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This record contains private information, which has been redacted from public viewing.
Record #: O2016-659   
Type: Ordinance Status: Passed
Intro date: 2/10/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 3/16/2016
Title: Redevelopment agreement with Irving Park Property Holdings LLC for property at 4901, 4925 and 4939 W Irving Park Rd
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2016-659.pdf, 2. O2016-659 (V1).pdf

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on September 9, 1998, and published on that date at pages 76079 to 76144 of the Journal of the Proceedings of the City Council (the "Journal"), a certain redevelopment plan and project (the "Plan") for the Portage Park Redevelopment Project Area (the "Area") was approved 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 September 9, 1998 and published at pages 76145 to 76156 of theN Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on September 9, '1998 and published at pages 76156 to 76169 of the Journal of such date, tax increment allocation 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, Irving Park Property Holdings, LLC, an Illinois limited liability company (the "Developer"), intends to purchase a vacant two story bank building (with the common address of 4901 W. Irving Park Road,) an adjacent building (with the common address of 4925 W. Irving Park Road), a new construction site (with common address 4939 W. Irving Park Road) along with a parking lot behind the bank building, all within the Area in Chicago, Illinois (collectively the "Site") and undertake a redevelopment project at the Site which includes (i) redevelopment of the bank building into approximately 61,212 square feet of leased commerciahspace, (ii) redevelopment of an adjacent building into an approximately 5,123 square foot facility to be initially leased as a restaurant, and (iii) demolition of existing one-story building and construction of a new 3,900 square foot co...

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