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Record #: O2014-5753   
Type: Ordinance Status: Passed
Intro date: 6/25/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 7/30/2014
Title: Amendment No. 1 to Western/Ogden Tax Increment Financing (TIF) Redevelopment Plan and Project
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Western/Ogden T.I.F. - Amendment
Attachments: 1. O2014-5753.pdf



CHICAGO July 30, 2014 To the President and Members of the City Council: Your Committee on Finance having had under consideration


An ordinance approving Amendment Number 1 to the Western/Ogden Tax Increment Financing Redevelopment Plan and Project.

02014-5753



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
of members of the committee with



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
June 25, 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 ordinances authorizing amendments to various TIF Redevelopment Plans and Projects.

Your favorable consideration of these ordinances will be appreciated.

Mayor



Very truly yours,

ORDINANCE

WHEREAS, under ordinances adopted on February 5,1998, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 61204 to 61411, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Plan") for a portion of the City known as the "Western/Ogden Redevelopment Project Area" (the "Area"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act; and (iii) adopted tax increment financing for the Area (the foregoing three ordinances are collectively referred to herein as the "TIF Ordinances"); and

WHEREAS, Public Act 92-263, which became effective on August 7,2001, amended the Act to provide that, under Section 11 -74.4-5(c) of...

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