SUBSTITUTE 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 May 29, 2002, and published at pages 85676 through 85871 in the Journal of the Proceedings of the City Council (the "Journal") of such date, the City approved a certain redevelopment plan and project ("Plan") for the 47th/Halsted Tax Increment Redevelopment Project Area ("Area") 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 May 29, 2002, and published at pages 85872 through 85888 in the Journal of such date, the City designated the Area as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on May 29, 2002. and published at pages 85889 through 85904 in the Journal of such date, the City adopted tax increment allocation financing 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 parcel of land commonly known as 265 E. Garfield Boulevard, Chicago, Illinois, which is located in the Area and legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, 265 East Garfield, LLC, an Illinois limited liability company (the "Developer"), has submitted a proposal ...
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