Office of the City Clerk - Record #: O2015-2410

• Record #: O2015-2410
• Type: Ordinance
• Status: Passed
• Intro date: 3/18/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/15/2015
• Title: Redevelopment agreement with Harvest Homes Apartments LP and developer parties for multi-family housing project at 3520-3524, 3528-3532, 3540-3542 W Fifth Ave and 318-322 S St. Louis Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
4/22/2016		City Council	Signed by Mayor
4/15/2015	105721	City Council	Passed	Pass
4/13/2015		Committee on Finance	Recommended to Pass	Pass
3/18/2015	102820	City Council	Referred

ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on May 17, 2000, and published at pages 30775 through 30925 in the Journal of Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Original Redevelopment Plan") for the Midwest Redevelopment Project Area (the "Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); and
WHEREAS, the Original Redevelopment Plan was amended by an ordinance adopted on May 9, 2012 and published at pages 25884 through 26069 of the Journal of Proceedings of the City Council of the City for said date (the "First Amendment"); and
WHEREAS, the Original Redevelopment Plan and First Amendment are together referred to hereinafter as the "Redevelopment Plan"; and
WHEREAS, pursuant to an ordinance adopted by the City Council on May 17, 2000, and published at pages 30926 through 30939 in the Journal of such date, the Redevelopment 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 May 17, 2000, and published at pages 30940 through 30953 in 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...