CHICAGO November 19. 2014
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
A communication recommending a proposed ordinance concerning the authority to approve Amendment No. 1 to the Homan-Arthington Tax Increment Financing Redevelopment Plan and Project.
02014-9038
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith
This recommendation was concurred in by
of members of the committee with
Respectfully submitted
Chairman
Document No.
REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
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 amendments to various TIF districts.
Your favorable consideration of these ordinances will be appreciated.
Mayor
Very truly yours,
CITY OF CHICAGO AMENDMENT NO. 1 TO THE
HOMAN-ARTHINGTON REDEVELOPMENT PLAN AND PROJECT
(the"PLAN")
1. In Section 6 entitled, "Financial Plan," the sub-section entitled, "Eligible Cost," shall be deleted and replaced with the following:
The various redevelopment expenditures that are eligible for payment or reimbursement under the Act are reviewed below. Following this review is a list of estimated redevelopment project costs that are deemed to be necessary to implement this Plan (the "Redevelopment Project Costs.")
In the event the Act is amended after the dateof the approval of this Plan by the City Council of Chicago to (a) include new eligible redevelopment project costs, or (b) expand the scope or increase the amount of existing eligible redevelopment project costs (such as, for example, by increasing the amount of incurred interest costs that may be paid under 65 ILCS 5/11-7...
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