Office of the City Clerk - Record #: O2016-5703

• Record #: O2016-5703
• Type: Ordinance
• Status: Passed
• Intro date: 7/20/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/14/2016
• Title: Establishment of Vacant Building Tax Increment Financing (TIF) Purchase and Rehabilitation Program for Pulaski Corridor and Midwest Redevelopment Project Areas and execution of agreements with Community Investment Corporation for administration of program
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment, - TAX INCREMENT FINANCING DISTRICTS - Midwest T.I.F. , - TAX INCREMENT FINANCING DISTRICTS - Pulaski Corridor T.I.F.

Date	Journal Page Number	Action By	Action	Result
9/22/2016		City Council	Signed by Mayor
9/14/2016	30245	City Council	Passed	Pass
9/9/2016		Committee on Finance	Recommended to Pass	Pass
7/20/2016	28034	City Council	Referred

ORDINANCE

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, to induce redevelopment pursuant to the Act in the Pulaski Corridor Redevelopment Project Area (the "Pulaski Corridor Area") of the City, the City Council adopted the following ordinances on June 9,1999: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Pulaski Corridor Redevelopment Project Area"; (2) "An Ordinance of the City of Chicago, Illinois Designating the Pulaski Corridor Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Pulaski Corridor Redevelopment Project Area"; and

WHEREAS, to induce redevelopment pursuant to the Act in the Midwest Redevelopment Project Area (the "Midwest Area") of the City, the City Council adopted the following ordinances on May 17, 2000: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Midwest Redevelopment Project Area"; (2) "An Ordinance of the City of Chicago, Illinois Designating the Midwest Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Midwest Redevelopment Project Area"; and

WHEREAS, numerous homes and residential buildings in the City are vacant; and

WHEREAS, it is in the best interest of the City to...