SUBSTITUTE
ORDINANCE
WHEREAS, the City of Chicago is permitted under the Illinois Enterprise Zone Act, 20 ILCS 655/1 et seg. ("Illinois Enterprise Zone Act") to designate area of the City as proposed enterprise zones in order to apply for certification by the State of Illinois (the "State") through its Department of Commerce and Economic Opportunity ("DCEO") that such areas qualify for State enterprise zone status; and
WHEREAS, the City of Chicago has determined that the area selected herein meets the qualification requirements of a State enterprise zone pursuant to the Illinois Enterprise Zone Act; and
WHEREAS, all required procedures have been followed in the selection and designation of this area as a proposed enterprise zone as required under the Illinois Enterprise Zone Act and the Chicago Enterprise Zone Ordinance, Chapter 16-12 of the Municipal Code of Chicago (the "Chicago Enterprise Zone Ordinance"); now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO, AS FOLLOWS:
SECTION 1. The preambles of this Ordinance are hereby incorporated into this Ordinance by this reference.
SECTION 2. The area, described as follows and referred to hereinafter as 'Zone 6,' is hereby designated a proposed enterprise zone. The area boundaries shall be as legally described and depicted in the map shown on Exhibit A attached hereto and made a part hereof and hereby approved.
SECTION 3. That Zone 6 meets the qualification requirements of Section 4 of the Illinois Enterprise Zone Act, in that:
It is a contiguous area entirely within the City of Chicago;
It comprises approximately .11.78 square miles, which is within the range allowed by the Illinois Enterprise Zone Act;
It meets the following three criteria:
the designation will result in the development of substantial employment opportunities by creating or retaining a minimum aggregate of 1,000 full-time equivalent jobs due to an aggregate investment of $100,000,000 or more, and will help alleviate the effects...
Click here for full text