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Record #: O2012-8039   
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 rehabilitation of Harrison Street rapid transit station on Red Line
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2012-8039.pdf

CHICAGO December 12. 2012

To the President and Members of the City Council:

Your Committee on Finance having had under consideration

A communication recommending a proposed ordinance concerning the authority to enter into and execute an Intergovernmental Agreement with the Chicago Transit Authority for the rehabilitation of the Harrison Street Station.
02012-8039

















Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by
of members of the committee with




Respectfully submitted

Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


November 15, 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 authorizing the execution of Intergovernmental Agreements with the Chicago Transit Authority to provide TIF assistance.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,
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 25...

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