legislative Body: Committee on Finance
Final action: 12/12/2012
Title: Intergovernmental agreement with Chicago Transit Authority to provide Tax Increment Financing (TIF) assistance for Near South Redevelopment Project Area (18th Street Connector)
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2012-8038.pdf
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule municipality as described in Section 6(a), Article VII of the 1970 Constitution of the State of Illinois; and

WHEREAS, the Chicago Transit Authority (the "CTA") is a municipal corporation of the State of Illinois; and

WHEREAS, the City is authorized, under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended (the "Act"), to finance projects that eradicate blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, in accordance with the provisions of the Act, and pursuant to three ordinances adopted on November 28, 1990 and published at pages 25969-26047 of the Journal of Proceedings of the City Council (the "Journal") of such date, and which ordinances were amended by ordinances adopted on August 3, 1994, May 12, 1999, March 28, 2001, June 9, 2010 and April 13, 2011, the City Council of the City: (i) approved a certain redevelopment plan and project (the "Near South Amended Plan") for the Near South Redevelopment Project Area (the "Near South Amended Area") within the City (originally called the Central Station Redevelopment Project Area); (ii) designated the Near South Amended Area as a redevelopment project area; and (iii) adopted tax increment allocation financing (the "Near South TIF Adoption Ordinance") for the Near South Amended Area; and

WHEREAS, under the Act and the Near South TIF Adoption Ordinance, certain ad valorem taxes are allocated and, when collected, are paid to the Treasurer of the City for deposit by the Treasurer into the Near South TIF Fund established to pay redevelopment project costs incurred in the Near South Amended Area, which taxes may be used to pay all or a portion of the costs of construction of public improvements within the Near South Amended Area that are incurred or that are to be incurred in furtherance ...

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