Office of the City Clerk - Record #: SO2013-2562

• Record #: SO2013-2562
• Type: Ordinance
• Status: Passed
• Intro date: 4/10/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/24/2013
• Title: Amendment of Municipal Code Chapter 2-45-155 by establishing and maintaining online public database for each active Tax Increment Financing (TIF) district
• Sponsors: Pawar, Ameya
• Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 45 Dept. of Housing and Economic Development

Date	Journal Page Number	Action By	Action	Result
7/24/2013	57328	City Council	Passed as Substitute	Pass
7/19/2013		Committee on Finance	Recommended to Pass
5/6/2013		Committee on Finance	Held in Committee	Pass
4/10/2013	52059	City Council	Referred

I



SUBSTITUTE ORDINANCE

WHEREAS, The City of Chicago has created Tax Increment Financing (T.I.F.) districts in various communities to finance economic development projects with the intent to improve the local economy, create jobs, and spur property value growth across Chicago; and

WHEREAS, Mayor Rahm Emanuel has made government transparency a priority of his administration and as a result, T.I.F. eligibility studies, redevelopment plans, maps, and other documents related to T.I.F. districts are available on the City of Chicago's website and data portal; and

WHEREAS, Mayor Emanuel's T.I.F. Reform report outlines specific steps to increase transparency by making data and project performance data available; and

WHEREAS, the public benefit of T.I.F dollars for a public infrastructure project is much easier to assess than T.I.F expenditures for private entities; and

WHEREAS, while the Chicago Data Portal lists expenditures by T.I.F. district, the City must do more to make project performance data related to private projects available in order to weigh the T.I.F. outlay against the public benefit; and

WHEREAS, information about the total dollar amount ofthe T.I.F. subsidy, jobs promised, jobs Delivered and other performance metrics are currently available online in various documents but this information should be aggregated into a single centralized and searchable database on the City of Chicago Data Portal; and now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF CHICAGO:

Section 1. Chapter 2-45-155 of the Chicago Municipal Code be amended by adding the new underlined language below:

2-45-155 Tax increment financing (T.I.F.) Sunshine ordinance.

The following T.I.F.-related documents for each active T.I.F. district shall be made publicly available on the City of Chicago, Department of Housing and Economic Development website:
The ordinances establishing each T.I.F. district, including all attachments, and any amendments thereto;
The ordinances authorizing eac...