AN ORDINANCE AUTHORIZING THE NEGOTIATED SALE OF 1647-53 S. CHRISTIANA AVENUE, 3300-3302 W. OGDEN AVENUE AND 3308-3326 W. OGDEN AVENUE
WHEREAS, the City of Chicago ("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 April 9, 2008 and published at pages 24221 through 24460, in the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project ("Plan") for the Ogden / Pulaski 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 April 8, 2008 and published at pages 24461 through 24469 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 April 9, 2008 and published at pages 24470 through 24477 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 infrastructure for new development in the Area; and
WHEREAS, the City is the owner of the vacant parcels of land commonly known as 1647-53 S. Christiana Avenue, 3300-3302 W. Ogden Avenue and 3308-3326 W. Ogden Avenue, Chicago, Illinois, which are legally described on Exhibit A attached hereto a...
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