Share to Facebook Share to Twitter Bookmark and Share
Record #: O2014-8817   
Type: Ordinance Status: Passed
Intro date: 11/5/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 11/12/2014
Title: Termination of West Pullman Tax Increment Financing (TIF) district
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - West Pullman Industrial Park T.I.F. - Termination
Attachments: 1. O2014-8817.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
November 5, 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 authorizing the termination of various TIF districts.

Your favorable consideration of these ordinances will be appreciated.

Mayor



Very truly yours,
ORDINANCE

WHEREAS, the City Council of the City of Chicago (the "City") adopted ordinances in accordance with the Industrial Jobs Recovery Law, 65 ILCS 5/11-74.6-1 et seq. (the "Law") on March 11, 1998: (1) approving a tax increment redevelopment project and plan for the West Pullman Industrial Park Conservation Area (the "Area"); (2) designating the Area as a tax increment financing district; and (3) adopting tax increment allocation financing for the Area; and

WHEREAS, pursuant to Section 35 of the Law, when redevelopment projects costs for a redevelopment project area, including without limitation all municipal obligations financing redevelopment project costs incurred under the Law, have been paid, all surplus funds then remaining in the special tax allocation fund for a redevelopment project area designated under the Law shall be distributed by being paid by the municipal treasurer to the municipality and the county collector; first to the municipality in direct proportion to the tax incremental revenue received from the municipality, but not to exceed the total incremental revenue received from the municipality minus any annual surplus distribution of incremental revenue previously made; with any remaining funds to be paid to the county collector who shall immediately thereafter pay said funds to the taxing districts in the redevelopment project area in the same manner and proportion as the most recent distribution by the county collector to the affected districts of real property taxes from real property in the redevelopment project area; and
WHEREAS, furtherm...

Click here for full text