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This record contains private information, which has been redacted from public viewing.
Record #: O2014-3221   
Type: Ordinance Status: Failed to Pass
Intro date: 4/2/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 5/20/2015
Title: Redevelopment agreement with BGM Property Investments LLC and MT Food Service, Inc. for rehabilitation of property at 400 N Noble St for office and food distribution facility
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2014-3221.pdf
Related files: R2015-407
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 2, 2014









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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing the execution of a redevelopment agreement for the BGM Property Investments, LLC and MT Food Services, Inc.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,

ORDINANCE


WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 10, 1998, and published on that date at pages 70367 to 70500 of the Journal of the Proceedings of the City Council (the "Journal"), as amended on May 12, 2010, and published at pages 89655 to 89664 of the Journal on that date, a certain redevelopment plan and project (the "Plan") for the Kinzie Industrial Corridor 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"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 10, 1998 and published at pages 70499 to 70510 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 June 10, 1998 and published at pages 70509 to 70520 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, BGM Property Investment, LLC, an Illinois limited liability company, has purchased a 2- story commercial building (the "Site") at real property commonly known as 400 N. Noble, Chicago, Illinois 60642 (the "Property") located within the Area and along with MT Food Service, Inc., an Illinois corporatio...

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