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Record #: O2014-4220   
Type: Ordinance Status: Passed
Intro date: 5/28/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 6/25/2014
Title: Intergovernmental agreement with Chicago Board of Education for provision of Tax Increment Financing (TIF) assistance for rehabilitation of Spencer Technology Academy
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2014-4220.pdf
OFFrCE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
May 28,2014









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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Department, I transmit herewith ordinances authorizing the execution of intergovernmental agreements with the Board of Education regarding TIF assistance.

Your favorable consideration of these ordinances will be appreciated.

Mayor



Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of government under Article VII, Section 6(a) ofthe 1970 Constitution ofthe State of Illinois; and
WHEREAS, the Board of Education ofthe City of Chicago (the "Board") is a body corporate and politic, organized under and existing pursuant to Article 34 ofthe School Code ofthe State of Illinois; and
WHEREAS, pursuant to the provisions of an act to authorize the creation of public building commissions and to define their rights, powers and duties under the Public Building Commission Act (50 ILCS 20/1 et seg), the City Council of the City (the "City Council") created the Public Building Commission of Chicago (the "Commission") to facilitate the acquisition and construction of public buildings and facilities; and
WHEREAS, the Commission owns in trust for the Board certain real property located at 214 North Lavergne Avenue in Chicago, Illinois (the "Spencer Property"); and
WHEREAS, the Board is rehabilitating or has rehabilitated an elementary school (the "Spencer Facility") known as Spencer Technology Academy on the Spencer Property (the Spencer Facility has those general features described in Exhibit 1 to Exhibit A attached hereto and incorporated herein, and the rehabilitation ofthe Spencer Facility shall be known as the "Spencer Project"); and
WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act")...

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