SUBSTITUTE
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING CHICAGO NEIGHBORHOOD INITIATIVES, INC., AS DEVELOPER
AND AUTHORIZING A REDEVELOPMENT AGREEMENT AND
ISSUANCE OF CITY NOTE ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 20, 2009, a certain redevelopment plan and project (the "Redevelopment Plan") for the North Pullman TIF Redevelopment Project Area (the "Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 30, 2009, the Redevelopment 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, 2009 tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs (as defined in the Act) incurred pursuant to the Redevelopment Plan; and
WHEREAS, Chicago Neighborhood Initiatives, Inc., an Illinois not-for-profit corporation (the "Developer"), plans to either obtain a right-of-entry to or acquire certain property within the Redevelopment Area in the vicinity of 107th Street and Doty Avenue (the "Property"). The Developer plans to commence and complete demolition, site grading, utility installation and extension of the industrial roadway (the "Project") in order to prepare the Property to sell to Ryan Companies US, Inc., a Minnesota corporation, for future construction of an approximately 140,000 square foot facility to be leased by Whole Foods Market, Inc., a Texas corporation, for use as a warehouse and distribution facility; and
WHEREAS, the Developer has proposed to undertake the Project in accordance with the Redevelopment Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be execut...
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