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This record contains private information, which has been redacted from public viewing.
Record #: O2014-4817   
Type: Ordinance Status: Passed
Intro date: 5/28/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 6/25/2014
Title: Forty-first amending agreement with SomerCor 504, Inc. to administer Small Business Improvement Fund Program in Clark/Montrose, Lawrence/Broadway and Ravenswood Redevelopment Project Areas
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Improvement
Attachments: 1. O2014-4817.pdf
CHICAGO June 25, 2014

To the President and Members of the City Council:

Your Committee on Finance having had under consideration

A communication recommending a proposed ordinance concerning the authority to approve an amendment to the Small Business Improvement Fund Program.

02014-4817



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 (ar^jva voce votej)
of members of the committee with dissenting vote(s}7~—



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



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 Development, I transmit herewith an ordinance allocating TIF funding for three Small Business Improvement Funds.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE


WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pur...

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