Office of the City Clerk - Record #: O2016-7380

• Record #: O2016-7380
• Type: Ordinance
• Status: Passed
• Intro date: 10/5/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/1/2016
• Title: Amendment No. 1 to Roosevelt/Cicero Tax Increment Financing (TIF) Plan and Project
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Roosevelt/Cicero Industrial Corridor T.I.F.

Date	Journal Page Number	Action By	Action	Result
11/8/2016		City Council	Signed by Mayor
11/1/2016	35175	City Council	Passed	Pass
10/31/2016		Committee on Finance	Recommended to Pass	Pass
10/5/2016	32536	City Council	Referred

ORDINANCE

WHEREAS, under ordinances adopted on February 5, 1998, and published in the Journal of Proceedings of the City Council (the "Journal") for such date at pages 60917 to 61070, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11 . 74.4.1 et seg,., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved the "Roosevelt/Cicero Redevelopment Project Area Tax Increment Finance Program Redevelopment Plan and Project" (the "Plan") for a portion of the City known as the "Roosevelt/Cicero Redevelopment Project Area" (the "Area") (such ordinance being defined herein as the "Approval Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance") and, (iii) adopted tax increment financing for the Area (the "Adoption Ordinance"); and
WHEREAS, the Approval Ordinance, the Designation Ordinance, and the Adoption Ordinance are collectively referred to in this ordinance as the "TIF Ordinances"; and
WHEREAS, Public Act 92-263, which became effective on August 7, 2001, amended the Act to provide that, under Section 11-74.4-5(c) of the Act, amendments to a redevelopment plan which do not (1) add additional parcels of property to the proposed redevelopment project area, (2) substantially affect the general land uses proposed in the redevelopment plan, (3) substantially change the nature of the redevelopment project, (4) increase the total estimated redevelopment project cost set out in the redevelopment plan by more than 5% after adjustment for inflation from the date the plan was adopted, (5) add additional redevelopment project costs to the itemized list of redevelopment project costs set out in the redevelopment plan, or (6) increase the number of inhabited residential units to be displaced from the redevelopment project area, as measured from the time of creation of the redevelopment project area, to a ...