Office of the City Clerk - Record #: O2013-848

• Record #: O2013-848
• Type: Ordinance
• Status: Passed
• Intro date: 2/13/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 3/13/2013
• Title: Intergovernmental agreement with Chicago Transit Authority provision of Tax Increment Financing (TIF) assistance for improvements to Red Line's Bryn Mawr station
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Intergovernmental

Date	Journal Page Number	Action By	Action	Result
3/18/2013		Office of the Mayor	Signed by Mayor
3/13/2013	47815	City Council	Passed	Pass
3/11/2013		Committee on Finance	Recommended to Pass	Pass
2/13/2013	46111	City Council	Referred

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule municipality as described in Section 6(a), Article VII ofthe 1970 Constitution ofthe 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 December 11, 1996 and published at pages 35413-35511 ofthe Journal of Proceedings of the City Council (the "Journal") of such date, the City Council of the City: (i) approved a certain redevelopment plan and project (the "Plan") for the Bryn Mawr/Broadway Redevelopment Project Area (the "Area") within the City; (ii) designated the Area as a redevelopment project area; and (iii) adopted tax increment allocation financing (the "TIF Adoption Ordinance") for the Area; and

WHEREAS, under the Act and the TIF Adoption Ordinance, certain ad valorem taxes are allocated and, when collected, are paid to the Treasurer ofthe City for deposit by the Treasurer into the Bryn Mawr/Broadway TIF Fund established to pay redevelopment project costs incurred in the Area, which taxes may be used to pay all or a portion of the costs of construction of public improvements within the Area that are incurred or that are to be incurred in furtherance of the objectives of the Plan, to the extent the municipality by written agreement accepts and approves such costs; and

WHEREAS, pursuant to the Plan, the City may utilize revenues received under the Act from redevelopment project areas that are contiguous to, or separated by a public right of way from, the Area to pay eligibl...