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Record #: O2015-5354   
Type: Ordinance Status: Passed
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 9/24/2015
Title: Acquisition of property at 902, 927 W 18th St; 936, 919 W 19th St; 933, 947 W Cullerton St; 1426 S Sangamon St and 919 W 20th Pl for benefit of Pilsen Industrial Corridor Tax Increment Financing (TIF) Redevelopment Project Area
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Acquisition
Attachments: 1. O2015-5354.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 29, 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 ordinance authorizing an acquisition of property from the Burlington Northern Santa Fe Railroad.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
ORDINANCE

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 ordinances adopted by the City Council of the City (the "City Council") on June 10, 1998, and published in the Journal of the Proceedings of the City Council (the "Journal") of such date, (i) a certain redevelopment plan and project (the "Initial Redevelopment Plan") for the Pilsen Industrial Corridor Tax Increment Financing 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"); (ii) the Redevelopment Area was designated as a redevelopment project area pursuant to the Act; and (iii) tax increment financing was adopted pursuant to the Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the Act) incurred pursuant to the Initial Redevelopment Plan; and

WHEREAS, pursuant to ordinances adopted by the City Council on November 12, 2003, and on September 1, 2004, and published in the Journal for such dates, the City Council adopted amendments to the Initial Redevelopment Plan (the Initial Redevelopment Plan, as amended, the "Redevelopment Plan"); and

WHEREAS, the Redevelopment Plan and the use of tax increment financing provide a mechanism to support new growth through levera...

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