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This record contains private information, which has been redacted from public viewing.
Record #: O2016-5493   
Type: Ordinance Status: Passed
Intro date: 6/14/2016 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 6/22/2016
Title: Designation of portion of 111 E Cermak Rd as blighted area within 24th/Michigan Tax Increment Financing (TIF) redevelopment project area
Sponsors: Dept./Agency, Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - 24th/Michigan T.I.F. - Miscellaneous
Attachments: 1. O2016-5493 (V1).pdf, 2. O2016-5493.pdf

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois authorized to exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, certain real estate consisting of an approximately 0.86 acre site is generally located at 111 East Cermak Road in the City (the "Project Site"); and
WHEREAS, Michigan Cermak Indiana, LLC, an Illinois limited liability company along with certain affiliated development entities (collectively herein, the "Applicant"), proposes to construct a new approximately 466 room full service hotel, currently expected to be branded as a three-branded Hilton and including approximately 54,290 square feet of commercial and/or retail uses on the Project Site (the "Project"); and

WHEREAS, the Project will increase employment opportunities, economic activity in the area and growth in the real property tax base; and

WHEREAS, the Applicant has submitted that certain Blighting Report and Representative Photos prepared by Laube Consulting Group, LLC and dated October 19, 2015 (the "Blighting Report") to the Department of Planning and Development ("DPD") and attached hereto as Exhibit B and hereby made a part hereof; and

WHEREAS, the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq. (the "TIF Act"), contains certain blighting criteria used for determining the presence of blight in connection with improved property and certain blighting criteria used for determining the presence of blight in connection with vacant property (the "TIF Blight Criteria"); and

WHEREAS, a certain portion of the Project Site consisting of permanent index numbers 17-27-102-001-0000 and 17-27-102-024-0000 is located within the Michigan and Cermak Redevelopment Project Area designated by the City under the TIF Act pursuant to an ordinance published in the Journal of Proceedings of the City Council of the City on Sep...

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