ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Metropolitan Pier and -Exposition Authority (the "Authority") is a political subdivision, unit of local government, body politic and municipal corporation existing under the laws ofthe State of Illinois pursuant to the Metropolitan Pier and Exposition Authority Act, as amended, 70 ILCS 210/1 ef seq. (the "MPEA Act"); and
WHEREAS, the Authority intends to undertake the construction of a public park at the northeast corner of East 21st Street and South Prairie Avenue in Chicago, Illinois 60616 (the "Site") (the construction of the Site shall be known herein as the "Project"); and
WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 ef seq., as amended from time to time (the "Act"), to finance projects that eradicate blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects.
WHEREAS, the City Council ofthe City adopted the following ordinances in accordance with the Act on July 29, 1998: (1) approving a tax increment redevelopment plan for the Calumet Avenue/Cermak Road Redevelopment Project Area (the "Calumet/Cermak Redevelopment Area");
designating the Calumet/Cermak Redevelopment Area as a tax increment financing district; and
adopting tax increment allocation financing for the Calumet/Cermak Redevelopment Area (items(1)-(3) collectively referred to herein as the "Calumet/Cermak TIF Ordinances"); and
WHEREAS, under the Act, such incremental ad valorem taxes, which pursuant to the Act have been collected and are allocated to pay redevelopment project costs and obligations incurred in the payment thereof ("Increment"), may...
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