OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
February 13,2013
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 an ordinance authorizing the execution of a redevelopment agreement with Pullman Park Development-Phase IB.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
Draft 11 February 2013
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING PULLMAN PARK DEVELOPMENT, LLC AND CHICAGO NEIGHBORHOOD INITIATIVES, INC., JOINTLY AND SEVERALLY, AS DEVELOPER
AND AUTHORIZING A REDEVELOPMENT AGREEMENT AND
ISSUANCE OF CITY NOTES
ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 20, 2009 a certain redevelopment plan and project (the "Redevelopment Plan") for the North Pullman TIF Redevelopment Project Area (the "Redevelopment Area"); was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et ยงยง3., as amended (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 30, 2009, the Redevelopment 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 June 30, 2009 tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs (as defined in the Act) incurred pursuant to the Redevelopment Plan; and
WHEREAS, Pullman Park Development, LLC, an Illinois limited liability company presently owns certain property within the Redevelopment Area in the vicinity of 111lh Street and Doty Avenue (the "Property"). Pullman Park Development, LLC, together with its managing member: Chicago Neighborhood Initiatives, Inc., an Illinois not-for-profit corporation, jointly and s...
Click here for full text