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Record #: O2015-743   
Type: Ordinance Status: Passed
Intro date: 1/21/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 3/18/2015
Title: Intergovernmental agreement with Chicago Park District for provision of Tax Increment Financing assistance (TIF) for rehabilitation and improvement of Buckthorn Park
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2015-743.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
January 21, 2015










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 execution of intergovernmental agreements for TIF assistance with the Chicago Park District.

Your favorable consideration of these ordinances will be appreciated.

Mayor


Very truly yours,

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Chicago Park District (the "Park District") is an Illinois municipal corporation and a unit of local government under Article VII, Section 1 of the 1970 Constitution of the State of Illinois, and as such is authorized to exercise control over and supervise the operation of all parks within the corporate limits of the City; and
WHEREAS, the Park District has undertaken to rehabilitate and improve a parcel of land known as Buckthorn Park (the "Project"), which is generally located at 4347 South Calumet Avenue, Chicago, Illinois and legally described in Exhibit A (the "Property"); and
WHEREAS, the Property lies wholly within the boundaries of the 47th/King Drive Redevelopment Area (as hereinafter defined); and

WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), to finance projects that eradicate blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, in accordance with the provisions of the Act, and pursuant to ordinances adopted on March 27, 2002 and published in the Journal of the Proceedings of t...

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