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This record contains private information, which has been redacted from public viewing.
Record #: SO2013-7839   
Type: Ordinance Status: Passed
Intro date: 10/16/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 11/13/2013
Title: Redevelopment agreement and associated property conveyance for Legends C-3 LLC multi-family housing project
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment, - PROPERTY - Sale
Attachments: 1. SO2013-7839.pdf, 2. O2013-7839.pdf
SUBSTITUTE
ORDINANCE

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on March 27, 2002, and published at pages 81231 through 81457 in the Journal of Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Redevelopment Plan") for the 47th and King Drive Redevelopment Project Area (the "Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002, and published at pages 81458 through 81465 in the Journal of such date, 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 March 27, 2002, and published at pages 81466 through 81472 in the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs (as defined in the Act) in the Redevelopment Area incurred pursuant to the Redevelopment Plan; and
WHEREAS, by this ordinance (the "Ordinance"), the City Council has determined that it is necessary and in the best interest of the City to provide certain financing to Legends C-3, LLC, an Illinois limited liability company (the "Owner"), the managing member of ...

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