Office of the City Clerk - Record #: SO2016-5607

• Record #: SO2016-5607
• Type: Ordinance
• Status: Passed
• Intro date: 7/20/2016
• Current Controlling Legislative Body: Committee on Budget and Government Operations
• Final action: 10/5/2016
• Title: Forty-seventh amending agreement with SomerCor 504, Inc. to administer Small Business Improvement Fund Program in 67th/Wentworth Redevelopment Project Area
• Sponsors: Austin, Carrie M.
• Topic: TAX INCREMENT FINANCING DISTRICTS - 107th/Halsted T.I.F. - Small Business Improvement Fund, TAX INCREMENT FINANCING DISTRICTS - 119th/Halsted T.I.F. - Small Business Improvement Fund, TAX INCREMENT FINANCING DISTRICTS - 67th/Wentworth T.I.F. - Small Business Improvement Fund, TAX INCREMENT FINANCING DISTRICTS - Englewood Mall T.I.F. - Small Business Improvement Fund

Date	Journal Page Number	Action By	Action	Result
10/5/2016	33578	City Council	Passed as Substitute	Pass
10/4/2016		Committee on Budget and Government Operations	Recommended to Pass	Pass
7/20/2016	29606	City Council	Referred

SUBSTITUTE ORDINANCE SMALL BUSINESS IMPROVEMENT FUND (SBIF) PROGRAM

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and

WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent adopted on February 10, 2016, and published in the Journal for said date at pages 17909 to 17925, inclusive (the "Forty-Sixth Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, the "SBIF Ordinance"), the City has restated and refined the Program and extended its reach to additional redevelopment project areas of the City;

WHEREAS, by a separate ordinance adopted by City Council (the "Retail Zones Ordinance"), the City created a pilot program, pursuant to which zones ("Retail Zones") in certain retail corridors within the City were established for the purpose of receiving targeted support in order...