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This record contains private information, which has been redacted from public viewing.
Record #: O2014-7772   
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 UI Labs for operation of education and research center for digital manufacturing at 1333 N Hickory Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2014-7772 (V1).pdf, 2. O2014-7772.pdf
ORDINANCE

WHEREAS, pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"), the City Council adopted three ordinances on July 10,1996: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Goose Island Redevelopment Project Area" (the "Plan"); (2) "An Ordinance of the City of Chicago, Illinois Designating the Goose Island Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act;" and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Goose Island Redevelopment Project Area;" and
WHEREAS, Ul LABS, an Illinois not-for-profit corporation (the "Developer"), entered into a lease for a space (the "Developer Space") within a property located at 1333 North Hickory Avenue, Chicago, for the purpose of operating an education and research center for digital manufacturing known as the Digital Manufacturing and Design Innovation Institute ("DMDII"). The Developer shall undertake substantial rehabilitation and reconstruction of the Developer Space and, once completed, will employ a number of full-time equivalent employees for the DMDII within the Developer Space for a compliance period (the "Project"); and

WHEREAS, the Developer proposes to undertake the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City, including but not limited to the completion of the Project; and

WHEREAS, pursuant to Resolution 14-CDC-23, adopted by the Community Development Commission of the City of Chicago (the "Commission") on June 10, 2014, the Commission recommended that the Developer be designated as the developer for the Project and that the City's Department of Planning and Development ("DPD") be authorized to negotiate, execute and deliver on behalf of the City a redevelopment ag...

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