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This record contains private information, which has been redacted from public viewing.
Record #: O2014-6883   
Type: Ordinance Status: Passed
Intro date: 9/10/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 10/8/2014
Title: Redevelopment agreement with Sinai Health Systems for renovation of buildings at 1500 S California Blvd, 2653 W Ogden Blvd and 2701 W 68th St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2014-6883.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
September 10,2014









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 ordinance authorizing the execution of a redevelopment agreement for Sinai Health Systems.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,
ORDINANCE

WHEREAS, to induce redevelopment pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended (the "Act"), the City Council of the City (the "City Council") adopted the following ordinances on May 17, 2000: (1) "An Ordinance ofthe City of Chicago, Illinois Approving a Redevelopment Plan for the Midwest Redevelopment Project Area" (the "Midwest Redevelopment Plan") as amended pursuant to an ordinance adopted on April 14, 2010, and as subsequently amended pursuant to an ordinance adopted on May 9, 2012; (2) "An Ordinance of the City of Chicago, Illinois Designating the Midwest Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act" (the "Midwest Redevelopment Area"); and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Midwest Redevelopment Project Area" (the "TIF Ordinance"): and

WHEREAS, Sinai Health System, an Illinois not-for-profit corporation (the "Developer"), owns certain property located within the Midwest Redevelopment Area with the main building of Mt. Sinai Hospital located at 1500 South California Boulevard, Chicago, Illinois and the Sinai Community Institute located at 2653 West Ogden Boulevard, Chicago, Illinois (the "Sinai Property"); and

WHEREAS, the Developer intends to undertake a multi-phased renovation to multiple buildings on the Sinai Property and also to rehabilitate a portion of Holy Cross Hospital, located at 2701 West 68th Street, Chicago, Illi...

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