Share to Facebook Share to Twitter Bookmark and Share
Record #: O2013-9177   
Type: Ordinance Status: Passed
Intro date: 11/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 12/11/2013
Title: Termination of 89th and State Tax Increment Financing (TIF) Redevelopment Project Area
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - 89th/State T.I.F.
Attachments: 1. O2013-9177.pdf


CHICAGO December 11, 2013
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance authorizing the termination of the 89th and State Redevelopment Project Area.

02013-9177
















Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by (a(viva voce vote
of members of the committee with dissenting vote(s)T

(signed



Respectfully submitted
Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
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 termination of the 89th and State Tax Increment Financing Area.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,

S:\SHARED\Finance\Gaynor NewAHousing & Econ Dev\89th & State TIF TerminationUermination ordinance 1 .doc

ORDINANCE
WHEREAS, the City Council of the City of Chicago (the "City") adopted ordinances in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 etseg. (the "Act") on April 1,1998: (1) approving a tax increment redevelopment project and plan for the 89th & State Redevelopment Project Area (the "Area"); (2) designating the Area as a tax increment financing district; and (3) adopting tax increment allocation financing for the Area; and
WHEREAS, pursuant to Section 8 of the Act, when redevelopment projects costs for a redevelopment project area, including without limitation all municipal obligations financing redevelopment project costs incurred under the Act, have been paid, all surplus funds then remaining in the special tax...

Click here for full text