ORDINANCE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Sections 2-92-430 and 2-92-440 ofthe Municipal Code are hereby amended by added the underscored text and deleting the struck-through text as follows:
2-92-430 Award goal - Established.
To offset the effects of negative disparate impacts on city-based businesses owned and managed by minorities and women in the realm of government and commercial transactions; reduced earnings among city-based businesses owned by minorities and women; reduced business formation among city-based minorities and women; a chronic lack of wealth and financial liquidity among the city's minority communities; the obstacles and hindrances faced by city-based minority business owners in obtaining business loans; and the underutilization of city-based minority and women-owned businesses in public and private-sector procurement, T-he-the chief procurement officer shall establish a goal of awarding not less than OS- 30 percent of the annual dollar value of all contracts to qualified M.B.E.'s and five-ten percent of the annual dollar value of all contracts to qualified W.B.E.'s.
2-92-440 Award goal, prompt payment - Implementation.
In order to To achieve the goal stated in Section 2-92-430 of this chapter, the chief procurement officer shall undertake, in addition to the other measures provided hereinj-the following measures:
To the greatest degree permitted by law and in accord with the availability of one or more M.B.E.'s and W.B.E.'s relevant to a particular procurement, tftseft-insert within specifications for each bid notice or request for proposals with an estimated value in excess of $10,000 a requirement that the subject bid or proposal entail a demonstrably feasible commitment on the part of the bidder or proposer that the bid or proposal shall in fact result in the participation of one or more M.B.E.'s and one or more W.B.E.'s at the a specified percentage of the dollar value of the subject contract; and ins...
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