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Record #: SO2013-8013   
Type: Ordinance Status: Passed
Intro date: 10/16/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 11/13/2013
Title: Approval of Amendment No. 2 to Englewood Mall Tax Increment Financing (TIF) Redevelopment Plan and Project
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Englewood Mall T.I.F. - Amendment
Attachments: 1. O2013-8013.pdf, 2. SO2013-8013.pdf
SUBSTITUTE

ORDINANCE


WHEREAS, under ordinances adopted on November 29, 1989, and published in the Journal of Proceedings of the City Council for such date at pages 7022 through 7071, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11 - 74.4-1 et seq., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Redevelopment Plan") for a portion of the City known as the "Englewood Mall Redevelopment Project Area" (the "Redevelopment Project Area") (such ordinance being defined herein as the "Plan Ordinance"); (ii) designated the Redevelopment Project Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance") and, (iii) adopted tax increment financing for the Redevelopment Project Area (the "TIF Adoption Ordinance") (the Plan Ordinance, the Designation Ordinance and the TIF Adoption Ordinance are collectively referred to in this ordinance as the "TIF Ordinances"); and

WHEREAS, pursuant to an ordinance adopted on December 17, 2008, and published in the Journal for such date at pages 51069 to 51124, the Corporate Authorities determined that an amendment to the Plan ("Amendment Number 1") (the Plan, as amended by Amendment Number 1, is hereinafter referred to as the "Amended Plan") was necessary, among other things, in order to expand acceptable land uses in several locations; and

WHEREAS, the Redevelopment Plan established the estimated dates of completion of the redevelopment project described in the Redevelopment Plan and of the retirement of obligations issued to finance redevelopment project costs to be not more than twenty-three (23) years from the date of the adoption of the Plan Ordinance, such ultimate retirement date occurring in the year 2025, and the Corporate Authorities made a finding in the Plan Ordinance that such dates were not more than twenty-three (23) years from the...

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