Office of the City Clerk - Record #: SO2016-6067

• Record #: SO2016-6067
• Type: Ordinance
• Status: Passed
• Intro date: 6/22/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/20/2016
• Title: Implementation of redevelopment program for provision of Tax Increment Financing (TIF) assistance to address certain environmental conditions of vacant or unused land within Tax Increment Financing (TIF) areas
• Sponsors: Mitts, Emma, Willie B. Cochran
• Topic: TAX INCREMENT FINANCING DISTRICTS - 79th/Southwest Highway T.I.F., - TAX INCREMENT FINANCING DISTRICTS - Greater Southwest (East) T.I.F. , - TAX INCREMENT FINANCING DISTRICTS - Greater Southwest (West) T.I.F. , - TAX INCREMENT FINANCING DISTRICTS - Lake Calumet T.I.F. , - TAX INCREMENT FINANCING DISTRICTS - Roosevelt/Cicero Industrial Corridor T.I.F. , - TAX INCREMENT FINANCING DISTRICTS - Stony Island/Burnside Industrial T.I.F.

Date	Journal Page Number	Action By	Action	Result
8/3/2016		City Council	Signed by Mayor
7/20/2016	28123	City Council	Passed as Substitute	Pass
7/19/2016		Committee on Finance	Substituted in Committee	Pass
6/22/2016	27971	City Council	Referred

SUBSTITUTE ORDINANCE TAX INCREMENT FINANCING


WHEREAS, the City Council (the "City Council") of the City of Chicago (the "City") has enacted ordinances pursuant to which the City approved and adopted a certain redevelopment plan and project (a "Plan") for each area listed below, designated such area as a redevelopment project area and adopted tax allocation financing for such area, all in accordance with the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1, et seq.,) as amended (the "Act"): (a) the 79th Street/Southwest Highway Redevelopment Project Area (the "79,h/Southwest Highway Area"), (b) the Greater Southwest Industrial Corridor (East) Redevelopment Project Area (the "Greater Southwest (East) Area"), (c) the Greater Southwest Industrial Corridor (West) Redevelopment Project Area (the "Greater Southwest (West) Area"), (d) the Lake Calumet Area Industrial Redevelopment Project Area (the "Lake Calumet Area"), (e) the Northwest Industrial Corridor Redevelopment Project Area (the "Northwest Area"), (f) the Roosevelt/Cicero Redevelopment Project Area (the "Roosevelt/Cicero Area") and (g) the Stony Island Avenue Commercial and Burnside Industrial Corridors Redevelopment Project Area (the "Stony Island Avenue/ Burnside Area")(all such areas, collectively, the "TIF Areas"); and

WHEREAS, the City, through its Department of Planning and Development ("DPD"), desires to implement a redevelopment program (the "Program"), to provide financing assistance for certain environmental site assessment reports, environmental remediation and site preparation activities on land in the TIF Areas for projects which address environmental conditions of vacant or unused land which the land owner will actively market to tenants or developers for commercial or industrial projects; and

WHEREAS, the Program will commence with pilot programs of an approximately three (3) year duration in the TIF Areas, will fund only activities that are in compliance with the rede...