Office of the City Clerk - Record #: O2015-751

• Record #: O2015-751
• Type: Ordinance
• Status: Failed to Pass
• Intro date: 1/21/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/20/2015
• Title: Repeal of prior agreement and execution of new Maple Park Redevelopment Agreement with Preferred-Halsted LLC for construction of retail shopping center at 833-901 W 115th St
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment
• Related files: R2015-407

Date	Journal Page Number	Action By	Action	Result
5/20/2015		City Council	Failed to Pass
3/16/2015		Committee on Finance	Held in Committee	Pass
1/21/2015	101233	City Council	Referred

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 ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing the execution of a Redevelopment Agreement with Maple Park Marketplace.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING PREFERRED-HALSTED, LLC AS DEVELOPER AND
AUTHORIZING A REDEVELOPMENT AGREEMENT


WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on February 6, 2002 and published at pages 78512 to 78637 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "119th and Halsted Plan and Project") for the 119th and Halsted Redevelopment Project Area (the "119th and Halsted Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 6, 2002 and published at pages 78638 to 78648 of the Journal of such date, the 119th and Halsted Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on February 6, 2002 (the "119th and Halsted TlF Ordinance") and published at pages 78649 to 78658 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs, as defined in the Act, incurred pursuant to the 119th and Halsted Plan and Project; and

WHEREAS, Preferred-Halsted, LLC, an Illinois limited liability company (the "Company"), acquired real property located within the 119th and Halsted Area commonly known as 833-901 West 115th Street, Chicago,...