Office of the City Clerk - Record #: O2016-6378

• Record #: O2016-6378
• Type: Ordinance
• Status: Passed
• Intro date: 9/14/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/5/2016
• Title: Appropriation of Jefferson Park Tax Increment Financing (TIF) funds for regional transportation study
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Jefferson Park T.I.F.

Date	Journal Page Number	Action By	Action	Result
10/24/2016		City Council	Signed by Mayor
10/5/2016	32990	City Council	Passed	Pass
9/30/2016		Committee on Finance	Recommended to Pass	Pass
9/14/2016	29686	City Council	Referred

ORDINANCE


WHEREAS, the City of Chicago (the "City"), is a home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City 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 blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, in accordance with the provisions of the Act, and pursuant to ordinances adopted on September 9, 1998, and published on pages 75994 - 76077 of the City Council Journal of Proceeding (the "Journal") of such date, and amended pursuant to ordinances adopted on March 10, 1999, and published on pages 90396-90506 in the Journal of such date, and further amended on September 29, 1999, and published on pages 11403-11411 in the Journal of such date, the City Council: (i) approved and adopted a Tax Increment Redevelopment Project and Plan (as amended, the "Plan") for a portion of the City known as the "Jefferson Park Business District Redevelopment Project Area" (as amended, the "Jefferson Park Redevelopment Area"); (ii) designated the Jefferson Park Business District Redevelopment Area as a "redevelopment project area" under the Act; and (iii) adopted tax increment allocation financing for the Jefferson Park Redevelopment Area; and
WHEREAS, under 65 ILCS 5/11-74.4-3(q)(7), such incremental ad valorem taxes which pursuant to the Act have been collected and are allocated to pay redevelopment project costs and obligations incurred in the payment thereof ("Increment") may be used to pay costs of studies, surveys and development of plans (Increment collected from the Jefferson Park Redevelopment Area shall be known as the "City Increment");...