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This record contains private information, which has been redacted from public viewing.
Record #: O2013-9161   
Type: Ordinance Status: Passed
Intro date: 11/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 12/11/2013
Title: Redevelopment agreement with Children's Place Association, LLC and Children's Place Community Living LLC for property at 3533-3545 W Chicago Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2013-9161.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 26, 2013










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement for Children's Place Association.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
S.\SHARED\Finance\West Humboldt Place\Ordinance\ord v2.doc

ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article Vll of the 1970 Constitution of the State of Illinois; and

WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City of Chicago (the "City") on February 27, 2002 and published at pages 79794 to 80002 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the Chicago/Central Park redevelopment project area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on February 27, 2002 and published at pages 80003 to 80014 of the Journal of such date, the 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 February 27, 2002 and published at pages 80015 to 80025 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, pursuant to Section 5/11-74.4-8(b) of the Act and the TIF Ordinance, incremental taxes ("Incremental Taxes") are deposited from time to time in the "Chicago/Central Park Redevelopme...

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