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 Commuter Rail Division of the Regional Transportation Authority ("Metra") is a division of a municipal corporation of the State of Illinois; and
WHEREAS, the Chicago Park District (the "Park District") is a body politic and corporate organized and existing under the Chicago Park District Act, 70 ILCS 1505/0.01 et seq., with authority to exercise control over and supervise the operation of all parks within the corporate limits of the City; 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 June 10, 1998 and published at pages 70368 through 70499 ofthe Journal of Proceedings of the City Council (the "Journal") of such date, the City Council of the City ("City Council"): (i) approved a certain redevelopment plan and project (the "Kinzie Plan") for the Kinzie Industrial Corridor Redevelopment Project Area (the "Kinzie Area") within the City; (ii) designated the Kinzie Area as a redevelopment project area; and (iii) adopted tax increment allocation financing (the "Kinzie TIF Adoption Ordinance") for the Kinzie Area; and
WHEREAS, under the Act and the Kinzie 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 Kinzie TIF Fund established to pay redevelopment project costs incurred in the Kinzie Area, which taxes may be used to pay all or a portion of the costs of construction of publi...
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