OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
October 8, 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 acquisition of property located in the 3800 block of South Dearborn Street.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, pursuant to ordinances adopted by the City Council of the City of Chicago ("City Council") on January 14, 2004 and published in the Journal of the Proceedings of the City Council of such date, a certain redevelopment plan and project (the "Plan") for the 35th / State Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.; the "Act"); the Area was designated as a redevelopment project area pursuant to the Act; and tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and help to finance land acquisition, demolition, remediation, site preparation and infrastructure for new development in the Area; and
WHEREAS, the Department of Planning and Development ("Department") has identified two (2) parcels of real property in the Area that the City may acquire in furtherance of the redevelopment objectives set forth in the Plan, either through negotiated sale or by exercise ofthe...
Click here for full text