SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago ("City"-) is a home rule unit of government by virtue of the provisions of the Constitution ofthe State of Illinois of 1970, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, to induce redevelopment pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended, the City Council of the City (the "City Council") adopted the following ordinances on January 20, 1999: (1) "An Ordinance ofthe City of Chicago, Illinois Approving a Redevelopment Plan for the Woodlawn Redevelopment Project Area" as amended pursuant to ordinances adopted on December 14, 2011 and October 15, 2015 (as amended, the "Plan"): (2) "An Ordinance of the City of Chicago, Illinois Designating the Woodlawn Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act" (the "Area""); and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Woodlawn Redevelopment Project Area"; and
WHEREAS, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and helping to finance land acquisition, demolition, remediation, site preparation and infrastructure for new development in the Area; and
WHEREAS, the City is the owner of four vacant parcels of land (each such parcel, "Parcel"') commonly known as 6223-35 S. Greenwood ("Parcel 1"), 6221-23 S. Woodlawn and 6134-36 S. Greenwood ("Parcel 2"): 6218-26 S. Woodlawn ("Parcel 3"): and 6206-08 S. Greenwood ("Parcel 4"), Chicago, Illinois, which Parcels are located in the Area and are legally described on Exhibit A attached hereto (collectively the "Property"): and
WHEREAS, the Developer desires to purchase the Property from the City and intends to develop, the Property in four phases (each such phase, "Phase""), consisting of fiv...
Click here for full text