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Record #: O2014-7884   
Type: Ordinance Status: Passed
Intro date: 9/10/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 10/8/2014
Title: Approval of Amendment No. 3 to redevelopment plan for Bronzeville Redevelopment Project Area
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Bronzeville T.I.F. - Amendment
Attachments: 1. O2014-7884.pdf, 2. O2014-7884(V1).pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
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 an amendment to the Bronzeville TIF District.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS
APPROVING AMENDMENT #3 TO THE REDEVELOPMENT PLAN FOR THE BRONZEVILLE REDEVELOPMENT PROJECT AREA

WHEREAS, the City of Chicago (the "City"), by an ordinance adopted by the City Council ofthe City (the "City Council") on November 4, 1998, approved an initial redevelopment plan which was subsequently amended pursuant to an ordinance adopted on July 29, 2003 and further amended on December 7, 2005 (the "Original Plan") for a portion of the City known as the Bronzeville Redevelopment Project Area (the "Original Redevelopment Project Area") for the purpose of implementing 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. seg, as amended (the "Act"); and

WHEREAS, the City Council adopted an ordinance on November 4, 1998 designating the Original Redevelopment Project Area as a redevelopment project area pursuant to the Act which ordinance was amended on July 29, 2003 and December 7, 2005; and

WHEREAS, the City Council adopted an ordinance on November 4, 1998 adopting Tax Increment Allocation Financing for the Original Redevelopment Project Area pursuant to the Act which ordinance was amended on July 29, 2003 and December 7, 2005; and

WHEREAS, it is desirable and in the best interests of the citizens of the City for the City to encourage development of areas located adjacent to the Original Redevelopment Project Area by expanding the boundaries of the Original Redevelopment Project Area and designating s...

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