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Record #: O2013-5429   
Type: Ordinance Status: Passed
Intro date: 6/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 7/24/2013
Title: Fortieth amending agreement with SomerCor 504, Inc. regarding reallocation of Tax Increment Financing (TIF) funds for Stony Island/ Burnside and West Irving Park Small Business Fund Programs
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2013-5429.pdf

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and

WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent adopted on January 17, 2013 (the "Thirty-Eighth Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, the "SBIF Ordinance"), the City has restated and refined the Program and extended its reach to additional redevelopment project areas of the City; and
WHEREAS, the SBIF Ordinance authorized HED to fund the Program in the Stony Island Avenue Commercial and Burnside Industrial Corridors Redevelopment Project Area ("Stony Island/Burnside Area") in an amount not to exceed $1,500,000; and
WHEREAS, as part of the Program, the $1,500,000 funding previously authorized for the Stony Island/Burnside Area was substantially expended for the improvement of commercial and i...

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