Office of the City Clerk - Record #: O2015-2694

• Record #: O2015-2694
• Type: Ordinance
• Status: Passed
• Intro date: 4/15/2015
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 5/6/2015
• Title: Sale of City-owned property at 100 S Racine Ave to Chicago Children's Theatre
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
5/6/2015	108379	City Council	Passed	Pass
4/29/2015		Committee on Housing and Real Estate	Recommended to Pass	Pass
4/15/2015	105539	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

April 15,2015









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 sale of city-owned property.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,
•X
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on February 16, 2000 and published at pages 25276 through 25408, in the Journal ofthe Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project ("Plan") for the Central West Tax Increment Financing Redevelopment Project Area ("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, pursuant to an ordinance adopted by the City Council on February 16,2000 and published at pages 25408 through 25420 in the Journal of such date, the Area was designated as a redevelopment project area pursuant lo the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 16,2000 and published at pages 25421 through 25432 in the Journal of such date, tax increment financing was adopted pursuant lo the Act as a means of financing certain Area redevelopment project costs (as defined in the Ac!) incurred pursuant to the Plan; and

WHEREAS, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and helping to finance land acquisition, demolition, remediation, site preparation and infrastru...