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This record contains private information, which has been redacted from public viewing.
Record #: SO2016-4219   
Type: Ordinance Status: Passed
Intro date: 5/18/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 6/22/2016
Title: Redevelopment agreement with Montrose Clarendon Partners LLC for improvements to Chicago Park District's Clarendon Park at 4501 North Clarendon Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. SO2016-4219 (V1).pdf, 2. SO2016-4219.pdf, 3. O2016-4219.pdf
SUBSTITUTE ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 30,2010 a certain redevelopment plan and project (the "Plan") for the Montrose-Clarendon Tax Increment Financing Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act (the "Act"), as amended (65 ILCS 5/11-74.4-1 et seg.); and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 30, 2010 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 June 30, 2010 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, Montrose Clarendon Partners LLC, an Illinois limited liability company ("Developer"), intends to purchase certain property located within the Area at Montrose and Clarendon Avenues in Chicago, Illinois (the "Property"); and

WHEREAS, the Developer shall fund a total of $4,600,000 into an escrow to fund improvements to the Chicago Park District's Clarendon Park (located within the Area at 4501 North Clarendon Avenue near the Property) (such improvements shall be known herein as the "Project") and

WHEREAS, the Developer proposes to fund the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City; and
WHEREAS, pursuant to Resolution 16-CDC-2 adopted by the Community Development Commission of the City (the "Commission") on January 12, 2016, the Commission recommended that the Developer be designated as the developer for the Project and that the City's Department of Planning and Development ("DPD") be authorized to negotiate, execute and deliver on behalf of the City a redevelopment a...

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