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Record #: O2015-748   
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 Transit Authority for provision of Tax Increment Financing (TIF) assistance for rehabilitation of Blue Line Grand Station
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2015-748.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 Transit Authority.

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 as described in Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois; and
WHEREAS, the Chicago Transit Authority (the "CTA") is a municipal corporation of the State of Illinois; 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 (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 three ordinances adopted on January 10, 2001, the City Council ofthe City (the "City Council"): (i) approved a certain redevelopment plan and project (the "Plan") for the River West Redevelopment Project Area (the "Area") within the City; (ii) designated the Area as a redevelopment project area; and (iii) adopted tax increment allocation financing (the "TIF Adoption Ordinance") for the Area; and
WHEREAS, under the Act and the TIF Adoption Ordinance, certain taxes are allocated and, when collected, are paid to the Treasurer ofthe City for deposit by the Treasurer into the TIF Fund (as defined in the TIF Adoption Ordinance) established to pay redevelopment project costs incurred within the Area, which taxes may be used to pay all or a portion ofthe costs of construction of public improvements within the Area ...

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