Share to Facebook Share to Twitter Bookmark and Share
Record #: O2014-7889   
Type: Ordinance Status: Passed
Intro date: 9/10/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 10/8/2014
Title: Adoption of Tax Increment Allocation Financing (TIF) for Bronzeville Redevelopment Project Area
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Bronzeville T.I.F. - Adoption
Attachments: 1. O2014-7889.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,
A-MSL\TIF3-Adopl090l01 ord




AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE BRONZEVILLE REDEVELOPMENT PROJECT AREA


WHEREAS, it is desirable and in the best interest ofthe 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 amended redevelopment project area to be known as the Bronzeville Redevelopment Project Area (the "Expanded Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed amended redevelopment plan and project (the "Amended Plan"); and

WHEREAS, the Community Development Commission of the City has forwarded to the City Council of the City ("City Council") a copy of its Resolution 14-CDC-26, recommending to the City Council the adoption of Tax Increment Allocation Financing for the Expanded Area, among other things; and

WHEREAS, as required by the Act, the City has heretofore approved the Amended Plan, which was identified in AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, APPROVING AMENDMENT #3 TO THE REDEVELOPMENT PLAN FOR THE BRONZEVILLE REDEVELOPMENT PROJECT AREA and has heretofore designated the Expanded Area as a redevelopment project area by passage of AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, DESIGNATING THE BRONZEVILLE REDEVELOPMENT PROJECT AREA AS A REDEVELOPMENT PROJECT AREA PI^l^T-TO-T4IF^A^
has otherwise co...

Click here for full text