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Record #: O2014-8820   
Type: Ordinance Status: Passed
Intro date: 11/5/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 11/12/2014
Title: Termination of 134th Street and Avenue K Tax Increment Financing (TIF) district
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - 134th/Avenue K T.I.F. - Termination
Attachments: 1. O2014-8820.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 Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 etseg. (the "Act") on March 12, 2008: (1) approving a tax increment redevelopment project and plan for the 134th Street and Avenue K Redevelopment Project 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 8 of the Act, when redevelopment projects costs for a redevelopment project area, including without limitation all municipal obligations financing redevelopment project costs incurred under the Act, have been paid, all surplus funds then remaining in the special tax allocation fund for a redevelopment project area designated under the Act shall be distributed by being paid by the municipal treasurer to the State of Illinois Department of Revenue, the municipality and the county collector; first to the Department of Revenue and the municipality in direct proportion to the tax incremental revenue received from the State of Illinois and the municipality, but not to exceed the total incremental revenue received from the State or the municipality less 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 c...

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