Office of the City Clerk - Record #: O2014-9406

• Record #: O2014-9406
• Type: Ordinance
• Status: Passed
• Intro date: 11/19/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/10/2014
• Title: Redevelopment agreement with XS Tennis Village LLC for property at 5256-5338 S State St for construction of tennis and sports facility
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
12/10/2014	99066	City Council	Passed	Pass
12/8/2014		Committee on Finance	Recommended to Pass	Pass
11/19/2014	97423	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 19,2014









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 an ordinance authorizing the execution of a redevelopment agreement for XS Tennis Village, LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours.

ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on July 21, 2004 and published at pages 27705-27826 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the 47th/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 seq.Kthe "Act")(such plan and project are referred to herein as the "Plan"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on July 21, 2004 and published at pages 27827-27832 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on July 21, 2004 and published at pages 27833-27843 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, XS Tennis Village LLC, an Illinois limited liability company (the "Developer"), intends to develop certain property which is located within the Redevelopment Area at 5256-5338 South State Street (the "Property"); and

WHEREAS, the Developer plans to commence and complete the construction of an approximately 150,991 square foot two-story tennis and sports facility, a separate 2,500 square foot clubhouse a...