Office of the City Clerk - Record #: O2015-2808

• Record #: O2015-2808
• 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 4001-4059 S Halsted St to 41 Venture LLC
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
5/6/2015	108329	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 ofthe 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,
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 ofthe City (the "City Council"') on December 11,1996 and published at pages 35665 through 35875, in the Journal ofthe Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project ("Plan") for the Stockyards Annex 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 December 11, 1996 and published at pages 35876 through 35881 in the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on December 11, 1996 and published at pages 35882 through 35887 in the Journal of such date, tax increment financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) 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 infrastructu...