Office of the City Clerk - Record #: O2014-8838

• Record #: O2014-8838
• Type: Ordinance
• Status: Passed
• Intro date: 11/5/2014
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 12/10/2014
• Title: Acquisition of property at 2023 E 71st St, 2101 E 71st St, 2100 E 72nd St, 7131 S Clyde Ave and 7153 S Jeffery Blvd for benefit of 71st/Stony Island Tax Increment Financing (TIF) Redevelopment Project Area
• Sponsors: Emanuel, Rahm, Hairston, Leslie A.
• Topic: PROPERTY - Acquisition

Date	Journal Page Number	Action By	Action	Result
12/10/2014	100441	City Council	Passed	Pass
12/3/2014		Committee on Housing and Real Estate	Recommended to Pass	Pass
11/5/2014	93517	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

November 5, 2014









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith, together with Alderman Hairston, an ordinance authorizing an acquisition of property for 71st / Jeffery.

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 an ordinance adopted by the City Council of the City ("City Council") on October 7, 1998, and published at pages 78137 and 78139 through 78211 ofthe Journal of the Proceedings of the City Council of the City of Chicago ("Journal") of such date, a certain redevelopment plan and project (the "Plan") for the 71st and Stony Island Tax Increment Financing 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 se_. (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on October 7, 1998, and published at pages 78210 and 78212 through 78227 ofthe Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on October 7,1998, and published at pages 78226 and 78228 through 78242 of the Journal of such date, 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 privat...