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Record #: O2014-7856   
Type: Ordinance Status: Passed
Intro date: 9/10/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 10/8/2014
Title: Approval of Washington Park Redevelopment Project Area as Tax Increment Financing (TIF) District
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Washington Park T.I.F. - Approval
Attachments: 1. O2014-7856.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 ordinances establishing the Washington Park TIF District.

Your favorable consideration of these ordinances will be appreciated.

Mayor



Very truly yours,
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS APPROVING A REDEVELOPMENT PLAN FOR THE
WASHINGTON PARK REDEVELOPMENT PROJECT AREA


WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., as amended (the "Act"), for a proposed redevelopment project area to be known as the Washington Park Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project attached hereto as Exhibit A (the "Plan"); and

WHEREAS, by authority of the Mayor and the City Council of the City (the "City Council," referred to herein collectively with the Mayor as the "Corporate Authorities") and pursuant to Section 5/11-74.4-5(a) ofthe Act, the City's Department of Planning and Development established an interested parties registry and, on February 27, 2009, published in a newspaper of general circulation within the City a notice that interested persons may register in order to receive information on the proposed designation ofthe Area or the approval ofthe Plan; and

WHEREAS, the Plan (including the related eligibility report attached thereto as an exhibit and, if applicable, the feasibility study and the housing impact study) was made available for public inspection and review pursuant to Section 5/11-74.4-5(a) of the Act since May 30, 2014, being a date not less...

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