ORDINA N C E
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on November 15, 2012 and published at pages 40716-40780 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the 51st and Lake 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 seq.) (the "Act"), (such plan and project are referred to herein as the "Plan"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on November 15, 2012 and published at pages 40781-40785 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 November 15, 2012 and published at pages 40786-40789 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, 1525 HP, LLC, an Indiana limited liability company (the "Developer"), owns two parcels of real property at the southwest corner of Hyde Park Boulevard (51st Street) and Lake Park Avenue with total land area of 2.08 acres, and is legally described in Exhibit A (the "Property"). The Developer plans to construct a mixed retail and residential development consisting of two levels of approximately 105,610 square feet of net retail space (the "Retail Space") anchored by an approximately 30,000 square foot anchor grocery or retail store (excluding common area and non-revenue mezzanine and mechanical spaces), one residential tower above the Retail Space comprised of approximately 180 residential units (144 market rate and 36 affordable units), an underground parking garage with a minimum of 350 spaces and containing cer...
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